Article 11: RENTAL-PURCHASE PRACTICES HEADING: PL 1991, C. 787 (NEW)
§11-113. Reinstatement
1. A consumer who fails to make a timely rental payment but has returned or surrendered the rental property to the merchant within 7 days after missing a payment or within 2 business days of the merchant's request, whichever comes later, may reinstate the agreement without losing any rights or options that exist under the agreement by payment of:
A. All past due rental charges; and [1991, c. 787, (NEW).]
B. Other charges expressly provided in this Article, except any initial administrative fee. [2001, c. 287, §13 (AMD).]
[ 2001, c. 287, §13 (AMD) .]
2.
[ 2001, c. 287, §13 (RP) .]
3.
[ 2001, c. 287, §13 (RP) .]
4. A consumer who has returned or surrendered the rental property within the reinstatement period set forth in subsection 1 may reinstate the agreement during a period of not less than 180 days after the date of the missed payment.
[ 2001, c. 287, §13 (AMD) .]
5. Nothing in this section prevents a merchant from attempting to repossess property during the reinstatement period, but such a repossession does not affect the consumer's right to reinstate.
[ 1991, c. 787, (NEW) .]
6. Upon reinstatement, the merchant shall provide the consumer with the same property or substitute property of comparable quality and condition.
Article 11: RENTAL-PURCHASE PRACTICES HEADING: PL 1991, C. 787 (NEW)
§11-113. Reinstatement
1. A consumer who fails to make a timely rental payment but has returned or surrendered the rental property to the merchant within 7 days after missing a payment or within 2 business days of the merchant's request, whichever comes later, may reinstate the agreement without losing any rights or options that exist under the agreement by payment of:
A. All past due rental charges; and [1991, c. 787, (NEW).]
B. Other charges expressly provided in this Article, except any initial administrative fee. [2001, c. 287, §13 (AMD).]
[ 2001, c. 287, §13 (AMD) .]
2.
[ 2001, c. 287, §13 (RP) .]
3.
[ 2001, c. 287, §13 (RP) .]
4. A consumer who has returned or surrendered the rental property within the reinstatement period set forth in subsection 1 may reinstate the agreement during a period of not less than 180 days after the date of the missed payment.
[ 2001, c. 287, §13 (AMD) .]
5. Nothing in this section prevents a merchant from attempting to repossess property during the reinstatement period, but such a repossession does not affect the consumer's right to reinstate.
[ 1991, c. 787, (NEW) .]
6. Upon reinstatement, the merchant shall provide the consumer with the same property or substitute property of comparable quality and condition.
Article 11: RENTAL-PURCHASE PRACTICES HEADING: PL 1991, C. 787 (NEW)
§11-113. Reinstatement
1. A consumer who fails to make a timely rental payment but has returned or surrendered the rental property to the merchant within 7 days after missing a payment or within 2 business days of the merchant's request, whichever comes later, may reinstate the agreement without losing any rights or options that exist under the agreement by payment of:
A. All past due rental charges; and [1991, c. 787, (NEW).]
B. Other charges expressly provided in this Article, except any initial administrative fee. [2001, c. 287, §13 (AMD).]
[ 2001, c. 287, §13 (AMD) .]
2.
[ 2001, c. 287, §13 (RP) .]
3.
[ 2001, c. 287, §13 (RP) .]
4. A consumer who has returned or surrendered the rental property within the reinstatement period set forth in subsection 1 may reinstate the agreement during a period of not less than 180 days after the date of the missed payment.
[ 2001, c. 287, §13 (AMD) .]
5. Nothing in this section prevents a merchant from attempting to repossess property during the reinstatement period, but such a repossession does not affect the consumer's right to reinstate.
[ 1991, c. 787, (NEW) .]
6. Upon reinstatement, the merchant shall provide the consumer with the same property or substitute property of comparable quality and condition.
