2019 US Virgin Islands Code
Title 12A - Consumer Code
Chapter 5 - Rental-Purchase Agreement Disclosure Act
§ 289. Renegotiations and extensions
Universal Citation: V.I. Code tit. 12A, § 289 (2019)
- A renegotiation of a rental-purchase agreement is deemed to be a new agreement for purposes of this chapter, requiring new disclosures under sections 284 and 286. A renegotiation shall be considered to occur when an existing rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same merchant. Events such as the following may not be treated as renegotiations:
(a) the addition or return of property in a multiple-item agreement or the substitution of property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent;
(b) a deferral or extension of one or more periodic payments, or portions of a periodic payment;
(c) a reduction in charges in the agreement; or
(d) an agreement involving a court proceeding.
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