                                 CODE OF VIRGINIA

RENEGOTIATIONS AND EXTENSIONS (§ 59.1-207.25)

A. 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; and

   4. A lease or agreement involved in a court proceeding.

B. No disclosures are required for any extension of a lease-purchase agreement.

HISTORY: 1988, c. 24.