Sec. 3.5. “Initial rental payment” means any up-front payment:

(1) that is made by a lessee to a lessor, or to an agent acting on behalf of a lessor, for property under a rental purchase agreement;

Terms Used In Indiana Code 24-7-2-3.5

(2) that includes a rental payment that permits the lessee’s use of the property for the initial rental period;

(3) that may be in an amount that is larger than a regular rental payment due under the rental purchase agreement; and

(4) that may include one (1) or more of the following:

(A) An amount intended to be paid toward the rental or ownership of the property that is the subject of the rental purchase agreement.

(B) Additional charges permitted under IC 24-7-5, including any of the following:

(i) A nonrefundable processing fee or a delivery charge.

(ii) Sales and use taxes.

(iii) Official fees.

(iv) An optional liability waiver fee for the initial rental period.

(v) A security deposit.

As added by P.L.176-2019, SEC.29.