(1) 'Consumer lease' means a lease of goods:(a) which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family, or household purpose;(b) in which the amount payable under the lease does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); and(c) which is for a term exceeding four (4) months.(2) 'Consumer lease' does not include a lease made pursuant to a lender credit card or similar arrangement.Formerly: Acts 1971, P.L.366, SEC.3. As amended by P.L.247-1983, SEC.3; P.L.122-1994, SEC.9; P.L.216-2013, SEC.8; P.L.137-2014, SEC.7; P.L.73-2016, SEC.6.
Indiana Legal Code