Indiana Code 28-7-5-24. Partial payment before maturity
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Sec. 24. Upon the pledger‘s:
(2) payment of accrued interest and any authorized additional charge; and
(1) presentation of the pawn ticket before maturity of the underlying loan;
Terms Used In Indiana Code 28-7-5-24
- Pawn: means lending money on the deposit or pledge of personal property, or purchasing personal property on the condition of selling the property back again at a stipulated price, with the condition indicated verbally, in a written agreement, or in any other form indicating that the seller may repurchase the personal property sold. See Indiana Code 28-7-5-2
- Pawnbroker: means any person, partnership, association, limited liability company, or corporation that engages in the pawn business. See Indiana Code 28-7-5-2
- Pledger: means the person who delivers personal property into the possession of a pawnbroker as security for a loan. See Indiana Code 28-7-5-2
(3) tender of not less than one dollar ($1) of the principal balance;
the pawnbroker shall accept the items set forth in subdivisions (1) through (3), showing due credit of principal payment on the pawn ticket, together with the amount of unpaid principal balance, or issue a new ticket for the reduced amount. Future interest charges and any authorized additional charge shall be computed on the unpaid principal balance.
Formerly: Acts 1935, c.195, s.24. As amended by P.L.159-2017, SEC.43.