NRS597.050. Disclosures required upon renegotiation of lease agreement.

      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)