Section 24-7-2-9 - "Rental purchase agreement"(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: (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.
Amended by P.L. 69-2018,SEC. 31, eff. 7/1/2018.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.