Indiana Code 28-15-11-1. “Adjustable mortgage loan”
Current as of: 2023 | Check for updates
|
Other versions
Sec. 1. As used in this chapter, “adjustable mortgage loan” means a loan:
(A) reflect the movement of the money cost index; and
(1) whose terms permit adjustments to the interest rate that:
Terms Used In Indiana Code 28-15-11-1
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- money cost index: means any of the following:
Indiana Code 28-15-11-7
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(B) are implemented through changes in the monthly payment amounts, adjustments to the outstanding principal loan balance, or changes in the loan term; and
(2) whose term does not exceed forty (40) years.
As added by P.L.193-1997, SEC.2.