{"data":{"id":"us-in/ic-24-5-13.1-16","jurisdiction":"us-in","citation":"IC 24-5-13.1-16","heading":"Refund; leased motor vehicle; computation of amount","body":"Sec. 16. (a) If a refund is tendered under this chapter with respect to a leased converted motor vehicle, the refund shall be made as follows:\n(1) The lessee shall receive all deposit and lease payments paid by the lessee to the lessor, including all credits and allowances for any trade-in converted motor vehicles, less a reasonable allowance for use.\n(2) The lessor shall receive:\n(A) the lessor's purchase cost, including freight and accessories;\n(B) any fee paid to another to obtain the lease;\n(C) any insurance premiums or other costs expended by the lessor for the benefit of the lessee;\n(D) sales tax paid by the lessor; and\n(E) five percent (5%) of the amount described in clause (A);\nless the total of all deposit and lease payments paid by the lessee to the lessor, including all credits and allowances for any trade-in converted motor vehicle.\n(b) To determine a reasonable allowance for use under this section, multiply:\n(1) the total lease obligation of the lessee at the inception of the lease; by\n(2) a fraction having as its denominator one hundred thousand (100,000) and as its numerator the number of miles that the converted motor vehicle traveled before the lessor's acceptance of its return.","path":["TITLE 24. TRADE REGULATION","ARTICLE 5. CONSUMER SALES","Chapter 13.1. Converted Motor Vehicle Protection"],"source_url":"https://iga.in.gov/ic/2026/Title_24.html#24-5-13.1-16","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-04T18:50:41Z","sha256":"d2ec8642ac962cbd3047585743a0defaf1970b020bb7dbd52e44b0c9a6e6216f","source_id":"us-in","stale":false,"prev":"us-in/ic-24-5-13.1-15","next":"us-in/ic-24-5-13.1-17"},"notice":"GroundRules: Original legal text. Not legal advice."}