reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-205. Loan Finance Charge on Refinancing

Sec. 205. Loan Finance Charge on Refinancing — With respect to a consumer loan, refinancing, or consolidation, the lender may by agreement with the debtor refinance the unpaid balance and may contract for and receive a loan finance charge based on the principal resulting from the refinancing at a rate not exceeding that permitted by the provisions on a loan finance charge for consumer loans (IC 24-4.5-3-201) or the provisions on a loan finance charge for supervised loans (IC 24-4.5-3-508), whichever is appropriate. For the purpose of determining the loan finance charge permitted, the principal resulting from the refinancing comprises the following:
(a) If:
(i) the transaction was not precomputed, the total of the unpaid balance and the accrued charges on the date of the refinancing; or
(ii) the transaction was precomputed, in the case of a transaction entered into before July 1, 2020, the amount which the debtor would have been required to pay upon prepayment pursuant to the provisions on rebate upon prepayment (IC 24-4.5-3-210) on the date of refinancing.
(b) Appropriate additional charges (IC 24-4.5-3-202), payment of which is deferred.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.14-1992, SEC.28; P.L.85-2020, SEC.12.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-206. Loan Finance Charge on Consolidation

Sec. 206. Loan Finance Charge on Consolidation — (1) If a debtor owes an unpaid balance to a lender with respect to a consumer loan, refinancing, or consolidation, and becomes obligated on another consumer loan, refinancing, or consolidation with the same lender, the parties may agree to a consolidation resulting in a single schedule of payments. If the previous consumer loan, refinancing, or consolidation was not precomputed, the parties may agree to add the unpaid amount of principal and accrued charges on the date of consolidation to the principal with respect to the subsequent loan. If the previous consumer loan, refinancing, or consolidation was precomputed, in the case of a transaction entered into before July 1, 2020, the parties may agree to refinance the unpaid balance pursuant to the provisions on refinancing (IC 24-4.5-3-205) and to consolidate the principal resulting from the refinancing by adding it to the principal with respect to the subsequent loan. In either case the lender may contract for and receive a loan finance charge based on the aggregate principal resulting from the consolidation at a rate not in excess of that permitted by the provisions on loan finance charge for consumer loans (IC 24-4.5-3-201) or the provisions on loan finance charge for supervised loans (IC 24-4.5-3-508), whichever is appropriate.
(2) The parties may agree to consolidate the unpaid balance of a consumer loan with the unpaid balance of a consumer credit sale. The parties may agree to refinance the previous unpaid balance pursuant to the provisions on refinancing sales (IC 24-4.5-2-205) or the provisions on refinancing loans (IC 24-4.5-3-205), whichever is appropriate, and to consolidate the amount financed resulting from the refinancing or the principal resulting from the refinancing by adding it to the amount financed or principal with respect to the subsequent sale or loan. The aggregate amount resulting from the consolidation shall be deemed principal, and the creditor may contract for and receive a loan finance charge based on the principal at a rate not in excess of that permitted by the provisions on loan finance charge for consumer loans (IC 24-4.5-3-201) or the provisions on loan finance charge for supervised loans (IC 24-4.5-3-508), whichever is appropriate.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.85-2020, SEC.13.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-207. Conversion to Revolving Loan Account

Sec. 207. Conversion to Revolving Loan Account. — The parties may agree to add to a revolving loan account the unpaid balance of a consumer loan, not made pursuant to a revolving loan account, or a refinancing, or consolidation thereof, or the unpaid balance of a consumer credit sale, refinancing or consolidation, for the purpose of this section.
(1) the unpaid balance of a consumer loan, refinancing, or consolidation is an amount equal to the principal determined according to the provisions on refinancing (24-4.5-3-205); and
(2) the unpaid balance of a consumer credit sale, refinancing, or consolidation is an amount equal to the amount financed determined according to the provisions on refinancing (24-4.5-2-205).
Formerly: Acts 1971, P.L.366, SEC.4.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-208. Advances to Perform Covenants of Debtor

