§ 24-4.5-2-205 — Credit service charge on refinancing

Indiana § 24-4.5-2-205

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

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Credit Service Charge on Refinancing —
With respect to a consumer credit sale, refinancing, or consolidation,
the seller may by agreement with the buyer refinance the unpaid
balance and may contract for and receive a credit service charge based
on the amount financed resulting from the refinancing at a rate not
exceeding that permitted by the provisions on credit service charge for
consumer credit sales (IC 24-4.5-2-201). For the purpose of
determining the credit service charge permitted, the amount financed
resulting from the refinancing comprises the following:
(a) If:
(i) the transaction was not precomputed, the total of the unpaid
balance and accrued charges on the date of refinancing; or
(ii) the transaction was precomputed, in the case of a transaction
entered into before July 1, 2020, the amount which the buyer
would have been required to pay upon prepayment pursuant to
the provisions on rebate upon prepayment (IC 24-4.5-2-210) on
the date of refinancing.
(b) Appropriate additional charges (IC 24-4.5-2-202), payment of
which is deferred.
Formerly: Acts 1971, P.L.366, SEC.3. As amended by
P.L.14-1992, SEC.17; P.L.85-2020, SEC.4.