69-2111. Renegotiation; when; extension; effect.(1) A renegotiation shall be deemed to occur when an existing consumer rental purchase agreement is satisfied and replaced by a new agreement undertaken by the same consumer. A renegotiation shall be considered a new agreement requiring new disclosures. Renegotiation shall not include:(a) The addition or return of property in a multiple-item agreement or the substitution of leased property if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent;(b) Deferral or extension of one or more periodic payments or portions of a periodic payment;(c) A reduction in charges in the agreement;(d) An agreement involving a court proceeding; and(e) Any other event described in rules and regulations adopted and promulgated by the department.(2) No disclosures shall be required for any extension of a consumer rental purchase agreement.Source Laws 1989, LB 681, § 11.
Nebraska Legal Code