Ind. Code § 37-1-2-6
"Balloon payment"
Indiana · Indiana Code Title 37 — Consumer Lending · Status: effective
Cite this
- Citation
- Ind. Code § 37-1-2-6, "Balloon payment", Indiana, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1689299
- Permanent ID
ys:prov:1689299@1- SHA-256
2d83909dca9b0f07e2a70e0a8843595c8a5ab25d9951fb81ac4f8ca076674ca1
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
Sec. 6. "Balloon payment", with respect to a mortgage transaction, means any payment:
(1) that the creditor requires the debtor to make at any time during the term of the mortgage;
(2) that represents the entire amount of the outstanding balance with respect to the mortgage; and
(3) the entire amount of which is due as of a specified date or at the end of a specified period;
if the aggregate amount of the minimum periodic payments required under the mortgage would not fully amortize the outstanding balance by the specified date or at the end of the specified period. The term does not include a payment required by a creditor under a due-on-sale clause (as defined in 12 U.S.C. 1701j-3(a)) or a payment required by a creditor under a provision in the mortgage that permits the creditor to accelerate the debt upon the debtor's default or failure to abide by the material terms of the mortgage.