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

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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
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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.
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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
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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
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