A. A renegotiation occurs when any term of a rental-purchase agreement that is required to be disclosed by Section 5 [57-26-5 NMSA 1978] of the Rental-Purchase Agreement Act is changed by agreement between the lessor and consumer. A renegotiation creates a new rental-purchase agreement requiring the lessor to give all the disclosures required by Section 5 of the Rental-Purchase Agreement Act.
B. A renegotiation shall not include:
(1) reinstatement of a rental-purchase agreement in accordance with Section 7 [57-26-7 NMSA 1978] of the Rental-Purchase Agreement Act;
(2) a lessor's waiver or failure to assert any claim against the consumer;
(3) a deferral, extension or waiver of a portion of a periodic payment or of one or more periodic payments; or
(4) a change, made at the consumer's request, of the day of the week or month on which periodic payments are to be made.
History: Laws 1995, ch. 38, § 9.