289

A renegotiation of a rental-purchase agreement is deemed to be a new agreement for purposes of this chapter, requiring new disclosures under sections 284 and 286. A renegotiation shall be considered to occur when an existing rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same merchant. Events such as the following may not be treated as renegotiations:\n(a) the addition or return of property in a multiple-item agreement or the substitution of property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five 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 agreement; or\n(d) an agreement involving a court proceeding.