Sec. 1. As used in this chapter:

     “Loan” means any transaction described in section 3 of this chapter, whether or not the transaction is in the form of a loan as defined in IC 24-4.5-3-106, and without regard to whether the person making the loan is regularly engaged in making consumer loans, consumer credit sales, or consumer leases.

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Terms Used In Indiana Code 35-45-7-1

  • Loan: means any transaction described in section 3 of this chapter, whether or not the transaction is in the form of a loan as defined in Indiana Code 35-45-7-1
  • Principal: includes the monetary value of property which has been loaned from one (1) person to another person. See Indiana Code 35-45-7-1
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     “Principal” includes the monetary value of property which has been loaned from one (1) person to another person.

     “Rate” means the monetary value of the consideration received per annum or due per annum, calculated according to the actuarial method on the unpaid balance of the principal.

As added by Acts 1980, P.L.207, SEC.1. Amended by P.L.247-1983, SEC.24.

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