1. A renegotiation occurs when an existing rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same merchant and consumer. A renegotiation is considered a new agreement requiring new disclosures. The following are not considered renegotiations:
A. The addition or return of property in a multiple-item agreement or the substitution of the rental property, if that addition, return or substitution does not affect the total number, total amount or timing of all payments necessary to acquire ownership; [PL 1991, c. 787 (NEW).]
B. A deferral or extension of one or more periodic payments or portions of a periodic payment; [PL 1991, c. 787 (NEW).]
C. A reduction in charges in the agreement; and [PL 1991, c. 787 (NEW).]
D. An agreement involved in a court proceeding. [PL 1991, c. 787 (NEW).]

[PL 1991, c. 787 (NEW).]

Terms Used In Maine Revised Statutes Title 9-A Sec. 11-117

  • Consumer: means an individual who rents personal property under a rental-purchase agreement used primarily for personal, family or household purposes. See Maine Revised Statutes Title 9-A Sec. 11-105
  • Merchant: 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 Maine Revised Statutes Title 9-A Sec. 11-105
  • Periodic payment: means the total payment the consumer will make for a specific rental period, including the rental payment, any administrative fees or delivery charges, taxes and fees or charges for optional products and services. See Maine Revised Statutes Title 9-A Sec. 11-105
  • Rental-purchase agreement: means an agreement for the use of personal property by an individual primarily for personal, family or household purposes for an initial period of 4 months or less that is automatically renewable with each payment after the initial period and that permits the consumer to become the owner of the property, but does not obligate or require the consumer to continue renting or using the property beyond the initial period. See Maine Revised Statutes Title 9-A Sec. 11-105
2. Disclosures are not required for any extension of a rental-purchase agreement.

[PL 1991, c. 787 (NEW).]

SECTION HISTORY

PL 1991, c. 787 (NEW).