§ 24-4.5-3-107 — Definitions; "lender"; "precomputed"; "principal"

Definitions: "Lender"; "Precomputed";
"Principal" ─ (1) Except as otherwise provided, "lender" means a
person regularly engaged in making consumer loans. The term includes
an assignee of the lender's right to payment but use of the term does not
in itself impose on an assignee any obligation of the lender with respect
to events occurring before the assignment.
(2) A loan, refinancing, or consolidation is "precomputed" if the
debt is expressed as a sum comprising the principal and the amount of
the loan finance charge computed in advance.
(3) "Principal" of a loan means the total of:
(a) the net amount paid to, receivable by, or paid or payable for
the account of the debtor;
(b) the amount of any discount excluded from the loan finance
charge (subsection (2) of IC 24-4.5-3-109); and
(c) to the extent that payment is deferred:
(i) amounts actually paid or to be paid by the lender for
registration, certificate of title, or license fees if not included in
(a); and
(ii) additional charges permitted by this chapter (IC 24-4.5-3-202).
The term does not include any loan proceeds held as security for the
loan.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by
P.L.145-2008, SEC.25; P.L.206-2025, SEC.3.