367.981 Renegotiation of rental-purchase agreement. (1) A renegotiation shall occur when an existing rental-purchase agreement is satisfied and replaced by a new lease agreement undertaken by the same consumer. A renegotiation shall be a new agreement covered by KRS 367.976 to 367.985. However, events such as the following shall not be treated as a renegotiation: (a) 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%); (b) A deferral or extension of one (1) or more periodic payments, or portions of a periodic payment; (c) A reduction in charges in the agreement; (d) An agreement involving a court proceeding; or (e) Any other event described in administrative regulations prescribed by the division. (2) No disclosures shall be required for any extension of a rental-purchase agreement. Effective: July 13, 1990 History: Created 1990 Ky. Acts ch. 196, sec. 6, effective July 13, 1990; and ch. 304, sec. 6, effective July 13, 1990. Legislative Research Commission Note (7/13/90). This section was created by two separate 1990 Acts which are identical and have therefore been compiled together.
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