(1) 'Small loan' means a loan:(a) with a principal loan amount that is at least fifty dollars ($50) and not more than five hundred fifty dollars ($550); and(b) in which the lender holds the borrower's check for a specific period, or receives the borrower's written authorization to debit the borrower's account (other than as a result of default) under an agreement, either express or implied, for a specific period, before the lender:(i) offers the check for deposit or presentment; or(ii) exercises the authorization to debit the borrower's account.(2) The amount of five hundred fifty dollars ($550) in subsection (1)(a) is subject to change under the provisions on adjustment of dollar amounts (IC 24-4.5-1-106). However, notwithstanding IC 24-4.5-1-106(1), the Reference Base Index to be used under this subsection is the Index for October 2006.As added by P.L.38-2002, SEC.1. Amended by P.L.73-2004, SEC.17; P.L.213-2007, SEC.22; P.L.217-2007, SEC.21; P.L.216-2013, SEC.13.
Indiana Legal Code