Indiana Code 32-30-10.5-2. “Creditor”
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Sec. 2. (a) As used in this chapter, “creditor” means a person:
(2) to which the obligation is initially payable, either on the face of the note or contract, or by agreement if there is not a note or contract.
(1) that regularly engages in the extension of mortgages that are subject to a credit service charge or loan finance charge, as applicable, or are payable by written agreement in more than four (4) installments (not including a down payment); and
Terms Used In Indiana Code 32-30-10.5-2
- Contract: A legal written agreement that becomes binding when signed.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(b) The term includes a mortgage servicer.
As added by P.L.105-2009, SEC.20.