Sec. 301. (1) For the purposes of this section, “consumer loan” includes a loan that is a first lien mortgage transaction if the loan is otherwise a consumer loan (IC 24-4.5-1-301.5(9)).

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Terms Used In Indiana Code 24-4.5-3-301

  • 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.
     (2) The lender shall disclose to the debtor to whom credit is extended with respect to a consumer loan the information required by the Consumer Credit Protection Act (15 U.S.C. § 1601 et seq.).

     (3) For purposes of subsection (2), disclosures shall not be required on a consumer loan 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.4; Acts 1975, P.L.267, SEC.1. As amended by Acts 1981, P.L.218, SEC.6; Acts 1981, P.L.217, SEC.2; P.L.247-1983, SEC.18; P.L.45-1995, SEC.11; P.L.35-2010, SEC.50; P.L.159-2017, SEC.13.

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