Section 24-4.5-3-511 - Regular schedule of payments; maximum loan termRegular Schedule of Payments; Maximum Loan Term -
(1) Supervised loans not made pursuant to a revolving loan account and in which the principal is four thousand dollars ($4,000) or less are payable in a single instalment or shall be scheduled to be payable in substantially equal instalments that are payable at equal periodic intervals, except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor, and: (a) over a period of not more than thirty-seven (37) months if the principal is more than three hundred dollars ($300); or(b) over a period of not more than twenty-five (25) months if the principal is three hundred dollars ($300) or less.(2) The amounts of three hundred dollars ($300) and four thousand dollars ($4,000) in subsection (1) are subject to change pursuant to the provisions on adjustment of dollar amounts (IC 24-4.5-1-106). However, notwithstanding IC 24-4.5-1-106(1), the Reference Base Index to be used with respect to the amount of: (a) three hundred dollars ($300) is the Index for October 1992; and(b) four thousand dollars ($4,000) is the Index for October 2012.Amended by P.L. 10-2019,SEC. 107, eff. 7/1/2019.Dollar amounts in this section are subject to amendment by 750 IAC 1-1-1.Amended by P.L. 186-2015, SEC. 20, eff. 7/1/2015.Amended by P.L. 137-2014, SEC. 12, eff. 7/1/2014.(Formerly: Acts1971 , P.L. 366, SEC.4.) As amended by Acts1982 , P.L. 149, SEC.5.