§ 24-4.5-7-409 — Violations; remedies and damages; equitable relief; exhaustion of administrative remedies not required

(1) This section applies to licensees and
unlicensed persons.
(2) A person who violates this chapter:
(a) is subject to the remedies provided in IC 24-4.5-5-202;
(b) commits a deceptive act under IC 24-5-0.5 and is subject to
the penalties listed in IC 24-5-0.5;
(c) has no right to collect, receive, or retain any principal, interest,
or other charges from a small loan; however, this subdivision does
not apply if the violation is the result of an accident or bona fide
error of computation; and
(d) is liable to the borrower for actual damages, statutory damages
of two thousand dollars ($2,000) per violation, costs, and
attorney's fees; however, this subdivision does not apply if the
violation is the result of an accident or bona fide error of
computation.
The remedies described in this subsection are in addition to all other
remedies set forth in this article.
(3) The department may sue:
(a) to enjoin any conduct that constitutes or will constitute a
violation of this chapter; and
(b) for other equitable relief.
(4) The remedies provided in this section are cumulative but are not
intended to be the exclusive remedies available to a borrower. A
borrower is not required to exhaust any administrative remedies under
this section or any other applicable law.

Legislative History

As added by P.L.38-2002, SEC.1. Amended by P.L.73-2004, SEC.30; P.L.10-2006, SEC.19 and P.L.57-2006, SEC.19; P.L.90-2008, SEC.17.