(a) When a lessor and a consumer replace an existing lease-purchase agreement between the lessor and consumer with a new lease-purchase agreement, the lessor shall make the disclosures required by AS 45.35.010 for the new lease-purchase agreement. In this subsection, “new lease-purchase agreement” does not include
(1) the addition of personal property to or the return or substitution of personal property already covered by a lease-purchase agreement that covers more than one item of personal property if the average lease payment allocable to a payment period is not changed by more than 25 percent of the average lease payment before the change;
(2) a deferral or extension of a lease payment or portion of a payment;
(3) a reduction in the amount of the payments or other charges in the lease-purchase agreement; or
(4) a lease-purchase agreement that is the subject of a court action.
(b) The lessor is not required to make the disclosures under AS 45.35.010 when the lessor and the consumer extend the length of a lease-purchase agreement.
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