Section 59.1-207.25 - Renegotiations and extensionsA. A renegotiation shall occur when an existing lease-purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, events such as the following shall not be treated as renegotiations: 1. The addition or return of property in a multiple-item agreement or the substitution of the lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent;2. A deferral or extension of one or more periodic payments, or portions of a periodic payment;3. A reduction in charges in the lease or agreement; and4. A lease or agreement involved in a court proceeding.B. No disclosures are required for any extension of a lease-purchase agreement.Amended by Acts 1988, § c.24.