§ 24-4.5-7-201 — Finance charges

(1) Finance charges on the first two
hundred fifty dollars ($250) of a small loan are limited to fifteen
percent (15%) of the principal.
(2) Finance charges on the amount of a small loan greater than two
hundred fifty dollars ($250) and less than or equal to four hundred
dollars ($400) are limited to thirteen percent (13%) of the amount over
two hundred fifty dollars ($250) and less than or equal to four hundred
dollars ($400).
(3) Finance charges on the amount of the small loan greater than
four hundred dollars ($400) and less than or equal to five hundred fifty
dollars ($550) are limited to ten percent (10%) of the amount over four
hundred dollars ($400) and less than or equal to five hundred fifty
dollars ($550).
(4) The amount of five hundred fifty dollars ($550) in subsection (3)
is subject to change under 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 2006.

Legislative History

As added by P.L.38-2002, SEC.1. Amended by P.L.73-2004, SEC.23; P.L.141-2005, SEC.3; P.L.213-2007, SEC.23; P.L.217-2007, SEC.22.