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

   1. (1) permits a lessee's use of property for a specified time;
   2. (2) has an initial period of four (4) months or less;
   3. (3) is automatically renewable with each rental payment; and
   4. (4) permits the lessee to become the owner of the property.

2. (b) The term includes:

   1. (1) an agreement; or

   2. (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.

As added by P.L.254-1987, SEC.1. Amended by P.L.138-1990, SEC.5; P.L.213-2007, SEC.29; P.L.217-2007, SEC.28; P.L.69-2018, SEC.31.