28-15-11-12. Regulation of Graduated Payment Mortgage Loans
Sec. 12. (a) Graduated payment mortgage (GPM) loans are subject to the following: (1) Interest only may be paid for five (5) years, or increases in mortgage payments may be made for periods of not more than ten (10) years within the following maximum rates of increase: (A) Seven and one-half percent (7.5%) annually for […]
28-15-16-1. Applicability
Sec. 1. For purposes of this article, a savings association that is not a member of the Federal Reserve System is subject to Sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c or 371c-1) to the same extent and in the same manner as if the savings association were a member of […]
28-15-11-13. Repealed
As added by P.L.193-1997, SEC.2. Repealed by P.L.35-2010, SEC.209.
28-15-16-2. Violations
Sec. 2. A violation of Section 23A or 23B of the Federal Reserve Act (12 U.S.C. 371c or 371c-1) by a savings association or a subsidiary constitutes a violation of this chapter. As added by P.L.258-2003, SEC.31.
28-15-11-14. Regulation of Adjustable Mortgage Loans
Sec. 14. Adjustable mortgage loans are subject to the following: (1) Adjustments to the principal loan balance are permissible only if: (A) the initial payment amount is sufficient to fully amortize the loan at the beginning of the loan term; and (B) the payment amount is adjusted at least every five (5) years to amortize […]
28-15-11-15. Restrictions on Graduated Payment Adjustable Mortgage Loans
Sec. 15. A savings association may make graduated payment adjustable mortgage loans subject to the requirements set forth in section 14 of this chapter, except that: (1) the amount of the scheduled monthly payment at the beginning of the loan may be insufficient to fully amortize the loan; and (2) during a period of not […]
28-15-11-16. Regulation of Rollover Mortgage Loans
Sec. 16. Rollover mortgage loans are subject to the following: (1) At each scheduled adjustment time, if the loan is not in default, the lender shall make rate adjustments available for the amount of the outstanding loan. (2) In adjusting the loan, administrative expenses may not be charged to the borrower. (3) Adjustments must be […]
28-15-11-17. Alternative Mortgage Loans; Required Disclosures
Sec. 17. (a) Any statement, disclosure, or notification required by this chapter with respect to an alternative mortgage loan may be made in the form prescribed by the primary federal regulator or its successor for a similar alternative mortgage loan made by a federal savings association. (b) In addition to the disclosures required by this […]
28-15-11-18. Inapplicability of Indiana Laws; Interest Added to Principal; Lien Provided by Mortgage
Sec. 18. (a) Subsections (b) and (c) apply to alternative mortgage loans and to similar loans authorized under federal law or regulations for a federal savings association. (b) Any Indiana laws prohibiting: (1) the compounding of interest; (2) capitalizing interest because contracted loan repayments create negative amortization; or (3) paying interest on interest; do not […]
28-15-12-1. Mutual Savings Association; Member Entitled to One Vote
Sec. 1. (a) In a mutual savings association, each member is entitled at every members’ meeting to cast one (1) vote for each: (1) one hundred dollars ($100); or (2) fraction of one hundred dollars ($100); of the total amount paid in on all share or deposit accounts standing in the member’s name on the […]