Indiana § 8-21-11-9 - Terms of loans
Full text of Indiana Indiana Code § 8-21-11-9 — Terms of loans, with citation guidance and answers to common questions.
§ 8-21-11-9. Terms of loans
Sec. 9. The department shall determine the terms of each loan, which must include the following:
(1) The duration of the loan, which may not exceed twelve (12) years.
(2) The repayment schedule of the loan, which must provide that no payments are due during the first two (2) years of the loan.
(3) A variable rate of interest to be determined by the department and adjusted annually. The interest rate must be the greater of:
(A) five percent (5%); or
(B) two-thirds (2/3) of the interest rate for fifty-two (52) week United States Treasury bills on the anniversary date of the loan, but not to exceed ten percent (10%).
(4) The amount of the loan.
(5) Any other conditions specified by the department.
As added by P.L.34-1990, SEC.2.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 8-21-11-9
What does Indiana Code § 8-21-11-9 cover?
Section 8-21-11-9 ("Terms of 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 § 8-21-11-9?
A common citation format is "Indiana Code § 8-21-11-9" (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 § 8-21-11-9 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.