Sec. 3.5. “Initial rental payment” means any up-front payment:

(1) that is made by a lessee to a lessor, or to an agent acting on behalf of a lessor, for property under a rental purchase agreement;

Ask a consumer protection question, get an answer ASAP!
Thousands of highly rated, verified consumer protection lawyers.
Help with credit card debt, collections, defective products
Get help with bankruptcy, filing complaints, extended warranties & more
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 24-7-2-3.5

(2) that includes a rental payment that permits the lessee’s use of the property for the initial rental period;

(3) that may be in an amount that is larger than a regular rental payment due under the rental purchase agreement; and

(4) that may include one (1) or more of the following:

(A) An amount intended to be paid toward the rental or ownership of the property that is the subject of the rental purchase agreement.

(B) Additional charges permitted under IC 24-7-5, including any of the following:

(i) A nonrefundable processing fee or a delivery charge.

(ii) Sales and use taxes.

(iii) Official fees.

(iv) An optional liability waiver fee for the initial rental period.

(v) A security deposit.

As added by P.L.176-2019, SEC.29.