§ 28-5-3-2 — Loans; misrepresenting age; estoppel by representation

When, in case of any loan made by any
industrial loan and investment company organized under the laws of
this state, the borrower or any other person furnishing security on
behalf of the borrower, shall, as an inducement to such industrial loan
and investment company to make the loan, represent to it, in writing,
that he or she is eighteen (18) years of age or older or otherwise make
any false statement or representation to any such industrial loan and
investment company, and such company is deceived, and the loan is
made in reliance upon such representation, neither the person so
representing nor any one in his or her behalf nor any person otherwise
legally liable to pay such loan, shall afterwards be allowed, as against
such industrial loan and investment company, to take advantage of the
fact that the person making the representation was under eighteen (18)
years of age, but each person shall be estopped by such representation.
Formerly: Acts 1953, c.46, s.2; Acts 1973, P.L.280, SEC.10. As
amended by P.L.134-2001, SEC.15.