Ind. Code §§ 24-4-4.5-7-101 et seq. and 750 Ind. Admin. Code 1-1-1
Maximum Loan Amount: lesser of $605 and 20% of borrower’s gross monthly income
APR for 14-day $100 Loan: 0%
Maximum Number of Outstanding Loans at One Time: no lender may permit a person to become obligated under more than one (1) loan agreement with the lender at any time. Burns Ind. Code Ann. §24-4.5-7-404(2). A lender shall not make a small loan to a borrower who has two (2) or more small loans outstanding, regardless of the total value of the small loans. Burns Ind. Code Ann. § 24-4.5-7-404(3).
Rollovers Permitted: None. Burns Ind. Code Ann. § 24-4.5-7-410
Cooling-off Period: If five (5) consecutive small loans have been made to a borrower after the borrower’s initial small loan, another small loan may not be made to that borrower within seven (7) days after the fifth consecutive small loan is paid in full. After the borrower’s fifth consecutive small loan, the balance must be paid in full. Burns Ind. Code Ann. §24-4.5-7-401(2)
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments over at least 60 days at no additional cost. Burns Ind. Code Ann. §24-4.5-7-401(3),(4)