§ 6-44-5. Reinstatement.
(a) A lessee who fails to make timely lease payments has the right to reinstate the original
rental purchase agreement without losing any rights or options previously acquired
under the rental purchase agreement within three (3) lease terms after the expiration
of the last lease term for which the lessee made a timely payment if the lessee surrenders
the leased property to the lessor when the lessor or its agent requests him or her
to surrender the leased property.
(b) Before reinstating a rental purchase agreement, a lessor may require a lessee to pay
any unpaid lease p
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§ 6-44-5. Reinstatement.
(a) A lessee who fails to make timely lease payments has the right to reinstate the original
rental purchase agreement without losing any rights or options previously acquired
under the rental purchase agreement within three (3) lease terms after the expiration
of the last lease term for which the lessee made a timely payment if the lessee surrenders
the leased property to the lessor when the lessor or its agent requests him or her
to surrender the leased property.
(b) Before reinstating a rental purchase agreement, a lessor may require a lessee to pay
any unpaid lease payments; delinquency charges; a reasonable reinstatement fee of
not more than five dollars ($5.00); and a delivery charge if redelivery of the leased
property is necessary.
(c) If reinstatement occurs pursuant to this section, the lessor shall provide the lessee
with either the same property leased by the lessee prior to reinstatement or substitute
property that is of comparable quality and condition. If substitute property is provided,
the lessor shall provide the lessee with all of the disclosures required by § 6-44-3 of this chapter.