75-24-167 - Renegotiation of rental-purchase agreements. - Mississippi Statutes

§ 75-24-167. Renegotiation of rental-purchase agreements.
 

(1)  A renegotiation occurs when any term of rental-purchase agreement that is required to be disclosed by Section 75-24-159 is changed by agreement between the lessor and consumer. A renegotiation is considered to be a new rental-purchase agreement requiring the lessor to give all the disclosures required by Section 75-24-159. 

(2)  A renegotiation shall not include any of the following: 

(a) Reinstatement of a rental-purchase agreement in accordance with Section 75-24-163; 

(b) A lessor's waiver or failure to assert any claim against the consumer; 

(c) A deferral, extension or waiver of a portion of a periodic payment or of one or more periodic payments; or 

(d) A change, made at the consumer's request, of the date of the week or month on which periodic payments are to be made. 
 

Sources: Laws,  1995, ch. 485, § 9, eff from and after July 1, 1995.