481M-17 Renegotiation for new agreement and extensions. (a) A renegotiation shall occur when an existing lease-purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and lessee. A renegotiation shall be considered a new agreement requiring new disclosures.

(b) The following events shall not be treated as renegotiations:

(1) The addition or return of property in a multiple-item agreement or in the substitution of the leased property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five per cent;

(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 or agreement involved in a court proceeding.

(c) No disclosures are required for any extension of a lease-purchase agreement. [L 1997, c 248, pt of 1; am L 2008, c 19, 36]

 

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