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District of Columbia Code Division VII. Property. § 42-3671.09. Renegotiations and extension.

Current as of January 01, 2024 | Updated by Findlaw Staff

(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; provided, that renegotiation shall not include events of the following nature:

(1) 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%;

(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; or

(4) A lease agreement involved in a court proceeding.

(b) No disclosures shall be required for an extension of a lease-purchase agreement.

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Cite this article: FindLaw.com - District of Columbia Code Division VII. Property. § 42-3671.09. Renegotiations and extension. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-vii-property/dc-code-sect-42-3671-09/

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