Reinstatement of agreement, when, conditions
If someone rents something but misses payments, they can get their rental agreement back. To do this, they have to give the item back to the store when asked, and they have up to three rental periods after their last on-time payment to restart the deal. The store can ask for the missed payments, a late fee, a restart fee of up to five dollars, and a delivery fee if the item needs to be brought back. Once the agreement is restarted, the store must give the person the same item or one that is just as good.
407.664. of agreement, when, conditions. — 1. A who fails to make timely rental payments has the right to the original without losing any rights or options previously acquired under the rental-purchase agreement within three rental terms after the expiration of the last rental term for which the consumer made a timely payment if the consumer surrenders the rental property to the when the merchant or its requests him to surrender the rental property.
2. Before reinstating a rental-purchase agreement, a merchant may require a consumer to pay any unpaid rental payments, , a reasonable of not more than five dollars, and a charge if redelivery of the rental property is necessary.
3. If reinstatement occurs this section, the merchant shall provide the consumer with either the same property leased by the consumer prior to reinstatement or substitute property that is of quality and condition.
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Source & history notes
(L. 1988 H.B. 988)
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