Indiana Code 24-7-3-3. Required disclosures
(1) A brief description of the property sufficient to identify the property to the lessee and lessor.
Terms Used In Indiana Code 24-7-3-3
- Contract: A legal written agreement that becomes binding when signed.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(A) any initial payment, less any:
(i) optional liability waiver fees under IC 24-7-5-11;
(ii) optional products and services offered contemporaneously with the rental purchase agreement under IC 24-7-8-6; and
(iii) security deposit, if required;
(B) all regular rental payments; and
(C) taxes paid to or through the lessor.
(3) A statement that the lessee will not own the property until the lessee has:
(A) made all regular rental payments, as well as any initial rental payment, necessary to acquire ownership of the property; or
(B) exercised an early purchase option.
(4) A statement that charges in addition to the total rental payments necessary to acquire ownership of the leased property may be imposed under the agreement and that the lessee should read the contract for an explanation of these charges.
(5) A brief explanation of all additional charges that may be imposed under the agreement. If a security deposit is required, the explanation must include an explanation of the conditions under which the deposit will be returned to the lessee.
(6) A statement indicating who is responsible for property if it is lost, stolen, damaged, or destroyed.
(7) A statement indicating that the value of lost, stolen, damaged, or destroyed property is its fair market value on the date that it is lost, stolen, damaged, or destroyed.
(8) A statement indicating whether the property is new or used. However, property that is new may be described as used.
(9) A statement that the lessee has an early purchase option to purchase the property at any time during the period that the rental purchase agreement is in effect. The statement must specify the price or the formula or other method for determining the price at which the property may be purchased.
(10) A brief explanation of the lessee’s right to reinstate a rental purchase agreement and a description of the amount, or method of determining the amount, of any penalty or other charge applicable under IC 24-7-5 to the reinstatement of a rental purchase agreement.
(11) An itemization of all charges and fees included in any initial rental payment.
As added by P.L.254-1987, SEC.1. Amended by P.L.69-2018, SEC.32; P.L.29-2022, SEC.7.