Ind. Code § 28-15-11-5

Current through P.L. 171-2024

Section 28-15-11-5 - "Graduated payment mortgage loan"

As used in this chapter, "graduated payment mortgage loan" or "GPM loan" means a mortgage loan under which:

(1) the scheduled repayments begin at a level lower than that of a comparable standard mortgage loan and rise to a point determined by the loan documents; and

(2) the period of the rise, the rate of increase, and the interest rate are fixed in the loan documents.

IC 28-15-11-5

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