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IN HB1070
Bill
Status
1/4/2017
Primary Sponsor
Charles Burton
Click for details
AI Summary
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Strikes provisions from Indiana Code sections IC 24-4.5-2-203.5 and IC 24-4.5-3-203.5 that previously prohibited delinquency charges on installments paid in full within 10 days of their scheduled due date, even if earlier installments or minimum payments remained unpaid.
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Eliminates the protection that allowed consumers to pay a current installment without incurring a delinquency charge, regardless of delinquent earlier payments.
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Removes language specifying that payments must be applied first to current installments before delinquent installments.
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Applies to both consumer credit sales and consumer loans under Indiana's Uniform Consumer Credit Code.
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Effective date: July 1, 2017.
Legislative Description
Consumer credit delinquency charges. Strikes provisions in the Uniform Consumer Credit Code (UCCC) that provide that, with respect to a consumer credit sale or a consumer loan, a delinquency charge may not be collected on an installment or payment due that is paid in full within 10 days after its scheduled due date even though an earlier maturing installment, minimum payment, or delinquency charge may not have been paid in full.
Last Action
First reading: referred to Committee on Financial Institutions
1/4/2017