Indiana Statutes
§ 28-15-11-5 — "Graduated payment mortgage loan"
As used in this chapter, "graduated payment mortgage loan" or "GPM loan" means a mortgage loan under which:
(1)the scheduled repayments begin at a level lower than that of
a comparable standard mortgage loan and rise to a point
determined by the loan documents; and
(2)the period of the rise, the rate of increase, and the interest rate
are fixed in the loan documents.
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Legislative History
As added by P.L.193-1997, SEC.2.
Nearby Sections
15
§ 28-1-1-1
Short title§ 28-1-1-2
Application of article§ 28-1-1-3
Definitions§ 28-1-1-3.5
Affiliate relationship§ 28-1-1-3.7
"Emancipated youth"§ 28-1-1-3.9
"Foster youth"§ 28-1-1-4
"Fund"§ 28-1-1-5
References to savings associations§ 28-1-1-6
"Depository financial institution"§ 28-1-1-7
"Qualified youth"§ 28-1-11-11
Safe deposits and escrows