(1) A consumer who fails to make a timely rental payment and who fails to voluntarily return or surrender the leased property on or before the renewal date, may reinstate the agreement without losing any rights or options which exist under the agreement, by the payment, within five (5) days after the renewal date, if the consumer pays monthly, or within two (2) days after the renewal date, if the consumer pays more frequently than monthly, of:
(a) All past due rental charges;
(b) If the property has been picked up, the pickup and delivery fees; and
(c) Any applicable reinstatement fee and default fee as set forth in the lease-purchase agreement.
(2) A consumer who voluntarily returned or surrendered the property on or before the renewal date, other than through judicial process, and is current in all payments due under the lease agreement on the renewal date, may reinstate the agreement without losing any rights or options which exist under the agreement:
(a) During a period of not less than twenty-one (21) days after the date of the return of the property if at the time of surrender or voluntary return of the property the consumer had paid less than two-thirds (2/3) of the total of payments necessary to acquire ownership; or
(b) During a period of not less than forty-five (45) days after the date of the return of the property if at the time of surrender or voluntary return of the property the consumer had paid two-thirds (2/3) or more of the total of payments necessary to acquire ownership.
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Terms Used In Idaho Code 28-36-107

  • Consumer: means a natural person who rents personal property under a lease-purchase agreement to be used by the consumer primarily for personal, family or household purposes. See Idaho Code 28-36-102
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lease-purchase agreement: means an agreement by a lessor and a consumer for the use of personal property by a consumer primarily for personal, family or household purposes, for an initial period of four (4) months or less that is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Idaho Code 28-36-102
  • Lessor: means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement. See Idaho Code 28-36-102
  • Property: includes both real and personal property. See Idaho Code 73-114
  • Renewal date: means the date specified in the lease-purchase agreement upon which the consumer must either return the personal property to the lessor or renew the lease-purchase agreement. See Idaho Code 28-36-102
(3) Nothing in this section shall prevent a lessor from attempting to repossess property during the reinstatement period.
(4) Upon reinstatement, the lessor shall provide the consumer with the same property or substitute property of comparable quality and condition.