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Indiana Code Title 24. Trade Regulation § 24-4.5-7-104

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

Sec. 104. (1) “Small loan” means a loan:

(a) with a principal loan amount that is at least fifty dollars ($50) and not more than five hundred fifty dollars ($550);  and

(b) in which the lender holds the borrower's check for a specific period, or receives the borrower's written authorization to debit the borrower's account (other than as a result of default) under an agreement, either express or implied, for a specific period, before the lender:

(i) offers the check for deposit or presentment;  or

(ii) exercises the authorization to debit the borrower's account.

(2) The amount of five hundred fifty dollars ($550) in subsection (1)(a) is subject to change under the provisions on adjustment of dollar amounts (IC 24-4.5-1-106).  However, notwithstanding IC 24-4.5-1-106(1), the Reference Base Index to be used under this subsection is the Index for October 2006.

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Cite this article: FindLaw.com - Indiana Code Title 24. Trade Regulation § 24-4.5-7-104 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-24-trade-regulation/in-code-sect-24-4-5-7-104/

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