Indiana § 24-7-2-3.5 - "Initial rental payment"
Full text of Indiana Indiana Code § 24-7-2-3.5 — "Initial rental payment", with citation guidance and answers to common questions.
§ 24-7-2-3.5. "Initial rental payment"
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;
(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.
Frequently Asked Questions About Indiana § 24-7-2-3.5
What does Indiana Code § 24-7-2-3.5 cover?
Section 24-7-2-3.5 (""Initial rental payment"") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 24-7-2-3.5?
A common citation format is "Indiana Code § 24-7-2-3.5" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 24-7-2-3.5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.