Indiana § 24-4.5-3-207 Conversion to revolving loan account

Indiana Statutes

§ 24-4.5-3-207 — Conversion to revolving loan account

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

Conversion to Revolving Loan Account. — The parties may agree to add to a revolving loan account the unpaid balance of a consumer loan, not made pursuant to a revolving loan account, or a refinancing, or consolidation thereof, or the unpaid balance of a consumer credit sale, refinancing or consolidation, for the purpose of this section.

(1)the unpaid balance of a consumer loan, refinancing, or consolidation is an amount equal to the principal determined according to the provisions on refinancing (24-4.5-3-205); and

(2)the unpaid balance of a consumer credit sale, refinancing, or consolidation is an amount equal to the amount financed determined according to the provisions on refinancing (24-4.5-2-205). Formerly: Acts 1971, P.L.366, SEC.4.

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Conversion to Revolving Loan Account.
— The parties may agree to add to a revolving loan account the unpaid
balance of a consumer loan, not made pursuant to a revolving loan
account, or a refinancing, or consolidation thereof, or the unpaid
balance of a consumer credit sale, refinancing or consolidation, for the
purpose of this section.
(1) the unpaid balance of a consumer loan, refinancing, or
consolidation is an amount equal to the principal determined according
to the provisions on refinancing (24-4.5-3-205); and
(2) the unpaid balance of a consumer credit sale, refinancing, or
consolidation is an amount equal to the amount financed determined
according to the provisions on refinancing (24-4.5-2-205).
Formerly: Acts 1971, P.L.366, SEC.4.

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