Indiana § 24-4.5-4-301 Property insurance

Indiana Statutes

§ 24-4.5-4-301 — Property insurance

Indiana § 24-4.5-4-301

Art. 4.5UNIFORM CONSUMER CREDIT CODE

Ch. 4Insurance

This text of Indiana § 24-4.5-4-301 (Property insurance) 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 § 24-4.5-4-301 (2026).

Text

Property Insurance -

(1)A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless:

(a)the insurance covers a substantial risk of loss of or damage to property related to the credit transaction;

(b)the amount, terms, and conditions of the insurance are reasonable in relation to the character and value of the property insured or to be insured; and

(c)the term of the insurance is reasonable in relation to the terms of credit.

(2)The term of the insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity.

(3)A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless the amount financed or principal exclusive of charges for

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Property Insurance - (1) A creditor may
not contract for or receive a separate charge for insurance against loss
of or damage to property unless:
(a) the insurance covers a substantial risk of loss of or damage to
property related to the credit transaction;
(b) the amount, terms, and conditions of the insurance are
reasonable in relation to the character and value of the property insured
or to be insured; and
(c) the term of the insurance is reasonable in relation to the terms of
credit.
(2) The term of the insurance is reasonable if it is customary and
does not extend substantially beyond a scheduled maturity.
(3) A creditor may not contract for or receive a separate charge for
insurance against loss of or damage to property unless the amount
financed or principal exclusive of charges for the insurance is three
hundred dollars ($300) or more, and the value of the property is three
hundred dollars ($300) or more.
(4) The amounts of three hundred dollars ($300) in subsection (3)
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 under this
subsection is the Index for October 1992.
Formerly: Acts 1971, P.L.366, SEC.5. As amended by
P.L.137-2014, SEC.14.