§ 24-4.5-2-417 — Creditor's duty to credit payment as of date of receipt; payments not conforming to requirements; creditor's failure to credit payment

Indiana § 24-4.5-2-417

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

Text

(1) This section applies to consumer credit
sales, including revolving charge accounts.
(2) Except as provided in subsection (3), a creditor shall credit a
payment to a consumer's account as of the date of receipt, except when
a delay in crediting does not result in a finance charge or other charge,
including a delinquency charge under section 203.5 of this chapter. A
delay in posting does not violate this section so long as the payment is
credited as of the date of receipt.
(3) If a creditor specifies in writing requirements for the consumer to
follow in making payments, but accepts a payment that does not
conform to the requirements, the creditor shall credit the payment
within five (5) days of receipt of the payment.
(4) If a creditor fails to credit a payment as required by this section
in time to avoid the imposition of a finance or other charge, including
a delinquency charge, the creditor shall adjust the consumer's account
so that the charges imposed are credited to the consumer's account
during the next payment period.

Legislative History

As added by P.L.69-2018, SEC.15. (Part 5. Home Solicitation Sales)