§ 42-3671.09. Renegotiations and extension.

Current through October 23, 2012

(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; provided, that renegotiation shall not include events of the following nature:

(1) The addition or return of property in a multiple-item agreement or the substitution of the lease property if the average payment allocable to the payment period is not changed by more than 25%;

(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; or

(4) A lease agreement involved in a court proceeding.

(b) No disclosures shall be required for an extension of a lease-purchase agreement.

                
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(Apr. 13, 2002, D.C. Law 14-99, § 10, 49 DCR 1000.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws

For D.C. Law 14-99, see notes following § 42-3671.01.