P.R. Laws tit. 10, § 2457
(a) Reinstatement. — A lessee who does not meet the lease payments on time, may reinstate the original lease contract with purchase option without losing any right or option acquired previously on the original lease contract with a purchase option, if the following requirements are met:
(1) After having failed to make one payment on time, the lessee voluntarily turned over the property to the lessor within five (5) days of the limit to make said payment, and
(2) in the case of a lessee who has paid less than sixty percent (60%) of the total in dollars, of the payments needed to become the owner of the property, no more than sixty (60) days have passed since the lessee returned the property. If the lessee has paid more than sixty percent (60%) of the total payments needed to become the owner of the property, the rights of the lessee to be reinstated shall be extended for a period not less than one hundred and eighty (180) days after the lessee has returned the property.
(b) Charges. — As a condition for the reinstatement of the lease contract with purchase option, the lessor may collect the indebted balance of accrued payments and late charges, a reinstatement charge that shall not exceed five dollars ($5.00), and an amount for shipping charges, if reshipment of the item is necessary.
(c) Substitute Items. — If reinstatement occurs according to this section, the lessor shall provide the lessee the same item leased by the lessee before the reinstatement, if it is available. If the same item is not available, a substitute item of comparable value, quality, and condition may be provided. If a substitute item is provided, the lessor shall provide all the information required in § 2453 of this title to the lessee.
History —Apr. 13, 2000, No. 67, § 8, eff. 30 days after Apr. 13, 2000.