Indiana Code 28-6.1-8-4. Lending deposited money
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Sec. 4. (a) A savings bank may do the following:
(A) individual credit;
(1) Lend the money deposited in the savings bank upon:
Terms Used In Indiana Code 28-6.1-8-4
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(B) the security of comakers or personal endorsement;
(C) the mortgage or pledge of personal property, either tangible or intangible; or
(D) the pledge of choses in action.
(2) Discount, purchase, or otherwise acquire retail installment sales contracts, notes, bills of exchange, or acceptance or other choses in action.
(b) The savings bank may contract for and receive on loans and discounts described in this subsection the highest rate of interest allowed by Indiana law to be contracted for and received by individuals.
As added by P.L.42-1993, SEC.72.