Sec. 510. Restrictions 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. Formerly: Acts 1971, P.L.366, SEC.4. As amended by P.L.137-2014, SEC.11; P.L.186-2015, SEC.19.
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