Ind. Code ch. 24-7-2

in effect

Ind. Code § 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.

Ind. Code § 24-7-2-2 "Department"

Sec. 2. "Department" has the meaning set forth in IC 37-2-2-15.7. As added by P.L.254-1987, SEC.1. Amended by P.L.14-1992, SEC.62; P.L.115-2026, SEC.38.

Ind. Code § 24-7-2-2.5 "Consumer Credit Protection Act"

Sec. 2.5. "Consumer Credit Protection Act" has the meaning set forth in IC 37-2-2-11. As added by P.L.159-2017, SEC.21. Amended by P.L.115-2026, SEC.39.

Ind. Code § 24-7-2-3 "Consummation"

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.

Ind. Code § 24-7-2-3.5 "Initial rental payment"

Sec. 3.5. "Initial rental payment" means any up-front payment: (1) that is made by a lessee to a lessor, or to an agent acting on behalf of a lessor, for property under a rental purchase agreement; (2) that includes a rental payment that permits the lessee's use of the property for the initial rental period; (3) that may be in an amount that is larger than a regular rental payment due under the rental purchase agreement; and (4) that may include one (1) or more of the following: (A) An amount intended to be paid toward the rental or ownership of the property that is the subject of the rental purchase agreement. (B) Additional charges permitted under IC 24-7-5, including any of the following: (i) A nonrefundable processing fee or a delivery charge. (ii) Sales and use taxes. (iii) Official fees. (iv) An optional liability waiver fee for the initial rental period. (v) A security deposit. As added by P.L.176-2019, SEC.29.

Ind. Code § 24-7-2-4 Repealed

As added by P.L.254-1987, SEC.1. Repealed by P.L.159-2017, SEC.22.

Ind. Code § 24-7-2-5 "Lessee"

Sec. 5. "Lessee" means an individual who rents property under a rental purchase agreement. As added by P.L.254-1987, SEC.1.

Ind. Code § 24-7-2-6 "Lessor"

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.

Ind. Code § 24-7-2-7 "Period"

Sec. 7. "Period" means a day, week, month, or other subdivision of a year. As added by P.L.254-1987, SEC.1.

Ind. Code § 24-7-2-8 "Property"

Sec. 8. "Property" means any property that: (1) is not real property or intangible personal property under Indiana law; (2) is used or intended for use by an individual primarily for personal, family, or household purposes; (3) a lessor holds complete and total ownership of, or ownership rights to; and (4) is made available by a lessor to a lessee under a rental purchase agreement. As added by P.L.254-1987, SEC.1. Amended by P.L.69-2018, SEC.30.

Ind. Code § 24-7-2-8.5 "Regular rental payment"

Sec. 8.5. "Regular rental payment" means a periodic payment in a fixed amount that permits a lessee's use of property under a rental purchase agreement for a specific time after the initial rental period. As added by P.L.176-2019, SEC.30.

Ind. Code § 24-7-2-9 "Rental purchase agreement"

Sec. 9. (a) "Rental purchase agreement" means an agreement between a lessor and a lessee that: (1) permits a lessee's use of property for a specified time; (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; P.L.69-2018, SEC.31.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/24Fetched: 10/17/2026