1. (a) A debtor may assert:

   1. (1) a claim for legal or equitable relief; or

   2. (2) a defense to a claim;

      arising from a credit agreement only if the credit agreement at issue satisfies the requirements set forth in subsection (b).

2. (b) A debtor may assert a claim or defense under subsection (a) only if the credit agreement at issue:

   1. (1) is in writing;
   2. (2) sets forth all material terms and conditions of the credit agreement, including the loan amount, rate of interest, duration, and security; and

   3. (3) is signed by the creditor and the debtor.

      [Pre-2002 Title 32 Recodification Citation: 32-2-1.5-4.]

As added by P.L.2-2002, SEC.79. Amended by P.L.10-2006, SEC.26 and P.L.57-2006, SEC.26; P.L.76-2011, SEC.2.