1. The disclosures required by NRS 597.030:
(a) Must be made if a lease agreement with an option to purchase is renegotiated.
(b) Are not required to be made if such an agreement is extended.
2. For the purposes of this section, a lease agreement with an option to purchase:
(a) Is renegotiated if it is replaced by a new agreement entered into by the same customer and lessor.
(b) Has not been renegotiated if:
(1) The leased property is exchanged or added to or individual items are returned and the average payment is not changed by more than 25 percent;
(2) One or more of the periodic payments or portions of a periodic payment are deferred or extended;
(3) Any additional fees charged are reduced; or
(4) It is the subject of a judicial proceeding.
(Added to NRS by 1991, 518)
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