Senior management is wanting to increase the annual fee for home equity lines of credit to $50. I'm looking through the Indiana codes, but I can't seem to find it. Can anyone point me in the right direction. It sounds a little high to me, and I realize that the current customer's can't be changed.

IC 24-4.5-3-202(1)(c) gives you the right to contract for the annual fee, but no where in the code did I find a limitation on the fee. I have seen annual fees as high as $100. Our current annual fee for a HELOC is $50 (waived the first year). Hope this helps.

Thanks! I'm kind of surprised since other things are so limited (i.e. late fees, etc.). I've already told the head of retail that we can't go back on current loans but can go forward with this fee.