54-6A-9. 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.