Sec. 208. Advances to Perform Covenants of Debtor. — (1) If the agreement with respect to a consumer loan, refinancing, or consolidation contains covenants by the debtor to perform certain duties pertaining to insuring or preserving collateral and if the lender pursuant to the agreement pays for performance of the duties on behalf of the debtor, the lender may add the amounts paid to the debt. Within a reasonable time after advancing any sums, he shall state to the debtor in writing the amount of the sums advanced, any charges with respect to this amount, and any revised payment schedule and, if the duties of the debtor performed by the lender pertain to insurance, a brief description of the insurance paid for by the lender including the type and amount of coverages. No further information need be given.
(2) A loan finance charge may be made for sums advanced pursuant to subsection (1) at a rate not exceeding the rate stated to the debtor pursuant to the provisions on disclosure (Part 3) with respect to the loan, refinancing, or consolidation, except that with respect to a revolving loan account the amount of the advance may be added to the unpaid balance of the debt and the lender may make a loan finance charge not exceeding that permitted by the provisions on loan finance charge for consumer loans (24-4.5-3-201) or for supervised loans (24-4.5-3-508), whichever is appropriate.
Formerly: Acts 1971, P.L.366, SEC.4.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-301. Disclosures Required by Consumer Credit Protection Act; Exempt Transactions

Sec. 301. (1) For the purposes of this section, "consumer loan" includes a loan that is a first lien mortgage transaction if the loan is otherwise a consumer loan (IC 24-4.5-1-301.5(9)).
(2) The lender shall disclose to the debtor to whom credit is extended with respect to a consumer loan the information required by the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.).
(3) For purposes of subsection (2), disclosures shall not be required on a consumer loan if the transaction is exempt from the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.).
Formerly: Acts 1971, P.L.366, SEC.4; Acts 1975, P.L.267, SEC.1. As amended by Acts 1981, P.L.218, SEC.6; Acts 1981, P.L.217, SEC.2; P.L.247-1983, SEC.18; P.L.45-1995, SEC.11; P.L.35-2010, SEC.50; P.L.159-2017, SEC.13.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-402. Balloon Payments; Compliance With Alternative Mortgage Transaction Parity Act

Sec. 402. (1) This section does not apply to a first lien mortgage transaction.
(2) Except as provided in IC 24-9-4-3 with respect to a high cost home loan (as defined in IC 24-9-2-8), with respect to a consumer loan, other than one pursuant to a revolving loan account or one on which only loan finance charges are payable prior to the time that the final scheduled payment is due, if any scheduled payment is more than twice as large as the average of earlier scheduled payments, the debtor has the right to refinance the amount of that payment at the time it is due without penalty. The terms of the refinancing shall be no less favorable to the debtor than the terms of the original loan. This section does not apply to the extent that the payment schedule is adjusted to the seasonal or irregular income of the debtor.
(3) For the purposes of this section, "terms of the refinancing" means:
(a) in the case of a fixed-rate consumer loan, the individual payment amounts, the charges as a result of default by the debtor, and the rate of the loan finance charge; and
(b) in the case of a variable rate consumer loan, the method used to determine the individual payment amounts, the charges as a result of default by the debtor, the method used to determine the rate of the loan finance charge, the circumstances under which the rate of the loan finance charge may increase, and any limitations on the increase in the rate of the loan finance charge.
(4) If a consumer loan is made under the authority of the Alternative Mortgage Transaction Parity Act (12 U.S.C. 3802 et seq.), the note evidencing the mortgage must contain a reference to the applicable federal law.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.247-1983, SEC.19; P.L.213-2007, SEC.9; P.L.217-2007, SEC.8; P.L.90-2008, SEC.8.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-403. No Assignment of Earnings

Sec. 403. No Assignment of Earnings — (1) A lender may not take an assignment of earnings of the debtor for payment or as security for payment of a debt arising out of a consumer loan or otherwise. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the debtor. This section does not prohibit an employee from authorizing deductions from his earnings if the authorization is revocable and is otherwise permitted by law.
(2) A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a loan to him secured by an assignment of earnings.
Formerly: Acts 1971, P.L.366, SEC.4.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-404. Attorney's Fees

Sec. 404. With respect to a consumer loan the agreement may provide for the payment by the debtor of reasonable attorney's fees after default and referral to an attorney not a salaried employee of the lender. A provision in violation of this section is unenforceable.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.152-1986, SEC.64; P.L.14-1992, SEC.31.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-405. Limitation on Default Charges

Sec. 405. Limitation on Default Charges — Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer loan may not provide for charges as a result of default by the debtor other than those authorized by this Article. A provision in violation of this section is unenforceable.
Formerly: Acts 1971, P.L.366, SEC.4.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-406. Notice of Assignment

Sec. 406. Notice of Assignment — The debtor is authorized to pay the original lender until he receives notification of assignment of rights to payment pursuant to a consumer loan and that payment is to be made to the assignee. A notification which does not reasonably identify the rights assigned is ineffective. If requested by the debtor, the assignee must seasonably furnish reasonable proof that the assignment has been made and unless he does so the debtor may pay the original lender.
Formerly: Acts 1971, P.L.366, SEC.4.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-407. Authorization to Confess Judgment Prohibited

