NRS 597.050: Lease agreement: Disclosures required upon renegotiation but not upon extension; when deemed to be renegotiated.

1. The disclosures required by NRS 597.030:

(a) Must be made if a lease agreement with an option to purchase is renegotiated.

(b) Are not required to be made if such an agreement is extended.

2. For the purposes of this section, a lease agreement with an option to purchase:

(a) Is renegotiated if it is replaced by a new agreement entered into by the same customer and lessor.

(b) Has not been renegotiated if:

(1) The leased property is exchanged or added to or individual items are returned and the average payment is not changed by more than 25 percent;

(2) One or more of the periodic payments or portions of a periodic payment are deferred or extended;

(3) Any additional fees charged are reduced; or

(4) It is the subject of a judicial proceeding.