Section 92B: Reinstatement of agreement following failure of timely payment

148 words·~1 min read·/ma/part-i/title-xv/chapter-93/92b

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Section 92B.

(a)A lessee who fails to make a timely payment may reinstate the agreement within 7 days of that date without losing any rights or options that exist under the agreement, by the payment of:

(i)the past due payments and renewal payment; and

(ii)the applicable late fee.

(b)If the lessee returns or voluntarily surrenders the property, during the reinstatement period set forth in subsection (a), other than through judicial process, the lessee may reinstate the agreement during a period of not less than 180 days after the date of the unpaid lease payment by the payment of:

(1)the past due payments and renewable payment;

(2)the reasonable cost of pick-up and redelivery; and

(3)the applicable late fee.

(c)upon reinstatement pursuant to subsection (b), the lessor shall provide the consumer with the same or substitute property of comparable quality and condition.