Ind. Code § 37-1-3-9 — Indiana Code / Title 37 / Article 1 / Chapter 3 / Section 37-1-3-9
Use of NMLSR in department's licensing system; reporting of information to NMLSR; confidentiality; director's authority to enter agreements; waiver of privilege; processing fee; electronic records
Status: in_force

Sec. 9. (a) Subject to subsection (f), the director shall designate the NMLSR to serve as the sole entity responsible for:

(1) processing applications and renewals for mortgage licenses;

(2) issuing unique identifiers for licensees and persons exempt from licensing that employ or sponsor a licensed mortgage loan originator under this article; and

(3) performing other services that the director determines are necessary for the orderly administration of the department's mortgage licensing system.

(b) Subject to the confidentiality provisions contained in IC 5-14-3, this section, and IC 28-1-2-30, the director may regularly report significant or recurring violations of this article to the NMLSR.

(c) Subject to the confidentiality provisions contained in IC 5-14-3, this section, and IC 28-1-2-30, the director may report complaints received regarding mortgage licensees to the NMLSR.

(d) The director may report publicly adjudicated licensure actions against a licensee to the NMLSR.

(e) The director shall establish a process in which licensees may challenge information reported to the NMLSR by the department.

(f) The director's authority to designate the NMLSR under subsection (a) is subject to the following:

(1) Information stored in the NMLSR is subject to the confidentiality provisions of IC 5-14-3 and IC 28-1-2-30. A person may not:

(A) obtain information from the NMLSR, unless the person is authorized to do so by statute;

(B) initiate any civil action based on information obtained from the NMLSR if the information is not otherwise available to the person under any other state law; or

(C) initiate any civil action based on information obtained from the NMLSR if the person could not have initiated the action based on information otherwise available to the person under any other state law.

(2) Documents, materials, and other forms of information in the control or possession of the NMLSR that are confidential under IC 28-1-2-30 and that are:

(A) furnished by the director, the director's designee, or a licensee; or

(B) otherwise obtained by the NMLSR;

are confidential and privileged by law and are not subject to inspection under IC 5-14-3, subject to subpoena, subject to discovery, or admissible in evidence in any civil action. However, the director may use the documents, materials, or other information available to the director in furtherance of any action brought in connection with the director's duties under this article.

(3) Disclosure of documents, materials, and information:

(A) to the director; or

(B) by the director;

under this subsection does not result in a waiver of any applicable privilege or claim of confidentiality with respect to the documents, materials, or information.

(4) Information provided to the NMLSR is subject to IC 4-1-11.

(5) This subsection does not limit or impair a person's right to:

(A) obtain information;

(B) use information as evidence in a civil action or proceeding; or

(C) use information to initiate a civil action or proceeding;

if the information may be obtained from the director or the director's designee under any law.

(6) Except as otherwise provided in the federal Housing and Economic Recovery Act of 2008 (Public Law 110-289, Section 1512), the requirements under any federal law or IC 5-14-3 regarding the privacy or confidentiality of any information or material provided to the NMLSR, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to the information or material, continue to apply to the information or material after the information or material has been disclosed to the NMLSR. The information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or IC 5-14-3.

(7) For purposes of this section, the director may enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators, or other associations representing governmental agencies, as established by rule or order of the director.

(8) Information or material that is subject to a privilege or confidentiality under subdivision (6) is not subject to:

(A) disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

(B) subpoena, discovery, or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by the NMLSR with respect to the information or material, the person to whom the information or material pertains waives, in whole or in part, in the discretion of the person, that privilege.

(9) Any provision of IC 5-14-3 that concerns the disclosure of:

(A) confidential supervisory information; or

(B) any information or material described in subdivision (6);

and that is inconsistent with subdivision (6) is superseded by this section.

(10) This section does not apply with respect to information or material that concerns the employment history of, and publicly adjudicated disciplinary and enforcement actions against, a person described in section 5(b) of this chapter and that is included in the NMLSR for access by the public.

