Section 24-4.5-3-510 - Restrictions on interest in land as securityRestrictions on Interest in Land as Security -
(1) With respect to a supervised loan in which the principal is four thousand dollars ($4,000) or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.(2) The amount of four thousand dollars ($4,000) in subsection (1) is subject to change pursuant to the provisions on adjustment of dollar amounts (IC 24-4.5-1-106). However, notwithstanding IC 24-4.5-1-106(1), the Reference Base Index to be used under this subsection is the Index for October 2012.Dollar amounts in this section are subject to amendment by 750 IAC 1-1-1.Amended by P.L. 186-2015, SEC. 19, eff. 7/1/2015.Amended by P.L. 137-2014, SEC. 11, eff. 7/1/2014.Formerly: Acts1971 , P.L. 366, SEC.4.