IC 37-2-3-32: Limitation on default charges in consumer related sales

Sec. 32. (a) An agreement with respect to a consumer related sale may provide for only the following charges as a result of the buyer's default:

(1) Reasonable attorney's fees and reasonable expenses incurred in realizing on a security interest.

(2) Deferral charges not in excess of twenty-five percent (25%) per year of the amount deferred for the period of deferral.

(3) Other charges that could have been made had the sale been a consumer credit sale.

(b) A provision in violation of this section is unenforceable.