§ 24-4.5-1-108 — Effect on powers of organizations

(1) This article prescribes maximum
charges for all creditors, except lessors and those excluded (IC 24-4.5-1-202), extending consumer credit, including consumer credit
sales (IC 24-4.5-1-301.5(8)), consumer loans (IC 24-4.5-1-301.5(9)),
and consumer related sales and loans (IC 24-4.5-2-602 and IC 24-4.5-3-602), and displaces existing limitations on the powers of those
creditors based on maximum charges.
(2) With respect to sellers of goods or services, small loan
companies, licensed lenders, consumer and sales finance companies,
industrial loan and investment companies, and commercial banks and
trust companies, this article displaces existing limitations on their
powers based solely on amount or duration of credit.
(3) Except as provided in subsection (1) and IC 24-4.6-1, this article
does not displace limitations on powers of credit unions, savings banks,
savings or building and loan associations, or other thrift institutions
whether organized for the profit of shareholders or as mutual
organizations.
(4) Except as provided in subsections (1) and (2), this article does
not displace:
(a) limitations on powers of depository institutions (IC 24-4.5-1-301.5) with respect to the amount of a loan to a single
borrower, the ratio of a loan to the value of collateral, the duration
of a loan that is a mortgage transaction, or other similar
restrictions designed to protect deposits; or
(b) limitations on powers an organization is authorized to exercise
under the laws of this state or the United States.
Formerly: Acts 1971, P.L.366, SEC.2; Acts 1974, P.L.115,
SEC.3. As amended by P.L.14-1992, SEC.4; P.L.122-1994, SEC.3;
P.L.35-2010, SEC.37.