30-19-114. Renegotiation of rental-purchase agreement -- extension not considered renegotiation.
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30-19-114 . Renegotiation of rental-purchase agreement -- extension not considered renegotiation.
(1)A renegotiation of an agreement must occur when an existing agreement is satisfied and replaced by a new agreement between the lessor and the consumer. A renegotiation is considered a new agreement and requires new disclosures as provided for in 30-19-110 . The following events may not be treated as a renegotiation:
(a)the addition or return of property in a multiple-item agreement or in the substitution of the rental property, if in either case the average payment allocable to a payment period is not changed by more than 25%;
(b)a deferral or extension of one or more periodic payments or portions of a periodic payment;
(c)a reduction in charges in the agreement; or
(d)an agreement involved in a court proceeding.
(2)An extension of an agreement is not a renegotiation.