Arizona Laws 44-6809. Renegotiations
A. A renegotiation occurs if any term of a rental-purchase agreement that is required to be disclosed by section 44-6804 is changed by agreement by the lessor and consumer. A renegotiation is considered to be a new rental-purchase agreement requiring the lessor to give all of the disclosures required by section 44-6804.
Terms Used In Arizona Laws 44-6809
- Consumer: means an individual who rents personal property under a rental-purchase agreement to be used primarily for personal, family or household purposes. See Arizona Laws 44-6801
- Lessor: means a person who, in the ordinary course of business, regularly leases, offers to lease or arranges for the leasing of property under a rental-purchase agreement. See Arizona Laws 44-6801
- Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
- Rental-purchase agreement: means an agreement that is for the use of personal property by an individual for personal, family or household purposes, that is for an initial period of four months or less, that is automatically renewable with each payment after the initial period and that permits the consumer to become the owner of the property but that does not obligate or require the consumer to continue leasing or using the property beyond the initial period. See Arizona Laws 44-6801
B. A renegotiation shall not include any of the following:
1. Reinstatement of a rental-purchase agreement in accordance with section 44-6807, subsection A.
2. A lessor’s waiver or failure to assert any claim against the consumer.
3. A deferral, extension or waiver of a portion of a periodic payment or of one or more periodic payments.
4. A change, made at the consumer’s request, of the day of the week or month on which periodic payments are to be made.