30-19-112. Reinstatement of agreement -- repossession. (1) A consumer who fails to make a timely rent payment may reinstate the agreement, without losing any rights or options that existed in the original agreement, by paying:
(a) all past-due rent payments;
(b) the next rent payment;
(c) reasonable pickup and redelivery costs if the property was picked up by the lessor; and
(d) any applicable late fees.
(2) A consumer exercising the reinstatement option provided for in subsection (1) must provide the applicable payments to the lessor within:
(a) 5 days of the renewal date if the agreement specified a monthly payment schedule; or
(b) 2 days of the renewal date if the agreement specified a semimonthly payment schedule.
(3) If a consumer has not made two-thirds of the total payments necessary to acquire ownership of the property and has returned or voluntarily surrendered the property during the applicable reinstatement period established in this section, the consumer may reinstate the agreement during a period of not less than 21 days after the date of the return of the property.
(4) If a consumer has made two-thirds or more of the total payments necessary to acquire ownership of the property and has returned or voluntarily surrendered the property during the applicable reinstatement period established in this section, the consumer may reinstate the agreement during a period of not less than 45 days after the date of the return of the property.
(5) The provisions of subsections (3) and (4) do not apply to instances when the consumer returned or surrendered the property on an order from a court.
(6) This section does not prevent a lessor from attempting to repossess property during the reinstatement period, but the repossession does not affect the consumer's right to reinstate the agreement. If the agreement is reinstated, the lessor shall provide the consumer with the same property or substitute property of comparable quality and condition.
History: En. Sec. 8, Ch. 263, L. 2001.
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