HRS §481M-17
When a lease-purchase agreement must be redone
This section explains when a lease-purchase agreement is considered a new agreement that needs new disclosures. It also lists situations that are not treated as renegotiations, and says extensions do not require new disclosures.
The statute, as written — Renegotiation for new agreement and extensions
(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 lessee. A renegotiation shall be considered a new agreement requiring new disclosures. (b) The following events shall not be treated as renegotiations: (1) The addition or return of property in a multiple-item agreement or in 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 per cent; (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; or (4) A lease or agreement involved in a court proceeding. (c) No disclosures are required for any extension of a lease-purchase agreement.
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