Renegotiation of rental-purchase agreement
KRS 367.981
in effect367.981. 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.
Effective: April 5, 2024
History: Amended 2024 Ky. Acts ch. 112, sec. 31, effective April 5, 2024. -- Created 1990 Ky. Acts ch. 196, sec. 6, effective July 13, 1990; and ch. 304, sec. 6, effective July 13, 1990. Legislative Research Commission Note (7/13/90). This section was created by two separate 1990 Acts which are identical and have therefore been compiled together.
Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=54568Fetched: 10/20/2026