§ 24-4.5-2-109 — "Credit service charge"

Indiana § 24-4.5-2-109

• Jurisdiction: Indiana
• Art. 4.5: UNIFORM CONSUMER CREDIT CODE
• Ch. 2: Credit Sales

Text

"Credit service charge" means the sum of:
(1) all charges payable directly or indirectly by the buyer and
imposed directly or indirectly by the seller as an incident to the
extension of credit, including any of the following types of charges
which are applicable: time price differential, service, carrying or
other charge, however denominated, premium or other charge for
any guarantee or insurance protecting the seller against the buyer's
default or other credit loss; and
(2) charges incurred for investigating the collateral or
credit-worthiness of the buyer.
The term does not include charges as a result of default, additional
charges (IC 24-4.5-2-202), delinquency charges (IC 24-4.5-2-203.5),
or deferral charges (IC 24-4.5-2-204). The term does not include
charges paid or payable to a third party that are not required by the
seller as a condition or incident to the extension of credit except for
borrower paid mortgage broker fees, including fees paid directly to the
broker or the seller (for delivery to the broker), whether the fees are
paid in cash or financed. However, borrower paid mortgage broker fees
do not include fees paid to a mortgage broker by a creditor, including
yield spread premiums and service release fees.
Formerly: Acts 1971, P.L.366, SEC.3. As amended by
P.L.247-1983, SEC.4; P.L.14-1992, SEC.13; P.L.2-1995, SEC.90;
P.L.172-1997, SEC.3.