1. A lessee who fails tomake timely rental payments has the right to reinstate the original consumer rental purchase agreement without losing anyrights or options previously acquired under the consumer rental purchase agreement ifboth of the following apply: a. Subsequent to having failed to make a timely rental payment, the lessee has surrendered the property to the lessor, ifand when requested by the lessor. b. Not more than sixty days has passed since the lessee has returned the property. 2. As a condition precedent to reinstatement of a consumer rental purchase agreement, a lessor may charge the outstanding balance of any accrued payments and delinquency charges, a reinstatement fee, and the delivery charges allowable by section 537.3612, subsection 2,if redelivery of the item isnecessary. 3. If reinstatement occurs pursuant to thissection, the lessor shall provide the lessee with the same item, ifavailable, leased by the lessee prior to reinstatement. If the same item is not available, a substitute item of comparable worth, quality, and condition may be used. Ifa substitute item isprovided, the lessor shall provide the lessee with all the information required by section 537.3605.
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.