Indiana Code 24-4.5-2-417. Creditor’s duty to credit payment as of date of receipt; payments not conforming to requirements; creditor’s failure to credit payment
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style=”font-size: 10pt”> Sec. 417. (1) This section applies to consumer credit sales, including revolving charge accounts.
(3) If a creditor specifies in writing requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, the creditor shall credit the payment within five (5) days of receipt of the payment.
(2) Except as provided in subsection (3), a creditor shall credit a payment to a consumer’s account as of the date of receipt, except when a delay in crediting does not result in a finance charge or other charge, including a delinquency charge under section 203.5 of this chapter. A delay in posting does not violate this section so long as the payment is credited as of the date of receipt.
Terms Used In Indiana Code 24-4.5-2-417
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
(4) If a creditor fails to credit a payment as required by this section in time to avoid the imposition of a finance or other charge, including a delinquency charge, the creditor shall adjust the consumer’s account so that the charges imposed are credited to the consumer’s account during the next payment period.
As added by P.L.69-2018, SEC.15.