Sec. 407. Authorization to Confess Judgment Prohibited — A debtor may not authorize any person to confess judgment on a claim arising out of a consumer loan. An authorization in violation of this section is void.
Formerly: Acts 1971, P.L.366, SEC.4.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-408. Creditor's Duty to Credit Payment as of Date of Receipt; Payments Not Conforming to Requirements; Creditor's Failure to Credit Payment

Sec. 408. (1) This section applies to consumer loans, including revolving loan accounts.
(2) Except as provided in subsection (3), a creditor shall credit a payment to a consumer's account as of the date of receipt, except when a delay in crediting does not result in a finance charge or other charge, including a delinquency charge under section 203.5 of this chapter. A delay in posting does not violate this section so long as the payment is credited as of the date of receipt.
(3) If a creditor specifies in writing requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, the creditor shall credit the payment within five (5) days of receipt of the payment.
(4) If a creditor fails to credit a payment as required by this section in time to avoid the imposition of a finance or other charge, including a delinquency charge, the creditor shall adjust the consumer's account so that the charges imposed are credited to the consumer's account during the next payment period.
As added by P.L.163-1999, SEC.2. Amended by P.L.69-2018, SEC.18.
(Part 5. Regulated and Supervised Loans)
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-501. Definitions; "Supervised Loan"; "Supervised Lender"

Sec. 501. Definitions:
(1) "Supervised loan" means a consumer loan in which the rate of the loan finance charge exceeds twenty-five percent (25%) per year as determined according to the provisions on loan finance charge for consumer loans in section 201 of this chapter.
(2) "Supervised lender" means a person authorized to make or take assignments of supervised loans.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts 1982, P.L.150, SEC.4; P.L.122-1994, SEC.23; P.L.91-2013, SEC.3.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-501.5. Persons Also Engaging in Activities of a Loan Broker; Examination by Department; Cooperation With Securities Division

Sec. 501.5. (1) If a person licensed or required to be licensed under section 502.1 of this chapter also engages in activities of a loan broker described in IC 23-2.5, the activities of a loan broker are subject to the following sections of the Indiana Code and any rules adopted to implement these sections:
(a) IC 23-2.5-8-1, except for IC 23-2.5-8-1(b)(2).
(b) IC 23-2.5-8-2.
(c) IC 23-2.5-11-15(b) and IC 23-2.5-11-15(c).
(d) IC 23-2.5-11-17.
(e) IC 23-2.5-8-3.
(f) IC 23-2.5-8-4 through IC 23-2.5-8-9.
(g) IC 23-2.5-8-10.
(h) IC 23-2.5-10-1.
(i) IC 23-2.5-9-1, except for IC 23-2.5-9-1(2)(B).
(j) IC 23-2.5-11-16.
(2) Loan broker business transactions engaged in by persons licensed or required to be licensed under section 502.1 of this chapter are subject to examination by the department and to the examination fees described in section 503(8)(b) of this chapter. The department may cooperate with the securities division of the office of the secretary of state in the department's examination of loan broker business transactions and may use the securities division's examiners to conduct examinations.
As added by P.L.186-2015, SEC.15. Amended by P.L.175-2019, SEC.7; P.L.158-2022, SEC.10.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-503.1. National Criminal History Background Check; Fingerprints; Payment of Fees or Costs; Use of Nmlsr

Sec. 503.1. (1) When the director requests a national criminal history background check under section 503(4)(a) of this chapter for an individual described in section 503(2) of this chapter, the director shall require the individual to submit fingerprints to the department, state police department, or NMLSR, as directed, at the time evidence of compliance is requested under section 503(3) of this chapter. The individual to whom the request is made shall pay any fees or costs associated with processing and evaluating the fingerprints and the national criminal history background check. The national criminal history background check may be used by the director to determine the individual's compliance with this section. The director or the department may not release the results of the national criminal history background check to any private entity.
(2) For purposes of this section and in order to reduce the points of contact that the Federal Bureau of Investigation may have to maintain for purposes of this section, the director may use the NMLSR as a channeling agent for requesting information from and distributing information to the United States Department of Justice or any governmental agency.
As added by P.L.35-2010, SEC.54.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-503.2. Credit Reports; Payment of Fees or Costs; Demonstrated Financial Responsibility; Considerations

