Ind. Code § 37-2-2-6
"Balloon payment"
Indiana · Indiana Code Title 37 — Consumer Lending · Status: effective
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- Ind. Code § 37-2-2-6, "Balloon payment", Indiana, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1689397
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Sec. 6. "Balloon payment", with respect to a mortgage transaction, means any payment that:
(1) the creditor requires the debtor to make at any time during the term of the mortgage;
(2) 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.