Indiana § 37-3-2-10 - "Small loan"
Full text of Indiana Indiana Code § 37-3-2-10 — "Small loan", with citation guidance and answers to common questions.
§ 37-3-2-10. "Small loan"
Sec. 10. (a) "Small loan" means a loan:
(1) with a principal loan amount that is at least fifty dollars ($50) and not more than five hundred fifty dollars ($550); and
(2) in which the lender holds the borrower's check for a specific period, or receives the borrower's written authorization to debit the borrower's account (other than as a result of default) under an agreement, either express or implied, for a specific period, before the lender:
(A) offers the check for deposit or presentment; or
(B) exercises the authorization to debit the borrower's account.
(b) The amount of five hundred fifty dollars ($550) in subsection (a)(1) is subject to change under the provisions on adjustment of dollar amounts set forth in IC 37-2-1-5. However, notwithstanding IC 37-2-1-5(a), the Reference Base Index to be used under this subsection is the Index for October 2006.
[Pre-2026 Revision Citation: 24-4.5-7-104.]
As added by P.L.115-2026, SEC.97.
IC 37-3-3Chapter 3. Regulation of Small Loans
37-3-3-1Lender not considered a financial institution 37-3-3-2Finance charges 37-3-3-3Fee for dishonored check, electronic funds transfer, or debit authorization; limits on lender's presentment of check or debiting of account 37-3-3-4Disclosures; informational brochure 37-3-3-5Term of loan; consecutive small loans; extended payment plans 37-3-3-6Limits based on borrower's income; security; partial payments; payments; loan documents; recision; renewal prohibited 37-3-3-7Security for loan 37-3-3-8Limits and number and amounts of outstanding loans; lender's verification; third party data base; civil penalties; excess finance charges; verification of Social Security number 37-3-3-9Carrying on other business 37-3-3-10Borrower's default; permissible and prohibited remedies; notice to borrower 37-3-3-11Violations; remedies and damages; equitable relief; exhaustion of administrative remedies not required 37-3-3-12Prohibited acts by lender 37-3-3-13Exemption of finance charges 37-3-3-14Endorsement of check 37-3-3-15Surety bond; requirements; amount; termination; liability; notices 37-3-3-16Rulemaking authority
Frequently Asked Questions About Indiana § 37-3-2-10
What does Indiana Code § 37-3-2-10 cover?
Section 37-3-2-10 (""Small loan"") 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 § 37-3-2-10?
A common citation format is "Indiana Code § 37-3-2-10" (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 § 37-3-2-10 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.