44-6807. Reinstatement

291 words·~1 min read·/az/title-44/44-6807

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. A consumer who fails to make a timely rental payment may reinstate the rental-purchase agreement, without losing any rights or options that exist under the rental-purchase agreement, by paying the following charges within seven days after the renewal date of the rental-purchase agreement:

1. All past due rental payments.

2. If the rental property has been picked up, the reasonable cost of pickup and any redelivery.

3. Any applicable reinstatement fee.

B. A consumer who has paid less than sixty per cent of the total amount necessary to acquire ownership of rental property is entitled to an extended reinstatement period of at least sixty days if the consumer voluntarily surrenders the rental property, other than through judicial process, within seven days after the consumer's receipt of a written demand for the return of the rental property providing notice of the consumer's opportunity to obtain the extended reinstatement period.

C. A consumer who has paid sixty per cent or more of the total amount necessary to acquire ownership of rental property is entitled to an extended reinstatement period of at least one hundred eighty days if the consumer voluntarily surrenders the rental property, other than through judicial process, within fourteen days after the consumer's receipt of a written demand for the return of the rental property providing notice of the consumer's opportunity to obtain the extended reinstatement period.

D. Nothing in this section prevents a lessor from attempting to repossess rental property during the applicable reinstatement period, but the repossession does not affect the consumer's right to reinstate. If the consumer reinstates after the lessor has repossessed the rental property, the lessor shall provide the consumer with the same property, if available, or with substitute property of comparable quality and condition.