State Codes and Statutes

Statutes > Indiana > Title24 > Ar7 > Ch1

IC 24-7
ARTICLE 7. RENTAL PURCHASE AGREEMENTS

IC 24-7-1
Chapter 1. Application

IC 24-7-1-1
Rental purchase agreements affected; lessee's residence
     Sec. 1. (a) This article applies to a rental purchase agreement if:
        (1) the rental purchase agreement is entered into in Indiana;
        (2) the lessee is a resident of Indiana at the time a lessor offering the rental purchase agreement solicits the rental purchase agreement or a modification of the rental purchase agreement by any mode of communication; or
        (3) the lessee is a resident of Indiana at the time the lessor offering a rental purchase agreement receives either a signed writing evidencing the creation or modification of a rental purchase agreement or a written offer from the lessee to enter into or modify a rental purchase agreement.
    (b) For the purposes of this article, the residence of a lessee is the address given by the lessee as the lessee's residence in any writing signed by the lessee in connection with a rental purchase agreement. Until the lessee notifies the lessor of a new or different residence address, the given residence address is presumed to be unchanged.
As added by P.L.254-1987, SEC.1.

IC 24-7-1-2
Inapplicable law
     Sec. 2. Except as provided in this article, the provisions of:
        (1) the Federal Consumer Credit Protection Act and regulations adopted under it;
        (2) IC 24-4.5;
        (3) IC 26-1-1-201(37);
        (4) IC 26-1-2 concerning the creation of a security interest in property;
        (5) IC 26-1-9.1; and
        (6) rules adopted under the statutes described in subdivisions (2) through (5);
do not apply to a rental purchase agreement.
As added by P.L.254-1987, SEC.1. Amended by P.L.57-2000, SEC.10.

IC 24-7-1-3
Waiver of statutory protections; settlement
     Sec. 3. Except as provided in this article, a lessor or lessee may not waive or agree to forego rights or benefits under this article. However, this article does not prohibit the settlement of a claim under this article.
As added by P.L.254-1987, SEC.1.
IC 24-7-1-4
Legal and equitable principles applicable
     Sec. 4. Except as provided in this article, this article does not limit the application of the principles of law and equity to a rental purchase agreement.
As added by P.L.254-1987, SEC.1.

IC 24-7-1-5
Agreements involving titled property prohibited
     Sec. 5. Rental purchase agreements involving:
        (1) motor vehicles (as defined in IC 9-13-2-105(a)); or
        (2) other titled property;
are prohibited under this article.
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.

IC 24-7-1-6
Inapplicability to rental of musical instruments through programs at schools
Sec. 6. This article does not apply to the rental of a musical instrument through a program offered at an elementary or a secondary school with the approval of the school.
As added by P.L.90-2008, SEC.19. Amended by P.L.35-2010, SEC.89.