69-2111. Renegotiation; when; extension; effect.

142 words·~1 min read·/ne/chapter-69/69-2111

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

(1)A renegotiation shall be deemed to occur when an existing consumer rental purchase agreement is satisfied and replaced by a new agreement undertaken by the same consumer. A renegotiation shall be considered a new agreement requiring new disclosures. Renegotiation shall not include:

(a)The addition or return of property in a multiple-item agreement or the substitution of leased property if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent;

(b)Deferral or extension of one 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; and

(e)Any other event described in rules and regulations adopted and promulgated by the department.

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