§ 45-35-030

(a) A lessor may not charge a consumer more than $5 for each payment that is late under a lease-purchase agreement. (b) When calculating time for the purpose of determining whether a lease payment is late and subject to a late fee under a lease-purchase agreement, a lessor may not include any period of time when the personal property has been repossessed by the lessor or voluntarily surrendered by the consumer.