1. (a) Rental purchase agreements involving:

   1. (1) motor vehicles (as defined in IC 9-13-2-105 (a)), including:

      1. (A) component parts (as defined in IC 9-13-2-34 );
      2. (B) major component parts (as defined in IC 9-13-2-95 ); and

      3. (C) any other parts (as defined in IC 9-13-2-122 ) other than:

         1. (i) wheels;
         2. (ii) rims; and

         3. (iii) tires;

            necessary to operate a motor vehicle;

   2. (2) other titled property; or

   3. (3) live domestic animals (as defined in IC 34-30-30-1 );

      are prohibited under this article.

2. (b) If the director determines that a transaction described in IC 24-7-2-9 (a) involves the application of subterfuge for the purpose of avoiding the application of the Uniform Consumer Credit Code ( IC 37-2 ), the director may treat the transaction as a disguised consumer credit sale that is subject to IC 37-2 . A determination by the director under this subsection:

   1. (1) must be in writing;
   2. (2) shall be delivered to all parties in the transaction; and
   3. (3) is subject to IC 4-21.5-3 .

As added by P.L.138-1990, SEC.3. Amended by P.L.2-1991, SEC.85; P.L.63-2001, SEC.5 and P.L.134-2001, SEC.5; P.L.213-2007, SEC.28; P.L.217-2007, SEC.27; P.L.176-2019, SEC.28; P.L.115-2026, SEC.36.