Indiana Code 24-4.5-5-204. Debtor’s right to rescind; accruing interest prohibited during rescission period; disbursement of proceeds
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Sec. 204. Debtor’s Right to Rescind Certain Transactions — (1) A violation by a creditor of Section 125 of the Consumer Credit Protection Act (as defined in IC 24-4.5-1-302) concerning the debtor’s right to rescind a transaction that is a consumer credit sale or a consumer loan constitutes a violation of IC 24-4.5. A creditor may not accrue interest during the period when a consumer loan may be rescinded under Section 125 of the Consumer Credit Protection Act (15 U.S.C. § 1635).
(A) the date the creditor is reasonably satisfied that the consumer has not rescinded the transaction; or
(2) A creditor must make available for disbursement the proceeds of a transaction subject to subsection (1) on the later of:
Terms Used In Indiana Code 24-4.5-5-204
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(B) the first business day after the expiration of the rescission period under subsection (1).
Formerly: Acts 1971, P.L.366, SEC.6. As amended by Acts 1982, P.L.149, SEC.7; P.L.122-1994, SEC.32; P.L.23-2000, SEC.9; P.L.159-2017, SEC.17; P.L.86-2018, SEC.195.