Sec. 15. A savings association may make graduated payment adjustable mortgage loans subject to the requirements set forth in section 14 of this chapter, except that:
(1) the amount of the scheduled monthly payment at the beginning of the loan may be insufficient to fully amortize the loan; and
(2) during a period of not more than ten (10) years beginning with the closing date of the loan, the scheduled payments must rise sufficiently to amortize the loan at the then existing interest rate and principal balance over the then remaining loan term, and thereafter the monthly payments must be adjusted every five (5) years to a level sufficient to fully amortize the loan.
As added by P.L.193-1997, SEC.2.
Structure Indiana Code
Title 28. Financial Institutions
Article 15. Savings Associations
Chapter 11. Alternative Mortgage Loans of Savings Associations
28-15-11-1. "Adjustable Mortgage Loan"
28-15-11-2. "Alternative Mortgage Loan"
28-15-11-4. "Federal Savings Association"
28-15-11-5. "Graduated Payment Mortgage Loan"
28-15-11-7. "Money Cost Index"
28-15-11-9. "Reverse Annuity Mortgage Loan" or "Ram Loan"
28-15-11-10. "Rollover Mortgage"
28-15-11-11. "Standard Mortgage Loan"
28-15-11-12. Regulation of Graduated Payment Mortgage Loans
28-15-11-14. Regulation of Adjustable Mortgage Loans
28-15-11-15. Restrictions on Graduated Payment Adjustable Mortgage Loans
28-15-11-16. Regulation of Rollover Mortgage Loans
28-15-11-17. Alternative Mortgage Loans; Required Disclosures
28-15-11-18. Inapplicability of Indiana Laws; Interest Added to Principal; Lien Provided by Mortgage