75-24-163 - Reinstatement of rental agreements after failure to make timely payment; repossession of property during reinstatement period.
§ 75-24-163. Reinstatement of rental agreements after failure to make timely payment; repossession of property during reinstatement period.
(1) A consumer who fails to make a timely rental payment may reinstate the agreement, without losing any rights or options which exist under the agreement, by the payment of the following charges within five (5) days of the renewal date of an agreement with monthly periodic payments or within two (2) days of the renewal date of an agreement with periodic payments more frequently than monthly:
(a) All past due rental charges;
(b) If the goods have been picked up, the reasonable costs of pickup and redelivery; and
(c) Any applicable reinstatement fee.
(2) In the case of a consumer who has paid less than two-thirds (2/3) of the total of payments necessary to acquire ownership and where the consumer has returned or voluntarily surrendered the goods within the applicable reinstatement period, other than through judicial process, the consumer may reinstate the agreement during a period of not less than twenty-one (21) days after the date of the return of the property.
(3) In the case of a consumer who has paid two-thirds (2/3) or more of the total of payments necessary to acquire ownership, and where the consumer has returned or voluntarily surrendered the goods within the applicable reinstatement period, other than through judicial process, the consumer may reinstate the agreement during a period of not less than forty-five (45) days after the date of the return of the property.
(4) Nothing in this section shall prevent a lessor from attempting to repossess property during the reinstatement period, but such a repossession shall not affect the consumer's right to reinstate. Upon reinstatement, the lessor shall provide the consumer with the same property, if available, or with substitute property of comparable quality and condition.
Sources: Laws, 1995, ch. 485, § 7, eff from and after July 1, 1995.