Indiana § 24-4.5-3-602 "Consumer related loan"; loan finance charge; licensing and annual
notice to department not required

Indiana Statutes

§ 24-4.5-3-602 — "Consumer related loan"; loan finance charge; licensing and annual notice to department not required

Indiana § 24-4.5-3-602

Art. 4.5UNIFORM CONSUMER CREDIT CODE

Ch. 3Loans

This text of Indiana § 24-4.5-3-602 ("Consumer related loan"; loan finance charge; licensing and annual notice to department not required) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 24-4.5-3-602 (2026).

Text

(1)A "consumer related loan" is a loan in which the following apply:

(a)The loan is made by a person who is not regularly engaged as a lender in credit transactions of the same kind.

(b)The debtor is a person other than an organization.

(c)The debt is primarily for a personal, family, or household purpose.

(d)Either the debt is payable in installments or a loan finance charge is made.

(e)Either:

(i)the amount of credit extended, the written credit limit, or the initial advance does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); or

(ii)the debt is secured by an interest in land or by personal property used or expected to be used a

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(1) A "consumer related loan" is a loan
in which the following apply:
(a) The loan is made by a person who is not regularly engaged as
a lender in credit transactions of the same kind.
(b) The debtor is a person other than an organization.
(c) The debt is primarily for a personal, family, or household
purpose.
(d) Either the debt is payable in installments or a loan finance
charge is made.
(e) Either:
(i) the amount of credit extended, the written credit limit, or the
initial advance does not exceed the exempt threshold amount,
as adjusted in accordance with the annual adjustment of the
exempt threshold amount, specified in Regulation Z (12 CFR
226.3 or 12 CFR 1026.3(b), as applicable); or
(ii) the debt is secured by an interest in land or by personal
property used or expected to be used as the principal dwelling
of the debtor.
(2) With respect to a consumer related loan, including one made
pursuant to a revolving loan account, the parties may contract for the
payment by the debtor of a loan finance charge, calculated according
to the actuarial method, not to exceed twenty-five percent (25%) per
year on the unpaid principal balance.
(3) A person engaged in consumer related loans is not required to
comply with:
(a) the licensing requirements set forth in section 503 of this
chapter; or
(b) IC 24-4.5-6-201 through IC 24-4.5-6-203.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts
1981, P.L.219, SEC.6; Acts 1982, P.L.149, SEC.6; Acts 1982, P.L.150,
SEC.6; P.L.14-1992, SEC.40; P.L.122-1994, SEC.28; P.L.27-2012,
SEC.24; P.L.216-2013, SEC.11; P.L.137-2014, SEC.13; P.L.73-2016,
SEC.12; P.L.69-2018, SEC.23.