§ 6907. Rent reduction.
(a) General rule.--If any lessee who has signed a rental-purchase agreement experiences an interruption or reduction of 25% or more of income due to involuntary job loss, involuntary reduced employment, illness, pregnancy or disability after two-thirds or more of the total amount of the rental payments necessary to acquire ownership under the agreement has been paid, the lessor shall reduce the amount of each rental payment by:
(1) the percentage of the reduction in the lessee's income; or
(2) fifty percent, whichever is less, for the period during which the lessee's income is interrupted or reduced.
(b) Number of payments.--If payments are reduced, the total dollar amount of payments necessary to acquire ownership shall not be increased, but the number of payments necessary to acquire ownership shall be increased accordingly and the rights and duties of the lessor and the lessee shall not otherwise be affected.
(c) Income restored.--When the lessee's income is restored, the lessor may increase the amount of rental payments, but in no event shall rental payments exceed the originally disclosed amount of rental payments.
Section: Previous 6901 6902 6903 6904 6905 6906 6907 6908 6909 6910 6911 NextLast modified: October 8, 2016