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2021 Indiana Code
Title 6. Taxation
Article 5.5. Taxation of Financial Institutions
Chapter 1. Definitions
6-5.5-1-21. "Loans Arising in Factoring"
Universal Citation: IN Code § 6-5.5-1-21 (2021)
Sec. 21. (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.
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