1. (a) Notwithstanding any other law, the only fee that may be contracted for and received by the lender or an assignee on a small loan is a charge, not to exceed twenty-five dollars ($25), for each:

   1. (1) return by a bank or other depository institution of a dishonored:

      1. (A) check;
      2. (B) electronic funds transfer;
      3. (C) negotiable order of withdrawal; or

      4. (D) share draft;

         issued by the borrower; or

   2. (2) time an authorization to debit the borrower's account is dishonored.

      This additional charge may be assessed one (1) time regardless of how many times a check or an authorization to debit the borrower's account may be submitted by the lender and dishonored.

2. (b) A lender may:

   1. (1) present a borrower's check for payment; or

   2. (2) exercise a borrower's authorization to debit the borrower's account;

      not more than three (3) times.

      [Pre-2026 Revision Citation: 24-4.5-7-202.]

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