(a) General rule.--A lessee who fails to make a timely rental payment may reinstate the agreement without losing any rights or options which exist under the agreement by the payment of all of the following within seven days of the renewal date:

(1) All past due rental charges.

(2) The reasonable costs of retrieval and redelivery, if the property has been retrieved.

(3) Any applicable late fee.

(b) Extended reinstatement after return of property.--

(1) In the case of a lessee who has paid less than two-thirds of the total payments necessary to acquire ownership and where the lessee has returned or voluntarily surrendered the property, other than through judicial process, during the applicable reinstatement period set forth in subsection (a), the lessee may reinstate the agreement during a period of not less than 90 days after the date of the return of the property.

(2) In the case of a lessee who has paid two-thirds or more of the total of payments necessary to acquire ownership and where the lessee has returned or voluntarily surrendered the property, other than through judicial process, during the applicable period set forth in subsection (a), the lessee may reinstate the agreement during a period of not less than 120 days after the date of the return of the property.

(c) Right to reinstate following repossession.--Nothing in this section shall prevent a lessor from attempting to repossess property during the reinstatement period, but a repossession during the reinstatement period shall not affect the lessee's right to reinstate. Upon reinstatement, the lessor shall provide the lessee with the same property or substitute property of comparable quality and condition.

Cross References. Section 6906 is referred to in section 6903 of this title.