1. (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. However, events such as the following shall not be treated as renegotiations:

   1. (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 twenty-five percent;
   2. (b) A deferral or extension of one or more periodic payments, or portions of a periodic payment;
   3. (c) A reduction in charges in the lease or agreement; and
   4. (d) A lease or agreement involved in a court proceeding.
2. (2) No disclosures are required for any extension of a lease-purchase agreement.

[ 1992 c 134 s 9.]