Sec. 503.2. (1) If the director requests a credit report for an individual described in section 503(2) of this chapter, the individual to whom the request is made shall pay any fees or costs associated with procuring the report.
(2) The individual must submit personal history and experience information in a form prescribed by the NMLSR, including the submission of authorization for the NMLSR or the director to obtain an independent credit report obtained from a consumer reporting agency described in Section 603(p) of the Fair Credit Reporting Act (15 U.S.C. 1681a(p)).
(3) The director may consider one (1) or more of the following when determining if an individual has demonstrated financial responsibility:
(a) Bankruptcies filed within the last ten (10) years.
(b) Current outstanding judgments, except judgments solely as a result of medical expenses.
(c) Current outstanding tax liens or other government liens or filings.
(d) Foreclosures within the past three (3) years.
(e) A pattern of serious delinquent accounts within the past three (3) years.
As added by P.L.35-2010, SEC.55.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-503.6. License Renewal; Revocation or Suspension of License Not Renewed; Reinstatement or Appeal; Correcting Amendments

Sec. 503.6. (1) A license issued under this article must be renewed not later than December 31 of each calendar year. A license issued under section 502.1 of this chapter must be renewed through the NMLSR. The minimum standards for license renewal for a creditor include the following:
(a) If the creditor is licensed in accordance with section 502 of this chapter, the creditor has:
(i) paid all required fees for renewal of the license; and
(ii) filed all reports and information required by the director.
(b) If the creditor is licensed under section 502.1 of this chapter, the following:
(i) The creditor has continued to meet the surety bond requirement under section 503.3 of this chapter.
(ii) The creditor has filed the creditor's call report in a manner that satisfies section 505(4) of this chapter.
(iii) The creditor has paid all required fees for renewal of the license.
(iv) The creditor and individuals described in section 503(2) of this chapter have certified to the department that they continue to meet all the standards for licensing established under section 503 of this chapter.
(v) The creditor has filed all reports and information required by the director.
(vi) The creditor has provided in the creditor's renewal application any information describing material changes in the information contained in the creditor's original application for licensure, or in any previous application, including any previous renewal application, along with any other information the director requires in order to evaluate the renewal of the license issued under this article.
(2) A license issued by the department authorizing a person to engage as a creditor in consumer loans or consumer credit sales under this article may be revoked or suspended by the department if the person fails to:
(a) file any renewal form required by the department; or
(b) pay any license renewal fee described under section 503(8)(c) of this chapter;
not later than sixty (60) days after the due date.
(3) A person whose license is revoked or suspended under this section may do either of the following:
(a) Pay all delinquent fees and apply for reinstatement of the license.
(b) Appeal the revocation or suspension to the department for an administrative review under IC 4-21.5-3.
Pending the decision from a hearing under IC 4-21.5-3 concerning license revocation or suspension, a license remains in force.
(4) If, at any time, the information or record contained in:
(a) an original application for licensure filed under section 502 or 502.1 of this chapter; or
(b) a renewal application filed under this section;
is or becomes inaccurate or incomplete in a material respect, the applicant shall promptly file a correcting amendment with the department.
As added by P.L.35-2010, SEC.58. Amended by P.L.89-2011, SEC.18; P.L.27-2012, SEC.21.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-505.5. Automated Loan Machines

Sec. 505.5. (a) As used in this section, "automated loan machine" means an unmanned machine that performs routine lending functions.
(b) A licensee may make loans through an automated loan machine at an offsite location if the licensee:
(1) notifies the department in writing of the existence and location of the automated loan machine;
(2) maintains at a location licensed or approved by the department the books, accounts, records, and files concerning transactions performed through the automated loan machine; and
(3) posts at the offsite location where the automated loan machine is located the:
(A) address where the books, accounts, records and files are located; and
(B) telephone number at which the licensee may be contacted.
As added by P.L.172-1997, SEC.6.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-506. Repealed

Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.14-1992, SEC.36; P.L.45-1995, SEC.13. Repealed by P.L.35-2010, SEC.209.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-507. Repealed

Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.152-1986, SEC.65; P.L.7-1987, SEC.106; P.L.14-1992, SEC.37. Repealed by P.L.35-2010, SEC.209.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-509. Use of Multiple Agreements

