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Indiana Code Title 24. Trade Regulation § 24-4.5-3-107

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 107. Definitions:  “Lender”;  “Precomputed”;  “Principal” -- (1) Except as otherwise provided, “lender” means a person regularly engaged in making consumer loans.  The term includes an assignee of the lender's right to payment but use of the term does not in itself impose on an assignee any obligation of the lender with respect to events occurring before the assignment.

(2) A loan, refinancing, or consolidation is “precomputed” if the debt is expressed as a sum comprising the principal and the amount of the loan finance charge computed in advance.

(3) “Principal” of a loan means the total of:

(a) the net amount paid to, receivable by, or paid or payable for the account of the debtor;

(b) the amount of any discount excluded from the loan finance charge (subsection (2) of IC 24-4.5-3-109);  and

(c) to the extent that payment is deferred:

(i) amounts actually paid or to be paid by the lender for registration, certificate of title, or license fees if not included in (a);  and

(ii) additional charges permitted by this chapter (IC 24-4.5-3-202).

The term does not include any loan proceeds held as security for the loan.

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Cite this article: FindLaw.com - Indiana Code Title 24. Trade Regulation § 24-4.5-3-107 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-24-trade-regulation/in-code-sect-24-4-5-3-107/

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