(a) Rental purchase agreements involving:(1) motor vehicles (as defined in IC 9-13-2-105(a)), including:(A) component parts (as defined in IC 9-13-2-34);(B) major component parts (as defined in IC 9-13-2-95); and(C) any other parts (as defined in IC 9-13-2-122) other than:(i) wheels;(ii) rims; and(iii) tires;necessary to operate a motor vehicle;(2) other titled property; or(3) live domestic animals (as defined in IC 34-30-30-1);are prohibited under this article.(b) If the director determines that a transaction described in IC 24-7-2-9(a) involves the application of subterfuge for the purpose of avoiding the application of the Uniform Consumer Credit Code (IC 24-4.5), the director may treat the transaction as a disguised consumer credit sale that is subject to IC 24-4.5. A determination by the director under this subsection:(1) must be in writing;(2) shall be delivered to all parties in the transaction; and(3) is subject to IC 4-21.5-3.As added by P.L.138-1990, SEC.3. Amended by P.L.2-1991, SEC.85; P.L.63-2001, SEC.5 and P.L.134-2001, SEC.5; P.L.213-2007, SEC.28; P.L.217-2007, SEC.27; P.L.176-2019, SEC.28.
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