Indiana § 24-7-1-5 Prohibited agreements; disguised consumer credit sales

Indiana Statutes

§ 24-7-1-5 — Prohibited agreements; disguised consumer credit sales

Indiana § 24-7-1-5

Art. 7RENTAL PURCHASE AGREEMENTS

Ch. 1Application

This text of Indiana § 24-7-1-5 (Prohibited agreements; disguised consumer credit sales) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 24-7-1-5 (2026).

Text

(a)Rental purchase agreements involving:

(1)motor vehicles (as defined in IC 9-13-2-105(a)), including:

(A)component parts (as defined in IC 9-13-2-34);

(B)major component parts (as defined in IC 9-13-2-95); and

(C)any other parts (as defined in IC 9-13-2-122) other than:

(i)wheels;

(ii)rims; and

(iii)tires; necessary to operate a motor vehicle;

(2)other titled property; or

(3)live domestic animals (as defined in IC 34-30-30-1); are prohibited under this article.

(b)If the director determines that a transaction described in IC 24-7-2-9(a) involves the application of subterfuge for the purpose of avoiding the application of the Uniform Consumer Credit Code (IC 24-4.5), the director may treat the transaction as a disguised consumer credit sale that is subject to IC 24-4.5. A deter

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(a) Rental purchase agreements involving:
(1) motor vehicles (as defined in IC 9-13-2-105(a)), including:
(A) component parts (as defined in IC 9-13-2-34);
(B) major component parts (as defined in IC 9-13-2-95); and
(C) any other parts (as defined in IC 9-13-2-122) other than:
(i) wheels;
(ii) rims; and
(iii) tires;
necessary to operate a motor vehicle;
(2) other titled property; or
(3) live domestic animals (as defined in IC 34-30-30-1);
are prohibited under this article.
(b) If the director determines that a transaction described in IC 24-7-2-9(a) involves the application of subterfuge for the purpose of
avoiding the application of the Uniform Consumer Credit Code (IC 24-4.5), the director may treat the transaction as a disguised consumer
credit sale that is subject to IC 24-4.5. A determination by the director
under this subsection:
(1) must be in writing;
(2) shall be delivered to all parties in the transaction; and
(3) is subject to IC 4-21.5-3.

Legislative History

As added by P.L.138-1990, SEC.3. Amended by P.L.2-1991, SEC.85; P.L.63-2001, SEC.5 and P.L.134-2001, SEC.5; P.L.213-2007, SEC.28; P.L.217-2007, SEC.27; P.L.176-2019, SEC.28.