NRS 597.050
Lease agreement: Disclosures required upon renegotiation but not upon extension

  • when deemed to be renegotiated.

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.

Source: Section 597.050 — Lease agreement: Disclosures required upon renegotiation but not upon extension; when deemed to be renegotiated., https://www.­leg.­state.­nv.­us/NRS/NRS-597.­html#NRS597Sec050.

Last Updated

Feb. 5, 2021

§ 597.050’s source at nv​.us