§ 59.1-207.25. Renegotiations and extensions
A. 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, 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 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.
B. No disclosures are required for any extension of a lease-purchase agreement.
(1988, c. 24.)
Sections: Previous 59.1-207.17 59.1-207.18 59.1-207.19 59.1-207.20 59.1-207.21 59.1-207.22 59.1-207.23 59.1-207.24 59.1-207.25 59.1-207.26 59.1-207.27 NextLast modified: April 3, 2009