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24-7-1-5. Prohibited agreements; disguised consumer credit sales

IN Code § 24-7-1-5 (2019) (N/A)
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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.

As added by P.L.138-1990, SEC.3. Amended by P.L.2-1991, SEC.85; P.L.63-2001, SEC.5 and P.L.134-2001, SEC.5; P.L.213-2007, SEC.28; P.L.217-2007, SEC.27; P.L.176-2019, SEC.28.

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