28-15-11-11. “Standard Mortgage Loan”
Sec. 11. As used in this chapter, “standard mortgage loan” means a loan under which the principal and interest are paid in equal monthly installments for a period of not more than forty (40) years. As added by P.L.193-1997, SEC.2.
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 […]
28-15-11-13. Repealed
As added by P.L.193-1997, SEC.2. Repealed by P.L.35-2010, SEC.209.
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 […]
28-15-11-5. “Graduated Payment Mortgage Loan”
Sec. 5. As used in this chapter, “graduated payment mortgage loan” or “GPM loan” means a mortgage loan under which: (1) the scheduled repayments begin at a level lower than that of a comparable standard mortgage loan and rise to a point determined by the loan documents; and (2) the period of the rise, the […]
28-15-11-6. “Loan Documents”
Sec. 6. As used in this chapter, “loan documents” means the documents evidencing a loan transaction. As added by P.L.193-1997, SEC.2.