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24-4.5-7-202. Fee for dishonored check, electronic funds transfer, or debit authorization; limits on lender's presentment of check or debiting of account

IN Code § 24-4.5-7-202 (2019) (N/A)
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Sec. 202. (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.

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24-4.5-7-201. Finance charges
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24-4.5-7-301. Disclosures; informational brochure