IC 24-9-step three Section 3. Banned Lending Methods Generally IC 24-9-3-0.step 1 Section perhaps not applicable in order to loans made before Sec. 0.step one. In spite of the addition of this part and IC 24-9-4 of the P.L.73-2004, you’re perhaps not subject to a ban or dependence on it part and you can IC 24-9-4, one another since the extra by P.L.73-2004, with regards to that loan made before , SEC.400.

IC 24-9-3-1 Funding regarding certain premiums, charges, and you can charge prohibited Sec. 1. (a) A collector making home financing may not financing, directly or indirectly, any: (1) borrowing life insurance coverage; (2) borrowing from the bank impairment insurance policies; (3) credit unemployment insurance coverage; (4) borrowing property insurance; otherwise (5) repayments physically or indirectly for the termination suspension arrangement otherwise package. (b) Insurance fees, financial obligation termination charges, or suspension system fees calculated and you can repaid each month is maybe not said to be funded from the creditor to have reason for so it section. Since extra from the P.L.73-2004, SEC.33.

IC 24-9-3-dos Paid low-rate money Sec. dos. (a) A collector may well not knowingly otherwise purposefully exchange or consolidate a good no (0) interest rate or any other paid low-rate financing produced by good political or nonprofit lender with a high costs mortgage contained in this the original ten (10) years of new backed low rate mortgage unless of course the present day manager of one’s financing consents written down to your refinancing. (b) For reason for so it section, a great “subsidized low rate loan” are that loan one sells a current interest off at the the very least two (2) fee situations beneath the most recent give with the treasury bonds having a beneficial comparable readiness. Read More