2013 Kentucky Revised Statutes
CHAPTER 367 - CONSUMER PROTECTION
367.981 Renegotiation of rental-purchase agreement.


KY Rev Stat § 367.981 (2013) What's This?

Download as PDF 367.981 Renegotiation of rental-purchase agreement. (1) (2) A renegotiation shall occur when an existing rental-purchase agreement is satisfied and replaced by a new lease agreement undertaken by the same consumer. A renegotiation shall be a new agreement covered by KRS 367.976 to 367.985. However, events such as the following shall not be treated as a renegotiation: (a) 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%); (b) A deferral or extension of one (1) or more periodic payments, or portions of a periodic payment; (c) A reduction in charges in the agreement; (d) An agreement involving a court proceeding; or (e) Any other event described in administrative regulations prescribed by the division. No disclosures shall be required for any extension of a rental-purchase agreement. Effective:July 13, 1990 History: Created 1990 Ky. Acts ch. 196, sec. 6, effective July 13, 1990; and ch. 304, sec. 6, effective July 13, 1990. Legislative Research Commission Note (7/13/90). This section was created by two separate 1990 Acts which are identical and have therefore been compiled together.

Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.