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Nevada Revised Statutes Title 52. Trade Regulations and Practices § 597.050. Lease agreement:  Disclosures required upon renegotiation but not upon extension;  when deemed to be renegotiated

Current as of January 01, 2021 | Updated by FindLaw Staff

1. The disclosures required by NRS 597.030:

(a) Must be made if a lease agreement with an option to purchase is renegotiated.

(b) Are not required to be made if such an agreement is extended.

2. For the purposes of this section, a lease agreement with an option to purchase:

(a) Is renegotiated if it is replaced by a new agreement entered into by the same customer and lessor.

(b) Has not been renegotiated if:

(1) The leased property is exchanged or added to or individual items are returned and the average payment is not changed by more than 25 percent;

(2) One or more of the periodic payments or portions of a periodic payment are deferred or extended;

(3) Any additional fees charged are reduced;  or

(4) It is the subject of a judicial proceeding.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 52. Trade Regulations and Practices § 597.050. Lease agreement:  Disclosures required upon renegotiation but not upon extension;  when deemed to be renegotiated - last updated January 01, 2021 | https://codes.findlaw.com/nv/title-52-trade-regulations-and-practices/nv-rev-st-597-050/

Read this complete Nevada Revised Statutes Title 52. Trade Regulations and Practices § 597.050. Lease agreement:  Disclosures required upon renegotiation but not upon extension;  when deemed to be renegotiated on Westlaw

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