Indiana Code 24-4.5-3-107. Definitions; “lender”; “precomputed”; “principal”
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Sec. 107. Definitions: “Lender”; “Precomputed”; “Principal” ? (1) Except as otherwise provided, “lender” means a person regularly engaged in making consumer loans. The term includes an assignee of the lender’s right to payment but use of the term does not in itself impose on an assignee any obligation of the lender with respect to events occurring before the assignment.
(3) “Principal” of a loan means the total of:
(2) A loan, refinancing, or consolidation is “precomputed” if the debt is expressed as a sum comprising the principal and the amount of the loan finance charge computed in advance.
Terms Used In Indiana Code 24-4.5-3-107
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(a) the net amount paid to, receivable by, or paid or payable for the account of the debtor;
(b) the amount of any discount excluded from the loan finance charge (subsection (2) of IC 24-4.5-3-109); and
(c) to the extent that payment is deferred:
(i) amounts actually paid or to be paid by the lender for registration, certificate of title, or license fees if not included in (a); and
(ii) additional charges permitted by this chapter (IC 24-4.5-3-202).
Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.145-2008, SEC.25.