1. A customer who fails to make a timely payment may reinstate the lease agreement with an option to purchase without losing any rights or options contained in the agreement if the customer pays to the lessor:

(a) All payments that are past due;

(b) The reasonable costs of returning the property to the lessor and redelivering it to the customer, if the leased property has been returned to the lessor; and

(c) Any applicable fee for making a late payment.

2. The payments required to be made by subsection 1 must be made within:

(a) Five days after the date for renewing the agreement if the customer’s payments are required to be made monthly; or

(b) Two days after the date for renewing the agreement if the customer’s payments are required to be made more frequently.

3. If a customer has paid less than two-thirds of the total amount of the payments necessary to acquire ownership of the leased property and, during the time set forth in subsection 2, returns or voluntarily surrenders the property to the lessor, other than pursuant to a judicial order, the customer may reinstate the agreement within 21 days after the date on which the property was returned.

4. If a customer has paid at least two-thirds of the total amount of the payments necessary to acquire ownership of the leased property and, during the time set forth in subsection 2, returns or voluntarily surrenders the property to the lessor, other than pursuant to a judicial order, the customer may reinstate the agreement within 45 days after the date on which the property was returned.

5. This section does not prohibit a lessor from repossessing the leased property during the time allowed for reinstatement. If the lessor repossesses the leased property during that time:

(a) The repossession does not affect the customer’s right to reinstate the agreement.

(b) The lessor shall return the property to the customer or provide the customer with property which is of comparable quality and in comparable condition if the agreement is reinstated.

(Added to NRS by 1991, 518)