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Indiana Code Title 24. Trade Regulation § 24-4-9-23

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 23. (a) If a rental company enters into at least one (1) rental agreement containing a damage waiver in Indiana during a calendar year, the rental company shall compile and maintain the following statistics concerning all the rental agreements the rental company enters into in Indiana during that calendar year:

(1) The total expenses incurred by the rental company as a result of damage to vehicles that is caused while the vehicles are subject to the rental agreements.

(2) The total amount of the expenses referred to in subdivision (1) for which the rental company is indemnified.

(3) The total number of vehicles subject to the rental agreements, multiplied by the total number of days of the calendar year during which the vehicles are subject to the rental agreements.

(b) The expenses on which a rental company must compile statistics under subsection (a)(1) are the following:

(1) The cost that the rental company pays to replace damaged vehicle parts, less all discounts and price reductions or adjustments received by the rental company.

(2) The cost of labor paid by the rental company to replace damaged vehicle parts.

(3) The cost of labor paid by the rental company to repair damaged vehicle parts.

(4) The loss of use of the damaged vehicles, which must be determined according to the following formula:

STEP ONE:  For each damaged vehicle, multiply the time necessary for the repair and replacement of damaged parts by eighty percent (80%).

STEP TWO:  For each damaged vehicle, multiply the product of STEP ONE by the rental rate set forth in the rental agreement to which the vehicle was subject when damaged.

STEP THREE:  Total the figures determined under STEP TWO for all of the damaged vehicles.

(5) Actual charges for towing, storage, and impound fees paid by the rental company.

(c) The director of the division of consumer protection appointed under IC 4-6-9-2 may request that rental companies provide the director with statistics compiled and maintained under subsection (a).

(d) Upon receiving a request under subsection (c), a rental company shall provide the director of the division of consumer protection with the statistics that are requested by the director.

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Cite this article: FindLaw.com - Indiana Code Title 24. Trade Regulation § 24-4-9-23 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-24-trade-regulation/in-code-sect-24-4-9-23/

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