Section 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 office.(2) No disclosures shall be required for any extension of a rental-purchase agreement.Amended by 2024 Ky. Acts ch. 112,§ 31, eff. 4/5/2024.Effective:7/13/1990
Created 1990 Ky. Acts ch. 196, sec. 6, effective7/13/1990; and ch. 304, sec. 6, effective7/13/1990.