Renegotiations and extensions

  1. Law
  2. US Virgin Islands Code
  3. Consumer Code
  4. Rental-Purchase Agreement Disclosure Act
  5. Renegotiations and extensions

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  • A renegotiation of a rental-purchase agreement is deemed to be a new agreement for purposes of this chapter, requiring new disclosures under sections 284 and 286. A renegotiation shall be considered to occur when an existing rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same merchant. Events such as the following may not be treated as renegotiations:

    • (a) the addition or return of property in a multiple-item agreement or the substitution of property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent;

    • (b) a deferral or extension of one or more periodic payments, or portions of a periodic payment;

    • (c) a reduction in charges in the agreement; or

    • (d) an agreement involving a court proceeding.


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