(11) The director may require a licensee required to submit information to the NMLSR to pay a processing fee considered reasonable by the director. In determining whether an NMLSR processing fee is reasonable, the director shall:

(A) require review of; and

(B) make available;

the audited financial statements of the NMLSR.

(g) Notwithstanding any other provision of law, any:

(1) application, renewal, or other form or document that:

(A) relates to mortgage licenses issued by the department; and

(B) is made or produced in an electronic format;

(2) document filed as an electronic record in a multistate automated repository established and operated for the licensing or registration of mortgage lenders, brokers, or loan originators; or

(3) electronic record filed through the NMLSR;

is considered a valid original document when reproduced in paper form by the department.

[Pre-2026 Revision Citation: 24-4.4-2-402.4.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-44 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-44
Loan finance charge for other loans
Status: in_force

Sec. 44. With respect to a loan other than a consumer loan or a consumer related loan, the parties may contract for the payment by the debtor of any loan finance charge.

[Pre-2026 Revision Citation: 24-4.5-3-605.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-23 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-23
"Immediate family member"
Status: in_force

Sec. 23. "Immediate family member" means a spouse, child, sibling, parent, grandparent, or grandchild. The term includes stepparents, stepchildren, stepsiblings, and adoptive relationships.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(19).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-1-0.5 — Indiana Code / Title 37 / Article 1 / Chapter 1 / Section 37-1-1-0.5
Documents, websites, or business communications created under prior law
Status: in_force

Sec. 0.5. Any document, website, or business communication created in accordance with IC 24-4.4 (before its repeal) is considered a document, website, or business communication created in accordance with this article.

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-31 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-31
License renewal; revocation or suspension of license not renewed; reinstatement of appeal; correcting amendments
Status: in_force

Sec. 31. (a) A license issued under this article must be renewed not later than December 31 of each calendar year. A license issued under section 24 of this chapter must be renewed through the NMLSR. The minimum standards for license renewal for a creditor include the following:

(1) If the creditor is licensed in accordance with section 23 of this chapter, the creditor has:

(A) paid all required fees for renewal of the license; and

(B) filed all reports and information required by the director.

(2) If the creditor is licensed under section 24 of this chapter, the following:

(A) The creditor has continued to meet the surety bond requirement under section 29 of this chapter.

(B) The creditor has filed the creditor's call report in a manner that satisfies section 33(d) of this chapter.

(C) The creditor has paid all required fees for renewal of the license.

(D) The creditor and individuals described in section 26(b) of this chapter have certified to the department that they continue to meet all the standards for licensing established under section 26 of this chapter.

(E) The creditor has filed all reports and information required by the director.

(F) The creditor has provided in the creditor's renewal application any information describing material changes in the information contained in the creditor's original application for licensure, or in any previous application, including any previous renewal application, along with any other information the director requires in order to evaluate the renewal of the license issued under this article.

(b) A license issued by the department authorizing a person to engage as a creditor in consumer loans or consumer credit sales under this article may be revoked or suspended by the department if the person fails to:

(1) file any renewal form required by the department; or

(2) pay any license renewal fee described under section 26(h)(3) of this chapter;

not later than sixty (60) days after the due date.

(c) A person whose license is revoked or suspended under this section may do either of the following:

(1) Pay all delinquent fees and apply for reinstatement of the license.

(2) Appeal the revocation or suspension to the department for an administrative review under IC 4-21.5-3.

Pending the decision from a hearing under IC 4-21.5-3 concerning license revocation or suspension, a license remains in force.

(d) If, at any time, the information or record contained in:

(1) an original application for licensure filed under section 23 or 24 of this chapter; or

(2) a renewal application filed under this section;

is or becomes inaccurate or incomplete in a material respect, the applicant shall promptly file a correcting amendment with the department.

