Renegotiation for new agreement--Extensions

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. However, the following events may not be treated as renegotiations: (1) The addition or return of property in a multiple - item agreement or in the substitution of the lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty - five percent; (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; and (4) A lease or agreement involved in a court proceeding. No disclosures are required for any extension of a lease - purchase agreement. Source: SL 1991, ch 393 , § 9.