24-4.5-7-105. Principal
Sec. 105. “Principal” means the total of: (a) the net amount paid to, receivable by, or paid or payable from the account of the borrower; and (b) to the extent that the payment is deferred, the additional charges permitted by this chapter that are not included in subdivision (a). As added by P.L.38-2002, SEC.1. Amended […]
24-4.5-7-106. Check
Sec. 106. For purposes of this chapter, “check” has the meaning set forth in IC 26-1-3.1-104. As added by P.L.38-2002, SEC.1.
24-4.5-7-107. Renewal
Sec. 107. “Renewal” refers to a small loan that takes the place of an existing small loan by: (a) renewing; (b) repaying; (c) refinancing; or (d) consolidating; a small loan with the proceeds of another small loan made to the same borrower by a lender. As added by P.L.38-2002, SEC.1. Amended by P.L.73-2004, SEC.19.
24-4.5-7-108. Consecutive Small Loan
Sec. 108. “Consecutive small loan” means a new small loan agreement that the lender enters with the same borrower not later than seven (7) calendar days after a previous small loan made to that borrower is paid in full. As added by P.L.38-2002, SEC.1. Amended by P.L.73-2004, SEC.20.
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 […]