Indiana § 37-2-3-10 - Advances to perform covenants of buyer
Full text of Indiana Indiana Code § 37-2-3-10 — Advances to perform covenants of buyer, with citation guidance and answers to common questions.
§ 37-2-3-10. Advances to perform covenants of buyer
Sec. 10. (a) If the agreement with respect to a consumer credit sale, refinancing, or consolidation contains covenants by the buyer to perform certain duties pertaining to insuring or preserving collateral and the seller pursuant to the agreement pays for performance of the duties on behalf of the buyer, the seller may add the amounts paid to the debt. Within a reasonable time after advancing any sums, the seller shall state to the buyer in writing the amount of the sums advanced, any charges with respect to this amount, and any revised payment schedule and, if the duties of the buyer performed by the seller pertain to insurance, a brief description of the insurance paid for by the seller including the type and amount of coverages. No further information need be given.
(b) A credit service charge may be made for sums advanced pursuant to subsection (a) at a rate not exceeding the rate stated to the buyer pursuant to section 13 of this chapter with respect to the sale, refinancing or consolidation, except that with respect to a revolving charge account the amount of the advance may be added to the unpaid balance of the account and the seller may make a credit service charge not exceeding that permitted by the provisions on credit service charge for revolving charge accounts set forth in section 4(f) of this chapter.
[Pre-2026 Revision Citation: 24-4.5-2-208.]
As added by P.L.115-2026, SEC.97.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 37-2-3-10
What does Indiana Code § 37-2-3-10 cover?
Section 37-2-3-10 ("Advances to perform covenants of buyer") 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 § 37-2-3-10?
A common citation format is "Indiana Code § 37-2-3-10" (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 § 37-2-3-10 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.