Section 45.35.060. Application of disclosure requirements upon occurrence of subsequent events.

   (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.

Notes

History

(Sec. 2 ch 10 SLA 1999)