2019 US Virgin Islands Code
Title 12A - Consumer Code
Chapter 5 - Rental-Purchase Agreement Disclosure Act
§ 286. Agreement provisions

(a) In general. Each rental-purchase agreement must:

• (1) provide a brief description of the rented property sufficient to identify the rented property to the consumer and merchant. If a rental is for multiple items of property, a description of each item may be provided in a separate statement incorporated by reference agreement;

• (2) state that the consumer is not required to purchase insurance or liability damage waiver for the property that is the subject of the agreement from the merchant or from any other party owned or controlled by the merchant;

• (3) provide a statement of any obligation of the consumer and the merchant under the agreement to repair any defect or malfunction of the property covered by the agreement, and any limitation of those obligations;

• (4) provide that the consumer may terminate the agreement without penalty by voluntarily surrendering or returning the property covered by the agreement upon expiration of any rental term; and

• (5) contain a provision for reinstatement of the agreement which at a minimum:

  • (A) permits a consumer who fails to make a timely rental renewal payment to reinstate the agreement, without losing any rights or options that exist under the agreement, by the payment of all past due rental charges and any late fee or other charge, within seven business days after the renewal date if the consumer pays monthly, or within three business days after the renewal date if the consumer pays more frequently than monthly;

  • (B) if the consumer returns or voluntarily surrenders the property covered by the agreement, other than through judicial process, during the applicable reinstatement period set forth in subparagraph (A), permits the consumer to reinstate the agreement during a period of at least thirty days after the date of the return or surrender of the property by the payment of all past due rental charges, and any applicable redelivery, repair or late fees; and

  • (C) if the consumer has paid sixty percent or more of the total dollar amount of payments necessary to acquire ownership of the property under the agreement and returns or voluntarily surrenders the property, other than through judicial process, during the applicable reinstatement set forth in subparagraph (A), permits the consumer to reinstate the agreement during a period of at least ninety days after the date of the return of the property by the payment of all past due rental charges and any applicable redelivery, repair or late fees.

(b) Construction. Subsection (a) shall not be construed to prevent a merchant from attempting to repossess property during the reinstatement period pursuant to subsection (a)(5)(A), but such a repossession does not affect the consumer's right to reinstate. Upon reinstatement, the merchant shall provide the consumer with the same property, if available; if it is not available the merchant shall substitute property of comparable quality and condition.