Louisiana Revised Statutes 9:3359 – Renegotiations and extensions
Terms Used In Louisiana Revised Statutes 9:3359
- Consumer: means a natural person who rents personal property under a rental-purchase agreement to be used primarily for personal, family, or household purposes. See Louisiana Revised Statutes 9:3352
- Lessor: means a person who regularly provides the use of property through rental-purchase agreements and to whom rental payments are initially payable on the face of the rental-purchase agreement. See Louisiana Revised Statutes 9:3352
- Rental-purchase agreement: means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes for an initial period of four months or less, that is automatically renewable with each payment after the initial period, but that does not obligate or require the consumer to continue renting or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Louisiana Revised Statutes 9:3352
A. A renegotiation shall occur when an existing rental-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:
(1) The addition or return of property in a multiple-item agreement or the substitution of the rented property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five months.
(2) A deferral or extension of one or more periodic payments, or portions of a periodic payment.
(3) A reduction in charges in the rental-purchase agreement.
(4) A rental-purchase agreement involved in a court proceeding.
B. No disclosures shall be required for any extension of a rental-purchase agreement.
Acts 1991, No. 204, §1, eff. Jan. 1, 1992.