Indiana Code 24-4.5-3-604. Limitation on default charges in consumer related loans
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Sec. 604. Limitation on Default Charges in Consumer Related Loans — (1) The agreement with respect to a consumer related loan may provide for only the following charges as a result of the debtor’s default:
(b) deferral charges not in excess of twenty-five percent (25%) per year of the amount deferred for the period of deferral; and
(a) reasonable attorney‘s fees and reasonable expenses incurred in realizing on a security interest;
Terms Used In Indiana Code 24-4.5-3-604
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(c) other charges that could have been made had the loan been a consumer loan.
(2) A provision in violation of this section is unenforceable.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts 1982, P.L.150, SEC.7; P.L.73-2016, SEC.13.