§ 5-10-601 — Additional charges

(1) A lessor may contract for and receive an
initial nonrefundable fee not to exceed ten dollars per contract. Should any security
deposit be required by the lessor, the amount of such deposit and the conditions
under which it will be returned shall be disclosed with the disclosures required by
section 5-10-401.

(2) A lessor may contract for and receive an initial delivery charge per
contract not to exceed fifteen dollars in the case of a rental purchase agreement
covering five or fewer items and a delivery charge not to exceed forty-five dollars in
the case of a rental purchase agreement covering more than five items, if, in either
case, the lessor actually delivers the items to the lessee's dwelling and the delivery
charge is disclosed with the disclosures required by section 5-10-401. Said delivery
charge shall be assessed in lieu of and not in addition to the initial charge in
subsection (1) of this section. A lessor may not contract for or receive a delivery
charge on property redelivered after repair or maintenance.

(3) 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 rental
purchase agreement or is requested to visit the lessee to pick up a payment. In a
rental purchase agreement with payment or renewal dates which are on a monthly
basis, this charge may not be assessed more than three times in any six-month
period. In rental 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 (3) may
exceed ten dollars. A pickup fee may be assessed pursuant to this subsection (3)
only in lieu of and not in addition to any late charge assessed pursuant to
subsection (4) of this section.

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

(I) For rental purchase agreements with monthly renewal dates, a late
charge not exceeding five dollars may be assessed on any payment not made within
five days after payment is due, or return of the property is required.

(II) For rental purchase agreements with weekly or bi-weekly renewal dates,
a late charge not exceeding three dollars may be assessed on any payments not
made within three days after payment is due, or return of the property is required.

(b) A late charge on a rental purchase agreement 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 rental purchase agreement; except that, such waiver shall be in
writing and, once a late charge is waived for a specific payment, the lessor may not
thereafter seek to impose a late fee for the accrued payment in question. No late
charge may be assessed against a payment that is timely made, even though an
earlier late charge has not been paid in full.

Legislative History

Source: L. 90: Entire article added, p. 371, � 1, effective January 1, 1991.