[Pre-2026 Revision Citation: 24-4.5-3-503.6.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-2 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-2
"Affiliate"
Status: in_force

Sec. 2. "Affiliate", with respect to any person subject to this article, means a person that, directly or indirectly, through one (1) or more intermediaries:

(1) controls;

(2) is controlled by; or

(3) is under common control with;

the person subject to this article.

[Pre-2026 Revision Citation: 24-4.4-1-301(1).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-7-11 — Indiana Code / Title 37 / Article 2 / Chapter 7 / Section 37-2-7-11
Injunctions against violations
Status: in_force

Sec. 11. The department may bring a civil action to restrain a person from violating this article or another state or federal law or regulation, and for other appropriate relief.

[Pre-2026 Revision Citation: 24-4.5-6-110.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-3-14 — Indiana Code / Title 37 / Article 3 / Chapter 3 / Section 37-3-3-14
Endorsement of check
Status: in_force

Sec. 14. Upon the receipt of a check from a borrower for a small loan, unless the check is marked as void at the time of acceptance by the lender, the lender shall immediately stamp the back of the check with an endorsement that states:

"This check is being negotiated as part of a small loan under IC 37-3, and any holder of this check takes it subject to the claims and defenses of the maker.".

[Pre-2026 Revision Citation: 24-4.5-7-412.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-1-0.7 — Indiana Code / Title 37 / Article 2 / Chapter 1 / Section 37-2-1-0.7
References to repealed statutes; references to citations
Status: repealed

Sec. 0.7. (a) A reference in a statute or rule to a statute that is repealed and replaced in the same or a different form in the recodification act of the 2026 regular session of the general assembly is treated after the effective date of the new provision as a reference to the new provision.

(b) A citation reference in the recodification act of the 2026 regular session of the general assembly to another provision of the recodification act of the 2026 regular session of the general assembly is treated as including a reference to the provision of the uniform consumer credit code that is substantively equivalent to the provision of the recodification act of the 2026 regular session of the general assembly that is referred to by the citation reference.

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-4-10 — Indiana Code / Title 37 / Article 1 / Chapter 4 / Section 37-1-4-10
Civil action by department to enjoin deceptive act
Status: in_force

Sec. 10. (a) As used in this section, "deceptive act" means an act or a practice in which a person knowingly or intentionally:

(1) makes a material misrepresentation concerning; or

(2) conceals material information regarding the terms or conditions of;

a first lien mortgage transaction.

(b) For purposes of this section, "knowingly" means having actual knowledge at the time of the transaction.

(c) The department may bring a civil action to enjoin a deceptive act performed in connection with a first lien mortgage transaction.

[Pre-2026 Revision Citation: 24-4.4-3-109.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-7.7 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-7.7
"Civil court"
Status: in_force

Sec. 7.7. "Civil court" means any court of Indiana having civil jurisdiction.

[Pre-2026 Revision Citation: 24-4.5-6-117.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-1-0.7 — Indiana Code / Title 37 / Article 1 / Chapter 1 / Section 37-1-1-0.7
References to repealed statutes; references to citations
Status: repealed

Sec. 0.7. (a) A reference in a statute or rule to a statute that is repealed and replaced in the same or a different form in the recodification act of the 2026 regular session of the general assembly is treated after the effective date of the new provision as a reference to the new provision.

(b) A citation reference in the recodification act of the 2026 regular session of the general assembly to another provision of the recodification act of the 2026 regular session of the general assembly is treated as including a reference to the provision of the first lien mortgage lending law that is substantively equivalent to the provision of the recodification act of the 2026 regular session of the general assembly that is referred to by the citation reference.

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-2-3 — Indiana Code / Title 37 / Article 4 / Chapter 2 / Section 37-4-2-3
"Foreclosure purchaser"
Status: in_force

Sec. 3. "Foreclosure purchaser" means a person who purchases real property in a foreclosure proceeding.

