Section 405 IAC 2-3-11 - Loans; inclusion as incomeAuthority: IC 12-15-1-10; IC 12-15-1-15; IC 12-15-21-2
Affected: IC 12-13-7-3; IC 12-15
Sec. 11.
(a) A loan shall not be considered as income in the month of receipt if the written or verbal loan agreement is legally binding under state law and includes the following: (1) the borrower's acknowledgement of an obligation to repay; and(2) a timetable and plan for repayment; and(3) the borrower's express intent to repay either by pledging real or personal property or anticipated income.(b) An amount remaining in the month following the month of receipt shall be considered in determining whether the applicant or recipient is within the resource limit set forth in 470 IAC 9.1-3-1[Repealed filed Dec 16, 1986, 11:00 am: 10 IR 1081, eff Feb 1, 1987]. Office ofthe Secretary of Family and Social Services; 405 IAC 2-3-11; filed Mar 1, 1984, 2:33 pm: 7 IR 1043, effApr 1, 1984; readopted filed Jun 27, 2001, 9:40 a.m.: 24 IR 3822; readopted filed Sep 19, 2007, 12:16 p.m.: 20071010-IR-405070311RFA; readopted filed Oct 28, 2013, 3:18 p.m.: 20131127-IR-405130241RFATransferred from the Division of Family and Children ( 470 IAC 9.1-3-13) to the Office ofthe Secretary of Family and Social Services ( 405 IAC 2-3-11) by P.L. 9-1991, SECTION 131, effective January 1, 1992.