§481M-7  Additional charges. 
(a)  A lessor may contract for and receive an initial nonrefundable fee not to
exceed $10 per lease-purchase agreement.  If the lessor requires a security
deposit, the amount of the deposit and the conditions under which it will be
returned shall be disclosed pursuant to section 481M-13.



(b)  A lessor may contract for and receive an
initial delivery charge per lease-purchase agreement that shall not exceed $15
in the case of an agreement covering five or fewer items if the lessor actually
delivers the items to the lessee's dwelling and the delivery charge is
disclosed pursuant to section 481M-14.  The delivery charge shall be assessed
in lieu of and not in addition to the initial fee in subsection (a).  A lessor
may not contract for or receive a delivery charge on property redelivered after
repair or maintenance.



(c)  A lessor may contract for and receive a
charge for picking up late payments from the lessee if the lessor is required
to do so pursuant to the lease-purchase agreement or is requested to visit the
lessee to pick up a payment.  In a lease-purchase agreement with payment or
renewal dates that are on a monthly basis, this charge may not be assessed more
than three times in any six-month period.  In lease-purchase agreements with
payments or renewal options on a weekly or biweekly basis, this charge may not
be assessed more than six times in any six-month period.  No charge assessed
pursuant to this subsection may exceed $10.  A pickup fee may be assessed
pursuant to this subsection only in lieu of and not in addition to any late
charge assessed pursuant to subsection (d).



(d)  The parties may contract for late charges
as follows:



(1)  For lease-purchase agreements with monthly
renewal dates, a late charge not exceeding $5 may be assessed on any payment
not made within five days after payment is due, or return of the property is
required; or



(2)  For lease-purchase agreements with weekly or
biweekly renewal dates, a late charge not exceeding $3 may be assessed on any
payment not made within three days after payment is due, or return of the
property is required.



A late charge on lease-purchase agreements may
be collected only once on any accrued payment, no matter how long it remains
unpaid.  A late charge may be collected at the time it accrues or at any time
thereafter.  A lessor may elect to waive imposition of a late charge due on an
accrued payment in accordance with the terms of the lease-purchase agreement;
provided that the waiver shall be in writing and, once a late charge is waived
for a specific payment, the lessor may not seek to impose a late charge for the
accrued payment in question.  No late charge shall be assessed against a
payment that is timely, even though an earlier late charge has not been paid in
full. [L 1997, c 248, pt of §1; am L 2008, c 19, §30]