Ind. Code § 28-15-11-15

Current through P.L. 171-2024

Section 28-15-11-15 - Restrictions on graduated payment adjustable mortgage loans

A savings association may make graduated payment adjustable mortgage loans subject to the requirements set forth in section 14 of this chapter, except that:

(1) the amount of the scheduled monthly payment at the beginning of the loan may be insufficient to fully amortize the loan; and

(2) during a period of not more than ten (10) years beginning with the closing date of the loan, the scheduled payments must rise sufficiently to amortize the loan at the then existing interest rate and principal balance over the then remaining loan term, and thereafter the monthly payments must be adjusted every five (5) years to a level sufficient to fully amortize the loan.

IC 28-15-11-15

As added by P.L. 193-1997, SEC.2.