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4-92-102. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-92-102. Definitions.
As used in this chapter, unless the context otherwise requires:
(1) “Advertisement” means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement, except for in-store merchandising aids;
(2) “Consumer” means a person who leases personal property under a rental-purchase agreement;
(3) “Merchandise” means the personal property that is the subject of a rental-purchase agreement;
(4) “Lessor” means a person who, in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of merchandise under a rental-purchase agreement and includes a person who is assigned an interest in a rental-purchase agreement;
(5) “Person” means an individual, corporation, partnership, organization, or any other entity;
(6) “Reinstatement period” means the period of time specified in § 4-92-106 during which a consumer may either pay delinquent rent or return merchandise and thereby retain the right to have the rental-purchase agreement reinstated; and
(7) “Rental-purchase agreement” means an agreement for the use of merchandise by a consumer for personal, family, household, or business 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 merchandise after the initial period, and that permits the consumer to become the owner of the merchandise, but does not obligate the consumer to purchase or become the owner of the merchandise.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-92-102
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:4-92-102
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: de3178e916e072cc425c28e8f386699d9fb5fa9d4eb82b9843383c025a066879
Source location: content.xml paragraph 36081
Stored source content
4-92-102. Definitions.
As used in this chapter, unless the context otherwise requires:
(1) “Advertisement” means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement, except for in-store merchandising aids;
(2) “Consumer” means a person who leases personal property under a rental-purchase agreement;
(3) “Merchandise” means the personal property that is the subject of a rental-purchase agreement;
(4) “Lessor” means a person who, in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of merchandise under a rental-purchase agreement and includes a person who is assigned an interest in a rental-purchase agreement;
(5) “Person” means an individual, corporation, partnership, organization, or any other entity;
(6) “Reinstatement period” means the period of time specified in § 4-92-106 during which a consumer may either pay delinquent rent or return merchandise and thereby retain the right to have the rental-purchase agreement reinstated; and
(7) “Rental-purchase agreement” means an agreement for the use of merchandise by a consumer for personal, family, household, or business 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 merchandise after the initial period, and that permits the consumer to become the owner of the merchandise, but does not obligate the consumer to purchase or become the owner of the merchandise.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-92-106. Agreement — Reinstatement.
(a) A consumer who fails to make a timely rental payment may reinstate an agreement without losing any rights or options previously acquired by either paying all rental and other charges due or returning the merchandise to the lessor within five (5) business days from the date of the last scheduled rental payment if the consumer pays rent monthly, or within two (2) business days from the date of the last scheduled rental payment if the consumer pays more frequently than monthly.
(b) Nothing in this section shall prevent the accrual of any late charges or reinstatement fees charged by the lessor.
(c) Nothing in this section shall prevent the lessor from attempting to repossess the merchandise during the reinstatement period, but the consumer's right to reinstate an agreement shall not expire because of the repossession.
(d) If the merchandise is returned during the applicable reinstatement period, other than through judicial process, the right to reinstate shall be extended for a period of not less than thirty (30) days after the date of the return of the merchandise.
(e) No consumer shall have the right to reinstate more than three (3) times during the term of any one (1) rental-purchase agreement.
(f) On reinstatement, the lessor shall provide the consumer with the same merchandise or shall substitute merchandise of comparable quality and condition. However, the lessor shall not be required to provide new disclosures upon reinstatement.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-92-106
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-92-106. This identifies an authority to review, not proof of applicability.