Indiana § 28-15-11-15 - Restrictions on graduated payment adjustable mortgage loans
Full text of Indiana Indiana Code § 28-15-11-15 — Restrictions on graduated payment adjustable mortgage loans, with citation guidance and answers to common questions.
§ 28-15-11-15. Restrictions on graduated payment adjustable mortgage loans
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.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 28-15-11-15
What does Indiana Code § 28-15-11-15 cover?
Section 28-15-11-15 ("Restrictions on graduated payment adjustable mortgage loans") 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 § 28-15-11-15?
A common citation format is "Indiana Code § 28-15-11-15" (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 § 28-15-11-15 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.