A. 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, 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 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.
B. No disclosures are required for any extension of a lease-purchase agreement.
1988, c. 24.
Structure Code of Virginia
Title 59.1 - Trade and Commerce
Chapter 17.4 - Virginia Lease-Purchase Agreement Act
§ 59.1-207.19. Inapplicability of other laws; exempted transactions
§ 59.1-207.20. General requirements of disclosure
§ 59.1-207.22. Prohibited practices
§ 59.1-207.24. Receipts and accounts