367.980 Required provisions.
(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 <br>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 <br>agreement, without losing any rights or options which exist under the <br>agreement, by the payment of all past due rental charges, the reasonable costs <br>of pickup, redelivery, any refurbishing and any applicable late fee within five <br>(5) days of the renewal date if the consumer pays monthly, or within two (2) <br>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 (1)
of this section, the reinstatement period shall be extended for an additional thirty <br>(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 <br>right to reinstate. Upon reinstatement, the lessor shall provide the consumer with <br>the same property or substitute property of comparable quality and condition.
Effective: July 13, 1990 <br>History: Created 1990 Ky. Acts ch. 196, sec. 5, effective July 13, 1990; and ch. 304,
sec. 5, effective July 13, 1990.
Legislative Research Commission Note (7/13/90). This section was created by two
separate 1990 Acts which are identical and have therefore been compiled together.
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