Sec. 3. Notwithstanding IC 24-4.5-3-402, a high cost home loan agreement may not require a scheduled payment that is more than twice as large as the average of earlier scheduled monthly payments under the high cost home loan agreement unless the payment becomes due and payable at least one hundred twenty (120) months after the date of the high cost home loan. This prohibition does not apply if:
(1) the payment schedule is adjusted to account for the seasonal or irregular income of the borrower; or
(2) the loan is a bridge loan connected with or related to the acquisition or construction of a dwelling intended to become the borrower's principal dwelling.
As added by P.L.73-2004, SEC.33.
Structure Indiana Code
Article 9. Home Loan Practices
Chapter 4. Additional Prohibitions for High Cost Home Loans
24-9-4-0.1. Chapter Not Applicable to Loans Made Before January 1, 2005
24-9-4-1. Limitations and Prohibited Practices
24-9-4-4. Payment Terms; Collection of Interest Due
24-9-4-5. Acceleration After Default
24-9-4-6. Consolidated Periodic Payments Paid From Loan Proceeds
24-9-4-7. Counseling Agency Contact Information
24-9-4-8. Repayment Ability; Commercially Reasonable Practices to Determine Debt to Income Ratio
24-9-4-9. Payments to Home Improvement Contractors
24-9-4-12. High Cost Home Loan Agreements; Unconscionable and Void Provisions