Sec. 604. Limitation on Default Charges in Consumer Related Sales — (1) The agreement with respect to a consumer related sale may provide for only the following charges as a result of the buyer's default:
(a) reasonable attorney's fees and reasonable expenses incurred in realizing on a security interest;
(b) deferral charges not in excess of twenty-five percent (25%) per year of the amount deferred for the period of deferral; and
(c) other charges that could have been made had the sale been a consumer credit sale.
(2) A provision in violation of this section is unenforceable.
Formerly: Acts 1971, P.L.366, SEC.3. As amended by Acts 1982, P.L.150, SEC.2; P.L.73-2016, SEC.10.
Structure Indiana Code
Article 4.5. Uniform Consumer Credit Code
24-4.5-2-106. "Consumer Lease"
24-4.5-2-108. "Revolving Charge Account"
24-4.5-2-109. "Credit Service Charge"
24-4.5-2-111. "Amount Financed"
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
24-4.5-2-208. Advances to Perform Covenants of Buyer
24-4.5-2-210. Rebate Upon Prepayment
24-4.5-2-301. Disclosures Required by Consumer Credit Protection Act; Exempt Transactions
24-4.5-2-402. Use of Multiple Agreements
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
24-4.5-2-412. Notice of Assignment
24-4.5-2-414. Limitation on Default Charges
24-4.5-2-415. Authorization to Confess Judgment Prohibited
24-4.5-2-501. "Home Solicitation Sale"
24-4.5-2-502. Buyer's Right to Cancel
24-4.5-2-601. Sale Subject to Article by Agreement of Parties
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