2421

In the consumer leases, the lessee shall pay the rate agreed upon in the contract when due. Ten (10) days after its due date, it shall be deemed overdue. Once it is overdue, the lessor shall notify the lessee in writing of delinquency and shall grant him/her a term of twenty (20) days to pay the outstanding payment or payments, plus the penalty for arrearage.\nThe lessee shall also be notified that if the payment is not made within said term of twenty (20) days, a suit may be filed for repossession of the chattel and/or collection of money, pursuant to the applicable laws and regulations, at the lessor’s discretion.\nThe penalty for arrears may be charged only once for each delay rate, regardless of the time that each payment is in arrears.\nHistory —Aug. 13, 1994, No. 76, § 23, eff. 60 days after Aug. 13, 1994.