§ 24-4.5-3-511 — Regular schedule of payments; maximum loan term

Indiana § 24-4.5-3-511

• Jurisdiction: Indiana
• Art. 4.5: UNIFORM CONSUMER CREDIT CODE
• Ch. 3: Loans

Text

Regular Schedule of Payments;
Maximum Loan Term — (1) Supervised loans not made pursuant to a
revolving loan account and in which the principal is four thousand
dollars ($4,000) or less are payable in a single instalment or shall be
scheduled to be payable in substantially equal instalments that are
payable at equal periodic intervals, except to the extent that the
schedule of payments is adjusted to the seasonal or irregular income of
the debtor, and:
(a) over a period of not more than thirty-seven (37) months if the
principal is more than three hundred dollars ($300); or
(b) over a period of not more than twenty-five (25) months if the
principal is three hundred dollars ($300) or less.
(2) The amounts of three hundred dollars ($300) and four thousand
dollars ($4,000) in subsection (1) are 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 with respect to the amount of:
(a) three hundred dollars ($300) is the Index for October 1992;
and
(b) four thousand dollars ($4,000) is the Index for October 2012.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts
1982, P.L.149, SEC.5; P.L.137-2014, SEC.12; P.L.186-2015, SEC.20;
P.L.10-2019, SEC.107.