(1) A renegotiation shall occur when an existing rental-purchase agreement is satisfied
and replaced by a new lease agreement undertaken by the same consumer. A renegotiation shall be a new agreement covered by KRS 367.976 to 367.985. However, events such as the following shall not be treated as a renegotiation:
(a) The addition or return of property in a multiple item agreement or the substitution
of lease property, if in either case the average payment allocable to a payment period
is not changed by more than twenty-five percent (25%);
(b) A deferral or extension of one (1) or more periodic payments, or portions of a
(c) A reduction in charges in the agreement;
(d) An agreement involving a court proceeding; or
(e) Any other event described in administrative regulations prescribed by the division.
(2) No disclosures shall be required for any extension of a rental-purchase agreement.
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