[Pre-2026 Revision Citation: 24-5.5-2-3.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-3-7 — Indiana Code / Title 37 / Article 1 / Chapter 3 / Section 37-1-3-7
Credit reports; payment of fees or costs; demonstrated financial responsibility; considerations
Status: in_force

Sec. 7. (a) If the director requests a credit report for an individual described in section 5(b) of this chapter, the individual to whom the request is made shall pay any fees or costs associated with procuring the report.

(b) The individual must submit personal history and experience information in a form prescribed by the NMLSR, including the submission of authorization for the NMLSR or the director to obtain an independent credit report obtained from a consumer reporting agency described in Section 603(p) of the Fair Credit Reporting Act (15 U.S.C. 1681a(p)).

(c) The director may consider one (1) or more of the following when determining if an individual has demonstrated financial responsibility:

(1) Bankruptcies filed within the last ten (10) years.

(2) Current outstanding judgments, except judgments solely as a result of medical expenses.

(3) Current outstanding tax liens or other government liens or filings.

(4) Foreclosures within the past three (3) years.

(5) A pattern of serious delinquent accounts within the past three (3) years.

[Pre-2026 Revision Citation: 24-4.4-2-402.2.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-36 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-36
"Regularly engaged"
Status: in_force

Sec. 36. "Regularly engaged", with respect to a person who extends or originates first lien mortgage transactions, refers to a person who:

(1) extended or originated more than five (5) first lien mortgage transactions in the preceding calendar year; or

(2) extends or originates, or will extend or originate, more than five (5) first lien mortgage transactions in the current calendar year if the person did not extend or originate more than five (5) first lien mortgage transactions in the preceding calendar year.

[Pre-2026 Revision Citation: 24-4.4-1-301(38).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-40.5 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-40.5
"Principal"
Status: in_force

Sec. 40.5. "Principal" of a loan means the total of:

(1) the net amount paid to, receivable by, or paid or payable for the account of the debtor;

(2) the amount of any discount excluded from the loan finance charge (section 28.5(b) of this chapter); and

(3) to the extent that payment is deferred:

(A) amounts actually paid or to be paid by the lender for registration, certificate of title, or license fees if not included in subdivision (1); and

(B) additional charges permitted by IC 37-2-4-5.

The term does not include any loan proceeds held as security for the loan.

[Pre-2026 Revision Citation: 24-4.5-3-107(3).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-36 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-36
Use of multiple agreements
Status: in_force

Sec. 36. With respect to a consumer loan, no lender may permit any person, or husband and wife, to become obligated in any way under more than one loan agreement with the lender or with a person related to the lender, with intent to obtain a higher rate of loan finance charge than would otherwise be permitted by the provisions on loan finance charge for supervised loans set forth in section 35 of this chapter or to avoid disclosure of an annual percentage rate pursuant to the provisions on disclosure set forth in section 14 of this chapter. The excess amount of loan finance charge provided for in agreements in violation of this section is an excess charge for the purposes of the provisions on effect of violations on rights of parties (IC 37-2-6-9) and the provisions on civil actions by the department (IC 37-2-7-14).

[Pre-2026 Revision Citation: 24-4.5-3-509.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-16 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-16
"Depository institution"
Status: in_force

Sec. 16. "Depository institution" has the meaning set forth in the Federal Deposit Insurance Act (12 U.S.C. 1813(c)) and includes any credit union.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(12).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-3-17 — Indiana Code / Title 37 / Article 2 / Chapter 3 / Section 37-2-3-17
Security interests
Status: in_force

Sec. 17. (a) With respect to a consumer credit sale, a seller may take a security interest in the property sold. In addition, a seller may take a security interest in goods upon which services are performed or in which goods sold are installed or to which they are annexed, or in land to which the goods are affixed or which is maintained, repaired, or improved as a result of the sale of the goods or services, if, in the case of a subordinate lien mortgage transaction, the debt secured is four thousand dollars ($4,000) or more, or, in the case of a security interest in goods the debt secured is three hundred dollars ($300) or more. Except as provided with respect to cross-collateral in section 19 of this chapter, a seller may not otherwise take a security interest in property of the buyer to secure the debt arising from a consumer credit sale.

