(a) 'Loans arising in factoring' means:(1) a loan or extension of credit secured by one (1) or more accounts receivable; or(2) a sale of one (1) or more accounts receivable in which the purchaser has recourse against the seller for an uncollected accounts receivable.(b) The term does not refer to:(1) a sale of one (1) or more accounts receivable without recourse; or(2) an assignment of an account receivable.As added by P.L.146-2020, SEC.31.
Indiana Legal Code