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IC 24-7
ARTICLE 7. RENTAL PURCHASE AGREEMENTS
IC 24-7-1
Chapter 1. Application
IC 24-7-1-0.1
Application of article
Sec. 0.1. The addition of this article by P.L.254-1987 does not
apply to rental purchase agreements consummated before September
1, 1987.
As added by P.L.220-2011, SEC.399.
IC 24-7-1-1
Rental purchase agreements affected; lessee's residence
Sec. 1. (a) This article applies to a rental purchase agreement if:
(1) the rental purchase agreement is entered into in Indiana;
(2) the lessee is a resident of Indiana at the time a lessor
offering the rental purchase agreement solicits the rental
purchase agreement or a modification of the rental purchase
agreement by any mode of communication; or
(3) the lessee is a resident of Indiana at the time the lessor
offering a rental purchase agreement receives either a signed
writing evidencing the creation or modification of a rental
purchase agreement or a written offer from the lessee to enter
into or modify a rental purchase agreement.
(b) For the purposes of this article, the residence of a lessee is the
address given by the lessee as the lessee's residence in any writing
signed by the lessee in connection with a rental purchase agreement.
Until the lessee notifies the lessor of a new or different residence
address, the given residence address is presumed to be unchanged.
As added by P.L.254-1987, SEC.1.
IC 24-7-1-2
Inapplicable law
Sec. 2. Except as provided in this article, the provisions of:
(1) the Federal Consumer Credit Protection Act and regulations
adopted under it;
(2) IC 24-4.5;
(3) IC 26-1-1-201(37);
(4) IC 26-1-2 concerning the creation of a security interest in
property;
(5) IC 26-1-9.1; and
(6) rules adopted under the statutes described in subdivisions
(2) through (5);
do not apply to a rental purchase agreement.
As added by P.L.254-1987, SEC.1. Amended by P.L.57-2000,
SEC.10.
Indiana Code 2016
IC 24-7-1-3
Waiver of statutory protections; settlement
Sec. 3. Except as provided in this article, a lessor or lessee may
not waive or agree to forego rights or benefits under this article.
However, this article does not prohibit the settlement of a claim
under this article.
As added by P.L.254-1987, SEC.1.
IC 24-7-1-4
Legal and equitable principles applicable
Sec. 4. Except as provided in this article, this article does not limit
the application of the principles of law and equity to a rental
purchase agreement.
As added by P.L.254-1987, SEC.1.
IC 24-7-1-5
Agreements involving titled property prohibited
Sec. 5. Rental purchase agreements involving:
(1) motor vehicles (as defined in IC 9-13-2-105(a)); or
(2) other titled property;
are prohibited under this article.
As added by P.L.138-1990, SEC.3. Amended by P.L.2-1991, SEC.85;
P.L.63-2001, SEC.5 and P.L.134-2001, SEC.5; P.L.213-2007,
SEC.28; P.L.217-2007, SEC.27.
IC 24-7-1-6
Inapplicability to rental of musical instruments through programs
at schools
Sec. 6. This article does not apply to the rental of a musical
instrument through a program offered at an elementary or a
secondary school with the approval of the school.
As added by P.L.90-2008, SEC.19. Amended by P.L.35-2010,
SEC.89.
IC 24-7-1-7
Inapplicability to rental purchase of a dwelling
Sec. 7. This article does not apply to the rental purchase of a
dwelling (as defined in IC 24-4.4-1-301(11)), regardless of whether
the dwelling is assessed as real or personal property for property tax
purposes.
As added by P.L.89-2011, SEC.23.
Indiana Code 2016
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