Welcome to B. Hicks Law blog! Today, we're delving into an important aspect of Indiana's legal landscape: loansharking. Understanding the legal nuances and implications of loansharking can be crucial in navigating the justice system. Let's explore the statute IC 35-45-7-2 to grasp the essence of this law and its implications.
Loansharking, as outlined in IC 35-45-7-2, is a serious offense involving the exchange of property for a loan where the recipient knowingly or intentionally agrees to receive consideration at a rate exceeding two times the specified rate according to IC 24-4.5-3-508(2)(a)(i). This act is categorized as a Level 6 felony under Indiana law.
Understanding the Grading of the Offense
The severity of the offense can escalate to a Level 5 felony if force or the threat of force is employed to collect or attempt to collect the loaned property or any consideration related to the loan. This amendment, as per Acts 1980, P.L.207, SEC.1, amended by P.L.158-2013, SEC.536, highlights the gravity of using coercive tactics in loan recovery.
Implications and Legal Ramifications
Being charged with loansharking can have significant legal consequences, potentially resulting in felony charges. A Level 6 felony carries its own set of penalties, while the escalation to a Level 5 felony due to the use of force amplifies the severity of the charges and corresponding legal repercussions.
Why Legal Representation Matters
Navigating the legal complexities of loansharking charges necessitates the expertise of experienced criminal defense attorneys. At B. Hicks Law, we understand the gravity of such allegations and offer strategic counsel and representation to safeguard your rights and ensure a fair legal process.
Understanding Indiana's loansharking laws is essential to comprehend the legal boundaries in financial transactions involving property loans and considerations. As the law firm committed to protecting your rights, B. Hicks Law stands ready to provide expert legal guidance and representation in cases involving loansharking charges.
Should you require legal assistance or have further inquiries regarding loansharking laws or any other legal matters, don't hesitate to contact us. Stay informed, stay protected.
At B. Hicks Law, we're dedicated to upholding justice and defending your rights.
Disclaimer: This blog post is intended for informational purposes only and should not be construed as legal advice. Legal outcomes may vary based on individual circumstances. For personalized legal counsel, please consult with a qualified attorney.