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

Indiana Statutes

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

Indiana·Art. 7 RENTAL PURCHASE AGREEMENTS·Ch. 2 Definitions

(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.

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(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.

Indiana § 24-7-2-9 ("Rental purchase agreement") — published by Counsel Stack Legal Research, free access to 12M+ legal documents.