South Dakota § 54-6A-9 Renegotiation for new agreement--Extensions.

South Dakota Statutes

§ 54-6A-9 — Renegotiation for new agreement--Extensions.

South Dakota·Title 54 DEBTOR AND CREDITOR·Ch. 54-6A LEASE-PURCHASE AGREEMENTS FOR PERSONAL PROPERTY

A renegotiation shall occur when an existing lease - purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, the following events may not be treated as renegotiations:

(1)The addition or return of property in a multiple - item agreement or in 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;

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

(3)A reduction in charges in the lease or agreement; and (4) A lease or agreement involved in a court proceeding. No disclosures are required for a

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A renegotiation shall occur when an existing lease - purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, the following events may not be treated as renegotiations: (1) The addition or return of property in a multiple - item agreement or in 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; (2) A deferral or extension of one or more periodic payments, or portions of a periodic payment; (3) A reduction in charges in the lease or agreement; and (4) A lease or agreement involved in a court proceeding. No disclosures are required for any extension of a lease - purchase agreement.

South Dakota § 54-6A-9 (Renegotiation for new agreement--Extensions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.