2016 Indiana Code TITLE 24. TRADE REGULATION ARTICLE 4.6. SPECIAL PROVISIONS CONCERNING CERTAIN TRANSACTIONS CHAPTER 1. INTEREST LIMITS AND APPLICATION OF OTHER LAWS
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IC 24-4.6
ARTICLE 4.6. SPECIAL PROVISIONS CONCERNING
CERTAIN TRANSACTIONS
IC 24-4.6-1
Chapter 1. Interest Limits and Application of Other Laws
IC 24-4.6-1-0.1
Application of certain amendments to chapter
Sec. 0.1. The following amendments to this chapter apply as
follows:
(1) The amendments made to section 101 of this chapter by
P.L.149-1988 apply to the accrual of interest after June 30,
1988, on any part of a judgment that is unpaid after June 30,
1988, even if the judgment was rendered before July 1, 1988.
(2) The amendments made to section 101 of this chapter by
P.L.208-1993 apply to the accrual of interest after December
31, 1993, on any part of a judgment that is unpaid after
December 31, 1993, even if the judgment was rendered before
January 1, 1994.
As added by P.L.220-2011, SEC.392.
IC 24-4.6-1-101
Money judgments
Sec. 101. Except as otherwise provided by statute, interest on
judgments for money whenever rendered shall be from the date of
the return of the verdict or finding of the court until satisfaction at:
(1) the rate agreed upon in the original contract sued upon,
which shall not exceed an annual rate of eight percent (8%)
even though a higher rate of interest may properly have been
charged according to the contract prior to judgment; or
(2) an annual rate of eight percent (8%) if there was no contract
by the parties.
(Formerly: Acts 1974, P.L.115, SEC.2.) As amended by Acts 1981,
P.L.220, SEC.1; P.L.149-1988, SEC.1; P.L.208-1993, SEC.1.
IC 24-4.6-1-102
Rate in absence of agreement
Sec. 102. When the parties do not agree on the rate, interest on
loans or forbearances of money, goods or things in action shall be at
the rate of eight percent (8%) per annum until payment of judgment.
(Formerly: Acts 1974, P.L.115, SEC.2.)
IC 24-4.6-1-103
Date of accrual
Sec. 103. Interest at the rate of eight percent (8%) per annum shall
be allowed:
(a) From the date of settlement on money due on any instrument
Indiana Code 2016
in writing which does not specify a rate of interest and which is not
covered by IC 1971, 24-4.5 or this article;
(b) And from the date an itemized bill shall have been rendered
and payment demanded on an account stated, account closed or for
money had and received for the use of another and retained without
his consent.
(Formerly: Acts 1974, P.L.115, SEC.2.)
IC 24-4.6-1-104
Computation of interest; methods
Sec. 104. (a) The parties may agree upon any method of
computing interest on a loan or a forbearance of money, goods, or
things in action if the amount of interest on the unpaid balances of
the principal does not exceed any limitation imposed by law upon
charges incident to the extension of credit.
(b) Methods of computing interest to which parties may agree
under this section include the following:
(1) Simple interest on the unpaid balances of the principal.
(2) Simple interest on the outstanding balance of the principal
to which is added past due installments of interest, the sum of
which forms the principal upon which interest thereafter shall
be computed. The addition to principal in this manner may
occur repeatedly but not more frequently than daily.
(c) Unless the parties agree otherwise, the method of computing
interest agreed upon under this section continues to apply after the
term of the loan or forbearance, including after the award of a
judgment on the loan or forbearance, until all principal and interest
and the amount of any judgment are paid.
(d) If the parties do not agree on the method of computation,
interest shall be computed and charged:
(1) at the rate agreed to by the parties or as provided in section
102 of this chapter; and
(2) according to the method described in subsection (b)(2).
As added by P.L.140-1990, SEC.1.
IC 24-4.6-1-201
Law applicable to consumer credit sales or leases
Sec. 201. IC 24-5-2-21 through IC 24-5-2-24 apply to consumer
credit sales, consumer leases, and assignees thereof.
(Formerly: Acts 1974, P.L.115, SEC.2.) As amended by P.L.10-2006,
SEC.21 and P.L.57-2006, SEC.21.
IC 24-4.6-1-202
Applicability of IC 24-5-6 to sales at residence of consumer
Sec. 202. The provisions of IC 24-5-6 (repealed) concerning sales
at the residence of a consumer shall not apply to consumer credit
sales or consumer leases but shall apply to all other sales at the
residence of a consumer.
Indiana Code 2016
(Formerly: Acts 1974, P.L.115, SEC.2.) As amended by P.L.1-2010,
SEC.98.
Indiana Code 2016
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