Indiana § 35-45-7-1 - Definitions
Full text of Indiana Indiana Code § 35-45-7-1 — Definitions, with citation guidance and answers to common questions.
§ 35-45-7-1. Definitions
Sec. 1. As used in this chapter:
"Loan" means any transaction described in section 3 of this chapter, whether or not the transaction is in the form of a loan as defined in IC 37-2-2-27.5, and without regard to whether the person making the loan is regularly engaged in making consumer loans, consumer credit sales, or consumer leases.
"Principal" includes the monetary value of property which has been loaned from one (1) person to another person.
"Rate" means the monetary value of the consideration received per annum or due per annum, calculated according to the actuarial method on the unpaid balance of the principal.
As added by Acts 1980, P.L.207, SEC.1. Amended by P.L.247-1983, SEC.24; P.L.115-2026, SEC.84.
Frequently Asked Questions About Indiana § 35-45-7-1
What does Indiana Code § 35-45-7-1 cover?
Section 35-45-7-1 ("Definitions") 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 § 35-45-7-1?
A common citation format is "Indiana Code § 35-45-7-1" (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 § 35-45-7-1 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.