Ind. Code ch. 37-3-2

in effect

Ind. Code § 37-3-2-1 Applicability of definitions

Sec. 1. Except as otherwise provided, the definitions set forth in IC 37-2-2 apply throughout this article. As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-2-2 Applicability

Sec. 2. The definitions set forth in this chapter apply throughout this article. As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-2-3 "Check"

Sec. 3. "Check" has the meaning set forth in IC 26-1-3.1-104. [Pre-2026 Revision Citation: 24-4.5-7-106.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-2-4 "Consecutive small loan"

Sec. 4. "Consecutive small loan" means a new small loan agreement that the lender enters with the same borrower not later than seven (7) calendar days after a previous small loan made to that borrower is paid in full. [Pre-2026 Revision Citation: 24-4.5-7-108.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-2-5 "Lender"

Sec. 5. "Lender" means a person that acquires and retains a license issued by the department of financial institutions under this chapter to engage in small loans. [Pre-2026 Revision Citation: 24-4.5-7-111.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-2-6 "Monthly gross income"

Sec. 6. "Monthly gross income" means the income received by the borrower in the thirty (30) day period preceding the borrower's application for a small loan under this chapter and exclusive of any income other than regular gross pay received, or as otherwise determined by the department. [Pre-2026 Revision Citation: 24-4.5-7-110.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-2-7 "Paid in full"

Sec. 7. "Paid in full" means the termination of a small loan through: (1) the presentment of the borrower's check for payment by the drawee bank or the exercise by the lender of an authorization to debit an account of the borrower; or (2) the return of a check to a borrower who redeems it for consideration. [Pre-2026 Revision Citation: 24-4.5-7-109.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-2-8 "Principal"

Sec. 8. "Principal" means the total of: (1) the net amount paid to, receivable by, or paid or payable from the account of the borrower; and (2) to the extent that the payment is deferred, the additional charges permitted by this chapter that are not included in subdivision (1). [Pre-2026 Revision Citation: 24-4.5-7-105.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-2-9 "Renewal"

Sec. 9. "Renewal" refers to a small loan that takes the place of an existing small loan by: (1) renewing; (2) repaying; (3) refinancing; or (4) consolidating; a small loan with the proceeds of another small loan made to the same borrower by a lender. [Pre-2026 Revision Citation: 24-4.5-7-107.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-2-10 "Small loan"

Sec. 10. (a) "Small loan" means a loan: (1) with a principal loan amount that is at least fifty dollars ($50) and not more than five hundred fifty dollars ($550); and (2) in which the lender holds the borrower's check for a specific period, or receives the borrower's written authorization to debit the borrower's account (other than as a result of default) under an agreement, either express or implied, for a specific period, before the lender: (A) offers the check for deposit or presentment; or (B) exercises the authorization to debit the borrower's account. (b) The amount of five hundred fifty dollars ($550) in subsection (a)(1) is subject to change under the provisions on adjustment of dollar amounts set forth in IC 37-2-1-5. However, notwithstanding IC 37-2-1-5(a), the Reference Base Index to be used under this subsection is the Index for October 2006. [Pre-2026 Revision Citation: 24-4.5-7-104.] 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