Finance
Under Indiana law, a mortgage lender who charges interest rates above the legally permitted maximum is violating:
ARESPA
BUsury laws✓ Correct
CTRID rules
DHMDA requirements
Explanation
Usury laws set maximum permissible interest rates on loans. Charging above the legal maximum rate constitutes usury and may render the excess interest unenforceable or expose the lender to penalties. Federal law preempts state usury laws for many mortgage loans.
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