The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-03
LEGAL NOTICES
NOTICE OF CLASSIFICATION AND
MAXIMUM RATES FOR RETAIL
INSTALI,MENT SALES


Notice, is hereby given to the public, to
all retail sellers and to all licensees under
the Retail Installment Sales Act. that on
the I'd day of July, 1885 the Department
OF Financial Institutions of the State of
indiana, by unanimous vote of the Com
mission for Financial Istitutions adopted
retail Installment sales and fixing maxi
mum finance charges in connection with
each of such classif1cations:
GENERAL ORDER NO. l
pursuant to the power and authority
v vested in it under Chapter .23l of the Acts
ter was approved on March II, 1885. and
BECAME effective in its entirety on July l,
The Is h0M IN Of fun and f
tons of the State of Indiana does hereby
ct.lBaSSity Retail Installment Sales and
hererom and tx snd deermn agSR hss
maximum, finance charge that may be
contracted for in each class. as follows:
cepting commercial motor vehicles and
trucks, under retail installment contracts
having principal balance of $4,000 or
less.
1t is hereby found and ordered that re-
tail installment sales of new merchandise.
excepting commercial motor vehicles and
trucks under retail installment contracts.
having a principal balance of $4,000 or
less, are separate and distinct class of
retail tnstallment sales and retail install
ment contracts which, for the purpose of
Identification. are hereby designated as
Class 1. and it is hereby fixed and deter
mined that the maximum finance charge
that may be contracted for m any retail
lnstallment sale or contract Of said Glass I
IS two per cent. 2Fo) of the principal bal
so9s 20 smpe Plus be an 6
and one-half per cent. t2l2Co) per month.
computed on the declining principal bal
ances as if the buyer paid the time bal
ance in the inStallments and al the times
contracted, and as if so much of each
payment is applied to the payment of such
interest as will pay the same to the date
such payment is contracted to be paid and
the remainder of each payment is applied
hrst to the payment of said two per cent
IN of the principal balance above men
toned and then in reduction of the prin-
cIpal balance; provided, however. that the
maximum finance charge in any sale or
contract of this Glass shall not be less
than ten per cent. 400 of the principal
balance of such contract for each year
AMOR fraction of year that any part of
the. principal balance is contracted to re-
main unpaid.
Glass II-sales of new commercial motor
vehicles and trucks under retail INSTALL
ment contracts having principal balance
of 500 90 or less
It is hereby found and ordered that re-
tail 1nStallment sales OF new commercial
motor vehicles and trucks under retail in
stallment contracts. having a principal
balance of $4,000 or less, are separate
and distinct class of retail installment
sales and retail installment contracts
which. for the purpose of Identification.
are hereby designated as Glass H. and
maximum finance charge that may be con-
tracted for in any retail installment sale
or contract of said Glass II is one per
cent. Il 90 of the cash price Of the specific
goods as recited in such contract. plus two
per cent. t2fd) of the principal balance
set forth in said contract, plus an amount
equal to simple interest at the rate Of
two and one-haf per cent. t212ccl per
month, computed on the declining principal
balances i the buyer paid the time
times contracted. and If so much OF
each payment is applied to the payment
of such interest as will paw the same 10
paid. and the remainder of each payment
is applied first to the payment of said one
per cent 1rc1 of the cash price of the
specific goods and said two per cent of the
principal balance of said contract and then
in the reduction of the PRINCIPAL balance;
finance charge in any sale or contract Of
this Glass shall not be less than ten per
cent. 400 of the principal balnace Of
such contract for each year and or frac-
ton Of year that any part Of the principal
balance is contracted to remain unpaid.
plus one per cent. 1co( Of the cash price
of the specific goods as recited in such
contract.
Glass III-sales Of new merchandise.
excepting commercial motor vehicles and
trucks under retail installment contracts
having a principal balance of over 500 90.
It is hereby found and ordered that re-
tail inStallment contracts OF new mer-
chandise. excepting commercial motor We
hicles and trucks. under retail installment
contracts having a principal balance of
over 500 90 are a separate and distinct
class of retail installment sales and retail
installment contracts which. for the pur-
pose of identification. are hereby deslgnat-
ed as Class III: and 1t is hereby hHed and
determined that the maximum hnance
charge that may be contracted for in any
retail installment sale or contract OF said
Glass III is two per cent. y OF the
principal balance of said contract. plus
an amount equal to simple interest at the
rate OF two per cent; 20 per nohen'
ances as If the buyer paid the time bal
ance in the installments and at the times
contracted. and as. if so much of each
such interest as will pay the same to the
date such payment is contracted 10 De
paid. and the rema inder OF eacn payment
is applied first TO the payment OF said
two per cent ~ Of the principal ball
ance and then in reduction Of the principal
Class IV-saIes Of new commercial motor
vehicles and trucks under retail install
mem contracts having principal balance
II is herebv found and ordered that
retail installment sales Of new commercial
motor vehicles and trucks under retail in
stallment. CONTRACTS having a principal
distinct class of retail installment sales
and retail installment contracts which,
for the purpose Of Identification, are here
BY designated as Class "; and it is hereby
fixed and determined that the maximum
finance charge that may be contracted
for in any retail installment sale or con-
tract of said Class " is one per cent
~ OF the cash price OF the specific
goods as recited in such contract. plus
two per cent ~ of the principal
balance of said contract. plus an amount
equal TO simple interest a. the rate OF
2 per cent 20 per month. computed
on the declining principal balances as II
the buyer paid the time balance in the
installments and az the times contracted.
and as II so much OF each payment is
applied TO the payment Of such interest as
Will paw the same 10 the date. such pay
ment is contracted TO be paid. and the
first 10 the payment OF said one per cent.
Gecl Of the cash price Of the specific
goods and said two per cent. f2os) Of the
principal balance OF said contract and
then in reduction OF the principal balance.
Class V-Sales of used merchandise, ex--
cepting commercial motor vehicles and
trucks. under retail installment contracts
having . principal balance Of $4,000 or