Sec. 5. (a) A home loan agreement may not contain a provision that permits the creditor, in the creditor's sole discretion, to accelerate the indebtedness without material cause.
(b) This section does not prohibit acceleration of a home loan in good faith due to the borrower's failure to abide by the material terms of the loan.
As added by P.L.73-2004, SEC.33.
Structure Indiana Code
Article 9. Home Loan Practices
Chapter 3. Prohibited Lending Practices Generally
24-9-3-0.1. Chapter Not Applicable to Loans Made Before January 1, 2005
24-9-3-1. Financing of Certain Premiums, Penalties, and Fees Prohibited
24-9-3-2. Subsidized Low Rate Loans
24-9-3-3. Default on Existing Loan