Indiana § 24-7-3-3 Required disclosures

Indiana Statutes

§ 24-7-3-3 — Required disclosures

Indiana § 24-7-3-3

Art. 7RENTAL PURCHASE AGREEMENTS

Ch. 3Disclosures; Form of Rental Purchase Agreement

This text of Indiana § 24-7-3-3 (Required disclosures) 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 § 24-7-3-3 (2026).

Text

The lessor shall disclose the following:

(1)A brief description of the property sufficient to identify the property to the lessee and lessor.

(2)The total number, total amount, and timing of all rental payments necessary to acquire ownership of the property, including:

(A)any initial payment, less any:

(i)optional liability waiver fees under IC 24-7-5-11;

(ii)optional products and services offered contemporaneously with the rental purchase agreement under IC 24-7-8-6; and

(iii)security deposit, if required;

(B)all regular rental payments; and

(C)taxes paid to or through the lessor.

(3)A statement that the lessee will not own the property until the lessee has:

(A)made all regular rental payments, as well as any initial rental payment, necessary to acquire ownership of the property

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The lessor shall disclose the following:
(1) A brief description of the property sufficient to identify the
property to the lessee and lessor.
(2) The total number, total amount, and timing of all rental
payments necessary to acquire ownership of the property,
including:
(A) any initial payment, less any:
(i) optional liability waiver fees under IC 24-7-5-11;
(ii) optional products and services offered contemporaneously
with the rental purchase agreement under IC 24-7-8-6; and
(iii) security deposit, if required;
(B) all regular rental payments; and
(C) taxes paid to or through the lessor.
(3) A statement that the lessee will not own the property until the
lessee has:
(A) made all regular rental payments, as well as any initial
rental payment, necessary to acquire ownership of the property;
or
(B) exercised an early purchase option.
(4) A statement that charges in addition to the total rental
payments necessary to acquire ownership of the leased property
may be imposed under the agreement and that the lessee should
read the contract for an explanation of these charges.
(5) A brief explanation of all additional charges that may be
imposed under the agreement. If a security deposit is required, the
explanation must include an explanation of the conditions under
which the deposit will be returned to the lessee.
(6) A statement indicating who is responsible for property if it is
lost, stolen, damaged, or destroyed.
(7) A statement indicating that the value of lost, stolen, damaged,
or destroyed property is its fair market value on the date that it is
lost, stolen, damaged, or destroyed.
(8) A statement indicating whether the property is new or used.
However, property that is new may be described as used.
(9) A statement that the lessee has an early purchase option to
purchase the property at any time during the period that the rental
purchase agreement is in effect. The statement must specify the
price or the formula or other method for determining the price at
which the property may be purchased.
(10) A brief explanation of the lessee's right to reinstate a rental
purchase agreement and a description of the amount, or method
of determining the amount, of any penalty or other charge
applicable under IC 24-7-5 to the reinstatement of a rental
purchase agreement.
(11) An itemization of all charges and fees included in any initial
rental payment.