IC 24-7-2-9 — "Rental purchase agreement"
Chapter 2. Definitions
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Section text
Sec. 9. (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.
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.
Source: official publisher (2026 edition)