(1) 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. A renegotiation shall not include:
(a) The addition or return of property in a multiple item agreement or the substitution of the lease property, if in either case the average payment allocable to a payment period is not changed by more than 10 percent;
(b) A deferral or extension of one or more periodic payments, or portions of a periodic payment;
(c) A reduction in charges in the lease or agreement; and
(d) A lease or agreement involved in a court proceeding.
(2) No disclosures are required for any extension of a lease-purchase agreement. [Formerly 646.257]Section: Previous 646A.112 646A.120 646A.122 646A.124 646A.126 646A.128 646A.130 646A.132 646A.134 646A.140 646A.142 646A.150 646A.152 646A.154 646A.156 Next
Last modified: August 7, 2008