Applicability; authority to make, take assignment of, or collect small loans; license required; application; separate license required for activities involving consumer loans
Ind. Code § 37-3-1-1
in effectSec. 1. (a) Except as otherwise provided, all provisions of IC 37-2 applying to consumer loans, including IC 37-2-4-25, apply to small loans.
(b) Subject to section 4 of this chapter, a person may not regularly engage in Indiana in any of the following actions unless the department first issues to the person a license under this article:
(1) The making of small loans.
(2) Taking assignments of small loans.
(3) Undertaking the direct collection of payments from or the enforcement of rights against debtors arising from small loans.
(c) Subject to section 4 of this chapter, a person that seeks licensure under this article:
(1) shall apply to the department for a license in the form and manner prescribed by the department; and
(2) is subject to the same licensure requirements and procedures as an applicant for a license to make consumer loans (other than mortgage transactions) under IC 37-2-4-23.
(d) A person that seeks to make, take assignments of, or undertake the direct collection of payments from or the enforcement of rights against debtors arising from both:
(1) small loans under this chapter; and
(2) consumer loans (other than mortgage transactions) that are not small loans;
must obtain a separate license from the department for each type of loan, as described in IC 37-2-4-23(e).
[Pre-2026 Revision Citation: 24-4.5-7-102.]
As added by P.L.115-2026, SEC.97.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/37Fetched: 10/17/2026