50-686. Same; consumer's right to reinstate agreement.
50-686
50-686. Same; consumer's right to reinstate agreement.(a) A consumer who fails to make a timely rental payment mayreinstate the agreement, without losing any rights or options which exist underthe agreement, by the payment, within five days of the renewal date if theconsumer pays monthly, or within two days of the renewal date if the consumerpays more frequently than monthly, of:
(1) All past due rental charges;
(2) if the property has been picked up, the reasonable costs of pickup andredelivery; and
(3) any applicable late fee.
(b) In the case of a consumer who has paid less than 2/3 of the total ofpayments necessary to acquire ownership and where the consumer has returned orvoluntarily surrendered the property, other than through judicial process,during the applicable reinstatement period set forth in subsection (a) of thissection, the consumer may reinstate the agreement during a period of not lessthan 21 days after the date of the return of the property.
(c) In the case of a consumer who has paid 2/3 or more of the total ofpayments necessary to acquire ownership, and where the consumer has returned orvoluntarily surrendered the property, other than through judicial process,during the applicable period set forth in subsection (a) of this section, theconsumer may reinstate the agreement during a period of not less than 45 daysafter the date of the return of the property.
(d) Nothing in this section shall prevent a lessor from attempting torepossess property during the reinstatement period, but such a repossessionshall not affect the consumer's right to reinstate. Upon reinstatement, thelessor shall provide the consumer with the same property or substitute propertyof comparable quality and condition.
History: L. 1991, ch. 71, § 7; July 1.