§ 37-2-703. Renegotiation; extension of agreement.
137 words·~1 min read·
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§ 37-2-703. Renegotiation; extension of agreement.
(a)A renegotiation occurs when an existing consumer rental-purchase agreement is satisfied and replaced by a new consumer rental-purchase agreement undertaken by the same lessor and lessee. A renegotiation is a new lease requiring new disclosures. However, the following events are not treated as renegotiations:
(1)the addition or return of property in a multiple-item agreement or the substitution of the leased 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 agreement;
(4)a lease or agreement involved in a court proceeding;
(b)No disclosures are required for any extension of a consumer rental-purchase agreement.