Indiana Code 24-4.5-2-106. “Consumer lease”
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style=”font-size: 10pt”> Sec. 106. (1) “Consumer lease” means a lease of goods:
(a) which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family, or household purpose;
Terms Used In Indiana Code 24-4.5-2-106
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(b) in which the amount payable under the lease does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 C.F.R. § 226.3 or 12 C.F.R. § 1026.3(b), as applicable); and
(c) which is for a term exceeding four (4) months.
(2) “Consumer lease” does not include a lease made pursuant to a lender credit card or similar arrangement.
Formerly: Acts 1971, P.L.366, SEC.3. As amended by P.L.247-1983, SEC.3; P.L.122-1994, SEC.9; P.L.216-2013, SEC.8; P.L.137-2014, SEC.7; P.L.73-2016, SEC.6.