Oklahoma Administrative Code
Title 160 - Department of Consumer Credit
Chapter 10 - Consumer Leasing
Subchapter 5 - Disclosures
Section 160:10-5-1.3 - Renegotiations, Extensions, and Assumptions

Universal Citation: OK Admin Code 160:10-5-1.3

Current through Vol. 42, No. 1, September 16, 2024

(a) Renegotiation. A renegotiation occurs when a consumer lease subject to this chapter is satisfied and replaced by a new lease undertaken by the same consumer. A renegotiation requires new disclosures, except as provided in paragraph (d) of this section.

(b) Extension. An extension is a continuation, agreed to by the lessor and the lessee, of an existing consumer lease beyond the originally scheduled end of the lease term, except when the continuation is the result of a renegotiation. An extension that exceeds six months requires new disclosures, except as provided in paragraph (d) of this section.

(c) Assumption. New disclosures are not required when a consumer lease is assumed by another person, whether or not the lessor charges an assumption fee.

(d) Exceptions. New disclosures are not required for the following, even if they meet the definition of a renegotiation or an extension:

(1) a reduction in the rent charge;

(2) the deferment of one or more payments, whether or not a fee is charged;

(3) the extension of a lease for not more than six months on a month-to-month basis or otherwise;

(4) a substitution of leased property with property that has a substantially equivalent or greater economic value, provided no other lease terms are changed;

(5) the addition, deletion, or substitution of leased property in a multiple-item lease, provided the average periodic payment does not change by more than 25 percent; or

(6) an agreement resulting from a court proceeding.

Added at 17 Ok Reg 1528, eff 5-25-00

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