Indiana § 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 Statutes

§ 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·Art. 4.5 UNIFORM CONSUMER CREDIT CODE·Ch. 2 Credit Sales

(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 sectio

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(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.

Indiana § 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) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.