- 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; provided, that renegotiation shall not include events of the following nature:
- The addition or return of property in a multiple-item agreement or the substitution of the lease property if the average payment allocable to the payment period is not changed by more than 25%;
- A deferral or extension of one or more periodic payments, or portions of a periodic payment;
- A reduction in charges in the lease or agreement; or
- A lease agreement involved in a court proceeding.
- No disclosures shall be required for an extension of a lease-purchase agreement.
Historical and Statutory
Legislative History of Laws
For D.C. Law 14-99, see notes following § 42-3671.01.
DC CODE § 42-3671.09
Current through December 11, 2012
(Apr. 13, 2002, D.C. Law 14-99, § 10, 49 DCR 1000.)