IC 24-7-2-9: "Rental purchase agreement"

Sec. 9. (a) "Rental purchase agreement" means an agreement between a lessor and a lessee that:

(1) permits a lessee's use of property for a specified time;

(2) has an initial period of four (4) months or less;

(3) is automatically renewable with each rental payment; and

(4) permits the lessee to become the owner of the property.

(b) The term includes:

(1) an agreement; or

(2) a transaction;

that the director determines to be a rental purchase agreement, despite efforts by a person to structure the transaction in a manner that the director determines is being used to avoid application of this article.