Title 37, CONSUMER LENDING

Sec. 13. The grant of powers to the department under this article does not affect remedies available to debtors under this article or under other principles of law or equity. [Pre-2026 Revision Citation: 24-4.4-3-113.] As added by P.L.115-2026, SEC.97.

Sec. 14. The department may bring an action or a proceeding in a court in a county: (1) in which an act on which the action or proceeding is based occurred; (2) in which the respondent resides or transacts business; or (3) in which the action or proceeding is otherwise authorized…

Sec. 2. (a) In addition to other powers granted by this article, the department within the limitations provided by law may: (1) receive and act on complaints, take action designed to obtain voluntary compliance with this article, or commence proceedings on the department's own in…

Sec. 3. (a) In administering this article and in order to determine whether the provisions of this article are being complied with by persons engaging in acts subject to this article, the department may examine the records of persons and may make investigations of persons as may …

Sec. 4. To carry out the purposes of this article, the director may: (1) retain attorneys, accountants, or other professionals and specialists as examiners, auditors, or investigators to conduct or assist in the conduct of examinations or investigations; (2) enter into agreements…

Sec. 5. It is a violation of this article for a person or individual subject to this article to: (1) directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) engage in any unfair or deceptive practice t…

Sec. 6. Except as otherwise provided, IC 4-21.5-3 governs any action taken by the department under this chapter or IC 37-1-3-4 through IC 37-1-3-19. IC 4-22-2 applies to the adoption of rules by the department under this article. All proceedings for administrative review under IC…

Sec. 7. (a) After notice and hearing, the department may order a creditor or a person acting on behalf of the creditor to cease and desist from engaging in violations of this article. In any civil court with jurisdiction: (1) a respondent aggrieved by an order of the department m…

Sec. 8. If it is claimed that a person has engaged in conduct subject to an order by: (1) the department under section 7(a) of this chapter; or (2) a court under sections 9 through 11 of this chapter; the department may accept an assurance in writing that the person will not enga…

Sec. 9. The department may bring a civil action to restrain a person from violating this article or other state or federal law, rule, or regulation and for other appropriate relief. [Pre-2026 Revision Citation: 24-4.4-3-108.] As added by P.L.115-2026, SEC.97.

Sec. 0.1. The following amendments to IC 24-4.5-3 (before its repeal) applied as follows: (1) The amendments made to IC 24-4.5-3-201 (before its repeal) by P.L.163-1999 did not apply to consumer loans in existence before July 1, 1999. (2) The amendments made to IC 24-4.5-3-209(1)…

Sec. 1. (a) This chapter applies to consumer loans, including supervised loans. (b) Sections 15 through 21 of this chapter apply to consumer loans. Except as otherwise provided, all provisions of this article applying to consumer loans apply to supervised loans. (c) Sections 41 t…

Sec. 10. The parties may agree to add to a revolving loan account the unpaid balance of a consumer loan, not made pursuant to a revolving loan account, or a refinancing, or consolidation thereof, or the unpaid balance of a consumer credit sale, refinancing or consolidation. For t…

Sec. 11. (a) If the agreement with respect to a consumer loan, refinancing, or consolidation contains covenants by the debtor to perform certain duties pertaining to insuring or preserving collateral and if the lender pursuant to the agreement pays for performance of the duties o…

Sec. 12. (a) Subject to the provisions on rebate upon prepayment set forth in section 13 of this chapter, the debtor may prepay in full the unpaid balance of a consumer loan, refinancing, or consolidation at any time without penalty. With respect to a consumer loan that is primar…

Sec. 13. (a) Except for subsections (b) and (i), this section applies only to a loan agreement entered into before July 1, 2020. Except as provided in subsection (b), upon prepayment in full of the unpaid balance of a precomputed consumer loan, refinancing, or consolidation, an a…

Sec. 14. (a) For the purposes of this section, "consumer loan" includes a loan that is a first lien mortgage transaction if the loan is otherwise a consumer loan. (b) The lender shall disclose to the debtor to whom credit is extended with respect to a consumer loan the informatio…

Sec. 15. (a) This section does not apply to a first lien mortgage transaction. (b) Except as provided in IC 37-5-4-3 with respect to a high cost home loan (as defined in IC 37-5-2-8), with respect to a consumer loan, other than one pursuant to a revolving loan account or one on w…

Sec. 16. (a) A lender may not take an assignment of earnings of the debtor for payment or as security for payment of a debt arising out of a consumer loan or otherwise. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and rev…

Sec. 17. With respect to a consumer loan the agreement may provide for the payment by the debtor of reasonable attorney's fees after default and referral to an attorney not a salaried employee of the lender. A provision in violation of this section is unenforceable. [Pre-2026 Rev…

Sec. 18. Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer loan may not provide for charges as a result of default by the debtor other than those authorized by this article. A provision in violation of this secti…

Sec. 19. The debtor is authorized to pay the original lender until the debtor receives notification of assignment of rights to payment pursuant to a consumer loan and that payment is to be made to the assignee. A notification which does not reasonably identify the rights assigned…

Sec. 2. Unless a loan is made subject to this chapter by agreement under section 41 of this chapter, and except with respect to: (1) disclosure (section 14 of this chapter); (2) debtors' remedies (IC 37-2-6-8); (3) providing payoff amounts (section 12 of this chapter); (4) provid…

Sec. 20. A debtor may not authorize any person to confess judgment on a claim arising out of a consumer loan. An authorization in violation of this section is void. [Pre-2026 Revision Citation: 24-4.5-3-407.] As added by P.L.115-2026, SEC.97.

