Indiana § 24-7-5-5 - Late charges or delinquency fees
Full text of Indiana Indiana Code § 24-7-5-5 — Late charges or delinquency fees, with citation guidance and answers to common questions.
§ 24-7-5-5. Late charges or delinquency fees
Sec. 5. (a) The parties to a rental purchase agreement may contract for late charges or delinquency fees as follows:
(1) For agreements with monthly renewal dates, a late charge not exceeding eight dollars ($8) may be assessed on any rental payment not made within five (5) days after:
(A) the renewal date for the agreement; or
(B) the return of the property is required under the rental purchase agreement.
(2) For agreements with weekly or biweekly renewal dates, a late charge not exceeding the amount specified in subsection (e) may be assessed on any rental payments not made within two (2) days after:
(A) the renewal date for the agreement; or
(B) the return of the property is required under the agreement.
(b) A late charge on a rental purchase agreement may be assessed only once on any accrued regular rental payment, no matter how long it remains unpaid.
(c) A late charge may be collected at any time after it accrues.
(d) A late charge may not be assessed against a regular rental payment that is timely made, even though an earlier late charge has not been paid in full.
(e) The amount that may be assessed under subsection (a)(2) is as follows:
(1) Three dollars ($3) for any payment not greater than twenty dollars ($20).
(2) Five dollars ($5) for any payment greater than twenty dollars ($20).
As added by P.L.254-1987, SEC.1. Amended by P.L.138-1990, SEC.8; P.L.14-1992, SEC.63; P.L.213-2007, SEC.30; P.L.217-2007, SEC.29; P.L.69-2018, SEC.39; P.L.176-2019, SEC.34.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 24-7-5-5
What does Indiana Code § 24-7-5-5 cover?
Section 24-7-5-5 ("Late charges or delinquency fees") 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 § 24-7-5-5?
A common citation format is "Indiana Code § 24-7-5-5" (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 § 24-7-5-5 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.