(b) With respect to a consumer lease, a lessor may not take a security interest in property of the lessee to secure the debt arising from the lease.

(c) A security interest taken in violation of this section is void.

(d) The amounts of four thousand dollars ($4,000) and three hundred dollars ($300) in subsection (a) are subject to change pursuant to the provisions on adjustment of dollar amounts in IC 37-2-1-5. However, notwithstanding IC 37-2-1-5(a), the Reference Base Index to be used with respect to the amount of:

(1) three hundred dollars ($300) is the Index for October 1992; and

(2) four thousand dollars ($4,000) is the Index for October 2012.

[Pre-2026 Revision Citation: 24-4.5-2-407.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-45.1 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-45.1
"Sale of an interest in land"
Status: in_force

Sec. 45.1. "Sale of an interest in land" includes a lease in which the lessee has an option to purchase the interest and all or a substantial part of the rental or other payments previously made by the lessee are applied to the purchase price.

[Pre-2026 Revision Citation: 24-4.5-2-105(6).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-5-1 — Indiana Code / Title 37 / Article 2 / Chapter 5 / Section 37-2-5-1
Application relation to credit insurance act
Status: in_force

Sec. 1. (a) Except as provided in subsection (b), this chapter applies to insurance provided or to be provided in relation to a consumer credit sale, a consumer lease, or a consumer loan.

(b) Section 17 of this chapter concerning cancellation by a creditor applies to loans the primary purpose of which is the financing of insurance. No other provision of this chapter applies to insurance so financed.

(c) This chapter supplements and does not repeal IC 27-8-4 (the credit insurance act). The provisions of this article concerning administrative controls, liabilities, and penalties do not apply to persons acting as insurers, and the similar provisions of IC 27-8-4 do not apply to creditors and debtors.

[Pre-2026 Revision Citation: 24-4.5-4-102.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-5-3 — Indiana Code / Title 37 / Article 2 / Chapter 5 / Section 37-2-5-3
Conditions applying to insurance to be provided by creditor
Status: in_force

Sec. 3. If a creditor agrees with a debtor to provide insurance:

(1) the insurance shall be evidenced by an individual policy or certificate of insurance delivered to the debtor, or sent to the debtor at the debtor's address as stated by the debtor, within thirty (30) days after the term of the insurance commences under the agreement between the creditor and debtor; or

(2) the creditor shall promptly notify the debtor of any failure or delay in providing the insurance.

[Pre-2026 Revision Citation: 24-4.5-4-105.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-3-5 — Indiana Code / Title 37 / Article 5 / Chapter 3 / Section 37-5-3-5
Loan acceleration
Status: in_force

Sec. 5. (a) A home loan agreement may not contain a provision that permits the creditor, in the creditor's sole discretion, to accelerate the indebtedness without material cause.

(b) This section does not prohibit acceleration of a home loan in good faith due to the borrower's failure to abide by the material terms of the loan.

[Pre-2026 Revision Citation: 24-9-3-5.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-3-24 — Indiana Code / Title 37 / Article 2 / Chapter 3 / Section 37-2-3-24
Attorney's fees
Status: in_force

Sec. 24. With respect to a consumer credit sale or consumer lease the agreement may provide for the payment by the buyer or lessee of reasonable attorney's fees and after default and referral to an attorney not a salaried employee of the seller, or of the lessor or the lessor's assignee. A provision in violation of this section is unenforceable.

