Tennessee § 47-18-609 Renegotiations - Extensions

Tennessee Statutes

§ 47-18-609 — Renegotiations - Extensions

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

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

(4)An agreement involving a court proceeding; and (5) Any other event described in regulations prescribed by the attorney general

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(a) A renegotiation occurs when an existing rental-purchase agreement is satisfied and replaced by a new lease agreement undertaken by the same consumer. A renegotiation is a new agreement requiring new disclosures. However, events such as the following shall not be treated as renegotiations: (1) The addition or return of property in a multiple item agreement or the substitution of 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 agreement; (4) An agreement involving a court proceeding; and (5) Any other event described in regulations prescribed by the attorney general. (b) No disclosures are required for any extension of a rental-purchase agreement.

Tennessee § 47-18-609 (Renegotiations - Extensions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.