(1) 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. However, events such as the following shall not be treated as renegotiations:
(a) 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 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 lease or agreement; and
(d) A lease or agreement involved in a court proceeding.
(2) No disclosures are required for any extension of a lease-purchase agreement.
[ 1992 c 134 § 9.]