24-4.5-7-109. Paid in Full
Sec. 109. “Paid in full” means the termination of a small loan through: (1) the presentment of the borrower’s check for payment by the drawee bank or the exercise by the lender of an authorization to debit an account of the borrower; or (2) the return of a check to a borrower who redeems it […]
24-4.5-7-110. Monthly Gross Income
Sec. 110. “Monthly gross income” means the income received by the borrower in the thirty (30) day period preceding the borrower’s application for a small loan under this chapter and exclusive of any income other than regular gross pay received, or as otherwise determined by the department. As added by P.L.38-2002, SEC.1. Amended by P.L.73-2004, […]
24-4.5-7-111. Lender
Sec. 111. “Lender” means a person that acquires and retains a license issued by the department of financial institutions under this chapter to engage in small loans. As added by P.L.10-2006, SEC.14 and P.L.57-2006, SEC.14. Amended by P.L.186-2015, SEC.24.
24-4.5-7-112. Lender Not Considered a Financial Institution
Sec. 112. A lender is not considered a financial institution, except for purposes of IC 28-1. As added by P.L.10-2006, SEC.15 and P.L.57-2006, SEC.15.
24-4.5-7-201. Finance Charges
Sec. 201. (1) Finance charges on the first two hundred fifty dollars ($250) of a small loan are limited to fifteen percent (15%) of the principal. (2) Finance charges on the amount of a small loan greater than two hundred fifty dollars ($250) and less than or equal to four hundred dollars ($400) are limited […]
24-4.5-7-202. Fee for Dishonored Check, Electronic Funds Transfer, or Debit Authorization; Limits on Lender’s Presentment of Check or Debiting of Account
Sec. 202. (1) Notwithstanding any other law, the only fee that may be contracted for and received by the lender or an assignee on a small loan is a charge, not to exceed twenty-five dollars ($25), for each: (a) return by a bank or other depository institution of a dishonored: (i) check; (ii) electronic funds […]
24-4.5-7-301. Disclosures; Informational Brochure
Sec. 301. (1) For purposes of this section, the lender shall disclose to the borrower to whom credit is extended with respect to a small loan the information required by the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.). (2) In addition to the requirements of subsection (1), the lender must conspicuously display in […]
24-4.5-7-401. Term of Loan; Consecutive Small Loans; Extended Payment Plans
Sec. 401. (1) A small loan may not be made for a term of less than fourteen (14) days. (2) If five (5) consecutive small loans have been made to a borrower after the borrower’s initial small loan, another small loan may not be made to that borrower within seven (7) days after the fifth […]
24-4.5-7-101. Citation
Sec. 101. This chapter shall be known and may be cited as Uniform Consumer Credit Code — Small Loans. As added by P.L.38-2002, SEC.1.
24-4.5-7-402. Limits Based on Borrower’s Income; Security; Partial Payments; Payments; Loan Documents; Recision; Renewal Prohibited
Sec. 402. (1) A lender is prohibited from making a small loan to a borrower if the total of: (a) the principal amount and finance charges of the small loan to be issued; plus (b) any other small loan balances that the borrower has outstanding with any lender; exceeds twenty percent (20%) of the borrower’s […]