28-36-107. REINSTATEMENT. (1) A consumer who fails to make a timely rental payment and who fails to voluntarily return or surrender the leased property on or before the renewal date, may reinstate the agreement without losing any rights or options which exist under the agreement, by the payment, within five (5) days after the renewal date, if the consumer pays monthly, or within two (2) days after the renewal date, if the consumer pays more frequently than monthly, of:

(a) All past due rental charges;

(b) If the property has been picked up, the pickup and delivery fees; and

(c) Any applicable reinstatement fee and default fee as set forth in the lease-purchase agreement.

(2) A consumer who voluntarily returned or surrendered the property on or before the renewal date, other than through judicial process, and is current in all payments due under the lease agreement on the renewal date, may reinstate the agreement without losing any rights or options which exist under the agreement:

(a) During a period of not less than twenty-one (21) days after the date of the return of the property if at the time of surrender or voluntary return of the property the consumer had paid less than two-thirds (2/3) of the total of payments necessary to acquire ownership; or

(b) During a period of not less than forty-five (45) days after the date of the return of the property if at the time of surrender or voluntary return of the property the consumer had paid two-thirds (2/3) or more of the total of payments necessary to acquire ownership.

(3) Nothing in this section shall prevent a lessor from attempting to repossess property during the reinstatement period.

(4) Upon reinstatement, the lessor shall provide the consumer with the same property or substitute property of comparable quality and condition.

History:

[28-36-107, added 1993, ch. 232, sec. 1, p. 810.]