ORS 646A.132 Renegotiation or extension of lease-purchase agreement

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. A renegotiation shall not include:

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 10 percent;

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

A reduction in charges in the lease or agreement; and

A lease or agreement involved in a court proceeding.

No disclosures are required for any extension of a lease-purchase agreement.