§481M-17 - Renegotiation for new agreement and extensions. - Hawaii Statutes

     §481M-17  Renegotiation for new agreement and extensions.  (a)  A renegotiation shall occur when an existing lease-purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and lessee.  A renegotiation shall be considered a new agreement requiring new disclosures.

     (b)  The following events shall not be treated as renegotiations:

     (1)  The addition or return of property in a multiple-item agreement or in the substitution of the leased property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five per cent;

     (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 or agreement involved in a court proceeding.

     (c)  No disclosures are required for any extension of a lease-purchase agreement. [L 1997, c 248, pt of §1; am L 2008, c 19, §36]