Don't get hung up on that. It is an example of an instance where, even if the existing obligation was satisfied and replaced by the renewal note (i.e., replacing Note A, a 90-day single payment note for $1,000 at 9% interest with Note B, a 90-day single payment notice for $1,000 at 9% interest, with the only difference being the note dates and maturity dates), it would not be a refinancing under Reg Z.
If your change in terms agreement is allowable in your state, and you are terming-out the loan starting on its maturity date, without adding a variable rate feature or increasing the rate based on a variable rate feature that was not previously disclosed, you are not refinancing.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8