Sec. 5. (a) Rental purchase agreements involving: (1) motor vehicles (as defined in IC 9-13-2-105 (a)), including: (A) component parts (as defined in IC 9-13-2-34 ); (B) major component parts (as defined in IC 9-13-2-95 ); and (C) any other parts (as defined in IC 9-13-2-122 ) other than: (i) wheels; (ii) rims; and (iii) tires; necessary to operate a motor vehicle; (2) other titled property; or (3) live domestic animals (as defined in IC 34-30-30-1 ); are prohibited under this article. (b) If the director determines that a transaction described in IC 24-7-2-9 (a) involves the application of subterfuge for the purpose of avoiding the application of the Uniform Consumer Credit Code ( IC 24-4.5 ), the director may treat the transaction as a disguised consumer credit sale that is subject to IC 24-4.5 . A determination by the director under this subsection: (1) must be in writing; (2) shall be delivered to all parties in the transaction; and (3) is subject to IC 4-21.5-3 .
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.