Ind. Code § 24-4.5-3-108

Current through P.L. 171-2024

Section 24-4.5-3-108 - "Revolving loan account"

Definition: "Revolving Loan Account" - "Revolving loan account" means an arrangement between a lender and a debtor pursuant to which:

(1) the lender may permit the debtor to obtain loans from time to time;

(2) the unpaid balances of principal and the loan finance and other appropriate charges are debited to an account;

(3) a loan finance charge if made is not precomputed but is computed on the outstanding unpaid balances of the debtor's account from time to time; and

(4) the debtor has the privilege of paying the balances in installments.

IC 24-4.5-3-108

Amended by P.L. 137-2021,SEC. 5, eff. 7/1/2021.

Formerly: Acts1971 , P.L. 366, SEC.4.