IC 37-3-2-10: "Small loan"

Sec. 10. (a) "Small loan" means a loan:

(1) with a principal loan amount that is at least fifty dollars ($50) and not more than five hundred fifty dollars ($550); and

(2) in which the lender holds the borrower's check for a specific period, or receives the borrower's written authorization to debit the borrower's account (other than as a result of default) under an agreement, either express or implied, for a specific period, before the lender:

(A) offers the check for deposit or presentment; or

(B) exercises the authorization to debit the borrower's account.

(b) The amount of five hundred fifty dollars ($550) in subsection (a)(1) is subject to change under the provisions on adjustment of dollar amounts set forth in IC 37-2-1-5. However, notwithstanding IC 37-2-1-5(a), the Reference Base Index to be used under this subsection is the Index for October 2006.