367.981 Renegotiation of rental-purchase agreement.

148 words·~1 min read·/ky/chapter-367/367-981

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)A renegotiation shall occur when an existing rental-purchase agreement is satisfied

and replaced by a new lease agreement undertaken by the same consumer. A

renegotiation shall be a new agreement covered by KRS 367.976 to 367.985.

However, events such as the following shall not be treated as a renegotiation:

(a)The addition or return of property in a multiple item agreement or the

substitution of lease property, if in either case the average payment allocable

to a payment period is not changed by more than twenty-five percent (25%);

(b)A deferral or extension of one

(1)or more periodic payments, or portions of a

periodic payment;

(c)A reduction in charges in the agreement;

(d)An agreement involving a court proceeding; or

(e)Any other event described in administrative regulations prescribed by the

office.

(2)No disclosures shall be required for any extension of a rental-purchase agreement.