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Indiana Code Title 24. Trade Regulation § 24-4.5-3-604

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

Sec. 604. Limitation on Default Charges in Consumer Related Loans--(1) The agreement with respect to a consumer related loan may provide for only the following charges as a result of the debtor's default:

(a) reasonable attorney's fees and reasonable expenses incurred in realizing on a security interest;

(b) deferral charges not in excess of twenty-five percent (25%) per year of the amount deferred for the period of deferral;  and

(c) other charges that could have been made had the loan been a consumer loan.

(2) A provision in violation of this section is unenforceable.

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Cite this article: FindLaw.com - Indiana Code Title 24. Trade Regulation § 24-4.5-3-604 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-24-trade-regulation/in-code-sect-24-4-5-3-604/

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