Renegotiations and extension

(a) Renegotiation shall occur when an existing lease-purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures; provided, that renegotiation shall not include events of the following nature: (1) The addition or return of property in a multiple-item agreement or the substitution of the lease property if the average payment allocable to the payment period is not changed by more than 25%; (2) A deferral or extension of one or more periodic payments, or portions of a periodic payment; (3) A reduction in charges in the lease or agreement; or (4) A lease agreement involved in a court proceeding. (b) No disclosures shall be required for an extension of a lease-purchase agreement.