30-19-114. Renegotiation of rental-purchase agreement -- extension not considered renegotiation.
30-19-114. Renegotiation of rental-purchase agreement -- extension not considered renegotiation. (1) A renegotiation of an agreement must occur when an existing agreement is satisfied and replaced by a new agreement between the lessor and the consumer. A renegotiation is considered a new agreement and requires new disclosures as provided for in 30-19-110. The following events may not be treated as a renegotiation:
(a) the addition or return of property in a multiple-item agreement or in the substitution of the rental property, if in either case the average payment allocable to a payment period is not changed by more than 25%;
(b) a deferral or extension of one or more periodic payments or portions of a periodic payment;
(c) a reduction in charges in the agreement; or
(d) an agreement involved in a court proceeding.
(2) An extension of an agreement is not a renegotiation.
History: En. Sec. 10, Ch. 263, L. 2001.