"Loan"
Known as the Uniform Consumer Credit Code
The act spans §§ 24-4.5-1-101 to 24-4.5-7-414 (251 sections).
Applied in 1 court decision — leading case MBNA America Bank, N.A. v. Kay (2008)
Most recently applied in MBNA America Bank, N.A. v. Kay (June 2008)
Formerly: Acts 1971, P.L.366, SEC.4.
Sec. 106. Definition: "Loan" — "Loan" includes
(1) the creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor;
(2) the creation of debt by a credit to an account with the lender upon which the debtor is entitled to draw immediately;
(3) the creation of debt pursuant to a lender credit card or similar arrangement; and
(4) the forbearance of debt arising from a loan.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.