Renegotiation; when; extension; effect.

(1) A renegotiation shall be deemed to occur when an existing consumer rental purchase agreement is satisfied and replaced by a new agreement undertaken by the same consumer. A renegotiation shall be considered a new agreement requiring new disclosures. Renegotiation shall not include: (a) The addition or return of property in a multiple-item agreement or the substitution of leased property if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent; (b) Deferral or extension of one or more periodic payments or portions of a periodic payment; (c) A reduction in charges in the agreement; (d) An agreement involving a court proceeding; and (e) Any other event described in rules and regulations adopted and promulgated by the department. (2) No disclosures shall be required for any extension of a consumer rental purchase agreement.