§3359.  Renegotiations and extensions

A.  A renegotiation shall occur when an existing rental-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, events such as the following shall not be treated as renegotiations:

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

(2)  A deferral or extension of one or more periodic payments, or portions of a periodic payment.

(3)  A reduction in charges in the rental-purchase agreement.

(4)  A rental-purchase agreement involved in a court proceeding.

B.  No disclosures shall be required for any extension of a rental-purchase agreement.

Acts 1991, No. 204, §1, eff. Jan. 1, 1992.