Indiana Code 20-42-2-10. Loans; required interest rate
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Sec. 10. The:
(2) accumulations to the principal of a fund held by a county;
(1) principal belonging to the fund; and
Terms Used In Indiana Code 20-42-2-10
- fund: refers to a congressional township school fund administered by a county. See Indiana Code 20-42-2-2
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
must be loaned at four percent (4%) per annum. Loans made before June 1, 1943, with a rate of interest higher than four percent (4%) per annum must have an interest rate of four percent (4%) per annum.
[Pre-2006 Recodification Citation: 21-1-7-1 part.]
As added by P.L.2-2006, SEC.165.