On May 6, 2019 Gov. Eric Holcomb (R) signed into law IN HB 1136 (2019), which (inter alia) amends Ind. Code Ann. § 34-4.5-3-203.5 to establish a tiered late payment charge restriction structure based on the frequency of when installment payments become due (e.g. late charge restrictions on delinquent biweekly payments will differ from those on delinquent monthly payments). The effective date of this change is July 1, 2019 (see http://iga.in.gov/legislative/2019/bills/house/1136).
This bill also authorizes the creation of an interim study committee, tasked with studying: (i) whether certain dollar amounts under Indiana’s version of the Uniform Consumer Credit Code (including Ibid.) should continue to adjust periodically based on an index or not; and (ii) whether the way delinquency charges are assessed should be changed or not.
We are currently reviewing the change to the late charge restrictions to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (https://compliance.docutech.com/).