Indiana Code 24-7-2-3.5. “Initial rental payment”
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Sec. 3.5. “Initial rental payment” means any up-front payment:
(2) that includes a rental payment that permits the lessee’s use of the property for the initial rental period;
(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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(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.