Iowa Code 537.3616 – Lessee’s reinstatement rights
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Terms Used In Iowa Code 537.3616
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- property: includes personal and real property. See Iowa Code 4.1
537.3616 Lessee’s reinstatement rights.
1. A lessee who fails to make timely rental 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. Subsequent to having failed to make a timely rental payment, the lessee has surrendered the property to the lessor, if and 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 § 537.3612, subsection 2, if redelivery of the item is necessary.
3. If reinstatement occurs pursuant to this section, the lessor shall provide the lessee with the same item, if available, 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. If a substitute item is provided, the lessor shall provide the lessee with all the information required by § 537.3605.
87 Acts, ch 80, §16
Referred to in §537.3613, 537.3619
1. A lessee who fails to make timely rental 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. Subsequent to having failed to make a timely rental payment, the lessee has surrendered the property to the lessor, if and 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 § 537.3612, subsection 2, if redelivery of the item is necessary.
3. If reinstatement occurs pursuant to this section, the lessor shall provide the lessee with the same item, if available, 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. If a substitute item is provided, the lessor shall provide the lessee with all the information required by § 537.3605.
87 Acts, ch 80, §16
Referred to in §537.3613, 537.3619