1. (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 lessee. A renegotiation shall be considered a new agreement requiring new disclosures.

2. (b) The following events shall not be treated as renegotiations:

   1. (1) The addition or return of property in a multiple-item agreement or in the substitution of the leased property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five per cent;
   2. (2) A deferral or extension of one or more periodic payments, or portions of a periodic payment;
   3. (3) A reduction in charges in the lease or agreement; or
   4. (4) A lease or agreement involved in a court proceeding.
3. (c) No disclosures are required for any extension of a lease-purchase agreement.

[L 1997, c 248, pt of §1; am L 2008, c 19, §36]