Indiana Code 24-5-16.5-4. “Lease agreement”
Current as of: 2023 | Check for updates
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Terms Used In Indiana Code 24-5-16.5-4
- retail lessee: means an individual who executes a lease agreement for a motor vehicle from a retail lessor primarily for personal, family, or household purposes. See Indiana Code 24-5-16.5-6
- retail lessor: means a person who regularly engages in the business of selling or leasing motor vehicles and who offers or arranges a lease agreement for a motor vehicle. See Indiana Code 24-5-16.5-7
- vehicle: has the meaning set forth in IC 9-13-2-196. See Indiana Code 24-5-16.5-8
Sec. 4. As used in this chapter, “lease agreement” means a written agreement entered into in Indiana for the transfer from a retail lessor to a retail lessee of the right to possess and use a motor vehicle in exchange for consideration for a scheduled term exceeding four (4) months, whether or not the retail lessee has the option to purchase or otherwise become the owner of the motor vehicle upon expiration of the agreement. The term does not include an agreement that covers an absolute sale, a sale pending approval, or a retail installment sale.
As added by P.L.151-2015, SEC.80.