Section 358-P:10 Renegotiations and Extensions.
I. A renegotiation shall occur when an existing rent-to-own agreement is satisfied and replaced by a new agreement undertaken by the same rent-to-own dealer and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. A renegotiation shall not include:
(a) The addition or return of property in a multiple-item agreement or the substitution of the rental property, if in either case the average payment allocable to a payment period is not changed by more than 10 percent.
(b) A deferral or extension of a portion of a periodic payment or of one or more periodic payments.
(c) A reduction in charges in the rent or agreement.
(d) A modification to a rent-to-own agreement as a result of a court proceeding.
II. No disclosures are required for any extension of a rent-to-own agreement.
Source. 1994, 406:1, eff. Jan. 1, 1995.