Sec. 5. (a) Rental purchase agreements involving:
(1) motor vehicles (as defined in IC 9-13-2-105(a)), including:
(A) component parts (as defined in IC 9-13-2-34);
(B) major component parts (as defined in IC 9-13-2-95); and
(C) any other parts (as defined in IC 9-13-2-122) other than:
(i) wheels;
(ii) rims; and
(iii) tires;
necessary to operate a motor vehicle;
(2) other titled property; or
(3) live domestic animals (as defined in IC 34-30-30-1);
are prohibited under this article.
(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 24-4.5), the director may treat the transaction as a disguised consumer credit sale that is subject to IC 24-4.5. A determination by the director under this subsection:
(1) must be in writing;
(2) shall be delivered to all parties in the transaction; and
(3) is subject to IC 4-21.5-3.