Indiana Code 24-9-2-2. “Benchmark rate”
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Terms Used In Indiana Code 24-9-2-2
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
Sec. 2. “Benchmark rate” means the interest rate established under Section 152 of the Federal Home Ownership and Equity Protection Act of 1994 (15 U.S.C. § 1602 (aa)) and the regulations adopted under that act by the Federal Reserve Board, including 12 C.F.R. § 226.32 and the Official Staff Commentary to the regulations as amended.
As added by P.L.73-2004, SEC.33.