Section 24-7-1-5 - Prohibited agreements; disguised consumer credit sales(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: (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: (2) shall be delivered to all parties in the transaction; and(3) is subject to IC 4-21.5-3.Amended by P.L. 176-2019,SEC. 28, eff. 7/1/2019.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.