North Dakota § 47-15.1-06 Renegotiation for new agreement - Extensions

North Dakota Statutes

§ 47-15.1-06 — Renegotiation for new agreement - Extensions

North Dakota § 47-15.1-06

Title 47Property

Ch. 47-15.1Consumer Rental Purchase Agreement

This text of North Dakota § 47-15.1-06 (Renegotiation for new agreement - Extensions) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 47-15.1-06 (2026).

Text

1.A renegotiation of an agreement occurs when an existing consumer rental purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation is considered a new agreement requiring new disclosures. The following events may not be treated as a renegotiation:

a.The addition or return of property in a multiple-item agreement or in the substitution of leased property if the average payment allocation to a payment is not changed by more than twenty-five percent.

b.A deferral of extension of one or more periodic payments or portions of a periodic payment.

c.A reduction in charges in the lease or agreement.

d.A lease or agreement that has become the basis for a legal action.

2.No disclosure is required for any extension of a consumer

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1. A renegotiation of an agreement occurs when an existing consumer rental purchase
agreement is satisfied and replaced by a new agreement undertaken by the same
lessor and consumer. A renegotiation is considered a new agreement requiring new
disclosures. The following events may not be treated as a renegotiation:
a. The addition or return of property in a multiple-item agreement or in the
substitution of leased property if the average payment allocation to a payment is
not changed by more than twenty-five percent.
b. A deferral of extension of one or more periodic payments or portions of a periodic
payment.
c. A reduction in charges in the lease or agreement.
d. A lease or agreement that has become the basis for a legal action.
2. No disclosure is required for any extension of a consumer rental purchase agreement
under the same terms as the original agreement except for the extension.