(1) A lessor who fails to comply with the requirements of Sections 75-24-151 through 75-24-175 is liable to the consumer damaged thereby in an amount equal to the greater of:

(a) The actual damages sustained by the consumer as a result of the lessor’s failure to comply with Sections 75-24-151 through 75-24-175;

(b) Twenty-five percent (25%) of the total of payments necessary to acquire ownership, but not less than One Hundred Dollars ($100.00) nor more than One Thousand Dollars ($1,000.00); or

(c) Such lessor is also liable to the consumer for the costs of the action and reasonable attorney’s fees as determined by the court.

(2) A consumer may not take any action to offset the amount for which a lessor is potentially liable under subsection (1) of this section against any amount owed by the consumer, unless the amount of the lessor’s liability has been determined by judgment of a court of competent jurisdiction in an action in which the lessor was a party. This subsection does not bar a consumer then in default on an obligation from asserting a violation of Sections 75-24-151 through 75-24-175 as an original action, or as a defense or counterclaim, to an action brought by a lessor against the consumer.

(3) The provisions of Sections 75-24-151 through 75-24-175 are cumulative with any other rights or remedies available in this state.

(4) No action under this section may be brought in any court of competent jurisdiction more than one (1) year after the date the consumer made his last rental payment or more than one (1) year after the date of the occurrence of the violation that is the subject of the suit, whichever is later.