(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.
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