(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.

Terms Used In Hawaii Revised Statutes 481M-17

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lessee: means a natural person who rents personal property under a lease-purchase agreement. See Hawaii Revised Statutes 481M-1
  • Lessor: means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement. See Hawaii Revised Statutes 481M-1
(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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