[Pre-2026 Revision Citation: 24-4.5-2-413.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-7-14 — Indiana Code / Title 37 / Article 2 / Chapter 7 / Section 37-2-7-14
Civil actions by department; civil penalties for violations
Status: in_force

Sec. 14. (a) After demand, the department may bring a civil action against a creditor for making or collecting charges in excess of those permitted by this article. An action may relate to transactions with more than one debtor. If it is found that an excess charge has been made, the court shall order the respondent to refund to the debtor or debtors the amount of the excess charge. If a creditor has made an excess charge in deliberate violation of or in reckless disregard for this article, or if a creditor has refused to refund an excess charge within a reasonable time after demand by the debtor or the department, the court may also order the respondent to pay to the debtor or debtors a civil penalty in an amount determined by the court not in excess of the greater of either the amount of the credit service or loan finance charge or ten (10) times the amount of the charge. Refunds and penalties to which the debtor is entitled pursuant to this subsection may be set off against the debtor's obligation. If a debtor brings an action against a creditor to recover an excess charge or civil penalty, an action by the department to recover for the same excess charge or civil penalty shall be stayed while the debtor's action is pending and shall be dismissed if the debtor's action is dismissed with prejudice or results in a final judgment granting or denying the debtor's claim. With respect to excess charges arising from sales made pursuant to revolving charge accounts or from loans made pursuant to revolving loan accounts, no action pursuant to this subsection may be brought more than two (2) years after the time the excess charge was made. With respect to excess charges arising from other consumer credit sales or consumer loans, no action pursuant to this subsection may be brought more than one (1) year after the due date of the last scheduled payment of the agreement pursuant to which the charge was made. If the creditor establishes by a preponderance of evidence that a violation is unintentional or the result of a bona fide error, no liability to pay a penalty shall be imposed under this subsection.

(b) The department may bring a civil action against a creditor or a person acting in the creditor's behalf to recover a civil penalty for willfully violating this article, and if the court finds that the defendant has engaged in a course of repeated and willful violations of this article, it may assess a civil penalty of no more than five thousand dollars ($5,000). No civil penalty pursuant to this subsection may be imposed for violations of this article occurring more than two (2) years before the action is brought or for making unconscionable agreements or engaging in a course of fraudulent or unconscionable conduct.

(c) If the department determines, after notice and opportunity for the person to be heard, that a person has violated this article, the department may, in addition to or instead of all other remedies available under this section, impose upon the person a civil penalty not greater than ten thousand dollars ($10,000) per violation.

[Pre-2026 Revision Citation: 24-4.5-6-113.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-25.5 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-25.5
"Lender"
Status: in_force

Sec. 25.5. Except as otherwise provided, "lender" means a person regularly engaged in making consumer loans. The term includes an assignee of the lender's right to payment but use of the term does not in itself impose on an assignee any obligation of the lender with respect to events occurring before the assignment.

[Pre-2026 Revision Citation: 24-4.5-3-107(1).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-22.7 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-22.7
"Home solicitation sale"
Status: in_force

Sec. 22.7. "Home solicitation sale" means a consumer credit sale of goods, other than farm equipment, or services in which:

(1) the seller or a person acting for the seller engages in a personal solicitation of the sale, including a solicitation over the telephone, at a residence of the buyer and the buyer's agreement or offer to purchase is there given to the seller or a person acting for the seller; or

(2) the seller or the seller's agent, solicits a sale in a city or town in which the seller does not have a permanent business establishment, through mailings, advertisements, or telephone calls, which require the buyer to meet the seller or the seller's agent at a place other than the seller's permanent business establishment.

The term does not include a sale made pursuant to a preexisting revolving charge account, or a sale made pursuant to prior negotiations between the parties at a business establishment at a fixed location where goods or services are offered or exhibited for sale.

[Pre-2026 Revision Citation: 24-4.5-2-501.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-25 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-25
"Land contract"
Status: in_force

Sec. 25. "Land contract" means a contract for the sale of real estate in which the seller of the real estate retains legal title to the real estate until the total contract price is paid by the buyer.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(44).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-1-2 — Indiana Code / Title 37 / Article 1 / Chapter 1 / Section 37-1-1-2
Purposes; rules of construction
Status: in_force

Sec. 2. (a) This article shall be liberally construed and applied to promote the following purposes and policies:

(1) To permit and encourage the development of fair and economically sound first lien mortgage lending practices.

