50-688. Renegotiations.
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50-688. Renegotiations.
(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 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 lease property, if in either case the average payment allocable to a payment period is not changed by more than 25%;
(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.
(b)No disclosures are required for any extension of a lease-purchase agreement.