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New Spin On Alleged Predatory Lending: Land Contracts

The Indianapolis Business Journal's website has a report today regarding a lawsuit recently filed here in Indiana that targets a “predatory and unlawful rent-to-own scheme.”  The lawsuit seeks class-action status on behalf of the alleged victims of the scheme and claims violations of "several fair housing, equal credit opportunity act, truth-in-lending and condition-of-premises laws." 

Here is a link to the article: Lawsuit targets local rent-to-own housing operator.  Evidently the Indiana Attorney General sued the same operator  back in 2012 for similar claims and "for allegedly running a rent-to-buy scheme meant to avoid Indiana's landlord tenant law."  See: Ind. AG Zoeller suing Rainbow Realty.

Although I have not read the complaints or reviewed the "rent-to-own" contracts, the transactions in question would seem to be land contracts.  Indiana law views these types of agreements as a kind of hybrid of a lease and a mortgage loan.  I've written about land contracts in the following posts:

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If you are involved in a land contract dispute or wish to obtain advice about land contracts on the front-end, please email me at John.Waller@WoodenMcLaughlin.com or call 317-639-6151.  Also, don't forget to follow me on Twitter @JohnDWaller or on LinkedIn, or you can subscribe to my blog posts via RSS or email as noted to your left.    

 

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