Indiana § 24-4.5-3-108 "Revolving loan account"

Indiana Statutes

§ 24-4.5-3-108 — "Revolving loan account"

Indiana·Art. 4.5 UNIFORM CONSUMER CREDIT CODE·Ch. 3 Loans

Definition: "Revolving Loan Account" — "Revolving loan account" means an arrangement between a lender and a debtor pursuant to which:

(1)the lender may permit the debtor to obtain loans from time to time;

(2)the unpaid balances of principal and the loan finance and other appropriate charges are debited to an account;

(3)a loan finance charge if made is not precomputed but is computed on the outstanding unpaid balances of the debtor's account from time to time; and

(4)the debtor has the privilege of paying the balances in installments. Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.137-2021, SEC.5.

Free access — add to your briefcase to read the full text and ask questions with AI

Definition: "Revolving Loan Account" —
"Revolving loan account" means an arrangement between a lender and
a debtor pursuant to which:
(1) the lender may permit the debtor to obtain loans from time to
time;
(2) the unpaid balances of principal and the loan finance and
other appropriate charges are debited to an account;
(3) a loan finance charge if made is not precomputed but is
computed on the outstanding unpaid balances of the debtor's
account from time to time; and
(4) the debtor has the privilege of paying the balances in
installments.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by
P.L.137-2021, SEC.5.

Indiana § 24-4.5-3-108 ("Revolving loan account") — published by Counsel Stack Legal Research, free access to 12M+ legal documents.