59.1-207.25 - Renegotiations and extensions. - Virginia Statutes

§ 59.1-207.25. Renegotiations and extensions.

A. A renegotiation shall occur when an existing lease-purchase agreement issatisfied and replaced by a new agreement undertaken by the same lessor andconsumer. A renegotiation shall be considered a new agreement requiring newdisclosures. However, events such as the following shall not be treated asrenegotiations:

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 twenty-five percent;

2. A deferral or extension of one or more periodic payments, or portions of aperiodic 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.

(1988, c. 24.)