54-6A-9. Renegotiation for new agreement--Extensions.
141 words·~1 min read·
/sd/title-54/chapter-54-6/54-6a-9·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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, the following events may not be treated as renegotiations:
(1)The addition or return of property in a multiple - item agreement or in the substitution of the lease 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 lease or agreement; and
(4)A lease or agreement involved in a court proceeding.
No disclosures are required for any extension of a lease - purchase agreement.