Indiana § 37-2-1-7 - Effect on powers of organizations
Full text of Indiana Indiana Code § 37-2-1-7 — Effect on powers of organizations, with citation guidance and answers to common questions.
§ 37-2-1-7. Effect on powers of organizations
Sec. 7. (a) This article prescribes maximum charges for all creditors, except lessors and those excluded under section 10 of this chapter, extending consumer credit, including consumer credit sales, consumer loans, and consumer related sales and loans, and displaces existing limitations on the powers of those creditors based on maximum charges.
(b) With respect to sellers of goods or services, small loan companies, licensed lenders, consumer and sales finance companies, industrial loan and investment companies, and commercial banks and trust companies, this article displaces existing limitations on their powers based solely on amount or duration of credit.
(c) Except as provided in subsection (a) and IC 24-4.6-1, this article does not displace limitations on powers of credit unions, savings banks, savings or building and loan associations, or other thrift institutions whether organized for the profit of shareholders or as mutual organizations.
(d) Except as provided in subsections (a) and (b), this article does not displace:
(1) limitations on powers of depository institutions with respect to the amount of a loan to a single borrower, the ratio of a loan to the value of collateral, the duration of a loan that is a mortgage transaction, or other similar restrictions designed to protect deposits; or
(2) limitations on powers an organization is authorized to exercise under the laws of this state or the United States.
[Pre-2026 Revision Citation: 24-4.5-1-108.]
As added by P.L.115-2026, SEC.97.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 37-2-1-7
What does Indiana Code § 37-2-1-7 cover?
Section 37-2-1-7 ("Effect on powers of organizations") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 37-2-1-7?
A common citation format is "Indiana Code § 37-2-1-7" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 37-2-1-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.