"Principal"

Sec. 40.5. "Principal" of a loan means the total of: (1) the net amount paid to, receivable by, or paid or payable for the account of the debtor; (2) the amount of any discount excluded from the loan finance charge (section 28.5(b) of this chapter); and (3) to the extent that payment is deferred: (A) amounts actually paid or to be paid by the lender for registration, certificate of title, or license fees if not included in subdivision (1); and (B) additional charges permitted by IC 37-2-4-5. The term does not include any loan proceeds held as security for the loan. [Pre-2026 Revision Citation: 24-4.5-3-107(3).] As added by P.L.115-2026, SEC.97.