§11-117. Renegotiations and extensions
1. A renegotiation occurs when an existing rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same merchant and consumer. A renegotiation is considered a new agreement requiring new disclosures. The following are not considered renegotiations:
A. The addition or return of property in a multiple-item agreement or the substitution of the rental property, if that addition, return or substitution does not affect the total number, total amount or timing of all payments necessary to acquire ownership; [PL 1991, c. 787 (NEW).]
B. A deferral or extension of one or more periodic payments or portions of a periodic payment; [PL 1991, c. 787 (NEW).]
C. A reduction in charges in the agreement; and [PL 1991, c. 787 (NEW).]
D. An agreement involved in a court proceeding. [PL 1991, c. 787 (NEW).]
[PL 1991, c. 787 (NEW).]
2. Disclosures are not required for any extension of a rental-purchase agreement.
[PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW).
Structure Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Article 11: RENTAL-PURCHASE PRACTICES
9-A §11-102. Purpose; rules of construction
9-A §11-103. Supplementary general principles of law applicable
9-A §11-106. Inapplicability of other laws; exempt transactions
9-A §11-107. General requirements of disclosure
9-A §11-109. Prohibited practices
9-A §11-110. Calculation of late charges
9-A §11-111. Allowable charges
9-A §11-112. Default; notice of default and right to cure
9-A §11-114. Consumer's right to acquire ownership when 50% of payments equals cash price
9-A §11-115. Liability damage waivers; fees
9-A §11-116. Receipts and accounts
9-A §11-117. Renegotiations and extensions
9-A §11-118. Advertising and point-of-sale disclosure
9-A §11-119. Collection activity