Idaho § 28-36-109 RENEGOTIATIONS

Idaho Statutes

§ 28-36-109 — RENEGOTIATIONS

Idaho·Title 28 COMMERCIAL TRANSACTIONS·Part 1. POWERS AND FUNCTIONS OF ADMINISTRATORS·Ch. 36 IDAHO LEASE-PURCHASE AGREEMENT ACT

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.

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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.

Idaho § 28-36-109 (RENEGOTIATIONS) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.