50-688. Same; renegotiations.
50-688
50-688. Same; renegotiations.(a) A renegotiation shall occur when an existing lease-purchaseagreement is satisfied and replaced by a new agreement undertaken by the samelessor and consumer. A renegotiation shall be considered a new agreementrequiring new disclosures. However, events such as the following shall not betreated as renegotiations:
(1) The addition or return of property in a multiple-item agreement or thesubstitution of the lease property, if in either case the average paymentallocable to a payment period is not changed by more than 25%;
(2) a deferral or extension of one or more periodic payments, or portions ofa periodic payment;
(3) a reduction in charges in the lease or agreement; and
(4) a lease or agreement involved in a court proceeding.
(b) No disclosures are required for any extension of a lease-purchaseagreement.
History: L. 1991, ch. 71, § 9; July 1.