Indiana § 24-9-2-14 "Trigger rate"

Indiana Statutes

§ 24-9-2-14 — "Trigger rate"

Indiana·Art. 9 HOME LOAN PRACTICES·Ch. 2 Definitions

"Trigger rate" means:

(1)for fixed rate home loans in which the interest rate will not vary during the term of the loan, the rate as of the date of closing;

(2)for home loans in which the interest varies according to an index, the sum of the index rate as of the date of closing plus the maximum margin permitted at any time under the loan agreement; or

(3)for all other home loans in which the rate may vary at any time during the term of the loan, the maximum rate that may be charged during the term of the home loan.

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"Trigger rate" means:
(1) for fixed rate home loans in which the interest rate will not
vary during the term of the loan, the rate as of the date of closing;
(2) for home loans in which the interest varies according to an
index, the sum of the index rate as of the date of closing plus the
maximum margin permitted at any time under the loan agreement;
or
(3) for all other home loans in which the rate may vary at any time
during the term of the loan, the maximum rate that may be
charged during the term of the home loan.

Indiana § 24-9-2-14 ("Trigger rate") — published by Counsel Stack Legal Research, free access to 12M+ legal documents.