Legal

Ask a lawyer and get answers to your legal questions

Ask a Lawyer,
Get an Answer ASAP!

I am looking into Indiana's usury laws and need the answer to what the legal rate of…

Customer Question
I am looking into Indiana’s...
I am looking into Indiana’s usury laws and need the answer to what the legal rate of interest there.
It seems like there is not one, but I need a credible source stating that – like a law review article or the like. I also saw somewhere that it said the prevailing interest rate is 10% but cannot find a credible source stating that. It also seems like it says in the statute that there is a 21% rate of unsupervised consumer loans and then various rates for supervised consumer loan, and then there is an 8% interest rate for judgments.
Basically I need the answer to the top question, including responses to the comments following my question, and all info needs a statute/law review article/other credible source.
It seems like there is no usury limitation as well, but I read somewhere that some legislation is pending.
Please help me out!
Thanks
Submitted: 3 years ago.Category: Legal
Show More
Show Less
Ask Your Own Legal Question
Answered in 29 minutes by:
5/28/2015
Lawyer: LawTalk, Attorney replied 3 years ago
LawTalk
LawTalk, Attorney
Category: Legal
Satisfied Customers: 37,876
Experience: I am a practicing attorney with more than 3 decades of experience in the legal field.
Verified
Good afternoon,
I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.
The legal rate of interest is different than a Usury law. The legal rate of interest is the rate set by the state for judgments, and in the state of Indiana that interest rate is 10%.
Indiana sets the usury rate at 21% for an unsupervised loan---such as between friends.
Here is an article that may be of assistance to you: http://statelaws.findlaw.com/indiana-law/indiana-interest-rates-laws.html
You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.
Kindly, remember to rate my service to you. That is how I am credited for assisting you.
For supervised loans---such as those made by professional lenders such as banks---varies and the limitations can be seen here in the Indiana Code:
http://codes.lp.findlaw.com/incode/24/4.5/3/24-4.5-3-508
I wish you and yours the best in 2015,
Doug
Ask Your Own Legal Question
Customer reply replied 3 years ago
You didn't really assist me. I need credible sources for that information. I am writing a paper and need to cite a law review article or something.Also, according to Ind. Code. Ann. 24-4.6-1-101, it looks like the interest rate for judgment is 8%, so you also gave me incorrect information.Can you actually correct information with sources or provide me with a refund?
Customer reply replied 3 years ago
Could you provide the usury limitation for Indiana as well w/ a cited source? Thanks.I have access to those general websites too, so that is not very helpful.
Customer reply replied 3 years ago
Actually, I guess what I am really asking is are there usury laws for Indiana? If there are, tell me which ones they are? I can't seem to find any.
Lawyer: LawTalk, Attorney replied 3 years ago
Hi,
Indiana does not call the top rates allowed Usury rates. But the code I linked you to: http://codes.lp.findlaw.com/incode/24/4.5/3/24-4.5-3-508 is the Usury rate for the state.
Usury is a crime, and to exceed the rates that are set out in this code section can result in the person violating the law being charged with a Class A Misdemeanor.
For the unsupervised loans, here is the law for the rate allowed---21%: http://codes.lp.findlaw.com/incode/24/4.5/3/24-4.5-3-201
Please keep in mind that, even though you have already paid your deposit money over to JustAnswer, until you rate me highly for my service, I will not be paid for having assisted you with your questions.
I wish you well,
Doug
Ask Your Own Legal Question
Was this answer helpful?
Ask LawTalk Your Own Question
LawTalk
LawTalk
LawTalk, Attorney
Category: Legal
Satisfied Customers: 37,876
37,876 Satisfied Customers
Experience: I am a practicing attorney with more than 3 decades of experience in the legal field.

LawTalk is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,642 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

22,059 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

43,763 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo Senmartin

Guillermo Senmartin

Lawyer

297 satisfied customers

Principal Attorney at Guillermo J. Senmartin, P.A.

