Indiana § 28-1-29-8.8 Debtor's failure to make payment; cancellation of agreement; letter of
continuation; return of money to contract debtor

Indiana Statutes

§ 28-1-29-8.8 — Debtor's failure to make payment; cancellation of agreement; letter of continuation; return of money to contract debtor

Indiana § 28-1-29-8.8

Art. 1DEPARTMENT OF FINANCIAL INSTITUTIONS

Ch. 29Debt Management Companies

This text of Indiana § 28-1-29-8.8 (Debtor's failure to make payment; cancellation of agreement; letter of continuation; return of money to contract debtor) 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 § 28-1-29-8.8 (2026).

Text

8.

(a)If a contract debtor fails to make a payment to a licensee within ninety (90) days after the date a payment is due under an agreement, the agreement may be considered canceled by the licensee unless:

(1)one (1) or more creditors included in the contract debtor's plan object to the termination; or

(2)subject to subsection (b), the contract debtor files a letter of continuation.

(b)A contract debtor may file a letter of continuation of an agreement even if the contract debtor did not make a payment within ninety (90) days after a payment was due. All of the following apply to a letter of continuation of an agreement:

(1)A contract debtor may file only one (1) letter of continuation with a licensee for each twelve (12) month period the agreement is in effect.

(2)A letter of contin

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8. (a) If a contract debtor fails to make a
payment to a licensee within ninety (90) days after the date a payment
is due under an agreement, the agreement may be considered canceled
by the licensee unless:
(1) one (1) or more creditors included in the contract debtor's plan
object to the termination; or
(2) subject to subsection (b), the contract debtor files a letter of
continuation.
(b) A contract debtor may file a letter of continuation of an
agreement even if the contract debtor did not make a payment within
ninety (90) days after a payment was due. All of the following apply to
a letter of continuation of an agreement:
(1) A contract debtor may file only one (1) letter of continuation
with a licensee for each twelve (12) month period the agreement
is in effect.
(2) A letter of continuation must contain a detailed explanation of
the reason or reasons for the missed payment.
(3) If an agreement for which a letter of continuation that meets
the requirements of this subsection is filed, the agreement remains
in effect and subject to cancellation for any future failure to make
a payment as described in this section.
(4) A contract debtor may not file a letter of continuation with a
licensee during the first six (6) months an agreement is in effect.
(5) If one (1) or more creditors included in the contract debtor's
plan agree to continue the plan based on the explanation provided
under subdivision (2), the contract debtor and the licensee shall
modify the agreement then in effect between the contract debtor
and the licensee to reflect the changes agreed to under the letter
of continuation.
(c) If a licensee or a contract debtor terminates an agreement, the
licensee shall immediately return to the contract debtor any money of
the contract debtor held in trust for the benefit of the contract debtor.