54-6A-9. Renegotiation for new agreement--Extensions.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. However, the following events may not be treated as renegotiations:(1)The addition or return of property in a multiple-item agreement or in the substitution of the lease property, if in either case the average payment allocable 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 a periodic payment;(3)A reduction in charges in the lease or agreement; and(4)A lease or agreement involved in a court proceeding.No disclosures are required for any extension of a lease-purchase agreement. Source: SL 1991, ch 393, §9.
South Dakota Legal Code