Limitation on Default Charges in Consumer Related Loans — (1) The agreement with respect to a consumer related loan may provide for only the following charges as a result of the debtor's default:(a) reasonable attorney's fees and reasonable expenses incurred in realizing on a security interest;(b) deferral charges not in excess of twenty-five percent (25%) per year of the amount deferred for the period of deferral; and(c) other charges that could have been made had the loan been a consumer loan.(2) A provision in violation of this section is unenforceable.Formerly: Acts 1971, P.L.366, SEC.4. As amended by Acts 1982, P.L.150, SEC.7; P.L.73-2016, SEC.13.
Indiana Legal Code