Sec. 4. (a) Except as provided in subsection (b), a high cost home loan may not include payment terms under which the outstanding principal balance will increase at any time over the course of the high cost home loan because the regular periodic payments do not cover the full amount of interest due.
(b) This section does not apply to a temporary forbearance that is requested by a borrower regarding a high cost home loan.
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