Section 24-4.5-3-408 - Creditor's duty to credit payment as of date of receipt; payments not conforming to requirements; creditor's failure to credit payment(1) This section applies to consumer loans, including revolving loan accounts.(2) Except as provided in subsection (3), 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 203.5 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.(3) 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.(4) 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. (Part 5. Regulated and Supervised Loans)
Amended by P.L. 69-2018,SEC. 18, eff. 7/1/2018.As added by P.L. 163-1999, SEC.2.