A. A renegotiation occurs when any term of a rental-purchase agreement that is required to be disclosed by Section 5 [57-26-5 NMSA 1978] of the Rental-Purchase Agreement Act is changed by agreement between the lessor and consumer. A renegotiation creates a new rental-purchase agreement requiring the lessor to give all the disclosures required by Section 5 of the Rental-Purchase Agreement Act. B. A renegotiation shall not include: (1) reinstatement of a rental-purchase agreement in accordance with Section 7 [57-26-7 NMSA 1978] of the Rental-Purchase Agreement Act; (2) a lessor's waiver or failure to assert any claim against the consumer; (3) a deferral, extension or waiver of a portion of a periodic payment or of one or more periodic payments; or (4) a change, made at the consumer's request, of the day of the week or month on which periodic payments are to be made. History: Laws 1995, ch. 38, § 9.
New Mexico Legal Code