Sec. 22. (a) If the outstanding balance of an
enrolled loan that is not a line of credit is reduced to zero (0), the loan is no longer an enrolled loan. If an enrolled loan that is a line of credit has an outstanding balance of zero (0) for a twelve (12)
month period, the line of credit is no longer an enrolled loan, unless, before the expiration of the twelve (12) month period, the
lender reaffirms
in writing to the
borrower that the line of credit will remain open and the borrower acknowledges the reaffirmation in writing.
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Terms Used In Indiana Code 5-28-29-22
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- borrower: means the recipient of a loan that is, has been, or will be filed by the lender for enrollment under the program and meets the following requirements:
Indiana Code 5-28-29-3
- claim: means a claim filed by the lender under section 29 of this chapter. See Indiana Code 5-28-29-5
- enrolled loan: means a loan enrolled by the corporation under the terms of section 19 of this chapter. See Indiana Code 5-28-29-8
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- lender: means :
Indiana Code 5-28-29-9
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- reserve fund: means an account established by the corporation with funds accumulated under this chapter and to cover claims made by the lender under this chapter. See Indiana Code 5-28-29-12
- Trustee: A person or institution holding and administering property in trust.
As added by P.L.162-2007, SEC.24.
