Indiana Code 24-4.5-2-301. Disclosures required by Consumer Credit Protection Act; exempt transactions
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style=”font-size: 10pt”> Sec. 301. (1) For purposes of this section, “consumer credit sale” includes a sale that is a sale of an interest in land and that is a first lien mortgage transaction if the sale is otherwise a consumer credit sale (IC 24-4.5-1-301.5(8)).
(2) The seller shall disclose to the buyer to whom credit is extended with respect to a consumer credit sale, and the lessor shall disclose to the lessee with respect to a consumer lease, the information required by the Consumer Credit Protection Act (15 U.S.C. § 1601 et seq.).
Terms Used In Indiana Code 24-4.5-2-301
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(3) For purposes of subsection (2), disclosures shall not be required on a consumer credit sale if the transaction is exempt from the Consumer Credit Protection Act (15 U.S.C. § 1601 et seq.).
Formerly: Acts 1971, P.L.366, SEC.3. As amended by Acts 1981, P.L.218, SEC.4; P.L.247-1983, SEC.7; P.L.45-1995, SEC.6; P.L.35-2010, SEC.45; P.L.159-2017, SEC.9.