§ 47-15.1-05 — Reinstatement of agreement - Repossession

North Dakota § 47-15.1-05

• Jurisdiction: North Dakota
• Title 47: Property
• Ch. 47-15.1: Consumer Rental Purchase Agreement

Text

1. A consumer who fails to make a timely rental payment may reinstate the agreement
without losing any right or option that exists under the agreement by the payment of:
a. All past-due rental charges;
b. The reasonable costs of repossession and redelivery if the property has been
repossessed; and
c. Any applicable late fee within five days of the renewal date if the consumer pays
monthly, or within two days of the renewal date if the consumer pays more
frequently than monthly. A late fee may not be more than three dollars or five
percent of the delinquent lease payment, whichever is greater.
2. If a consumer has paid less than two-thirds of the total amount of payments necessary
to acquire ownership and the consumer has returned or voluntarily surrendered the
property other than through judicial process during the applicable reinstatement period
set forth in this section, the consumer may reinstate the agreement during a period of
not less than thirty-one days after the date of the return of the property.
3. If a consumer has paid two-thirds or more of the total amount of payments necessary
to acquire ownership and the consumer has returned or voluntarily surrendered the
property other than through judicial process during the applicable period set forth in
this section, the consumer may reinstate the agreement during a period of not less
than forty-five days after the date of the return of the property.
4. This section does not prevent a lessor from attempting to repossess property during
the reinstatement period. A repossession does not affect the consumer's right to
reinstatement. Upon reinstatement, the lessor shall provide the consumer with the
same property or substitute property of comparable quality and condition.