Sec. 3. (a) This chapter applies only:

(1) to consumer loans, consumer related loans, consumer credit sales, consumer related sales, and consumer leases, as those terms are defined in IC 24-4.5, subject to adjustment, where applicable, of the dollar amounts set forth in those definitions under IC 24-4.5-1-106;

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Terms Used In Indiana Code 35-45-7-3

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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
(2) to any loan primarily secured by an interest in land or sale of an interest in land that is a mortgage transaction (as defined in IC 24-4.5-1-301.5) if the transaction is otherwise a consumer loan or consumer credit sale; and

(3) to any other loan transaction or extension of credit, regardless of the amount of the principal of the loan or extension of credit, if unlawful 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 or extension of credit in question.

     (b) This chapter applies regardless of whether the contract is made directly or indirectly, and whether the receipt of the consideration is received or is due to be received before or after the maturity date of the loan.

As added by Acts 1980, P.L.207, SEC.1. Amended by P.L.247-1983, SEC.25; P.L.14-1992, SEC.164; P.L.122-1994, SEC.121; P.L.35-2010, SEC.208.

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