Indiana § 24-4.5-5-204 Debtor's right to rescind; accruing interest prohibited during rescission
period; disbursement of proceeds

Indiana Statutes

§ 24-4.5-5-204 — Debtor's right to rescind; accruing interest prohibited during rescission period; disbursement of proceeds

Indiana § 24-4.5-5-204

Art. 4.5UNIFORM CONSUMER CREDIT CODE

Ch. 5Remedies and Penalties

This text of Indiana § 24-4.5-5-204 (Debtor's right to rescind; accruing interest prohibited during rescission period; disbursement of proceeds) 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 § 24-4.5-5-204 (2026).

Text

Debtor's Right to Rescind Certain Transactions —

(1)A violation by a creditor of Section 125 of the Consumer Credit Protection Act (as defined in IC 24-4.5-1-302) concerning the debtor's right to rescind a transaction that is a consumer credit sale or a consumer loan constitutes a violation of IC 24-4.5. A creditor may not accrue interest during the period when a consumer loan may be rescinded under Section 125 of the Consumer Credit Protection Act (15 U.S.C. 1635).

(2)A creditor must make available for disbursement the proceeds of a transaction subject to subsection (1) on the later of:

(A)the date the creditor is reasonably satisfied that the consumer has not rescinded the transaction; or

(B)the first business day after the expiration of the rescission period under subsection (1). Fo

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Debtor's Right to Rescind Certain
Transactions — (1) A violation by a creditor of Section 125 of the
Consumer Credit Protection Act (as defined in IC 24-4.5-1-302)
concerning the debtor's right to rescind a transaction that is a consumer
credit sale or a consumer loan constitutes a violation of IC 24-4.5. A
creditor may not accrue interest during the period when a consumer
loan may be rescinded under Section 125 of the Consumer Credit
Protection Act (15 U.S.C. 1635).
(2) A creditor must make available for disbursement the proceeds
of a transaction subject to subsection (1) on the later of:
(A) the date the creditor is reasonably satisfied that the consumer
has not rescinded the transaction; or
(B) the first business day after the expiration of the rescission
period under subsection (1).
Formerly: Acts 1971, P.L.366, SEC.6. As amended by Acts
1982, P.L.149, SEC.7; P.L.122-1994, SEC.32; P.L.23-2000, SEC.9;
P.L.159-2017, SEC.17; P.L.86-2018, SEC.195.