(2) To conform the regulation of first lien mortgage lending practices to applicable state and federal laws, rules, regulations, policies, and guidance.

(b) A reference to a requirement imposed by this article includes reference to a related rule of the department adopted under this article.

(c) A reference to a federal law in this article is a reference to the law as in effect December 31, 2024.

[Pre-2026 Revision Citation: 24-4.4-1-102.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-5 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-5
Permitted additional charges; skip-a-payment services; expedited payment services; debt cancellation agreements; insurance; GAP agreements
Status: in_force

Sec. 5. (a) In addition to the loan finance charge permitted by this chapter, a lender may contract for and receive the following additional charges in connection with a consumer loan:

(1) Official fees and taxes.

(2) Charges for insurance as described in subsection (b).

(3) Annual participation fees assessed in connection with a revolving loan account. Annual participation fees must:

(A) be reasonable in amount;

(B) bear a reasonable relationship to the lender's costs to maintain and monitor the loan account; and

(C) not be assessed for the purpose of circumvention or evasion of this article, as determined by the department.

(4) With respect to a debt secured by an interest in land, the following closing costs, if they are bona fide, reasonable in amount, and not for the purpose of circumvention or evasion of this article:

(A) Fees for title examination, abstract of title, title insurance, property surveys, or similar purposes.

(B) Fees for preparing deeds, mortgages, and reconveyance, settlement, and similar documents.

(C) Notary and credit report fees.

(D) Amounts required to be paid into escrow or trustee accounts if the amounts would not otherwise be included in the loan finance charge.

(E) Appraisal fees.

(5) Notwithstanding provisions of the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) concerning disclosure, charges for other benefits, including insurance, conferred on the debtor, if the benefits are of value to the debtor and if the charges are reasonable in relation to the benefits, and are excluded as permissible additional charges from the loan finance charge. With respect to any other additional charge not specifically provided for in this section to be a permitted charge under this subsection, the creditor must submit a written explanation of the charge to the department indicating how the charge would be assessed and the value or benefit to the debtor. Supporting documents may be required by the department. The department shall determine whether the charge would be of benefit to the debtor and is reasonable in relation to the benefits.

(6) A charge not to exceed twenty-five dollars ($25) for each returned payment by a bank or other depository institution of a dishonored check, electronic funds transfer, negotiable order of withdrawal, or share draft issued by the debtor.

(7) With respect to a revolving loan account, a fee not to exceed twenty-five dollars ($25) in each billing cycle during which the balance due under the revolving loan account exceeds by more than one hundred dollars ($100) the maximum credit limit for the account established by the lender.

(8) With respect to a revolving loan account, a transaction fee that may not exceed the greater of the following:

(A) Two percent (2%) of the amount of the transaction.

(B) Ten dollars ($10).

(9) A charge not to exceed twenty-five dollars ($25) for a skip-a-payment service, subject to the following:

(A) At the time of use of the service, the consumer must be given written notice of the amount of the charge and must acknowledge the amount in writing, including by electronic signature.

(B) A charge for a skip-a-payment service may not be assessed with respect to a consumer loan subject to the provisions on rebate upon prepayment that are set forth in section 13 of this chapter.

(C) A charge for a skip-a-payment service may not be assessed with respect to any payment for which a delinquency charge has been assessed under section 6 of this chapter.

(10) A charge not to exceed ten dollars ($10) for an optional expedited payment service, subject to the following:

(A) The charge may be assessed only upon request by the consumer to use the expedited payment service.

(B) The amount of the charge must be disclosed to the consumer at the time of the consumer's request to use the expedited payment service.

(C) The consumer must be informed that the consumer retains the option to make a payment by traditional means.

