Indiana § 37-2-4-7 - Deferral charges
Full text of Indiana Indiana Code § 37-2-4-7 — Deferral charges, with citation guidance and answers to common questions.
§ 37-2-4-7. Deferral charges
Sec. 7. (a) This section applies only to a consumer loan, refinancing, or consolidation, that is entered into before July 1, 2020. With respect to a precomputed consumer loan, refinancing, or consolidation, the parties before or after default may agree in writing to a deferral of all or part of one (1) or more unpaid installments, and the lender may make and collect a charge not exceeding the lesser of thirty-six percent (36%) per year or the rate previously stated to the debtor pursuant to section 14 of this chapter applied to the amount or amounts deferred for the period of deferral calculated without regard to difference in the lengths of months, but proportionally for a part of a month, counting each day as one-thirtieth (1/30) of a month. A deferral charge may be collected at the time it is assessed or at any time thereafter.
(b) The lender, in addition to the deferral charge, may make appropriate additional charges under section 5 of this chapter, and the amount of these charges which is not paid in cash may be added to the amount deferred for the purpose of calculating the deferral charge.
(c) The parties may agree in writing at the time of a precomputed consumer loan, refinancing, or consolidation that if an installment is not paid within ten (10) days after its due date, the lender may unilaterally grant a deferral and make charges as provided in this section. No deferral charge may be made for a period after the date that the lender elects to accelerate the maturity of the agreement.
(d) A delinquency charge made by the lender on an installment may not be retained if a deferral charge is made pursuant to this section with respect to the period of delinquency.
[Pre-2026 Revision Citation: 24-4.5-3-204.]
As added by P.L.115-2026, SEC.97.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 37-2-4-7
What does Indiana Code § 37-2-4-7 cover?
Section 37-2-4-7 ("Deferral charges") 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 § 37-2-4-7?
A common citation format is "Indiana Code § 37-2-4-7" (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 § 37-2-4-7 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.