Sec. 10. (a) If a lessee is liable to a lessor for the replacement cost of property leased under a rental purchase agreement, the lessor may not charge the lessee more than the fair market value for the property.
(b) For purposes of subsection (a), fair market value shall be determined by the lessor in the same manner, and using the same method, that would apply if the lessee were exercising an early purchase option under the rental purchase agreement.
As added by P.L.138-1990, SEC.10. Amended by P.L.69-2018, SEC.41.
Structure Indiana Code
Article 7. Rental Purchase Agreements
24-7-5-1. Nonrefundable Processing Fee
24-7-5-2. Security Deposit Refunds
24-7-5-4. Rental Payment Pickup Charges
24-7-5-5. Late Charges or Delinquency Fees
24-7-5-5.5. Returned Payment Fee
24-7-5-10. Liability of Lessee for Replacement Cost of Leased Property; Fair Market Value
24-7-5-11. Liability Damage Waivers; Fee; Prohibitions and Requirements