Indiana Code 35-45-7-2. Loansharking
Current as of: 2023 | Check for updates
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Attorney's Note
Under the Indiana Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Level 5 felony | between 1 and 6 years | up to $10,000 |
| Level 6 felony | between 6 mos. and 2 1/2 years | up to $10,000 |
Terms Used In Indiana Code 35-45-7-2
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- 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. See Indiana Code 35-45-7-1
Sec. 2. A person who, in exchange for the loan of any property, knowingly or intentionally receives or contracts to receive from another person any consideration, at a rate greater than two (2) times the rate specified in IC 24-4.5-3-508(2)(a)(i), commits loansharking, a Level 6 felony. However, loansharking is a Level 5 felony if force or the threat of force is used to collect or to attempt to collect any of the property loaned or any of the consideration for the loan.
As added by Acts 1980, P.L.207, SEC.1. Amended by P.L.158-2013, SEC.536.