Ask a consumer protection question, get an answer ASAP!
Thousands of highly rated, verified consumer protection lawyers.
Help with credit card debt, collections, defective products
Get help with bankruptcy, filing complaints, extended warranties & more
Click here to chat with a lawyer about your rights.

Terms Used In Kansas Statutes 50-688

  • Consumer: means an individual, husband and wife, sole proprietor, or family partnership who seeks or acquires property or services for personal, family, household, business or agricultural purposes. See Kansas Statutes 50-624
  • 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 real estate, goods and intangible personal property. See Kansas Statutes 50-624

(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 25%;

(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.