339

After a lessee has been in default for ten days solely by reason of his or her failure to make timely rental payments, the holder of any retail lease agreement shall mail or personally deliver to the lessee at his or her last known address a written notice conspicuously setting forth the right of the lessee to reinstate the agreement, the dollar amount necessary to reinstate the agreement and the name, address and telephone number of the holder from which information may be obtained regarding such reinstatement. No notice of reinstatement need be given if: 1. The holder does not declare the lessee to be in default under the agreement because of his or her failure to make timely rental payments; or 2. The lessee previously was afforded the opportunity to reinstate the agreement.