Sec. 9. (a) “Rental purchase agreement” means an agreement between a lessor and a lessee that:

(1) permits a lessee’s use of property for a specified time;

Terms Used In Indiana Code 24-7-2-9

(2) has an initial period of four (4) months or less;

(3) is automatically renewable with each rental payment; and

(4) permits the lessee to become the owner of the property.

     (b) The term includes:

(1) an agreement; or

(2) a transaction;

that the director determines to be a rental purchase agreement, despite efforts by a person to structure the transaction in a manner that the director determines is being used to avoid application of this article.

As added by P.L.254-1987, SEC.1. Amended by P.L.138-1990, SEC.5; P.L.213-2007, SEC.29; P.L.217-2007, SEC.28; P.L.69-2018, SEC.31.