§ 6-44-5 - Reinstatement.
SECTION 6-44-5
§ 6-44-5 Reinstatement. – (a) A lessee who fails to make timely lease payments has the right to reinstatethe original rental purchase agreement without losing any rights or optionspreviously acquired under the rental purchase agreement within three (3) leaseterms after the expiration of the last lease term for which the lessee made atimely payment if the lessee surrenders the leased property to the lessor whenthe lessor or its agent requests him or her to surrender the leased property.
(b) Before reinstating a rental purchase agreement, a lessormay require a lessee to pay any unpaid lease payments, delinquency charges, areasonable reinstatement fee of not more than five dollars ($5.00), and adelivery charge if redelivery of the leased property is necessary.
(c) If reinstatement occurs pursuant to this section, thelessor shall provide the lessee with either the same property leased by thelessee prior to reinstatement or substitute property that is of comparablequality and condition. If substitute property is provided, the lessor shallprovide the lessee with all of the disclosures required by § 6-44-3 ofthis chapter.