§ 24-4.5-3-509 — Use of multiple agreements

Use of Multiple Agreements. — With
respect to a consumer loan, no lender may permit any person, or
husband and wife, to become obligated in any way under more than one
loan agreement with the lender or with a person related to the lender,
with intent to obtain a higher rate of loan finance charge than would
otherwise be permitted by the provisions on loan finance charge for
supervised loans (IC 24-4.5-3-508) or to avoid disclosure of an annual
percentage rate pursuant to the provisions on disclosure (Part 3). The
excess amount of loan finance charge provided for in agreements in
violation of this section is an excess charge for the purposes of the
provisions on effect of violations on rights of parties (IC 24-4.5-5-202)
and the provisions on civil actions by the department (IC 24-4.5-6-113).
Formerly: Acts 1971, P.L.366, SEC.4. As amended by
P.L.14-1992, SEC.39.