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 24-4.5-3-106, 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.
Last modified: May 24, 2006