Sec. 104. (1) "Small loan" means a loan: (a) with a principal loan amount that is at least fifty dollars ($50) and not more than five hundred fifty dollars ($550); and (b) in which the lender holds the borrower's check for a specific period, or receives the borrower's written authorization to debit the borrower's account (other than as a result of default) under an agreement, either express or implied, for a specific period, before the lender: (i) offers the check for deposit or presentment; or (ii) exercises the authorization to debit the borrower's account. (2) The amount of five hundred fifty dollars ($550) in subsection (1)(a) is subject to change under 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 2006.
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