Indiana § 24-4.5-7-202 Fee for dishonored check, electronic funds transfer, or debit
authorization; limits on lender's presentment of check or debiting of
account

Indiana Statutes

§ 24-4.5-7-202 — Fee for dishonored check, electronic funds transfer, or debit authorization; limits on lender's presentment of check or debiting of account

Indiana·Art. 4.5 UNIFORM CONSUMER CREDIT CODE·Ch. 7 Small Loans

(1)Notwithstanding any other law, the only fee that may be contracted for and received by the lender or an assignee on a small loan is a charge, not to exceed twenty-five dollars ($25), for each:

(a)return by a bank or other depository institution of a dishonored:

(i)check;

(ii)electronic funds transfer;

(iii)negotiable order of withdrawal; or

(iv)share draft; issued by the borrower; or

(b)time an authorization to debit the borrower's account is dishonored. This additional charge may be assessed one (1) time regardless of how many times a check or an authorization to debit the borrower's account may be submitted by the lender and dishonored.

(2)A lender may:

(a)present a borrower's check for payment; or

(b)exercise a borrower's authorization to debit the borrower's account; not m

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(1) Notwithstanding any other law, the
only fee that may be contracted for and received by the lender or an
assignee on a small loan is a charge, not to exceed twenty-five dollars
($25), for each:
(a) return by a bank or other depository institution of a
dishonored:
(i) check;
(ii) electronic funds transfer;
(iii) negotiable order of withdrawal; or
(iv) share draft;
issued by the borrower; or
(b) time an authorization to debit the borrower's account is
dishonored.
This additional charge may be assessed one (1) time regardless of how
many times a check or an authorization to debit the borrower's account
may be submitted by the lender and dishonored.
(2) A lender may:
(a) present a borrower's check for payment; or
(b) exercise a borrower's authorization to debit the borrower's
account;
not more than three (3) times.

Indiana § 24-4.5-7-202 (Fee for dishonored check, electronic funds transfer, or debit authorization; limits on lender's presentment of check or debiting of account) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.38-2002, SEC.1. Amended by P.L.73-2004, SEC.24; P.L.213-2007, SEC.24; P.L.217-2007, SEC.23; P.L.90-2008, SEC.14; P.L.60-2016, SEC.4; P.L.69-2018, SEC.26.