Indiana § 24-4.5-2-602 "Consumer related sale"; credit service charge; annual notice to
department not required

Indiana Statutes

§ 24-4.5-2-602 — "Consumer related sale"; credit service charge; annual notice to department not required

Indiana § 24-4.5-2-602

Art. 4.5UNIFORM CONSUMER CREDIT CODE

Ch. 2Credit Sales

This text of Indiana § 24-4.5-2-602 ("Consumer related sale"; credit service charge; annual notice to department not required) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 24-4.5-2-602 (2026).

Text

(1)A "consumer related sale" is a sale of goods, services, or an interest in land in which:

(a)credit is granted by a person that is not regularly engaged as a seller in credit transactions of the same kind;

(b)the buyer is a person other than an organization;

(c)the goods, services, or interest in land are purchased primarily for a personal, family, or household purpose;

(d)either the debt is payable in installments or a credit service charge is made; and

(e)with respect to a sale of goods or services:

(i)either the amount of credit extended, the written credit limit, or the initial advance does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as

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(1) A "consumer related sale" is a sale of
goods, services, or an interest in land in which:
(a) credit is granted by a person that is not regularly engaged as a
seller in credit transactions of the same kind;
(b) the buyer is a person other than an organization;
(c) the goods, services, or interest in land are purchased primarily
for a personal, family, or household purpose;
(d) either the debt is payable in installments or a credit service
charge is made; and
(e) with respect to a sale of goods or services:
(i) either the amount of credit extended, the written credit limit,
or the initial advance does not exceed the exempt threshold
amount, as adjusted in accordance with the annual adjustment of
the exempt threshold amount, specified in Regulation Z (12 CFR
226.3 or 12 CFR 1026.3(b), as applicable); or
(ii) the debt is secured by personal property used or expected to
be used as the principal dwelling of the buyer.
(2) With respect to a consumer related sale not made pursuant to a
revolving charge account, the parties may contract for an amount
comprising the amount financed and a credit service charge not in
excess of twenty-five percent (25%) per year calculated according to
the actuarial method on the unpaid balances of the amount financed.
(3) With respect to a consumer related sale made pursuant to a
revolving charge account, the parties may contract for a credit service
charge not in excess of that permitted by the provisions on credit
service charge for revolving charge accounts (IC 24-4.5-2-201(6)).
(4) A person engaged in consumer related sales is not required to
comply with IC 24-4.5-6-201 through IC 24-4.5-6-203.
Formerly: Acts 1971, P.L.366, SEC.3. As amended by Acts
1981, P.L.219, SEC.3; Acts 1982, P.L.149, SEC.3; P.L.5-1988,
SEC.130; P.L.122-1994, SEC.15; P.L.27-2012, SEC.17; P.L.216-2013,
SEC.9; P.L.137-2014, SEC.9; P.L.73-2016, SEC.9; P.L.85-2020,
SEC.9.