Sec. 509. Use of Multiple Agreements. — With respect to a consumer loan, no lender may permit any person, or husband and wife, to become obligated in any way under more than one loan agreement with the lender or with a person related to the lender, with intent to obtain a higher rate of loan finance charge than would otherwise be permitted by the provisions on loan finance charge for supervised loans (IC 24-4.5-3-508) or to avoid disclosure of an annual percentage rate pursuant to the provisions on disclosure (Part 3). The excess amount of loan finance charge provided for in agreements in violation of this section is an excess charge for the purposes of the provisions on effect of violations on rights of parties (IC 24-4.5-5-202) and the provisions on civil actions by the department (IC 24-4.5-6-113).
Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.14-1992, SEC.39.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-510. Restrictions on Interest in Land as Security

Sec. 510. Restrictions on Interest in Land as Security — (1) With respect to a supervised loan in which the principal is four thousand dollars ($4,000) or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.
(2) The amount of four thousand dollars ($4,000) in subsection (1) is subject to change pursuant to the provisions on adjustment of dollar amounts (IC 24-4.5-1-106). However, notwithstanding IC 24-4.5-1-106(1), the Reference Base Index to be used under this subsection is the Index for October 2012.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.137-2014, SEC.11; P.L.186-2015, SEC.19.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-511. Regular Schedule of Payments; Maximum Loan Term

Sec. 511. Regular Schedule of Payments; Maximum Loan Term — (1) Supervised loans not made pursuant to a revolving loan account and in which the principal is four thousand dollars ($4,000) or less are payable in a single instalment or shall be scheduled to be payable in substantially equal instalments that are payable at equal periodic intervals, except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor, and:
(a) over a period of not more than thirty-seven (37) months if the principal is more than three hundred dollars ($300); or
(b) over a period of not more than twenty-five (25) months if the principal is three hundred dollars ($300) or less.
(2) The amounts of three hundred dollars ($300) and four thousand dollars ($4,000) in subsection (1) are subject to change pursuant to the provisions on adjustment of dollar amounts (IC 24-4.5-1-106). However, notwithstanding IC 24-4.5-1-106(1), the Reference Base Index to be used with respect to the amount of:
(a) three hundred dollars ($300) is the Index for October 1992; and
(b) four thousand dollars ($4,000) is the Index for October 2012.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts 1982, P.L.149, SEC.5; P.L.137-2014, SEC.12; P.L.186-2015, SEC.20; P.L.10-2019, SEC.107.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-512. Carrying on Other Business

Sec. 512. Conduct of Business Other than Making Loans — A licensee may carry on other business at a location where the licensee makes consumer loans unless the licensee carries on other business for the purpose of evasion or violation of this article.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.159-2017, SEC.15.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-513. Application of Other Provisions

Sec. 513. Application of Other Provisions — Except as otherwise provided, all provisions of this Article applying to consumer loans apply to supervised loans.
Formerly: Acts 1971, P.L.366, SEC.4.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-601. Loans Subject to Article by Agreement of Parties

Sec. 601. Loans Subject to Article by Agreement of Parties — The parties to a loan other than a consumer loan may agree in writing signed by the parties that the loan is subject to the provisions of this Article applying to consumer loans. If the parties so agree, the loan is a consumer loan for the purposes of this Article.
Formerly: Acts 1971, P.L.366, SEC.4.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-602. "Consumer Related Loan"; Loan Finance Charge; Licensing and Annual Notice to Department Not Required

Sec. 602. (1) A "consumer related loan" is a loan in which the following apply:
(a) The loan is made by a person who is not regularly engaged as a lender in credit transactions of the same kind.
(b) The debtor is a person other than an organization.
(c) The debt is primarily for a personal, family, or household purpose.
(d) Either the debt is payable in installments or a loan finance charge is made.
(e) Either:
(i) the amount of credit extended, the written credit limit, or the initial advance does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); or
(ii) the debt is secured by an interest in land or by personal property used or expected to be used as the principal dwelling of the debtor.
(2) With respect to a consumer related loan, including one made pursuant to a revolving loan account, the parties may contract for the payment by the debtor of a loan finance charge, calculated according to the actuarial method, not to exceed twenty-five percent (25%) per year on the unpaid principal balance.
(3) A person engaged in consumer related loans is not required to comply with:
(a) the licensing requirements set forth in section 503 of this chapter; or
(b) IC 24-4.5-6-201 through IC 24-4.5-6-203.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts 1981, P.L.219, SEC.6; Acts 1982, P.L.149, SEC.6; Acts 1982, P.L.150, SEC.6; P.L.14-1992, SEC.40; P.L.122-1994, SEC.28; P.L.27-2012, SEC.24; P.L.216-2013, SEC.11; P.L.137-2014, SEC.13; P.L.73-2016, SEC.12; P.L.69-2018, SEC.23.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-603. Applicability of Other Provisions to Consumer Related Loans

