Ind. Code ch. 26-2-11

in effect

Ind. Code § 26-2-11-1 Applicability

Sec. 1. This chapter does not apply to the following persons when engaged in an activity otherwise covered by this chapter: (1) A financial institution or an employee of a financial institution if the activity is conducted by the employee on behalf of that financial institution. (2) An automobile rental company or an employee of an automobile rental company if the activity is conducted by the employee on behalf of the automobile rental company. (3) A retail seller of equipment (as defined in IC 26-1-9.1-102), or an employee of a retail seller of equipment, if the activity is limited to the repossession of the type of goods routinely sold by the retail seller in the manner authorized by IC 26-1-9.1-609 on behalf of the owner of a security interest in that collateral. (4) An entity or an employee of an entity that primarily finances wholesale and retail transactions related to the purchase or lease of equipment manufactured by the entity's affiliate if the activity is limited to the repossession of the equipment. As added by P.L.81-2026, SEC.7.

Ind. Code § 26-2-11-2 "Collateral"

Sec. 2. As used in this chapter, "collateral" means any personal property that is subject to a security, lease, or rental agreement. The term does not include a recreational vehicle permanently attached to a foundation and used as a primary residence. As added by P.L.81-2026, SEC.7.

Ind. Code § 26-2-11-3 "Collateral recovery agency"

Sec. 3. As used in this chapter, "collateral recovery agency" means any person that, for consideration: (1) advertises as providing; or (2) is engaged in the business of performing; a repossession. As added by P.L.81-2026, SEC.7.

Ind. Code § 26-2-11-4 "Hazardous material"

Sec. 4. As used in this chapter, "hazardous material" means a material or waste that has been determined to be hazardous or potentially hazardous to human health, to property, or to the environment by: (1) the United States: (A) Environmental Protection Agency; (B) Nuclear Regulatory Commission; (C) Department of Transportation; or (D) Occupational Safety and Health Administration; or (2) the environmental rules board established by IC 13-13-8-3. The term includes all of the hazardous materials identified in 49 CFR 172.101. As added by P.L.81-2026, SEC.7.

Ind. Code § 26-2-11-5 "Repossession"

Sec. 5. As used in this chapter, "repossession" means to take physical possession of personal property that was used as collateral. As added by P.L.81-2026, SEC.7.

Ind. Code § 26-2-11-6 Storage of collateral after repossession

Sec. 6. A collateral recovery agency must store collateral at a location within Indiana after repossession until the collateral is: (1) redeemed; or (2) transferred to auction. As added by P.L.81-2026, SEC.7.

Ind. Code § 26-2-11-7 Rates and fees

Sec. 7. (a) A collateral recovery agency must include ten (10) days of collateral storage in the collateral recovery agency's standard repossession rate. (b) The legal owner or lien holder of the collateral must pay the collateral recovery agency a fee of fifteen dollars ($15) per day for any collateral stored after the initial ten (10) days under subsection (a). A collateral recovery agency may charge an additional fee for storing collateral that contains hazardous materials. As added by P.L.81-2026, SEC.7.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/26Fetched: 10/17/2026