28-36-109 RENEGOTIATIONS. - Idaho Statutes

TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 36

IDAHO LEASE-PURCHASE AGREEMENT ACT

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATORS

28-36-109. Renegotiations. A renegotiation shall occur when an existing lease-purchase agreement is replaced by a new agreement entered into by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, the following events shall not be treated as renegotiations and shall not require new disclosures:

(1) The additions or return of property in a multiple-item agreement or the substitution of the lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent (25%);

(2) A deferral or extension of one (1) 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 modified in a court proceeding.