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.Amended by P.L. 69-2018,SEC. 18, eff. 7/1/2018.As added by P.L. 163-1999, SEC.2.