The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-03

LEGAL NOTICES

| C4aSS y. ana DO Is 1eEFDF nhtA dit@ 80
termined that The maximum finance charge
that may be contracted for in any retalt
installment sale or contract Of said Gas;
/ balance Of said contract. plus an amount
equal to simple interest at the rate OF
as II the buyer paid the time balance IN
| the instruments and az the times con-
tracted and as Il SO much Of each pay
ment is applied to The payment OF such
interest as viii pay the same TO the date
such payment is contracted to be PAID.
/ and the remainder OF each payment IS
/ per cent So Of the principal balance
and then in reduction OF the principal
maximum finance charge in any sale or
/ contract Of this Class shall not be less
,,hnaan1ooSl0-Q0 II TIE principal balance IS
balance is more tban $50 90 and does does hot
exceed $40 90; $3.50 I the principal
eSceed $50 90 so % gOO b 5n0 G ooGS 9
balance exceeds $4,000 Plus. in each
/ instance, i've per cent $50 Of the
[ Class NI-SaleS of used commercial motor
vehicles and trucks under retail Install
menl contracts having principal balance
Il is hereby found and ordered that re-
tal lnStalment sales OF used commercial
motor vehicles and trucks under retail in
[ anCe OF $500 90 or less are a separate and
and retail inStallment contracts which. for
the purpose OF Identification. are herbv
designateo as Class VI. and it is hereby
| fixed and determined that the maximum
finance charge that may be contracted Tor
| in anv retail inStallment sale or contract
OF said Glass VI IS one per cent 10 OF
/ the cash price Of the specific goods as re-
[ cited in such contract plus five per cent.
! t51ei of the principal balance as set forth
IN SAID contract. plus an amount equal 10
simple III crest at the rate Of three per
| cent So per month. computed on the
declining principal balances as II the
\ buyer paid the time balance in the install
/ mentS and at the times contracted, and as
! II so much of each payment IS applied 10
/ the payment OF such interest as VIII pay
/ the same 10 the date such payment IS con-
| tracted to be paid. and the remainder or
each payment Is applied first 10 the pay
| ment of said one per cent G'ol OF the
/ five per cent $50 Of the principal BAL
ance Of said contract and then in the re-
/ ductlon OF the principal balance, provided,
! however. that the maximum finance charge
in any sale OF contract OF this Class shall
$1,000 if the principal balance is $50 90
$500 if doo the PRINCIPAL balance Is more
$3.50 If the principal balance is more
/ than $40 90 and does not exceed 800 co.
$1,000 if the principal balance exceeds
plus in each instance. one per cent. 49,
of the cash price of the specific goods $
reclted IN SUCH contract, ana hye per cens
! t5fol OF the principal balance as set iorth
Glass VII Sales of used merchandise.
| excepting commercial motor vehicles ana
| trucks under retail inStallment contracts
$500 90 = ''~ pa
1t is hereby found and ordered that
retail installment contracts of used mer-
| chandiSe, excepting commercial motor
vehicles and trucks. under retail INSTALL
ment contracts having principal balance
! of over $500 90 are a separate and dis
| tinct class of retail inStallment sales and
retail inStalment contracts which, Tor
| designated as Glass VII 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 VII is five per cent
! (5ccl of the principal balance of said
| contract. plus an amount equal to simple
! interest at the rate Of two and one-half
! per cent (2l2co) per month. computed on
| the declining principal balances as il
| the buyer paid the time balance in the
! installmentS and at 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 ap-
piled first to the payment OF said five per
cent t5fol of said principal balance OF
said contract and then in REDUCTION OF
| said principal balance, provided, however,
that the maximum finance charge in any
sale or contract of this class shall not be
less than $1,000.
Glass VIII-Sales OF used commercial
installment contracts having a principal
| balance of over 100000:
1t is hereby found and ordered that re-
| tail installment sales of used commercial
| motor vehicles and trucks under retail
! inStallment contracts having a principal
| balance of over 100000 are separate and
| distinct class of retail installment sales
and retail instalIment contracts which.
| for the purpose of Identification are
| hereby designated as Class VIII; and 1T
| is hereby fixed and determined that the
maximum finance charge that may be
! contracted for in any retail installment
sale or contract of said Class VIII is one
per cent Gcc) of the cash price of the
specific goods as recited in such contract;
plus five per cent SCI of the principal
| balance as set forth in said contract. plus
an amount equal to simple interest al
! the rate Of two and one-half per cent
| (2i2GcD per month computed on the de-
! Ginning principal balances as if the buy
I er paid the time balance in the INSTALL
ments and at the times contracted. and
as if so much of each payment is ap-
piled to the payment Of such interest 8
Will pay he same to the date such pay
ment is contracted to be paid and the
remainder Of each payment is applied first
| to the payment OF SAID one per cent
~ of the cash price OF the specific
the principal balance OF said contract and
then in reduction of the principal balance:
provided, however that the maximum
the class shall not be less than $4,000.
DEALER S PARTICIPATION IN
FINANCE CHARGE
1t is hereby ordered, liked and deter
mined that no hcensee under said Chap
! ter 231 of the Acts Of the General Assembly
of the State Of Indiana for 1885. shall
! of any retail installment contracE
| whereby the retail seller shall receive.
directly or indirectly. any benefit from
or part of any amount collected or re-
| ceiyed from any retail buyer. as a finance
charge or as the cost OF the insurance TO
the retail buyer, in excess of two per cent.
f2(oJ OF the principal balance as used IN
Item 81 under Section OF said Act, IN
the case of retail installment contracts of
Glasses l, II, III and ", as established by
this order, and five per cent (5fo) of the
under Section Of said Act. in the case of
retail installment contracts of Glasses V.
VI, VII and VIII, as established by this
order. and no hcensee shall. directly or in
directly, pay any part of the amount COL
lected as a finance charge, or retail buyer
cost of insurance. to any retail seller on
from him, IN excess OF said amounts herein
MAXIMUM DELINQUENT FEES
It is hereby ordered, fixed and de-
teImined that no retail seller may con-
tract, at the time Of the making Of any
retail installment contract. for The pay
ment by the retail buyer Of delinquent
charges for failure to pay any installmens
Of the time balance on the date specified
in the retail lnstallment contract, or col
lect or receive any such delinquent charges
in excess Of
S Is on payment Of less amount than
$500 and 5 % on payments Of $500 and
over which are delinquent more than 2
days but not more than days;
5 .25 on payments Of a less amount than
$500 and $50 on payments Of $500 or
over which are delinquent more than 7
days but not more than IL days.
S 40 on payments Of less amount than
$500 and rs on payments Of $500 and
over which are delinquent more than IL
days but not more than "a days
so on payments Of less amount than
SIS 90 and Sl00 on payments Of $500 and
over which are delinquent more than %
days;
Plus, in each instance. the actual ex-
penses which the holder Of the retail in
stallment contract has in connection with
making the collection Of such installment
in excess Of the amount herein above set
forth; and plus. also. a finance charge
! equal TO simple interest al the rate Of
2I2eo per month on contracts of Glasses
~ per month on contracts of Glasses
III and ";
80 per month on contracts Of Glasses
V and VI;
~ per month on contracts Of Glasses
VII and VIII,
for the actual number Of days each such
installment remains delinquent or is ex-
| tended by the agreement Of the parties,
Provided. also. that the holder Of the re-
/ tail installment contract shall keep at all
times with the record Of such account