Indiana Consumer Loan Agreement
Description
How to fill out Consumer Loan Agreement?
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FAQ
Indiana law, as in most other states, limits the amount of interest a creditor can charge. The limit and default is 21 percent for unsupervised consumer loans, and eight percent of judgments.
A person who, in exchange for the loan of any property, knowingly or intentionally receives or contracts to receive from another person any consideration, at a rate greater than two (2) times the rate specified in IC 24-4.5-3-508(2)(a)(i), commits loansharking, a Level 6 felony.
24-4.5-3-501 Definitions; ?supervised loan?; ?supervised lender? (1) ?Supervised loan? means a consumer loan in which the rate of the loan finance charge exceeds twenty-five percent (25%) per year as determined ing to the provisions on loan finance charge for consumer loans in section 201 of this chapter.
Under Section 24-4.5-3-501, the rate of interest on supervised consumer loans can exceed the 21 percent per annum limit. Various rates of interest on supervised loans are prescribed in Section 24-4.5-3-508. Under Section 24-4.5-5-301, any person who charges usurious interest commits a Class A misdemeanor.
The rate set by the court may not be less than six percent (6%) per year and not more than ten percent (10%) per year.
TO APPLICANTS FOR A LOAN LICENSE: If an individual or entity is taking assignment of consumer loans or undertaking direct collection of consumer loan payments in Indiana, a loan license is also required.
(c) "GAP agreement"; means, with respect to consumer loans involving motor vehicles or other titled assets, an agreement in which the lender agrees to cancel or waive all or part of the outstanding debt after all property insurance benefits have been exhausted after the occurrence of a specified event.
Borrowers are not allowed to get more than two loans at one time in Indiana and these loans should be from different lenders. The minimum loan term is 14 days.