Sec. 21. (a) This section applies to consumer loans, including revolving loan accounts. (b) Except as provided in subsection (c), a creditor shall credit a payment to a consumer's account as of the date of receipt, except when a delay in crediting does not result in a finance cha…

Sec. 22. (a) If a person licensed or required to be licensed under section 24 of this chapter also engages in activities of a loan broker described in IC 23-2.5, the activities of a loan broker are subject to the following sections of the Indiana Code and any rules adopted to imp…

Sec. 23. (a) A person that is a: (1) depository institution; (2) subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or (3) credit union service organization; may engage in Indiana in the making of consumer loans (includi…

Sec. 24. (a) A person that is a: (1) depository institution; (2) subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or (3) credit union service organization; may engage in Indiana in the making of subordinate lien mortga…

Sec. 25. (a) Subject to subsection (f), the director may designate the NMLSR to serve as the sole entity responsible for: (1) processing applications and renewals for licenses required under section 23 of this chapter; (2) issuing unique identifiers for licensees and entities exe…

Sec. 26. (a) The department shall receive and act on all applications for licenses to make consumer loans. Applications must be as prescribed by the director of the department of financial institutions. If, at any time, the information or record contained in: (1) an application f…

Sec. 27. (a) When the director requests a national criminal history background check under section 26(d)(1) of this chapter for an individual described in section 26(b) of this chapter, the director shall require the individual to submit fingerprints to the department, state poli…

Sec. 28. (a) If the director requests a credit report for an individual described in section 26(b) of this chapter, the individual to whom the request is made shall pay any fees or costs associated with procuring the report. (b) The individual must submit personal history and exp…

Sec. 29. (a) Each: (1) creditor licensed by the department to engage in mortgage transactions; and (2) person that is exempt (either under this article or under IC 37-1-1-6(8)) from licensing and that: (A) employs a licensed mortgage loan originator; or (B) sponsors a licensed mo…

Sec. 3. A loan, refinancing, or consolidation is considered precomputed if the debt is expressed as a sum comprising the principal and the amount of the loan finance charge computed in advance. [Pre-2026 Revision Citation: 24-4.5-3-107(2).] As added by P.L.115-2026, SEC.97.

Sec. 30. (a) Subject to subsection (g), the director shall designate the NMLSR to serve as the sole entity responsible for: (1) processing applications and renewals for licenses under section 24 of this chapter; (2) issuing unique identifiers for licensees under section 24 of thi…

Sec. 31. (a) A license issued under this article must be renewed not later than December 31 of each calendar year. A license issued under section 24 of this chapter must be renewed through the NMLSR. The minimum standards for license renewal for a creditor include the following: …

Sec. 32. (a) The department may issue to a person licensed to: (1) make consumer loans; or (2) engage in consumer credit sales that are mortgage transactions; an order to show cause why the license should not be revoked or suspended for a period determined by the department. (b) …

Sec. 33. (a) Every creditor required to be licensed under this article shall maintain records in conformity with United States generally accepted accounting principles and practices, or in any other form that may be preapproved at the discretion of the director, in a manner that …

Sec. 34. (a) As used in this section, "automated loan machine" means an unmanned machine that performs routine lending functions. (b) A licensee may make loans through an automated loan machine at an offsite location if the licensee: (1) notifies the department in writing of the …

Sec. 35. (a) With respect to a supervised loan, including a loan pursuant to a revolving loan account, a supervised lender may contract for and receive a loan finance charge not exceeding that permitted by this section. (b) The loan finance charge, calculated according to the act…

Sec. 36. With respect to a consumer loan, no lender may permit any person, or husband and wife, to become obligated in any way under more than one loan agreement with the lender or with a person related to the lender, with intent to obtain a higher rate of loan finance charge tha…

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 …

Sec. 38. (a) 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 installment or shall be scheduled to be payable in substantially equal installments that are payable at equal p…

Sec. 39. A licensee may carry on other business at a location where the licensee makes consumer loans unless the licensee carries on other business for the purpose of evasion or violation of this article. [Pre-2026 Revision Citation: 24-4.5-3-512.] As added by P.L.115-2026, SEC.9…

Sec. 4. (a) This section does not apply to a supervised loan. Except as provided in subsections (f) and (i), with respect to a consumer loan, a lender may contract for a loan finance charge, calculated according to the actuarial method, not exceeding twenty-five percent (25%) per…

Sec. 40. (a) As used in this section, "control" means possession of the power directly or indirectly to: (1) direct or cause the direction of the management or policies of a creditor, whether through the beneficial ownership of voting securities, by contract, or otherwise; or (2)…