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, the following events may not be treated as renegotiations:

(1) The addition or return of property in a multiple–item agreement or in 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;

contract signature

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Terms Used In South Dakota Codified Laws 54-6A-9

  • 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 property, real and personal. See South Dakota Codified Laws 2-14-2

(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.

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

Source: SL 1991, ch 393, § 9.

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