§ 24-4.5-2-101 Short title
§ 24-4.5-2-102 Application
§ 24-4.5-2-103 Definitions
§ 24-4.5-2-105 “Goods”; “merchandise certificate”; “services”; “sale of goods”; “sale of services”; “sale of an interest in land”; “precomputed”
§ 24-4.5-2-106 “Consumer lease”
§ 24-4.5-2-107 “Seller”
§ 24-4.5-2-108 “Revolving charge account”
§ 24-4.5-2-109 “Credit service charge”
§ 24-4.5-2-110 “Cash price”
§ 24-4.5-2-111 “Amount financed”
§ 24-4.5-2-201 Credit service charge for consumer credit sales; sales agreements entered into after June 30, 2020; precomputed sales prohibited; nonrefundable prepaid finance charge authorized; revolving charge accounts; subterfuge by seller; applicability of criminal l
§ 24-4.5-2-202 Permitted additional charges; skip-a-payment services; expedited payment services; GAP agreements
§ 24-4.5-2-203.5 Delinquency charges
§ 24-4.5-2-204 Deferral charges
§ 24-4.5-2-205 Credit service charge on refinancing
§ 24-4.5-2-206 Credit service charge on consolidation
§ 24-4.5-2-208 Advances to perform covenants of buyer
§ 24-4.5-2-209 Right to prepay without penalty; payoff statement; liability for failure to provide; short sales; foreclosed property; no protection from deficiency judgment
§ 24-4.5-2-210 Rebate upon prepayment
§ 24-4.5-2-301 Disclosures required by Consumer Credit Protection Act; exempt transactions
§ 24-4.5-2-401 Scope
§ 24-4.5-2-402 Use of multiple agreements
§ 24-4.5-2-405 Balloon payments
§ 24-4.5-2-406 Restriction on liability in consumer lease
§ 24-4.5-2-407 Security interests
§ 24-4.5-2-407.5 Leasing of live domestic animals prohibited
§ 24-4.5-2-408 Cross-collateral
§ 24-4.5-2-409 Debt secured by cross-collateral
§ 24-4.5-2-410 No assignment of earnings
§ 24-4.5-2-411 Referral sales
§ 24-4.5-2-412 Notice of assignment
§ 24-4.5-2-413 Attorney’s fees
§ 24-4.5-2-414 Limitation on default charges
§ 24-4.5-2-415 Authorization to confess judgment prohibited
§ 24-4.5-2-417 Creditor’s duty to credit payment as of date of receipt; payments not conforming to requirements; creditor’s failure to credit payment
§ 24-4.5-2-501 “Home solicitation sale”
§ 24-4.5-2-502 Buyer’s right to cancel
§ 24-4.5-2-601 Sale subject to article by agreement of parties
§ 24-4.5-2-602 “Consumer related sale”; credit service charge; annual notice to department not required
§ 24-4.5-2-603 Applicability of other provisions to consumer related sales
§ 24-4.5-2-604 Limitation on default charges in consumer related sales
§ 24-4.5-2-605 Credit service charge for other sales
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Terms Used In Indiana Code > Title 24 > Article 4.5 > Chapter 2 - Credit Sales

  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
  • Contract: A legal written agreement that becomes binding when signed.
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
  • 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
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trustee: A person or institution holding and administering property in trust.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5