Iowa Code 537.3609 – Renegotiation
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Terms Used In Iowa Code 537.3609
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- property: includes personal and real property. See Iowa Code 4.1
537.3609 Renegotiation.
1. A renegotiation occurs when an existing consumer rental purchase agreement is satisfied and replaced by a new consumer rental purchase agreement undertaken by the same lessor and lessee. A renegotiation is a new lease requiring new disclosures.
2. However, the following events are not renegotiations:
a. The addition or return of property in a multi-item agreement or the substitution of the leased property, if in either case the lease payment is not changed by more than twenty-five percent.
b. A deferral or extension of one or more lease payments, or portions of a lease payment.
c. A reduction in charges in the agreement.
d. A lease or agreement involved in a court proceeding.
87 Acts, ch 80, §9
1. A renegotiation occurs when an existing consumer rental purchase agreement is satisfied and replaced by a new consumer rental purchase agreement undertaken by the same lessor and lessee. A renegotiation is a new lease requiring new disclosures.
2. However, the following events are not renegotiations:
a. The addition or return of property in a multi-item agreement or the substitution of the leased property, if in either case the lease payment is not changed by more than twenty-five percent.
b. A deferral or extension of one or more lease payments, or portions of a lease payment.
c. A reduction in charges in the agreement.
d. A lease or agreement involved in a court proceeding.
87 Acts, ch 80, §9