Sec. 603. Applicability of Other Provisions to Consumer Related Loans — Except for the rate of the loan finance charge and the rights to prepay and to rebate upon prepayment, the provisions of Part 2 of this Chapter apply to a consumer related loan.
Formerly: Acts 1971, P.L.366, SEC.4.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-604. Limitation on Default Charges in Consumer Related Loans

Sec. 604. Limitation on Default Charges in Consumer Related Loans — (1) The agreement with respect to a consumer related loan may provide for only the following charges as a result of the debtor's default:
(a) reasonable attorney's fees and reasonable expenses incurred in realizing on a security interest;
(b) deferral charges not in excess of twenty-five percent (25%) per year of the amount deferred for the period of deferral; and
(c) other charges that could have been made had the loan been a consumer loan.
(2) A provision in violation of this section is unenforceable.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts 1982, P.L.150, SEC.7; P.L.73-2016, SEC.13.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-605. Loan Finance Charge for Other Loans

Sec. 605. Loan Finance Charge for Other Loans — With respect to a loan other than a consumer loan or a consumer related loan, the parties may contract for the payment by the debtor of any loan finance charge.
Formerly: Acts 1971, P.L.366, SEC.4.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-606. Required Disclosures; Liability on Fraudulently Cashed Instruments

Sec. 606. (1) In addition to any disclosures otherwise provided by law, a lender soliciting loans using a negotiable check, facsimile, or other negotiable instrument that may be used by a consumer to activate a new loan shall disclose the following:
"This is a solicitation for a loan. Read the enclosed disclosures before signing this agreement."
This notice shall be printed in at least ten point type and shall appear conspicuously on the offer.
(2) If a negotiable check, a facsimile, or another instrument is stolen or incorrectly received by someone other than the intended payee and the instrument is fraudulently cashed, the consumer who was the intended payee is not liable for the loan obligation.
As added by P.L.163-1999, SEC.3.
(Part 7. Property Tax Information)
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 3. Loans › 24-4.5-3-701. Requirement to Provide Property Tax Information in Certain Transactions

Sec. 701. With respect to a consumer loan secured by an interest in land used or expected to be used as the principal dwelling of the debtor, a lender shall comply with IC 6-1.1-12-43.
As added by P.L.64-2004, SEC.15.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-102. Application; Relation to Credit Insurance Act

Sec. 102. (1) Except as provided in subsection (2), this chapter applies to insurance provided or to be provided in relation to a consumer credit sale (IC 24-4.5-1-301.5(8)), a consumer lease (IC 24-4.5-2-106), or a consumer loan (IC 24-4.5-1-301.5(9)).
(2) The provision on cancellation by a creditor (IC 24-4.5-4-304) applies to loans the primary purpose of which is the financing of insurance. No other provision of this chapter applies to insurance so financed.
(3) This chapter supplements and does not repeal IC 27-8-4 (the credit insurance act). The provisions of this article concerning administrative controls, liabilities, and penalties do not apply to persons acting as insurers, and the similar provisions of IC 27-8-4 do not apply to creditors and debtors.
Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.153-1986, SEC.1; P.L.35-2010, SEC.61.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-103. "Consumer Credit Insurance" Defined

Sec. 103. In this article, "consumer credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include:
(1) insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring debtors of the creditor; or
(2) insurance indemnifying the creditor against loss due to the debtor's default.
Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.153-1986, SEC.2.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-104. Creditor's Provisions of and Charge for Insurance; Excess Amount of Charge

Sec. 104. Creditor's Provisions of and Charge for Insurance; Excess Amount of Charge - (1) Except as otherwise provided in this Chapter and subject to the provisions on additional charges (IC 24-4.5-2-202 and IC 24-4.5-3-202) and maximum charges (Part 2 of Chapter 2 and Chapter 3), a creditor may agree to provide insurance, and may contract for and receive a charge for insurance separate from and in addition to other charges. A creditor need not make a separate charge for insurance provided or required by him. This Article does not authorize the issuance of any insurance prohibited under any statute, or rule thereunder, governing the business of insurance.
(2) The excess amount of a charge for insurance provided for in agreements in violation of this Chapter is an excess charge for the purposes of the provisions of the Chapter on remedies and penalties (Chapter 5) as to effect of violations on rights of parties (IC 24-4.5-5-202) and of the provisions of the Chapter on administration (Chapter 6) as to civil actions by the department (IC 24-4.5-6-113).
Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.14-1992, SEC.41.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-105. Conditions Applying to Insurance to Be Provided by Creditor

