Indiana Code 24-4.5-5-201. First lien mortgage transactions; civil liability for disclosure violations; debtor’s right to rescind
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Sec. 201. For purposes of the provisions on civil liability for violation of disclosure provisions (IC 24-4.5-5-203) and on debtor’s right to rescind certain transactions (IC 24-4.5-5-204):
(2) consumer loan includes a loan that is a first lien mortgage transaction if the loan is otherwise a consumer loan.
(1) consumer credit sale includes a sale that is a first lien mortgage transaction if the sale is otherwise a consumer credit sale; and
Terms Used In Indiana Code 24-4.5-5-201
- 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.
Formerly: Acts 1971, P.L.366, SEC.6. As amended by Acts 1981, P.L.218, SEC.7; P.L.152-1986, SEC.69; P.L.35-2010, SEC.62.