A renegotiation occurs when an existing rental-purchase agreement is satisfied and replaced by a new lease agreement undertaken by the same consumer. A renegotiation is a new agreement requiring new disclosures. However, events such as the following shall not be treated as renegotiations:
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%);
A deferral or extension of one (1) or more periodic payments, or portions of a periodic payment;
A reduction in charges in the agreement;
An agreement involving a court proceeding; and
Any other event described in regulations prescribed by the attorney general.
No disclosures are required for any extension of a rental-purchase agreement.
