Ind. Code ch. 37-3-1

in effect

Ind. Code § 37-3-1-0.1 Recodification of prior law

Sec. 0.1. This article must be construed as a recodification of prior law. The enactment of this article by SEA 169-2026 does not affect the substantive operation and effect of the prior law. As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-1-0.3 Contracts entered into under prior law

Sec. 0.3. A contract entered into in accordance with IC 24-4.5-7 (before its repeal) is considered a contract entered into in accordance with this article. As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-1-0.5 Documents, websites, or business communications created under prior law

Sec. 0.5. Any document, website, or business communication created in accordance with IC 24-4.5-7 (before its repeal) is considered a document, website, or business communication created in accordance with this article. As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-1-0.7 References to repealed statutes; references to citations

Sec. 0.7. (a) A reference in a statute or rule to a statute that is repealed and replaced in the same or a different form in the recodification act of the 2026 regular session of the general assembly is treated after the effective date of the new provision as a reference to the new provision. (b) A citation reference in the recodification act of the 2026 regular session of the general assembly to another provision of the recodification act of the 2026 regular session of the general assembly is treated as including a reference to the provision of the small loans law that is substantively equivalent to the provision of the recodification act of the 2026 regular session of the general assembly that is referred to by the citation reference. As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-1-1 Applicability; authority to make, take assignment of, or collect small loans; license required; application; separate license required for activities involving consumer loans

Sec. 1. (a) Except as otherwise provided, all provisions of IC 37-2 applying to consumer loans, including IC 37-2-4-25, apply to small loans. (b) Subject to section 4 of this chapter, a person may not regularly engage in Indiana in any of the following actions unless the department first issues to the person a license under this article: (1) The making of small loans. (2) Taking assignments of small loans. (3) Undertaking the direct collection of payments from or the enforcement of rights against debtors arising from small loans. (c) Subject to section 4 of this chapter, a person that seeks licensure under this article: (1) shall apply to the department for a license in the form and manner prescribed by the department; and (2) is subject to the same licensure requirements and procedures as an applicant for a license to make consumer loans (other than mortgage transactions) under IC 37-2-4-23. (d) A person that seeks to make, take assignments of, or undertake the direct collection of payments from or the enforcement of rights against debtors arising from both: (1) small loans under this chapter; and (2) consumer loans (other than mortgage transactions) that are not small loans; must obtain a separate license from the department for each type of loan, as described in IC 37-2-4-23(e). [Pre-2026 Revision Citation: 24-4.5-7-102.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-1-2 Applicability

Sec. 2. This article applies to: (1) a lender; (2) a bank, savings association, credit union, or other state or federally regulated financial institution except those that are specifically exempt regarding limitations on interest rates and fees; or (3) a person, if the department determines that a transaction is: (A) in substance a disguised loan; or (B) the application of subterfuge for the purpose of avoiding this chapter. [Pre-2026 Revision Citation: 24-4.5-7-102(5).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-1-3 Applicability to loans other than small loans; loan finance charge

Sec. 3. A loan that: (1) does not qualify as a small loan under IC 37-3-2-10; (2) is for a term shorter than that specified in IC 37-3-3-5(a); or (3) is made in violation of section IC 37-3-3-2, IC 37-3-3-5, IC 37-3-3-6, IC 37-3-3-8, or IC 37-3-3-12; is subject to this article. The department may conform the loan finance charge for a loan described in this section to the limitations set forth in IC 37-2-4-35(b). [Pre-2026 Revision Citation: 24-4.5-7-102(6).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-3-1-4 Regularly engages

Sec. 4. Notwithstanding IC 37-2-2, for purposes of section 1(b) of this chapter, a person "regularly engages" in any of the activities described in section 1(b) of this chapter with respect to a small loan if the person: (1) performed any of the activities described in section 1(b) of this chapter with respect to a small loan at least one (1) time in the preceding calendar year; or (2) performs or will perform any of the activities described in section 1(b) of this chapter with respect to a small loan at least one (1) time in the current calendar year if the person did not perform any of the activities described in section 1(b) of this chapter with respect to a small loan at least one (1) time in the preceding calendar year. [Pre-2026 Revision Citation: 24-4.5-7-102(7).] As added by P.L.115-2026, SEC.97.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/37Fetched: 10/17/2026