§ 24-4.5-3-204 — Deferral charges

Deferral Charges — (1) This section
applies only to a consumer loan, refinancing, or consolidation, that is
entered into before July 1, 2020. With respect to a precomputed
consumer loan, refinancing, or consolidation, the parties before or after
default may agree in writing to a deferral of all or part of one (1) or
more unpaid installments, and the lender may make and collect a
charge not exceeding the lesser of thirty-six percent (36%) per year or
the rate previously stated to the debtor pursuant to the provisions on
disclosure (Part 3) applied to the amount or amounts deferred for the
period of deferral calculated without regard to difference in the lengths
of months, but proportionally for a part of a month, counting each day
as one-thirtieth (1/30) of a month. A deferral charge may be collected
at the time it is assessed or at any time thereafter.
(2) The lender, in addition to the deferral charge, may make
appropriate additional charges (IC 24-4.5-3-202), and the amount of
these charges which is not paid in cash may be added to the amount
deferred for the purpose of calculating the deferral charge.
(3) The parties may agree in writing at the time of a precomputed
consumer loan, refinancing, or consolidation that if an installment is
not paid within ten (10) days after its due date, the lender may
unilaterally grant a deferral and make charges as provided in this
section. No deferral charge may be made for a period after the date that
the lender elects to accelerate the maturity of the agreement.
(4) A delinquency charge made by the lender on an installment may
not be retained if a deferral charge is made pursuant to this section with
respect to the period of delinquency.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by
P.L.186-2015, SEC.14; P.L.85-2020, SEC.11.