Sec. 105. Conditions Applying to Insurance to be Provided by Creditor — If a creditor agrees with a debtor to provide insurance
(1) the insurance shall be evidenced by an individual policy or certificate of insurance delivered to the debtor, or sent to him at his address as stated by him, within thirty (30) days after the term of the insurance commences under the agreement between the creditor and debtor; or
(2) the creditor shall promptly notify the debtor of any failure or delay in providing the insurance.
Formerly: Acts 1971, P.L.366, SEC.5.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-106. Unconscionability

Sec. 106. Unconscionability — (1) In applying the provisions of the Article on unconscionability (24-4.5-5-108 and 24-4.5-6-111) to a separate charge for insurance, consideration shall be given, among other factors, to
(a) potential benefits to the debtor including the satisfaction of his obligations;
(b) the creditor's need for the protection provided by the insurance; and
(c) the relation between the amount and terms of credit granted and the insurance benefits provided.
(2) If consumer credit insurance otherwise complies with this Chapter and other applicable law, neither the amount nor the term of the insurance nor the amount of a charge therefor is in itself unconscionable.
Formerly: Acts 1971, P.L.366, SEC.5.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-107. Maximum Charge by Creditor for Insurance; Methods for Calculating Charge

Sec. 107. Maximum Charge by Creditor for Insurance - (1) Except as provided in subsection (2), if a creditor contracts for or receives a separate charge for insurance, the amount charged to the debtor for the insurance may not exceed the premium to be charged by the insurer, as computed at the time the charge to the debtor is determined, conforming to any rate filings required by law and made by the insurer with the insurance commissioner.
(2) A creditor who provides consumer credit insurance in relation to a revolving charge account (as defined in IC 24-4.5-2-108) or revolving loan account (as defined in IC 24-4.5-3-108) may calculate the charge to the debtor in each billing cycle by applying the current premium rate to one (1) of the following:
(a) The average daily unpaid balance of the debt in the cycle.
(b) The unpaid balance of the debt or a median amount within a specified range of unpaid balances of debt on approximately the same day of the cycle. The day of the cycle need not be the day used in calculating the credit service charge (IC 24-4.5-2-201(6)) or loan finance charge (IC 24-4.5-3-201 and IC 24-4.5-3-508), but the specified range shall be the range used for that purpose.
(c) The unpaid balances of principal calculated according to the actuarial method.
(d) The amount of the insurance benefit for the cycle.
Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.141-2005, SEC.2; P.L.85-2020, SEC.17.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-109. Existing Insurance; Choice of Insurer

Sec. 109. Existing Insurance; Choice of Insurer — If a creditor requires insurance, upon notice to the creditor the debtor shall have the option of providing the required insurance through an existing policy of insurance owned or controlled by the debtor, or through a policy to be obtained and paid for by the debtor, but the creditor may for reasonable cause decline the insurance provided by the debtor.
Formerly: Acts 1971, P.L.366, SEC.5.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-110. Charge for Insurance Connection With a Deferral, Refinancing, or Consolidation; Duplicate Charges

Sec. 110. (1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral (IC 24-4.5-2-204 or IC 24-4.5-3-204), a refinancing (IC 24-4.5-2-205 or IC 24-4.5-3-205), or a consolidation (IC 24-4.5-2-206 or IC 24-4.5-3-206), unless:
(a) the debtor agrees at or before the time of the deferral, refinancing, or consolidation that the charge may be made;
(b) the debtor is or is to be provided with insurance for an amount or a term, or insurance of a kind, in addition to that to which he would have been entitled had there been no deferral, refinancing, or consolidation;
(c) the debtor receives a refund or credit on account of any unexpired term of existing insurance in the amount that would be required if the insurance were terminated (IC 24-4.5-4-108); and
(d) the charge does not exceed the amount permitted by this chapter (IC 24-4.5-4-107).
(2) A creditor may not contract for or receive a separate charge for insurance which duplicates insurance with respect to which the creditor has previously contracted for or received a separate charge.
Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.152-1986, SEC.66.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-111. Cooperation Between Administrator and Insurance Commissioner

Sec. 111. Cooperation Between the Department and Insurance Commissioner - The department and the Insurance Commissioner are authorized and directed to consult and assist one another in maintaining compliance with this Chapter. They may jointly pursue investigations, prosecute suits, and take other official action, as may seem to them appropriate, if either of them is otherwise empowered to take the action. If the department is informed of a violation or suspected violation by an insurer of this Chapter, or of the insurance laws, rules, and regulations of this State, the department shall advise the Insurance Commissioner of the circumstances.
Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.14-1992, SEC.42.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-112. Administrative Action of Commissioner of Insurance

