Restrictions on interest in land as security

Sec. 37. (a) With respect to a supervised loan in which the principal is four thousand dollars ($4,000) or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void. (b) The amount of four thousand dollars ($4,000) in subsection (a) is subject to change pursuant to the provisions on adjustment of dollar amounts set forth in IC 37-2-1-5. However, notwithstanding IC 37-2-1-5(a), the Reference Base Index to be used under this subsection is the Index for October 2012. [Pre-2026 Revision Citation: 24-4.5-3-510.] As added by P.L.115-2026, SEC.97.