I. A renegotiation shall occur when an existing rent-to-own agreement is satisfied and replaced by a new agreement undertaken by the same rent-to-own dealer and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. A renegotiation shall not include: (a) The addition or return of property in a multiple-item agreement or the substitution of the rental property, if in either case the average payment allocable to a payment period is not changed by more than 10 percent. (b) A deferral or extension of a portion of a periodic payment or of one or more periodic payments. (c) A reduction in charges in the rent or agreement. (d) A modification to a rent-to-own agreement as a result of a court proceeding. II. No disclosures are required for any extension of a rent-to-own agreement.
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