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IC 24-7-2
Chapter 2. Definitions
IC 24-7-2-1
Applicability of definitions
Sec. 1. The definitions in this chapter apply throughout this
article.
As added by P.L.254-1987, SEC.1.
IC 24-7-2-2
"Department" defined
Sec. 2. "Department" has the meaning set forth in
IC 24-4.5-6-103.
As added by P.L.254-1987, SEC.1. Amended by P.L.14-1992,
SEC.62.
IC 24-7-2-3
"Consummation" defined
Sec. 3. "Consummation" means the time or date on which the
lessee signs a rental purchase agreement.
As added by P.L.254-1987, SEC.1.
IC 24-7-2-4
"Federal Consumer Credit Protection Act" defined
Sec. 4. "Federal Consumer Credit Protection Act" has the meaning
set forth in IC 24-4.5-1-302.
As added by P.L.254-1987, SEC.1.
IC 24-7-2-5
"Lessee" defined
Sec. 5. "Lessee" means an individual who rents property under a
rental purchase agreement.
As added by P.L.254-1987, SEC.1.
IC 24-7-2-6
"Lessor" defined
Sec. 6. "Lessor" means an individual or other person who, in the
ordinary course of business:
(1) leases;
(2) offers to lease;
(3) arranges for the leasing of; or
(4) accepts assignments of leases of;
property under a rental purchase agreement.
As added by P.L.254-1987, SEC.1. Amended by P.L.138-1990,
SEC.4.
IC 24-7-2-7
"Period" defined
Indiana Code 2016
Sec. 7. "Period" means a day, week, month, or other subdivision
of a year.
As added by P.L.254-1987, SEC.1.
IC 24-7-2-8
"Property" defined
Sec. 8. "Property" means any property that:
(1) is not real property or intangible personal property under
Indiana law; and
(2) is made available under a rental purchase agreement.
As added by P.L.254-1987, SEC.1.
IC 24-7-2-9
"Rental purchase agreement" defined
Sec. 9. (a) "Rental purchase agreement" means an agreement
between a lessor and a lessee that:
(1) provides for the use of personal property by an individual
primarily for personal, family, or household purposes;
(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.
Indiana Code 2016
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