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

IC 24-7-2-2
"Department" defined
    Sec. 2. "Department" has the meaning set forth inIC 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 thelessee 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 meaningset 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 arental 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 theordinary 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 subdivisionof 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 underIndiana 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 agreementbetween a lessor and a lessee that:
        (1) provides for the use of personal property by an individualprimarily 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 mannerthat the director determines is being used to avoid application of thisarticle.
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.