367.980 Required provisions.

204 words·~1 min read·/ky/chapter-367/367-980

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

(1)Each rental-purchase agreement shall:

(a)Provide that the consumer may terminate the agreement without penalty by

voluntarily surrendering or returning the merchandise upon expiration of any

lease term; and

(b)Contain a provision for reinstatement which, at a minimum permits a

consumer who fails to make a timely rental payment to reinstate the

agreement, without losing any rights or options which exist under the

agreement, by the payment of all past due rental charges, the reasonable costs

of pickup, redelivery, any refurbishing and any applicable late fee within five

(5)days of the renewal date if the consumer pays monthly, or within two

days of the renewal date if the consumer pays more frequently than monthly.

(2)If a lessee returns the property to the lessor during the times stated in subsection

of this section, the reinstatement period shall be extended for an additional thirty

(30)days from the date of return.

(3)Nothing in this section shall prevent a lessor from attempting to repossess property

during the reinstatement period, but that repossession shall not affect the consumer's

right to reinstate. Upon reinstatement, the lessor shall provide the consumer with

the same property or substitute property of comparable quality and condition.