§ 36-1-10-22 — Certain leases legalized and validated

Indiana § 36-1-10-22

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 1: GENERAL PROVISIONS
• Ch. 10: Leasing and Lease-Purchasing Structures

Text

(a) This section applies only to a lease that
meets all of the following:
(1) The lease was entered into before January 1, 2019.
(2) The total annual cost of the lease is less than two hundred fifty
thousand dollars ($250,000).
(3) Any one (1) of the following applies:
(A) The leasing agent did not comply with section 7(a) of this
chapter (as in effect before January 1, 2019) before the lease
was entered into.
(B) The leasing agent did not comply with section 14 of this
chapter (as in effect before January 1, 2019) before the lease
was entered into.
(C) The leasing agent did not comply with both section 7(a) of
this chapter (as in effect before January 1, 2019) and section 14
of this chapter (as in effect before January 1, 2019) before the
lease was entered into.
(b) A lease described in subsection (a) is valid, notwithstanding the
failure of the leasing agent to comply with section 7(a) of this chapter
(as in effect before January 1, 2019), section 14 of this chapter (as in
effect before January 1, 2019), or both section 7(a) of this chapter (as
in effect before January 1, 2019) and section 14 of this chapter (as in
effect before January 1, 2019) before the lease was entered into.
(c) This section does not validate a lease described in subsection (a)
for failures to comply with statutory requirements other than those set
forth in section 7(a) of this chapter (as in effect before January 1, 2019)
and section 14 of this chapter (as in effect before January 1, 2019).

Legislative History

As added by P.L.257-2019, SEC.98.