CHAPTER 2. DEFINITIONS

IC 24-7-2

    

Chapter 2. Definitions

IC 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.

IC 24-7-2-2

"Department" defined

    

Sec. 2. "Department" has the meaning set forth in
IC 24-4.5-6-103.

As added by P.L.254-1987, SEC.1. Amended by P.L.14-1992,
SEC.62.

IC 24-7-2-3

"Consummation" defined

    

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.

IC 24-7-2-4

"Federal Consumer Credit Protection Act" defined

    

Sec. 4. "Federal Consumer Credit Protection Act" has the meaning
set forth in IC 24-4.5-1-302.

As added by P.L.254-1987, SEC.1.

IC 24-7-2-5

"Lessee" defined

    

Sec. 5. "Lessee" means an individual who rents property under a
rental purchase agreement.

As added by P.L.254-1987, SEC.1.

IC 24-7-2-6

"Lessor" defined

    

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.

IC 24-7-2-7

"Period" defined

    

Sec. 7. "Period" means a day, week, month, or other subdivision
of a year.

As added by P.L.254-1987, SEC.1.

IC 24-7-2-8

"Property" defined

    

Sec. 8. "Property" means any property that:

        (1) is not real property or intangible personal property under
Indiana law; and

        (2) is made available under a rental purchase agreement.

As added by P.L.254-1987, SEC.1.

IC 24-7-2-9

"Rental purchase agreement" defined

    

Sec. 9. (a) .Rental purchase agreement. means an agreement
between a lessor and a lessee that:

        (1) provides for the use of personal property by an individual
primarily for personal, family, or household purposes;

        (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.