§ 24-7-2-3.5 — "Initial rental payment"

Indiana § 24-7-2-3.5

• Jurisdiction: Indiana
• Art. 7: RENTAL PURCHASE AGREEMENTS
• Ch. 2: Definitions

Text

5. "Initial rental payment" means any up-front
payment:
(1) that is made by a lessee to a lessor, or to an agent acting on
behalf of a lessor, for property under a rental purchase agreement;
(2) that includes a rental payment that permits the lessee's use of
the property for the initial rental period;
(3) that may be in an amount that is larger than a regular rental
payment due under the rental purchase agreement; and
(4) that may include one (1) or more of the following:
(A) An amount intended to be paid toward the rental or
ownership of the property that is the subject of the rental
purchase agreement.
(B) Additional charges permitted under IC 24-7-5, including
any of the following:
(i) A nonrefundable processing fee or a delivery charge.
(ii) Sales and use taxes.
(iii) Official fees.
(iv) An optional liability waiver fee for the initial rental
period.
(v) A security deposit.

Legislative History

As added by P.L.176-2019, SEC.29.