Loan finance charge; licensing and annual notice to department not required

Sec. 42. (a) With respect to a consumer related loan, including one made pursuant to a revolving loan account, the parties may contract for the payment by the debtor of a loan finance charge, calculated according to the actuarial method, not to exceed twenty-five percent (25%) per year on the unpaid principal balance. (b) A person engaged in consumer related loans is not required to comply with: (1) the licensing requirements set forth in section 26 of this chapter; or (2) IC 37-2-7-24 through IC 37-2-7-26. [Pre-2026 Revision Citations: 24-4.5-3-602(2); 24-4.5-3-602(3).] As added by P.L.115-2026, SEC.97.