South Carolina § 37-2-703 Renegotiation; extension of agreement.

South Carolina Statutes

§ 37-2-703 — Renegotiation; extension of agreement.

South Carolina·Title 37 CONSUMER PROTECTION CODE·Ch. 2 CREDIT SALES

(a)A renegotiation occurs when an existing consumer rental-purchase agreement is satisfied and replaced by a new consumer rental-purchase agreement undertaken by the same lessor and lessee. A renegotiation is a new lease requiring new disclosures. However, the following events are not treated as renegotiations:

(1)the addition or return of property in a multiple-item agreement or the substitution of the leased property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent;

(2)a deferral or extension of one or more periodic payments, or portions of a periodic payment;

(3)a reduction in charges in the agreement;

(4)a lease or agreement involved in a court proceeding;

(b)No disclosures are required for any extension of a con

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(a) A renegotiation occurs when an existing consumer rental-purchase agreement is satisfied and replaced by a new consumer rental-purchase agreement undertaken by the same lessor and lessee. A renegotiation is a new lease requiring new disclosures. However, the following events are not treated as renegotiations: (1) the addition or return of property in a multiple-item agreement or the substitution of the leased property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent; (2) a deferral or extension of one or more periodic payments, or portions of a periodic payment; (3) a reduction in charges in the agreement; (4) a lease or agreement involved in a court proceeding; (b) No disclosures are required for any extension of a consumer rental-purchase agreement.

South Carolina § 37-2-703 (Renegotiation; extension of agreement.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.