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Current as of January 02, 2024 | Updated by Findlaw Staff
Sec. 2. (a) With respect to a CPAP transaction, a CPAP provider may impose the following:
(1) A fee that is:
(A) calculated at an annual rate that does not exceed thirty-six percent (36%) of the funded amount; and
(B) earned at consummation and each year after consummation on the anniversary of the funding date, in the case of a CPAP transaction offered or entered into after June 30, 2019.
(2) A servicing charge that is:
(A) calculated at an annual rate that does not exceed seven percent (7%) of the funded amount; and
(B) earned at consummation and each year after consummation on the anniversary of the funding date, in the case of a CPAP transaction offered or entered into after June 30, 2019.
(3) With respect to any one (1) civil proceeding, total charges that do not exceed five hundred dollars ($500) for obtaining and preparing documents, in the case of a CPAP transaction offered or entered into after June 30, 2019.
(4) The following with respect to a CPAP transaction offered or entered into after June 30, 2016, and before July 1, 2019:
(A) If the funded amount of the CPAP transaction is less than five thousand dollars ($5,000), a one (1) time charge that does not exceed two hundred fifty dollars ($250) for obtaining and preparing documents.
(B) If the funded amount of the CPAP transaction is at least five thousand dollars ($5,000), a one (1) time charge that does not exceed five hundred dollars ($500) for obtaining and preparing documents.
(b) A CPAP provider may not assess, or collect from the consumer claimant, any fee or charge not otherwise permitted under this chapter in connection with a CPAP transaction. The fees and charges permitted under this chapter are not subject to refund or rebate.
Cite this article: FindLaw.com - Indiana Code Title 24. Trade Regulation § 24-12-4.5-2 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-24-trade-regulation/in-code-sect-24-12-4-5-2/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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