§ 24-4.5-3-0.1 Application of certain amendments to chapter
§ 24-4.5-3-101 Short title
§ 24-4.5-3-102 Application
§ 24-4.5-3-105 “Consumer loan”; first lien mortgage transaction not included
§ 24-4.5-3-106 “Loan”
§ 24-4.5-3-107 Definitions; “lender”; “precomputed”; “principal”
§ 24-4.5-3-108 “Revolving loan account”
§ 24-4.5-3-109 “Loan finance charge”
§ 24-4.5-3-201 Loan finance charge for consumer loans other than supervised loans; loan agreements entered into after June 30, 2020; precomputed consumer loans prohibited; nonrefundable prepaid finance charge; subterfuge by lender; applicability of criminal loansharking
§ 24-4.5-3-202 Permitted additional charges; skip-a-payment services; expedited payment services; debt cancellation agreements; insurance; GAP agreements
§ 24-4.5-3-203.5 Delinquency charges; conversion of precomputed loan to loan with finance charge based on unpaid balances
§ 24-4.5-3-204 Deferral charges
§ 24-4.5-3-205 Loan finance charge on refinancing
§ 24-4.5-3-206 Loan finance charge on consolidation
§ 24-4.5-3-207 Conversion to revolving loan account
§ 24-4.5-3-208 Advances to perform covenants of debtor
§ 24-4.5-3-209 Right to prepay; prepayment penalty; total finance charge; payoff statement; liability for failure to provide; short sales; foreclosed property; no protection from deficiency judgment
§ 24-4.5-3-210 Rebate upon prepayment
§ 24-4.5-3-301 Disclosures required by Consumer Credit Protection Act; exempt transactions
§ 24-4.5-3-401 Scope
§ 24-4.5-3-402 Balloon payments; compliance with Alternative Mortgage Transaction Parity Act
§ 24-4.5-3-403 No assignment of earnings
§ 24-4.5-3-404 Attorney’s fees
§ 24-4.5-3-405 Limitation on default charges
§ 24-4.5-3-406 Notice of assignment
§ 24-4.5-3-407 Authorization to confess judgment prohibited
§ 24-4.5-3-408 Creditor’s duty to credit payment as of date of receipt; payments not conforming to requirements; creditor’s failure to credit payment
§ 24-4.5-3-501 Definitions; “supervised loan”; “supervised lender”
§ 24-4.5-3-501.5 Persons also engaging in activities of a loan broker; examination by department; cooperation with securities division
§ 24-4.5-3-502 Authority to make, take assignment of, or collect consumer loans other than mortgage transactions; license required; exempt persons; branches; separate license required for small loans
§ 24-4.5-3-502.1 Authority to make, take assignment of, or collect subordinate lien mortgage transactions; license required; exempt persons; registration with NMLSR; licensed mortgage loan originators; applications for licensure; director’s authority to contract with NMLS
§ 24-4.5-3-502.2 Use of NMLSR in department’s licensing system; reporting of information to NMLSR; confidentiality; director’s authority to enter agreements; waiver of privilege; processing fee; electronic records
§ 24-4.5-3-503 Applications for licenses; issuance; evidence of compliance; use of NMLSR; denial of application; right to hearing; fees; license not assignable or transferable; tax warrant list
§ 24-4.5-3-503.1 National criminal history background check; fingerprints; payment of fees or costs; use of NMLSR
§ 24-4.5-3-503.2 Credit reports; payment of fees or costs; demonstrated financial responsibility; considerations
§ 24-4.5-3-503.3 Surety bond for creditors engaged in mortgage transactions; requirements; amount; termination; liability; notices
§ 24-4.5-3-503.4 Use of NMLSR in department’s licensing system for subordinate lien mortgage transactions; reporting of information to NMLSR; confidentiality; director’s authority to enter agreements; waiver of privilege; processing fee; electronic records
§ 24-4.5-3-503.6 License renewal; revocation or suspension of license not renewed; reinstatement or appeal; correcting amendments
§ 24-4.5-3-504 Suspension or revocation of license; order to show cause; order of suspension or revocation; relinquishment of license; preexisting contracts; emergency order for revocation
§ 24-4.5-3-505 Record keeping; use of unique identifier on forms and documents; use of examination and regulatory software; submitting call reports to NMLSR; composite reports; notice to department of certain events or changes
§ 24-4.5-3-505.5 Automated loan machines
§ 24-4.5-3-508 Loan finance charge for supervised loans; precomputed supervised loans prohibited after June 30, 2020; nonrefundable prepaid finance charge; loan paid in full by new loan from same lender
§ 24-4.5-3-509 Use of multiple agreements
§ 24-4.5-3-510 Restrictions on interest in land as security
§ 24-4.5-3-511 Regular schedule of payments; maximum loan term
§ 24-4.5-3-512 Carrying on other business
§ 24-4.5-3-513 Application of other provisions
§ 24-4.5-3-515 Change in control of creditor; application to department; timeframe for department’s decision; conditions for approval; creditor’s duty to report transfer of securities; director’s discretion to require new license
§ 24-4.5-3-601 Loans subject to article by agreement of parties
§ 24-4.5-3-602 “Consumer related loan”; loan finance charge; licensing and annual notice to department not required
§ 24-4.5-3-603 Applicability of other provisions to consumer related loans
§ 24-4.5-3-604 Limitation on default charges in consumer related loans
§ 24-4.5-3-605 Loan finance charge for other loans
§ 24-4.5-3-606 Required disclosures; liability on fraudulently cashed instruments
§ 24-4.5-3-701 Requirement to provide property tax information in certain transactions
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Terms Used In Indiana Code > Title 24 > Article 4.5 > Chapter 3 - Loans

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • 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
  • 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.
  • 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
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • 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.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • 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
  • Forbearance: A means of handling a delinquent loan. A
  • 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
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • 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.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • 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.
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • 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
  • United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
  • 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