N.D. Cent. Code § 47-15.1-06: Renegotiation for new agreement - Extensions

1.A renegotiation of an agreement occurs when an existing consumer rental purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation is considered a new agreement requiring new disclosures. The following events may not be treated as a renegotiation:

a.The addition or return of property in a multiple-item agreement or in the substitution of leased property if the average payment allocation to a payment is not changed by more than twenty-five percent.

b.A deferral of extension of one or more periodic payments or portions of a periodic payment.

c.A reduction in charges in the lease or agreement.

d.A lease or agreement that has become the basis for a legal action.

2.No disclosure is required for any extension of a consumer rental purchase agreement under the same terms as the original agreement except for the extension.