Indiana Code 24-5-15.5-5. Plaintiff debt buyer; initial pleading; required documentation
(1) One (1) of the following:
Terms Used In Indiana Code 24-5-15.5-5
- Contract: A legal written agreement that becomes binding when signed.
- debt: has the meaning set forth in Indiana Code 24-5-15.5-2
- debt buyer: means a person that is regularly engaged in the business of purchasing debt for collection purposes, regardless of whether the person:
Indiana Code 24-5-15.5-3
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
(B) If a signed contract or other writing evidencing the debtor’s agreement to the debt does not exist, a copy of a document provided to the debtor while the account was active.
However, for a revolving credit account, a copy of a charge off statement or the most recent monthly statement recording a purchase transaction, a last payment, or a balance transfer is sufficient to satisfy this requirement.
(2) A chronological list of the:
(A) names of all previous owners of the debt and date of each transfer of ownership of the debt, beginning with the name of the original charge off creditor; and
(B) documentation, or a bill of sale, evidencing the assignment of the debt to the plaintiff debt buyer.
(b) An initial pleading described in subsection (a) is sufficient if the plaintiff debt buyer complies with subsection (a)(1) and (a)(2).
As added by P.L.280-2019, SEC.6.