(1) Notwithstanding any other law, the only fee that may be contracted for and received by the lender or an assignee on a small loan is a charge, not to exceed twenty-five dollars ($25), for each:(a) return by a bank or other depository institution of a dishonored:(i) check;(ii) electronic funds transfer;(iii) negotiable order of withdrawal; or(iv) share draft;issued by the borrower; or(b) time an authorization to debit the borrower's account is dishonored.This additional charge may be assessed one (1) time regardless of how many times a check or an authorization to debit the borrower's account may be submitted by the lender and dishonored.(2) A lender may:(a) present a borrower's check for payment; or(b) exercise a borrower's authorization to debit the borrower's account;not more than three (3) times.As added by P.L.38-2002, SEC.1. Amended by P.L.73-2004, SEC.24; P.L.213-2007, SEC.24; P.L.217-2007, SEC.23; P.L.90-2008, SEC.14; P.L.60-2016, SEC.4; P.L.69-2018, SEC.26.
Indiana Legal Code