(1) A renegotiation shall occur when an existing lease-purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. A renegotiation shall not include:\n(a) The addition or return of property in a multiple item agreement or the substitution of the lease property, if in either case the average payment allocable to a payment period is not changed by more than 10 percent;\n(b) A deferral or extension of one or more periodic payments, or portions of a periodic payment;\n(c) A reduction in charges in the lease or agreement; and\n(d) A lease or agreement involved in a court proceeding.\n(2) No disclosures are required for any extension of a lease-purchase agreement. [Formerly 646.257]
Oregon Legal Code