Ind. Code § 37-2-3-27 – Creditor's duty to credit payment as of date of receipt; payments not conforming to requirements; creditor's failure to credit payment

(a) This section applies to consumer credit sales, including revolving charge accounts.
(b) Except as provided in subsection (c), a creditor shall credit a payment to a consumer's account as of the date of receipt, except when a delay in crediting does not result in a finance charge or other charge, including a delinquency charge under section 6 of this chapter. A delay in posting does not violate this section so long as the payment is credited as of the date of receipt.
(c) If a creditor specifies in writing requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, the creditor shall credit the payment within five (5) days of receipt of the payment.
(d) If a creditor fails to credit a payment as required by this section in time to avoid the imposition of a finance or other charge, including a delinquency charge, the creditor shall adjust the consumer's account so that the charges imposed are credited to the consumer's account during the next payment period.
[Pre-2026 Revision Citation: 24-4.5-2-417.]

As added by P.L.115-2026, SEC.97.