Section 24-4.5-7-202 - Fee for dishonored check, electronic funds transfer, or debit authorization; limits on lender's presentment of check or debiting of account(1) Notwithstanding any other law, the only fee that may be contracted for and received by the lender or an assignee on a small loan is a charge, not to exceed twenty-five dollars ($25), for each: (a) return by a bank or other depository institution of a dishonored:(ii) electronic funds transfer;(iii) negotiable order of withdrawal; or(iv) share draft; issued by the borrower; or
(b) time an authorization to debit the borrower's account is dishonored. This additional charge may be assessed one (1) time regardless of how many times a check or an authorization to debit the borrower's account may be submitted by the lender and dishonored.
(2) A lender may: (a) present a borrower's check for payment; or(b) exercise a borrower's authorization to debit the borrower's account; not more than three (3) times.
Amended by P.L. 69-2018,SEC. 26, eff. 7/1/2018.Amended by P.L. 60-2016, SEC. 4, eff. 3/21/2016.As added by P.L. 38-2002, SEC.1. Amended by P.L. 73-2004, SEC.24; P.L. 213-2007, SEC.24; P.L. 217-2007, SEC.23; P.L. 90-2008, SEC.14.