SECTION 160:15-2-3. Subsequent disclosure requirements

(a)   Refinancing. A refinancing occurs when an existing obligation that was subject to this Chapter is satisfied and replaced by a new obligation undertaken by the same consumer. The new finance charge shall include any unearned portion of the old finance charge that is not credited to the existing obligation.

(b)   Changes in the Maturity Date. An agreement between the customer and the pawnbroker to change the maturity date of a pawn transaction to a subsequent date shall be treated as a refinancing and,

(1)   Shall be evidenced by a new writing signed by the consumer, and

(2)   Shall contain a redisclosure of all information required by 160:15-2-2 in the form required by 160:15-2-1.

(c)   Consolidations. If two or more existing pawn transactions are consolidated or an existing pawn transaction is increased, such transaction shall be considered a new transaction and disclosures shall be made according to 160:15-2-1 and 160:15-2-2. The amount with respect to the previous transaction to be consolidated shall be separately stated and shall be added to the net amount paid to, receivable by, or paid or payable for the account of the customer in connection with the subsequent transaction.

[Source: Amended at 9 Ok Reg 2267, eff 6-25-92]