(1) A renegotiation shall occur when an existing rental-purchase agreement is satisfied and replaced by a new lease agreement undertaken by the same consumer. A renegotiation shall be a new agreement covered by KRS 367.976 to 367.985. However, events such as the following shall not be treated as a renegotiation:
(a) The addition or return of property in a multiple item agreement or the substitution of lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent (25%);
(b) A deferral or extension of one (1) or more periodic payments, or portions of a periodic payment;
(c) A reduction in charges in the agreement;
(d) An agreement involving a court proceeding; or (e) Any other event described in administrative regulations prescribed by the office.
(2) No disclosures shall be required for any extension of a rental-purchase agreement.