Indiana § 24-4.5-3-510 Restrictions on interest in land as security

Indiana Statutes

§ 24-4.5-3-510 — Restrictions on interest in land as security

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

Restrictions on Interest in Land as Security —

(1)With respect to a supervised loan in which the principal is four thousand dollars ($4,000) or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.

(2)The amount of four thousand dollars ($4,000) in subsection (1) is subject to change pursuant to the provisions on adjustment of dollar amounts (IC 24-4.5-1-106). However, notwithstanding IC 24-4.5-1-106(1), the Reference Base Index to be used under this subsection is the Index for October 2012. Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.137-2014, SEC.11; P.L.186-2015, SEC.19.

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Restrictions on Interest in Land as
Security — (1) With respect to a supervised loan in which the principal
is four thousand dollars ($4,000) or less, a lender may not contract for
an interest in land as security. A security interest taken in violation of
this section is void.
(2) The amount of four thousand dollars ($4,000) in subsection (1)
is subject to change pursuant to the provisions on adjustment of dollar
amounts (IC 24-4.5-1-106). However, notwithstanding IC 24-4.5-1-106(1), the Reference Base Index to be used under this
subsection is the Index for October 2012.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by
P.L.137-2014, SEC.11; P.L.186-2015, SEC.19.

Indiana § 24-4.5-3-510 (Restrictions on interest in land as security) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.