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Statutes > Kansas > Chapter50 > Article6 > Statutes_21110

50-688

Chapter 50.--UNFAIR TRADE AND CONSUMER PROTECTION Article 6.--CONSUMER PROTECTION

50-688. Same; renegotiations.(a) A renegotiation shall occur when an existing lease-purchaseagreement is satisfied and replaced by a new agreement undertaken by the samelessor and consumer. A renegotiation shall be considered a new agreementrequiring new disclosures. However, events such as the following shall not betreated as renegotiations:

(1) The addition or return of property in a multiple-item agreement or thesubstitution of the lease property, if in either case the average paymentallocable to a payment period is not changed by more than 25%;

(2) a deferral or extension of one or more periodic payments, or portions ofa periodic payment;

(3) a reduction in charges in the lease or agreement; and

(4) a lease or agreement involved in a court proceeding.

(b) No disclosures are required for any extension of a lease-purchaseagreement.

History: L. 1991, ch. 71, § 9; July 1.

State Codes and Statutes

Statutes > Kansas > Chapter50 > Article6 > Statutes_21110

50-688

Chapter 50.--UNFAIR TRADE AND CONSUMER PROTECTION Article 6.--CONSUMER PROTECTION

50-688. Same; renegotiations.(a) A renegotiation shall occur when an existing lease-purchaseagreement is satisfied and replaced by a new agreement undertaken by the samelessor and consumer. A renegotiation shall be considered a new agreementrequiring new disclosures. However, events such as the following shall not betreated as renegotiations:

(1) The addition or return of property in a multiple-item agreement or thesubstitution of the lease property, if in either case the average paymentallocable to a payment period is not changed by more than 25%;

(2) a deferral or extension of one or more periodic payments, or portions ofa periodic payment;

(3) a reduction in charges in the lease or agreement; and

(4) a lease or agreement involved in a court proceeding.

(b) No disclosures are required for any extension of a lease-purchaseagreement.

History: L. 1991, ch. 71, § 9; July 1.

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State Codes and Statutes

Statutes > Kansas > Chapter50 > Article6 > Statutes_21110

50-688

Chapter 50.--UNFAIR TRADE AND CONSUMER PROTECTION Article 6.--CONSUMER PROTECTION

50-688. Same; renegotiations.(a) A renegotiation shall occur when an existing lease-purchaseagreement is satisfied and replaced by a new agreement undertaken by the samelessor and consumer. A renegotiation shall be considered a new agreementrequiring new disclosures. However, events such as the following shall not betreated as renegotiations:

(1) The addition or return of property in a multiple-item agreement or thesubstitution of the lease property, if in either case the average paymentallocable to a payment period is not changed by more than 25%;

(2) a deferral or extension of one or more periodic payments, or portions ofa periodic payment;

(3) a reduction in charges in the lease or agreement; and

(4) a lease or agreement involved in a court proceeding.

(b) No disclosures are required for any extension of a lease-purchaseagreement.

History: L. 1991, ch. 71, § 9; July 1.