2016 Indiana Code TITLE 24. TRADE REGULATION ARTICLE 7. RENTAL PURCHASE AGREEMENTS CHAPTER 8. REGISTRATION OF LESSORS
Download as PDF
IC 24-7-8
Chapter 8. Registration of Lessors
IC 24-7-8-1
Notification by lessor
Sec. 1. A lessor shall file notification with the department:
(1) within thirty (30) days after soliciting or entering into a
rental purchase agreement subject to this article; and
(2) before February 1 in each subsequent year that the lessor
solicits or enters into a rental purchase agreement subject to this
article.
As added by P.L.254-1987, SEC.1. Amended by P.L.172-1997,
SEC.15.
IC 24-7-8-2
Contents of notification
Sec. 2. The notification required under section 1 of this chapter
must include the following:
(1) The name of the lessor.
(2) The name in which business is transacted if different from
subdivision (1).
(3) The address of the principal office, which may be outside
Indiana.
(4) The address of all offices or stores, if any, in Indiana at
which rental purchase agreements are made.
(5) If rental purchase agreements are made in a place other than
an office or retail store in Indiana, a brief description of the
manner in which they are made.
(6) The address of the designated agent upon whom service of
process may be made in Indiana.
(7) Other information required by the director of the
department.
As added by P.L.254-1987, SEC.1. Amended by P.L.35-2010,
SEC.93.
IC 24-7-8-3
Corrective notification
Sec. 3. After a lessor has filed an initial or a subsequent
notification under section 1 of this chapter, the lessor shall notify the
department not later than thirty (30) days after:
(1) the lessor has a change in name or address;
(2) the lessor opens a new office or store, closes an existing
office or store, or relocates an existing office or store;
(3) the lessor files for bankruptcy or reorganization; or
(4) the lessor is notified that the lessor is subject to revocation
or suspension proceedings by a state or governmental authority
with respect to the lessor's rental purchase activities.
As added by P.L.254-1987, SEC.1. Amended by P.L.216-2013,
Indiana Code 2016
SEC.15.
IC 24-7-8-4
Fees; costs of examination by department; late fees
Sec. 4. (a) A lessor required to file a notification with the
department under section 1 of this chapter shall pay to the
department the following fees:
(1) A fee fixed by the department under IC 28-11-3-5 with the
initial notification filed with the department.
(2) A fee fixed by the department under IC 28-11-3-5 for each
place of business operated by the lessor on December 31 of the
preceding year with each annual notification subsequently filed
with the department.
(b) In addition to the fee required under subsection (a)(2), if the
department examines the books and records of the lessor, the lessor
shall pay to the department all reasonably incurred costs of the
examination in accordance with the fee schedule adopted by the
department under IC 28-11-3-5.
(c) The department may impose a fee fixed by the department
under IC 28-11-3-5 for each day a lessor is late in:
(1) submitting the information required under IC 24-7-8-2; or
(2) paying a fee under subsection (a) or (b).
As added by P.L.254-1987, SEC.1. Amended by P.L.138-1990,
SEC.14; P.L.14-1992, SEC.64; P.L.45-1995, SEC.19; P.L.10-2006,
SEC.23 and P.L.57-2006, SEC.23; P.L.35-2010, SEC.94;
P.L.27-2012, SEC.31.
IC 24-7-8-5
Directors, executive officers, Indiana store managers; criminal
background checks
Sec. 5. Before appointing or hiring any director, executive officer,
or Indiana store manager, a lessor must perform a criminal
background check on the candidate and retain, until the department's
next examination of the lessor is completed, records of the
background check in the lessor's files.
As added by P.L.216-2013, SEC.16.
IC 24-7-8-6
Conducting other business at rental purchase location; conditions;
lessor not relieved from applicable laws
Sec. 6. (a) Subject to subsection (b), a lessor required to file
notification and pay fees under this chapter may conduct other
business, including offering for sale to members of the general
public:
(1) property and services that were or may be the subject of a
rental purchase agreement under this article; and
(2) property or services that are unrelated or only partially or
indirectly related to the lessor's rental purchase agreement
Indiana Code 2016
business;
at the location where the lessor enters into rental purchase
agreements with lessees unless the lessor carries on other business
for the purpose of evasion or circumvention of this article.
(b) A lessor may offer for sale to a lessee or prospective lessees
the property or services described in subsection (a) at the location
where the lessor enters into rental purchase agreements as provided
under subsection (a) only if all the following conditions are met:
(1) The lessor:
(A) does not require that the lessee or prospective lessee
purchase the property or services as a condition to entering
into a rental purchase agreement;
(B) does not require that any purchaser or prospective
purchaser of the property or services enter into a rental
purchase agreement as a condition to purchasing the
property or services; and
(C) clearly discloses in writing to the lessee or prospective
lessee before the purchase is completed that:
(i) the purchase of the property or services is not a
condition to entering into a rental purchase agreement; and
(ii) entering into a rental purchase agreement is not a
condition to purchasing the property or services.
(2) The lessor does not charge the lessee or prospective lessee
more for the property or services than the lessor charges
members of the general public for the property or services.
(3) The transaction for the purchase of the property or services
is conducted separately from any rental purchase agreement,
and the cost for purchasing the property or services is not made
a part of any rental purchase agreement.
(c) If a lessor offers for sale the property or services described in
subsection (a) to lessees or prospective lessees in compliance with
the conditions set forth in subsection (b), the business is not
considered as being conducted for the purpose of evasion or
circumvention of this article.
(d) This section does not relieve a lessor from:
(1) obtaining licenses, permits, authorizations, or consents
required by law;
(2) filing or providing notifications as required by law; or
(3) otherwise complying with any other statute, rule, regulation,
or ordinance of:
(A) this state;
(B) the United States; or
(C) any governmental unit of this state or the United States;
applicable to a lessor or the lessor's business activities permitted
by this section.
As added by P.L.137-2014, SEC.21.
Indiana Code 2016
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
