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§ 28-15-11-5 — Indiana Law | CourtGPT
  1. Home/
  2. Laws/
  3. Indiana/
  4. Title 28 - Financial Institutions/
  5. Article 15 - Savings Associations/
  6. Chapter 11 - Alternative Mortgage Loans of Savings Associations28-15-11-1. "Adjustable Mortgage Loan"/
  7. § 28-15-11-5
Indiana Legal Code

§ 28-15-11-5

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As used in this chapter, 'graduated payment mortgage loan' or 'GPM loan' means a mortgage loan under which:(1) the scheduled repayments begin at a level lower than that of a comparable standard mortgage loan and rise to a point determined by the loan documents; and(2) the period of the rise, the rate of increase, and the interest rate are fixed in the loan documents.As added by P.L.193-1997, SEC.2.