59.1-207.23 - Reinstatement. - Virginia Statutes

§ 59.1-207.23. Reinstatement.

A. A consumer who fails to make a timely rental payment may reinstate theagreement, without losing any rights or options which exist under theagreement, by the payment of (i) all past due rental charges, (ii) if theproperty has been picked up, the reasonable costs of pickup and redelivery,and (iii) any applicable late fee, within five days of the renewal date ifthe consumer pays monthly, or within two days of the renewal date if theconsumer pays more frequently than monthly.

B. In the case of a consumer who has paid less than two-thirds of the totalof payments necessary to acquire ownership and where the consumer hasreturned or voluntarily surrendered the property, other than through judicialprocess, during the applicable reinstatement period set forth in subsection Aof this section, the consumer may reinstate the agreement during a period ofnot less than twenty-one days after the date of the return of the property.

C. In the case of a consumer who has paid two-thirds or more of the total ofpayments necessary to acquire ownership, and where the consumer has returnedor voluntarily surrendered the property, other than through judicial process,during the applicable period set forth in subsection A of this section, theconsumer may reinstate the agreement during a period of not less thanforty-five days after the date of the return of the property.

D. Nothing in this section shall prevent a lessor from attempting torepossess property during the reinstatement period, but such a repossessionshall not affect the consumer's right to reinstate. Upon reinstatement, thelessor shall provide the consumer with the same property or substituteproperty of comparable quality and condition.

(1988, c. 24.)