(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.
Indiana Legal Code