§ 15-8-10. Renegotiations and extensions.

Latest version.

(1)

A renegotiation shall occur when an existing rental purchase agreement is satisfied and replaced by a new agreement entered into by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, events such as the following may not be treated as renegotiations:

(a)	the addition or return of property in a multiple item agreement or the substitution of the rental property, if in either case the previous periodic payment allocable to a rental period does not change by more than 25%;

(b)	a deferral or extension of one or more periodic payments, or any portion of a periodic payment;

(c)	a reduction in charges in the agreement; or

(d)	any court proceedings involving an agreement.

(2)	Disclosures are not required for any extension of a rental purchase agreement.

Enacted by Chapter 251, 1993 General Session

                    
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