2014 Indiana Code TITLE 9. MOTOR VEHICLES ARTICLE 32. DEALER SERVICES CHAPTER 12. DISCLOSURES REQUIRED IN MOTOR VEHICLE LEASES
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IC 9-32-12
Chapter 12. Disclosures Required in Motor Vehicle Leases
IC 9-32-12-1
Duties of retail lessor
Sec. 1. A retail lessor shall do the following:
(1) Comply with the requirements of Regulation M (12 CFR
213) for disclosure of gross capitalized cost, capitalized cost
reduction, and adjusted capitalized cost adopted under the
federal Truth in Lending Act (15 U.S.C. 1601 et seq.).
(2) Disclose to a retail lessee in a separate blocked section in a
lease agreement, in capital letters in at least 10 point bold type
the following:
THIS IS A LEASE AGREEMENT.
THIS IS NOT A PURCHASE AGREEMENT.
PLEASE REVIEW THESE MATTERS CAREFULLY AND
SEEK INDEPENDENT PROFESSIONAL ADVICE IF YOU
HAVE ANY QUESTIONS CONCERNING THIS
TRANSACTION. YOU ARE ENTITLED TO AN EXACT
COPY OF THE AGREEMENT YOU SIGN.
(3) Provide the retail lessee with a copy of each document
signed by the retail lessee during the course of the lease
transaction.
As added by P.L.92-2013, SEC.78.
IC 9-32-12-2
Trade-in vehicle for leased vehicle
Sec. 2. A trade-in vehicle used, in whole or in part, to pay amounts
due at lease signing or delivery of a leased vehicle must be identified:
(1) as a trade-in vehicle in the lease agreement; and
(2) by year, make, and model.
The lease agreement must state the net credit of the trade-in vehicle
used to pay amounts due at lease signing or delivery of the leased
vehicle.
As added by P.L.92-2013, SEC.78.
IC 9-32-12-3
Bonafide printing error on lease agreement
Sec. 3. A bona fide printing error identified on the face of the lease
agreement does not constitute a violation of this chapter.
As added by P.L.92-2013, SEC.78.
IC 9-32-12-4
Remedies
Sec. 4. (a) A retail lessor who fails to comply with the
requirements of this chapter is liable to the retail lessee for:
(1) actual damages sustained;
(2) a civil penalty of not more than one thousand dollars
($1,000) per lease transaction; and
(3) reasonable attorney's fees and costs.
(b) In addition to any other remedies provided by law, a retail
lessee may bring an action in circuit court to recover the damages,
penalties, and fees described in subsection (a).
(c) The total recovery of damages, penalties, and fees in a class
action civil suit brought under this section may not exceed one
hundred thousand dollars ($100,000).
As added by P.L.92-2013, SEC.78.
IC 9-32-12-5
Civil suit by attorney general
Sec. 5. A civil suit described under section 4 of this chapter may
be brought on behalf of a consumer by the attorney general.
As added by P.L.92-2013, SEC.78.
IC 9-32-12-6
Statute of limitation for filing of action
Sec. 6. An action authorized by sections 4 and 5 of this chapter
must be brought not later than three (3) years after the date the lease
agreement is signed.
As added by P.L.92-2013, SEC.78.
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