24-9-4-5. Acceleration After Default
Sec. 5. A high cost home loan may not contain a provision that increases the interest rate after default. However, this section does not apply to interest rate changes in a variable rate loan otherwise consistent with the provisions of the high cost home loan documents if the change in the interest rate is not […]
24-9-4-6. Consolidated Periodic Payments Paid From Loan Proceeds
Sec. 6. A high cost home loan may not include terms under which more than two (2) periodic payments required under the high cost home loan are consolidated and paid in advance from the high cost home loan proceeds provided to the borrower. As added by P.L.73-2004, SEC.33.
24-9-4-7. Counseling Agency Contact Information
Sec. 7. A creditor may not make a high cost home loan without first providing the borrower information to facilitate contact with a nonprofit counseling agency certified by: (1) the United States Department of Housing and Urban Development; or (2) the Indiana housing and community development authority under IC 5-20-1-4(d); at the same time as […]
24-9-4-8. Repayment Ability; Commercially Reasonable Practices to Determine Debt to Income Ratio
Sec. 8. (a) A creditor may not make a high cost home loan without regard to repayment ability. (b) If a creditor presents evidence that the creditor followed commercially reasonable practices in determining the borrower’s debt to income ratio, there is a rebuttable presumption that the creditor made the high cost home loan with due […]
24-9-4-9. Payments to Home Improvement Contractors
Sec. 9. A creditor may not pay a contractor under a home improvement contract from the proceeds of a high cost home loan unless: (1) the creditor is presented with a signed and dated completion certificate showing that the home improvements have been completed; and (2) the instrument is payable to the borrower or jointly […]
24-9-4-10. Modification, Renewal, Extension, Amendment, or Deferral of Loan Terms; Fees and Charges Prohibited
Sec. 10. A creditor may not charge a borrower any fees or other charges to modify, renew, extend, or amend a high cost home loan or to defer a payment due under the terms of a high cost home loan. As added by P.L.73-2004, SEC.33.
24-9-4-11. Notice to Borrower
Sec. 11. A creditor may not make a high cost home loan unless the creditor has given the following notice, in writing, to the borrower not later than the time that notice is required under 12 CFR 226.31(c): “NOTICE TO BORROWER YOU SHOULD BE AWARE THAT YOU MIGHT BE ABLE TO OBTAIN A LOAN AT […]
24-9-4-12. High Cost Home Loan Agreements; Unconscionable and Void Provisions
Sec. 12. Without regard to whether a borrower is acting individually or on behalf of others similarly situated, a provision of a high cost home loan agreement that: (1) requires arbitration of a claim or defense; (2) allows a party to require a borrower to assert a claim or defense in a forum that is: […]
24-9-5-1. Purchaser or Assignee Subject to Affirmative Claims and Defenses; Claims Available to Borrower
Sec. 1. (a) A person who purchases or is otherwise assigned a high cost home loan is subject to all affirmative claims and any defenses, except for an affirmative claim or defense pursuant to IC 24-9-3-7, with respect to the high cost home loan that the borrower could assert against a creditor or broker of […]
24-9-5-2. Acceleration; Reinstatement of High Cost Home Loan After Cure of Default
Sec. 2. (a) If a creditor asserts that grounds for acceleration under the terms of a high cost home loan exist and requires the payment in full of all sums secured by the security instrument, the borrower or a person authorized to act on the borrower’s behalf at any time before the title is transferred […]