TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 36

IDAHO LEASE-PURCHASE AGREEMENT ACT

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATORS

28-36-109.  Renegotiations. A renegotiation shall occur when an existing lease-purchase agreement is replaced by a new agreement entered into by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, the following events shall not be treated as renegotiations and shall not require new disclosures:

(1)  The additions or return of property in a multiple-item agreement or the substitution of the 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 lease or agreement; or

(4)  A lease or agreement modified in a court proceeding.

History:

[28-36-109, added 1993, ch. 232, sec. 1, p. 810.]