Sec. 112. (1) To the extent that his responsibility under this chapter requires, the commissioner of insurance shall issue rules with respect to insurers, and with respect to refunds (IC 24-4.5-4-108), forms, schedules of premium rates and charges (IC 24-4.5-4-203), and his approval or disapproval thereof and, in case of violation, may make an order for compliance.
(2) IC 4-21.5-3 applies to and governs all agency action taken by the commissioner of insurance pursuant to this section.
Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.152-1986, SEC.67; P.L.7-1987, SEC.107.
(Part 2. Consumer Credit Insurance)
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-201. Term of Insurance

Sec. 201. Term of Insurance — (1) Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not such evidence is required, the term of the insurance shall commence no later than when the debtor becomes obligated to the creditor or when the debtor applies for the insurance, whichever is later, except as follows:
(a) if any required evidence of insurability is not furnished until more than thirty (30) days after the term would otherwise commence, the term may commence on the date when the insurer determines the evidence to be satisfactory; or
(b) if the creditor provides insurance not previously provided covering debts previously created, the term may commence on the effective date of the policy.
(2) The originally scheduled term of the insurance shall extend at least until the due date of the last scheduled payment of the debt except as follows:
(a) if the insurance relates to a revolving charge account or revolving loan account, the term need extend only until the payment of the debt under the account and may be sooner terminated after at least thirty (30) days' notice to the debtor; or
(b) if the debtor is advised in writing that the insurance will be written for a specified shorter time, the term need extend only until the end of the specified time.
(3) The term of the insurance shall not extend more than fifteen (15) days after the originally scheduled due date of the last scheduled payment of the debt unless it is extended without additional cost to the debtor or as an incident to a deferral; refinancing, or consolidation.
Formerly: Acts 1971, P.L.366, SEC.5.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-202. Amount of Insurance

Sec. 202. (1) Except as provided in subsection (2):
(a) in the case of consumer credit insurance providing life coverage, the amount of insurance may not initially exceed the debt and, if the debt is payable in instalments, may not at any time exceed the greater of the scheduled or actual amount of the debt; or
(b) in the case of any other consumer credit insurance, the total amount of periodic benefits payable may not exceed the total of scheduled unpaid instalments of the debt, and the amount of any periodic benefit may not exceed the original amount of debt divided by the number of periodic instalments in which it is payable.
(2) If consumer credit insurance is provided in connection with a revolving charge account or revolving loan account, the amounts payable as insurance benefits may be reasonably commensurate with the amount of debt as it exists from time to time. If consumer credit insurance is provided in connection with a commitment to grant credit in the future, the amounts payable as insurance benefits may be reasonably commensurate with the total from time to time of the amount of debt and the amount of the commitment.
Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.247-1983, SEC.20.
2023 Indiana Code › Title 24. Trade Regulation › Article 4.5. Uniform Consumer Credit Code › Chapter 4. Insurance › 24-4.5-4-203. Filing and Approval of Rates and Forms

Sec. 203. (1) A creditor may not use a form, or a schedule of premium rates or charges, the filing of which is required by this section, if the insurance commissioner has disapproved the form or schedule and has notified the insurer of his disapproval. A creditor may not use a form or schedule unless:
(a) the form or schedule has been on file with the insurance commissioner for thirty (30) days, or has earlier been approved by him; and
(b) the insurer has complied with this section with respect to the insurance.
(2) Except as provided in subsection (3), all policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders relating to consumer credit insurance delivered or issued for delivery in this state, and the schedules of premium rates or charges pertaining thereto, shall be filed by the insurer with the insurance commissioner. Within thirty (30) days after the filing of any form or schedule, he shall disapprove it if the premium rates or charges are unreasonable in relation to the benefits provided under the form, or if the form contains provisions which are unjust, unfair, inequitable, or deceptive, or encourage misrepresentation of the coverage, or are contrary to any provision of IC 27 or of any rule promulgated under IC 27.
(3) If a group policy has been delivered in another state, the forms to be filed by the insurer with the insurance commissioner are the group certificates and notices of proposed insurance. He shall approve them if:
(a) they provide the information that would be required if the group policy were delivered in this state; and
(b) the applicable premium rates or charges do not exceed those established by his rules.
Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.152-1986, SEC.68.
(Part 3. Property and Liability Insurance)