Kentucky Revised Statutes · § 367.981 — Renegotiation of rental-purchase agreement

(1) 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 office.

(2) No disclosures shall be required for any extension of a rental-purchase agreement.