§ 24-7-2-9 — "Rental purchase agreement"

Indiana § 24-7-2-9

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

Text

(a) "Rental purchase agreement" means an
agreement between a lessor and a lessee that:
(1) permits a lessee's use of property for a specified time;
(2) has an initial period of four (4) months or less;
(3) is automatically renewable with each rental payment; and
(4) permits the lessee to become the owner of the property.
(b) The term includes:
(1) an agreement; or
(2) a transaction;
that the director determines to be a rental purchase agreement, despite
efforts by a person to structure the transaction in a manner that the
director determines is being used to avoid application of this article.

Legislative History

As added by P.L.254-1987, SEC.1. Amended by P.L.138-1990, SEC.5; P.L.213-2007, SEC.29; P.L.217-2007, SEC.28; P.L.69-2018, SEC.31.