Tennessee § 47-18-609 - Renegotiations — Extensions.

§ 47-18-609. Renegotiations — Extensions.

A renegotiation occurs when an existing rental-purchase agreement is satisfied and replaced by a new lease agreement undertaken by the same consumer. A renegotiation is a new agreement requiring new disclosures. However, events such as the following shall not be treated as renegotiations: The addition or return of property in a multiple item agreement or the substitution of lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent (25%); A deferral or extension of one (1) or more periodic payments, or portions of a periodic payment; A reduction in charges in the agreement; An agreement involving a court proceeding; and Any other event described in regulations prescribed by the attorney general. No disclosures are required for any extension of a rental-purchase agreement. Acts 1987, ch. 225, § 10; 2019, ch. 459, § 25. Compiler's Notes. Acts 2019, ch. 459, § 55 provided that the division of consumer affairs in the department of commerce and insurance shall coordinate with the attorney general and reporter to transfer all documents, information, systems, and other material deemed relevant to the operation of the division of consumer affairs of the office of the attorney general and reporter. Amendments. The 2019 amendment substituted “attorney general” for “division” in (a)(5). Effective Dates. Acts 2019, ch. 459, § 56. September 30, 2019.