§ 28-7-5-15 — Investigatory and enforcement authority; costs of investigation; voided loans

Indiana § 28-7-5-15

• Jurisdiction: Indiana
• Art. 7: SPECIALIZED FINANCIAL INSTITUTIONS
• Ch. 5: Pawnbrokers

Text

(a) For the purpose of discovering violations
of this chapter and securing information necessary for the enforcement
of this chapter, the department may investigate:
(1) any licensee; or
(2) any person that it suspects to be operating without a license or
in violation of this chapter.
The department has all investigatory and enforcement authority under
IC 28-11 for financial institutions. If the department conducts an
investigation under this section, the licensee or person investigated
shall pay all reasonably incurred costs of the investigation in
accordance with the fee schedule adopted under IC 28-11-3-5.
(b) If a person knowingly makes a pawn loan without the license
required by section 3 of this chapter, the loan made in violation of this
chapter is void and the debtor is not obligated to pay the principal
amount of the loan, any finance charge on the loan, or any additional
fee under section 28.5 of this chapter. The debtor, or the department on
behalf of the debtor, may recover any amount paid to the person who
knowingly violated section 3 of this chapter.
Formerly: Acts 1935, c.195, s.15. As amended by P.L.263-1985,
SEC.191; P.L.14-1992, SEC.141; P.L.42-1993, SEC.77; P.L.172-1997,
SEC.19; P.L.10-2006, SEC.45 and P.L.57-2006, SEC.45.