50-688. Same; renegotiations. - Kansas Statutes

50-688

Chapter 50.--UNFAIR TRADE AND CONSUMER PROTECTION Article 6.--CONSUMER PROTECTION

      50-688.   Same; renegotiations.(a) A renegotiation shall occur when an existing lease-purchaseagreement is satisfied and replaced by a new agreement undertaken by the samelessor and consumer. A renegotiation shall be considered a new agreementrequiring new disclosures. However, events such as the following shall not betreated as renegotiations:

      (1)   The addition or return of property in a multiple-item agreement or thesubstitution of the lease property, if in either case the average paymentallocable to a payment period is not changed by more than 25%;

      (2)   a deferral or extension of one or more periodic payments, or portions ofa periodic payment;

      (3)   a reduction in charges in the lease or agreement; and

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

      (b)   No disclosures are required for any extension of a lease-purchaseagreement.

      History:   L. 1991, ch. 71, § 9; July 1.