(a) A renegotiation occurs when an existing rental-purchase agreement is satisfied and replaced by a new lease agreement undertaken by the same consumer. A renegotiation is a new agreement requiring new disclosures. However, events such as the following shall not be treated as renegotiations:(1) The addition or return of property in a multiple item agreement or the substitution of lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent (25%);(2) A deferral or extension of one (1) or more periodic payments, or portions of a periodic payment;(3) A reduction in charges in the agreement;(4) An agreement involving a court proceeding; and(5) Any other event described in regulations prescribed by the attorney general.(b) No disclosures are required for any extension of a rental-purchase agreement.Amended by 2019 Tenn. Acts, ch. 459,s 25, eff. 9/30/2019.Acts 1987, ch. 225, § 10.
Tennessee Legal Code