(1) A lessee who fails to make timely periodic payment or payments has the right to reinstate the original consumer rental-purchase agreement without losing any rights or options previously acquired under the consumer rental-purchase agreement if both of the following apply:
(a) The consumer rental-purchase agreement is not more than sixty days in default.
(b) One periodic payment has been missed and the lessee has surrendered the item to the lessor, if requested by the lessor, during the time in which payments were missed.
(2) As a condition precedent to reinstatement of the consumer rental-purchase agreement, a lessor may charge the outstanding balance of any accrued payments and delinquency charges plus delivery charges allowable by Section 37-2-706(2) if redelivery of the item is necessary.
(3) If reinstatement occurs pursuant to this section, the lessor shall provide the lessee with either the same item leased by the lessee prior to reinstatement or a substitute item of comparable quality and condition. If a substitute item is provided the lessor shall provide the lessee with all the information required by Section 37-2-702.
HISTORY: 1985 Act No. 121, Section 6.
Structure South Carolina Code of Laws
Title 37 - Consumer Protection Code
Section 37-2-101. Short title.
Section 37-2-103. Index of definitions in chapter.
Section 37-2-104. "Consumer credit sale" defined.
Section 37-2-106. "Consumer lease" defined.
Section 37-2-107. "Seller" defined.
Section 37-2-108. "Revolving charge account" defined.
Section 37-2-109. "Credit service charge" defined.
Section 37-2-110. "Cash price" defined.
Section 37-2-111. "Amount financed" defined.
Section 37-2-201. Credit service charge for consumer credit sales.
Section 37-2-202. Additional charges.
Section 37-2-203. Delinquency charges.
Section 37-2-204. Deferral charges.
Section 37-2-205. Credit service charge on refinancing.
Section 37-2-206. Credit service charge on consolidation.
Section 37-2-207. Credit service charge for revolving charge accounts.
Section 37-2-208. Advances to perform covenants of buyer.
Section 37-2-209. Right to prepay.
Section 37-2-210. Rebate upon prepayment.
Section 37-2-301. Compliance with Federal Truth in Lending Act.
Section 37-2-302. Receipts; statement of account; evidence of payment.
Section 37-2-303. Notice to cosigner and similar parties.
Section 37-2-304. Advertising.
Section 37-2-305. Filing and posting maximum rate schedule.
Section 37-2-306. Notice of assumption of rights.
Section 37-2-307. Motor vehicle sales contracts closing fees.
Section 37-2-309. Manufactured home credit disclosure; material terms.
Section 37-2-402. Use of multiple agreements.
Section 37-2-403. Certain negotiable instruments prohibited.
Section 37-2-404. Assignee subject to claims and defenses.
Section 37-2-405. Balloon payments.
Section 37-2-406. Restriction on liability in consumer lease.
Section 37-2-407. Security in sales and leases.
Section 37-2-408. Cross-collateral.
Section 37-2-409. Debt secured by cross-collateral.
Section 37-2-410. No assignment of earnings.
Section 37-2-411. Referral sales and leases.
Section 37-2-412. Notice of assignment.
Section 37-2-413. Attorney's fees.
Section 37-2-414. Limitation on default charges.
Section 37-2-415. Authorization to confess judgment prohibited.
Section 37-2-416. Change in terms of revolving charge accounts.
Section 37-2-501. Definition: "home solicitation sale".
Section 37-2-502. Buyer's right to cancel.
Section 37-2-503. Form of agreement or offer; statement of buyer's rights.
Section 37-2-504. Restoration of down payment.
Section 37-2-505. Duty of buyer; no compensation for services before cancellation.
Section 37-2-506. Compliance with Federal Trade Commission Trade Regulation Rule.
Section 37-2-601. Sales subject to title by agreement of parties.
Section 37-2-605. Credit service charge for other sales.
Section 37-2-701. Definitions.
Section 37-2-702. Required disclosures; manner of disclosure; when disclosures required.
Section 37-2-703. Renegotiation; extension of agreement.
Section 37-2-704. Advertisements; statement of terms.
Section 37-2-705. Delinquency charges.
Section 37-2-706. Deposits; delivery charges; pick up charges.
Section 37-2-707. Charge for default of lessee.
Section 37-2-708. Use of note as evidence of consumer's obligation.
Section 37-2-709. Assignment; claims or defenses.
Section 37-2-710. Assignment of earnings.
Section 37-2-711. Lessee's rights and obligations upon assignment.
Section 37-2-712. Confession of judgment.
Section 37-2-714. Lessee's right to reinstatement of rental-purchase agreement.