Sec. 1. (a) A contract for the services of a loan broker is not enforceable unless the contract is in writing and signed by each of the contracting parties. (b) At the time a contract for the services of a loan broker is signed, the loan broker shall provide the following to each party to […]
Sec. 1. (a) A contract for the services of a loan broker is not enforceable unless the contract is in writing and signed by each of the contracting parties. (b) At the time a contract for the services of a loan broker is signed, the loan broker shall provide the following to each party to […]
Sec. 10. If a licensee or a person required to be licensed under this article possesses funds that belong to another person, including money received by or on behalf of a prospective borrower, the licensee or person required to be licensed shall: (1) upon request of the prospective borrower, account for the funds possessed for […]
Sec. 10. If a licensee or a person required to be licensed under this article possesses funds that belong to another person, including money received by or on behalf of a prospective borrower, the licensee or person required to be licensed shall: (1) upon request of the prospective borrower, account for the funds possessed for […]
Sec. 11. (a) A loan broker shall, when required by the commissioner, submit reports of condition to the: (1) commissioner; and (2) Nationwide Multistate Licensing System. (b) A report required by this section must be in the form and contain the information required by the commissioner. As added by P.L.175-2019, SEC.2.
Sec. 11. (a) A loan broker shall, when required by the commissioner, submit reports of condition to the: (1) commissioner; and (2) Nationwide Multistate Licensing System. (b) A report required by this section must be in the form and contain the information required by the commissioner. As added by P.L.175-2019, SEC.2.
Sec. 2. (a) A licensee or a person required to be licensed under this article shall not knowingly bribe, coerce, or intimidate another person to corrupt or improperly influence the independent judgment of a real estate appraiser with respect to the value of real estate offered as security for a residential mortgage loan. (b) Except […]
Sec. 2. (a) A licensee or a person required to be licensed under this article shall not knowingly bribe, coerce, or intimidate another person to corrupt or improperly influence the independent judgment of a real estate appraiser with respect to the value of real estate offered as security for a residential mortgage loan. (b) Except […]
Sec. 3. (a) If a transaction for which a loan broker has charged a fee is rescinded by a person under the federal Truth in Lending Act (15 U.S.C. 1601-1667e) within twenty (20) calendar days after the date on which a notice of the rescission is delivered to the creditor, the loan broker shall return […]
Sec. 3. (a) If a transaction for which a loan broker has charged a fee is rescinded by a person under the federal Truth in Lending Act (15 U.S.C. 1601-1667e) within twenty (20) calendar days after the date on which a notice of the rescission is delivered to the creditor, the loan broker shall return […]
Sec. 4. A loan broker agreement must be assigned an account number. As added by P.L.175-2019, SEC.2.
Sec. 4. A loan broker agreement must be assigned an account number. As added by P.L.175-2019, SEC.2.
Sec. 5. A loan broker shall maintain the following records, or the electronic equivalent of the following: (1) A file for each borrower or prospective borrower that contains the following: (A) The name and address of the borrower or prospective borrower. (B) A copy of the signed loan broker agreement. (C) A copy of any […]
Sec. 5. A loan broker shall maintain the following records, or the electronic equivalent of the following: (1) A file for each borrower or prospective borrower that contains the following: (A) The name and address of the borrower or prospective borrower. (B) A copy of the signed loan broker agreement. (C) A copy of any […]
Sec. 6. (a) The records maintained under section 5 of this chapter must be: (1) maintained for two (2) years in the office of the loan broker in which the loan was originated; and (2) separate or readily identifiable from the records of any other business that is conducted in the office of the loan […]
Sec. 6. (a) The records maintained under section 5 of this chapter must be: (1) maintained for two (2) years in the office of the loan broker in which the loan was originated; and (2) separate or readily identifiable from the records of any other business that is conducted in the office of the loan […]
Sec. 7. (a) A loan broker that ceases to conduct business as a loan broker or allows the loan broker license to lapse shall, before ceasing to conduct business as a loan broker, arrange for the preservation of the records specified in section 5 of this chapter for the remainder of the period specified in […]
Sec. 7. (a) A loan broker that ceases to conduct business as a loan broker or allows the loan broker license to lapse shall, before ceasing to conduct business as a loan broker, arrange for the preservation of the records specified in section 5 of this chapter for the remainder of the period specified in […]
Sec. 8. If a breach of the security of a record: (1) maintained by a loan broker under this chapter; and (2) containing the unencrypted, unredacted personal information of a borrower or prospective borrower; occurs, the loan broker is subject to the disclosure requirements of IC 24-4.9-3, unless the loan broker is exempt from the […]
Sec. 8. If a breach of the security of a record: (1) maintained by a loan broker under this chapter; and (2) containing the unencrypted, unredacted personal information of a borrower or prospective borrower; occurs, the loan broker is subject to the disclosure requirements of IC 24-4.9-3, unless the loan broker is exempt from the […]
