A. A renegotiation shall occur when an existing rental-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, events such as the following shall not be treated as renegotiations:
(1) The addition or return of property in a multiple-item agreement or the substitution of the rented property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five months.
(2) A deferral or extension of one or more periodic payments, or portions of a periodic payment.
(3) A reduction in charges in the rental-purchase agreement.
(4) A rental-purchase agreement involved in a court proceeding.
B. No disclosures shall be required for any extension of a rental-purchase agreement.
A. A renegotiation shall occur when an existing rental-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, events such as the following shall not be treated as renegotiations:
(1) The addition or return of property in a multiple-item agreement or the substitution of the rented property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five months.
(2) A deferral or extension of one or more periodic payments, or portions of a periodic payment.
(3) A reduction in charges in the rental-purchase agreement.
(4) A rental-purchase agreement involved in a court proceeding.
B. No disclosures shall be required for any extension of a rental-purchase agreement.
A. A renegotiation shall occur when an existing rental-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, events such as the following shall not be treated as renegotiations:
(1) The addition or return of property in a multiple-item agreement or the substitution of the rented property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five months.
(2) A deferral or extension of one or more periodic payments, or portions of a periodic payment.
(3) A reduction in charges in the rental-purchase agreement.
(4) A rental-purchase agreement involved in a court proceeding.
B. No disclosures shall be required for any extension of a rental-purchase agreement.
