Indiana § 24-4.4-2-502 Debtor's right to rescind; accruing interest prohibited during rescission
period; disbursement of proceeds

Indiana Statutes

§ 24-4.4-2-502 — Debtor's right to rescind; accruing interest prohibited during rescission period; disbursement of proceeds

Indiana·Art. 4.4 FIRST LIEN MORTGAGE LENDING·Ch. 2 Miscellaneous

(1)A violation by a creditor in a first lien mortgage transaction of Section 125 of the Consumer Credit Protection Act (15 U.S.C. 1635) (concerning a debtor's right to rescind a transaction) constitutes a violation of this article. A creditor may not accrue interest during the period when a first lien mortgage transaction may be rescinded under Section 125 of the Consumer Credit Protection Act (15 U.S.C. 1635).

(2)A creditor must make available for disbursement the proceeds of a transaction subject to subsection (1) on the later of:

(a)the date the creditor is reasonably satisfied that the debtor has not rescinded the transaction; or

(b)the first business day after the expiration of the rescission period under subsection (1).

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(1) A violation by a creditor in a first lien
mortgage transaction of Section 125 of the Consumer Credit Protection
Act (15 U.S.C. 1635) (concerning a debtor's right to rescind a
transaction) constitutes a violation of this article. A creditor may not
accrue interest during the period when a first lien mortgage transaction
may be rescinded under Section 125 of the Consumer Credit Protection
Act (15 U.S.C. 1635).
(2) A creditor must make available for disbursement the proceeds
of a transaction subject to subsection (1) on the later of:
(a) the date the creditor is reasonably satisfied that the debtor has
not rescinded the transaction; or
(b) the first business day after the expiration of the rescission
period under subsection (1).

Indiana § 24-4.4-2-502 (Debtor's right to rescind; accruing interest prohibited during rescission period; disbursement of proceeds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.