407.664. Reinstatement of agreement, when, conditions.

Reinstatement of agreement, when, conditions.

407.664. 1. A consumer who fails to make timely rentalpayments has the right to reinstate the original rental-purchaseagreement without losing any rights or options previouslyacquired under the rental-purchase agreement within three rentalterms after the expiration of the last rental term for which theconsumer made a timely payment if the consumer surrenders therental property to the merchant when the merchant or its agentrequests him to surrender the rental property.

2. Before reinstating a rental-purchase agreement, amerchant may require a consumer to pay any unpaid rentalpayments, delinquency charges, a reasonable reinstatement fee ofnot more than five dollars, and a delivery charge if redeliveryof the rental property is necessary.

3. If reinstatement occurs pursuant to this section, themerchant shall provide the consumer with either the same propertyleased by the consumer prior to reinstatement or substituteproperty that is of comparable quality and condition.

(L. 1988 H.B. 988)