Sec. 405. Limitation on Default Charges — Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer loan may not provide for charges as a result of default by the debtor other than those authorized by this Article. A provision in violation of this section is unenforceable.
Ind. Code § 24-4.5-3-405
Limitation on default charges
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 Bullock v. Credit Bureau of Greater Indianapolis, Inc. (2003)
Most recently applied in Bullock v. Credit Bureau of Greater Indianapolis, Inc. (March 2003)
Formerly: Acts 1971, P.L.366, SEC.4.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.