| (1) |
A renegotiation shall occur when an existing rental purchase agreement is satisfied and replaced by a new agreement entered into by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, events such as the following may not be treated as renegotiations:
Terms Used In Utah Code 15-8-10- 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 Utah Code 15-8-3
- 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 a rental purchase agreement. See Utah Code 15-8-3
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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 which 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 Utah Code 15-8-3
| (a) |
the addition or return of property in a multiple item agreement or the substitution of the rental property, if in either case the previous periodic payment allocable to a rental period does not change by more than 25%; |
| (b) |
a deferral or extension of one or more periodic payments, or any portion of a periodic payment; |
| (c) |
a reduction in charges in the agreement; or |
| (d) |
any court proceedings involving an agreement. |
|
| (2) |
Disclosures are not required for any extension of a rental purchase agreement. |
Enacted by Chapter 251, 1993 General Session
