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23-2.5-1-14. "Loan broker"

IN Code § 23-2.5-1-14 (2019) (N/A)
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Sec. 14. (a) "Loan broker" means a person who, in return for consideration from any source:

(1) procures;

(2) attempts to procure; or

(3) assists in procuring;

a residential mortgage loan from a third party, regardless of whether the person seeking the loan obtains the loan.

(b) The term "loan broker" does not include:

(1) a supervised financial organization (as defined in IC 26-1-4-102.5), including a bank, savings bank, trust company, savings association, or credit union;

(2) another financial institution that is:

(A) regulated by an agency of the United States or a state; and

(B) regularly actively engaged in the business of:

(i) making consumer loans that are not secured by real estate; or

(ii) taking assignment of consumer sales contracts that are not secured by real estate;

(3) an insurance company;

(4) a person arranging financing for the sale of the person's product; or

(5) a creditor that is licensed under IC 24-4.4-2-402.

As added by P.L.175-2019, SEC.2.

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