(a) If the property is returned to the lessor other than through judicial process, the lessee shall be entitled to reinstate the terminated agreement as follows:
(1) If the lessee has paid less than one-third of the total amount of payments necessary to acquire ownership of the property, the lessee shall be entitled to reinstate the terminated agreement within thirty days from the expiration of the grace period for the rental term for which the lessee last made a rental payment;
(2) If the lessee has paid one-third but less than two-thirds of the total amount of payments necessary to acquire ownership of the property, the lessee shall be entitled to reinstate the terminated agreement within ninety days from the expiration of the grace period for the rental term for which the lessee last made a rental payment;
(3) If the lessee has paid two-thirds or more of the total amount of payments necessary to acquire ownership of the property, the lessee shall be entitled to reinstate the terminated agreement within one hundred eighty days of the expiration of the grace period for the rental term for which the lessee last made a rental payment.
(b) Before reinstating a rent-to-own agreement, a lessor may require a lessee to pay any unpaid rental payments, delinquency charges, a reasonable reinstatement fee of not more than five dollars, and a delivery charge if redelivery of the rented property is necessary.
(c) On reinstatement, the lessor shall provide the lessee with the same property or substitute property of substantially comparable quality and condition. If substitute property is provided, the lessor shall provide the disclosures required in section 42-241.
(d) Only one reinstatement fee may be assessed for a delinquent renewal payment regardless of the period during which it remains in default.
(P.A. 91-162, S. 7, 18.)
Structure Connecticut General Statutes
Title 42 - Business, Selling, Trading and Collection Practices
Chapter 743i - Consumer Rent-to-Own Agreements
Section 42-240. - Definitions.
Section 42-241. - Written agreement. Information which must be disclosed.
Section 42-242. - Prohibited provisions.
Section 42-243. - Lessor prohibited from imposing certain charges upon lessee. Permitted charges.
Section 42-244. - Prohibited provisions void. Agreement not otherwise affected.
Section 42-245. - Liability damage waiver. Fee. Notice. Prohibitions and requirements.
Section 42-246. - Reinstatement of terminated agreement.
Section 42-249. - Lessee's early purchase option.
Section 42-250. - Advertisement of rent-to-own agreements. Disclosure.
Section 42-252. - Lessor's obligations.
Section 42-253. - Action must be brought within three years.