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IN SB0237
Bill
Status
1/9/2017
Primary Sponsor
Travis Holdman
Click for details
AI Summary
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Repeals the 10-day grace period protection that prevented delinquency charges on timely payments when earlier installments remained unpaid, for both consumer credit sales and consumer loans under IC 24-4.5.
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Allows creditors and lenders to collect delinquency charges on current installments even if prior installments or payments remain delinquent, eliminating the previous requirement to pay delinquent amounts first.
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Maintains the $5 maximum delinquency charge cap on installments or minimum payments unpaid more than 10 days after the scheduled due date.
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Effective July 1, 2017, and applies to amendments of IC 24-4.5-2-203.5 (consumer credit sales) and IC 24-4.5-3-203.5 (consumer loans).
Legislative Description
Delinquency charges for consumer credit sales and consumer loans. Repeals 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 Insurance and Financial Institutions
1/9/2017