Indiana Code 24-7-5-5.5. Returned payment fee
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Terms Used In Indiana Code 24-7-5-5.5
- Contract: A legal written agreement that becomes binding when signed.
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
Sec. 5.5. A lessor may contract for and charge a returned payment fee not to exceed twenty-five dollars ($25) for each return by a bank or other depository institution of a dishonored check, electronic funds transfer, negotiable order of withdrawal, or share draft issued by the lessee.
As added by P.L.213-2007, SEC.31; P.L.217-2007, SEC.30. Amended by P.L.69-2018, SEC.40.