(1) A renegotiation occurs when any term of rental-purchase agreement that is required to be disclosed by Section 75-24-159 is changed by agreement between the lessor and consumer. A renegotiation is considered to be a new rental-purchase agreement requiring the lessor to give all the disclosures required by Section 75-24-159.
(2) A renegotiation shall not include any of the following: Reinstatement of a rental-purchase agreement in accordance with Section 75-24-163;
(3) A lessor’s waiver or failure to assert any claim against the consumer;
(4) A deferral, extension or waiver of a portion of a periodic payment or of one or more periodic payments; or
(5) A change, made at the consumer’s request, of the date of the week or month on which periodic payments are to be made.