Sec. 9. (a) As used in this chapter, “security deposit” means a deposit paid by a tenant to the landlord or the landlord’s agent to be held for all or a part of the term of the rental agreement to secure performance of any obligation of the tenant under the rental agreement.
Terms Used In Indiana Code 32-31-3-9
- cooperative housing association: means a consumer cooperative that provides dwelling units to its members. See Indiana Code 32-31-3-2
- landlord: means :
Indiana Code 32-31-3-3
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- rent: includes all payments made to a landlord under a rental agreement except a security deposit, however denominated. See Indiana Code 32-31-3-6
- rental agreement: means an agreement together with any modifications, embodying the terms and conditions concerning the use and occupancy of a rental unit. See Indiana Code 32-31-3-7
- rental unit: means :
Indiana Code 32-31-3-8
- tenant: means an individual who occupies a rental unit:
Indiana Code 32-31-3-10
(b) The term includes:
(1) a required prepayment of rent other than the first full rental payment period of the lease agreement;
(2) a sum required to be paid as rent in any rental period in excess of the average rent for the term; and
(3) any other amount of money or property returnable to the tenant on condition of return of the rental unit by the tenant in a condition as required by the rental agreement.
(c) The term does not include the following:
(1) An amount paid for an option to purchase under a lease with option to purchase, unless it is shown that the intent was to evade this chapter.
(2) An amount paid as a subscription for or purchase of a membership in a cooperative housing association incorporated under Indiana law.
[Pre-2002 Recodification Citation: 32-7-5-9.]
As added by P.L.2-2002, SEC.16.