1. A renegotiation occurs when an existing consumer rental purchase agreement is satisfied and replaced by a new consumer rental purchase agreement undertaken by the same lessor and lessee. A renegotiation is a new lease requiring new disclosures. 2. However, the following events are not renegotiations: a. The addition or return of property in a multi-item agreement or the substitution of the leased property, ifin either case the lease payment is not changed by more than twenty-five percent. b. A deferral or extension of one or more lease payments, or portions of a lease payment. c. A reduction in charges in the agreement. d. A lease or agreement involved in a court proceeding.
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