< Previous | Next >

Related Legal Questions
I overdrafted my bank account 1500 with my debit card because
I overdrafted my bank account 1500 with my debit card because a loan didn't clear can I be arrested… read more
Dimitry Esquire
Dimitry Esquire
Attorney at Law
Doctoral Degree
113 satisfied customers
What are Colorado solicitation of prostitution laws? Can I
What are Colorado solicitation of prostitution laws? Can I get in trouble for lending someone money for the possibility of sexual favor, that haven't occurred, and may not occur, over the course of 2 … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I have a misdemeanor from 2007. Violation of a protection
I have a misdemeanor from 2007. Violation of a protection order by sending an e-mail. Did not know the order was in place. I am trying to clear my background or expunge the charge but was told I do no… read more
Zoey, JD
Zoey, JD
Doctoral Degree
193 satisfied customers
How long will a charge of misdemeanor for assault and
How long will a charge of misdemeanor for assault and battery stay on a person's record for a first offense? … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
29,898 satisfied customers
Got an assault misdemeanor question. No they have not.
Back Story: Subject A, is outside a bar fence trying to start a fight with everyone he can. Got kicked out of the bar for hitting a bouncer and asking random people to buy drugs. Subject B's friends are in the inside of the bar gate with subject a trying to start a fight with them. (e.g. touching them taking off there hats saying to come outside so he can whoop their ass.) Subject B walks over and tells Subject A he needs to leave. Subject A among other words says to come outside that he is gonna whoop subjects B's ass and shoves subject B. Subject B walks outside the bar confronting subject A, Subject A walks towards subject B in a threatening manner and subject B swings and knocks him out. Subject A is talking about pressing charges. Will subject B be okay… read more
RobertJDFL
RobertJDFL
Attorney
Juris Doctorate
5 satisfied customers
I cosigned a vehicle loan and the loan is not being paid
I cosigned a vehicle loan and the loan is not being paid properly and has caused me to lose 200 points on my credit report ,what can I do? … read more
LegalKnowledge
LegalKnowledge
Juris Doctor
29,898 satisfied customers
Can a misdemeanor case (section 205 of building code in
can a misdemeanor case (section 205 of building code in santa ana, ca)that was dismissed in 1981, be refile by city district attorney? … read more
Olivia Kent
Olivia Kent
Managing Partner
Doctoral Degree
3,274 satisfied customers
What if I was charge with a misdemeanor and they drop the
What if I was charge with a misdemeanor and they drop the case, but a year and a day later, find out that they decide to charge me again with the same offense, what is the limitation? of the court to … read more
N Cal Atty
N Cal Atty
Doctoral Degree
59 satisfied customers
Arrested on class misdemeanor for trying to repo rims and
Arrested on class b misdemeanor for trying to repo rims and tires that i sold to someone. Sold for a 1000 he only paid 600 then stop paying i finally ran into him after a year of ducking and dodging m… read more
lucy7368
lucy7368
Juris Doctor
763 satisfied customers
I received a ticket for misdemeanor possession of marijuana
I received a ticket for misdemeanor possession of marijuana in Mi 7 years ago. The State Police officer told me I could pay the ticket when I got home in Ky. I was in Mi because I was critically ill a… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
11,365 satisfied customers
Ga. Case already closed. I received a misdemeanor for
I received a misdemeanor for forgery i wanted to know if that could be removed from my record at all… read more
DanLegal
DanLegal
Law Partner
Juris Doctor
461 satisfied customers
Wandering the severity of me checking no to no misdemeanors
Wandering the severity of me checking no to no misdemeanors on a my life insurance application I did a background check when I originally got my insurance license they found it years later and are now… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
43,763 satisfied customers
I was trying to get an "undocumented" loan from a loan
I was trying to get an "undocumented" loan from a loan officer at PNC Bank. He assured me because of personal good credit and substantial hard assets that "this was a slam dunk". Because he was so sur… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
29,898 satisfied customers
I have a question regarding a loan... me to loan to a
I have a question regarding a loan... me to loan to a acquaintance … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
37,115 satisfied customers
Loan depot messed up refinance loan was told loan was
loan depot messed up refinance loan was told loan was approved closure statement was signed closing date was set lady called got direction to home to sign papers loan officer told me to cancel payment… read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,870 satisfied customers
I was charged with a misdemeanor of marijuana poccesion in
I was charged with a misdemeanor of marijuana poccesion in 2007 I was given adjudication withheld unpaid all fines court cost restitution completed 6 months of probation now I'm in the medical field a… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
29,898 satisfied customers
I received a misdemeanor citation for graffiti in Alameda
I received a misdemeanor citation for graffiti in Alameda County, CA this weekend from a fish & game warden. When he issued the citation, I was detained (cooperatively, not in restraints) but he never… read more
Bill Attorney
Bill Attorney
law
2,275 satisfied customers
Is a seatbelt violation a misdemeanor in Alabama? Alabama.
This misdemeanor may bar me from my acceptances to graduate school, as I did not know it was a misdemeanor.… read more
Ray
Ray
Lawyer
Doctoral Degree
32,653 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x