1. (a) Finance charges on the first two hundred fifty dollars ($250) of a small loan are limited to fifteen percent (15%) of the principal.
2. (b) Finance charges on the amount of a small loan greater than two hundred fifty dollars ($250) and less than or equal to four hundred dollars ($400) are limited to thirteen percent (13%) of the amount over two hundred fifty dollars ($250) and less than or equal to four hundred dollars ($400).
3. (c) Finance charges on the amount of the small loan greater than four hundred dollars ($400) and less than or equal to five hundred fifty dollars ($550) are limited to ten percent (10%) of the amount over four hundred dollars ($400) and less than or equal to five hundred fifty dollars ($550).

4. (d) The amount of five hundred fifty dollars ($550) in subsection (c) 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.

   [Pre-2026 Revision Citation: 24-4.5-7-201.]

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