Indiana Code
Chapter 2. Credit Sales
24-4.5-2-204. Deferral Charges

Sec. 204. Deferral Charges — (1) This section applies only to a consumer credit sale, refinancing, or consolidation, that is entered into before July 1, 2020. With respect to a precomputed consumer credit sale, refinancing, or consolidation, the parties before or after default may agree in writing to a deferral of all or part of one (1) or more unpaid installments, and the seller may make and collect a charge not exceeding the lesser of thirty-six percent (36%) per year or the rate previously stated to the buyer pursuant to the provisions on disclosure (Part 3) applied to the amount or amounts deferred for the period of deferral calculated without regard to differences in lengths of months, but proportionately for a part of a month, counting each day as one-thirtieth (1/30) of a month. A deferral charge may be collected at the time it is assessed or at any time thereafter.
(2) The seller, in addition to the deferral charge, may make appropriate additional charges (IC 24-4.5-2-202), and the amount of these charges which is not paid in cash may be added to the amount deferred for the purpose of calculating the deferral charge.
(3) The parties may agree in writing at the time of a precomputed consumer credit sale, refinancing, or consolidation that if an installment is not paid within ten (10) days after its due date, the seller may unilaterally grant a deferral and make charges as provided in this section. No deferral charge may be made for a period after the date that the seller elects to accelerate the maturity of the agreement.
(4) A delinquency charge made by the seller on an installment may not be retained if a deferral charge is made pursuant to this section with respect to the period of delinquency.
Formerly: Acts 1971, P.L.366, SEC.3. As amended by P.L.186-2015, SEC.12; P.L.85-2020, SEC.3.

Structure Indiana Code

Indiana Code

Title 24. Trade Regulation

Article 4.5. Uniform Consumer Credit Code

Chapter 2. Credit Sales

24-4.5-2-101. Short Title

24-4.5-2-102. Application

24-4.5-2-103. Definitions

24-4.5-2-104. Repealed

24-4.5-2-105. "Goods"; "Merchandise Certificate"; "Services"; "Sale of Goods"; "Sale of Services"; "Sale of an Interest in Land"; "Precomputed"

24-4.5-2-106. "Consumer Lease"

24-4.5-2-107. "Seller"

24-4.5-2-108. "Revolving Charge Account"

24-4.5-2-109. "Credit Service Charge"

24-4.5-2-110. "Cash Price"

24-4.5-2-111. "Amount Financed"

24-4.5-2-201. Credit Service Charge for Consumer Credit Sales; Sales Agreements Entered Into After June 30, 2020; Precomputed Sales Prohibited; Nonrefundable Prepaid Finance Charge Authorized; Revolving Charge Accounts; Subterfuge by Seller; Applicab...

24-4.5-2-202. Permitted Additional Charges; Skip-a-Payment Services; Expedited Payment Services; Gap Agreements

24-4.5-2-203. Repealed

24-4.5-2-203.5. Delinquency Charges

24-4.5-2-204. Deferral Charges

24-4.5-2-205. Credit Service Charge on Refinancing

24-4.5-2-206. Credit Service Charge on Consolidation

24-4.5-2-207. Repealed

24-4.5-2-208. Advances to Perform Covenants of Buyer

24-4.5-2-209. Right to Prepay Without Penalty; Payoff Statement; Liability for Failure to Provide; Short Sales; Foreclosed Property; No Protection From Deficiency Judgment

24-4.5-2-210. Rebate Upon Prepayment

24-4.5-2-301. Disclosures Required by Consumer Credit Protection Act; Exempt Transactions

24-4.5-2-302. Repealed

24-4.5-2-303. Repealed

24-4.5-2-304. Repealed

24-4.5-2-305. Repealed

24-4.5-2-306. Repealed

24-4.5-2-307. Repealed

24-4.5-2-308. Repealed

24-4.5-2-309. Repealed

24-4.5-2-310. Repealed

24-4.5-2-311. Repealed

24-4.5-2-312. Repealed

24-4.5-2-401. Scope

24-4.5-2-402. Use of Multiple Agreements

24-4.5-2-403. Repealed

24-4.5-2-404. Repealed

24-4.5-2-405. Balloon Payments

24-4.5-2-406. Restriction on Liability in Consumer Lease

24-4.5-2-407. Security Interests

24-4.5-2-407.5. Leasing of Live Domestic Animals Prohibited

24-4.5-2-408. Cross-Collateral

24-4.5-2-409. Debt Secured by Cross-Collateral

24-4.5-2-410. No Assignment of Earnings

24-4.5-2-411. Referral Sales

24-4.5-2-412. Notice of Assignment

24-4.5-2-413. Attorney's Fees

24-4.5-2-414. Limitation on Default Charges

24-4.5-2-415. Authorization to Confess Judgment Prohibited

24-4.5-2-416. Repealed

24-4.5-2-417. Creditor's Duty to Credit Payment as of Date of Receipt; Payments Not Conforming to Requirements; Creditor's Failure to Credit Payment

24-4.5-2-501. "Home Solicitation Sale"

24-4.5-2-502. Buyer's Right to Cancel

24-4.5-2-503. Repealed

24-4.5-2-504. Repealed

24-4.5-2-505. Repealed

24-4.5-2-601. Sale Subject to Article by Agreement of Parties

24-4.5-2-602. "Consumer Related Sale"; Credit Service Charge; Annual Notice to Department Not Required

24-4.5-2-603. Applicability of Other Provisions to Consumer Related Sales

24-4.5-2-604. Limitation on Default Charges in Consumer Related Sales

24-4.5-2-605. Credit Service Charge for Other Sales