(D) The charge may not be established in advance, through any agreement with the consumer, as the expected method of payment.

(E) The charge may not be assessed with respect to any payment for which a delinquency charge has been assessed under section 6 of this chapter.

(11) A charge for a GAP agreement, subject to subsection (c).

(12) With respect to consumer loans made by a person exempt from licensing under section 24(a) of this chapter, a charge for a debt cancellation agreement, subject to the following:

(A) A debt cancellation agreement or debt cancellation coverage may not be required by the lender, and that fact must be disclosed in writing to the consumer.

(B) The charge for the initial term of coverage under the debt cancellation agreement must be disclosed in writing to the consumer. The charge may be disclosed on a unit-cost basis only in the case of revolving loan accounts, closed-end credit transactions if the request for coverage is made by mail or telephone, and closed-end credit transactions if the debt cancellation agreement limits the total amount of indebtedness eligible for coverage.

(C) If the term of coverage under the debt cancellation agreement is less than the term of the consumer loan, the term of coverage under the debt cancellation agreement must be disclosed in writing to the consumer.

(D) The consumer must sign or initial an affirmative written request for coverage after receiving all required disclosures.

(E) If debt cancellation coverage for two (2) or more events is provided for in a single charge under a debt cancellation agreement, the entire charge may be excluded from the loan finance charge and imposed as an additional charge under this section if at least one (1) of the events is the loss of life, health, or income.

The additional charges provided for in subdivisions (7) through (10) are not subject to refund or rebate.

(b) An additional charge may be made for insurance in connection with the loan, other than insurance protecting the lender against the debtor's default or other credit loss:

(1) with respect to insurance against loss of or damage to property or against liability, if the lender furnishes a clear and specific statement in writing to the debtor, setting forth the cost of the insurance if obtained from or through the lender and stating that the debtor may choose the person, subject to the lender's reasonable approval, through whom the insurance is to be obtained; and

(2) with respect to consumer credit insurance providing life, accident, unemployment or other loss of income, or health coverage, if the insurance coverage is not a factor in the approval by the lender of the extension of credit and this fact is clearly disclosed in writing to the debtor, and if, in order to obtain the insurance in connection with the extension of credit, the debtor gives specific affirmative written indication of the desire to do so after written disclosure of the cost of the insurance.

(c) An additional charge may be made for a GAP agreement, subject to the following:

(1) A GAP agreement or GAP coverage may not be required by the lender, and that fact must be disclosed in writing to the consumer.

(2) The charge for the initial term of coverage under the GAP agreement must be disclosed in writing to the consumer. The charge may be disclosed on a unit-cost basis only in the case of the following transactions:

(A) Revolving loan accounts.

(B) Closed-end credit transactions, if the request for coverage is made by mail or telephone.

(C) Closed-end credit transactions, if the GAP agreement limits the total amount of indebtedness eligible for coverage.

(3) If the term of coverage under the GAP agreement is less than the term of the consumer loan, the term of coverage under the GAP agreement must be disclosed in writing to the consumer.

(4) The consumer must sign or initial an affirmative written request for coverage after receiving all required disclosures.

(5) The GAP agreement must include the following:

(A) In the case of GAP coverage for a new motor vehicle, the manufacturer's suggested retail price (MSRP) for the motor vehicle.

(B) In the case of GAP coverage for a used motor vehicle, the average retail value for the motor vehicle, as determined by use of a third party valuation service provider that is customarily relied upon in the used motor vehicle commercial marketplace.

(C) The name of the financing entity taking assignment of the agreement, as applicable.

(D) The name and address of the consumer.

(E) The name of the lender selling the agreement.

(F) Information advising the consumer that the consumer may be able to obtain similar coverage from the consumer's primary insurance carrier.

(G) A coverage provision that includes a minimum deductible of five hundred dollars ($500).

(H) A provision providing for a minimum thirty (30) day trial period.

(I) In the case of a consumer loan made with respect to a motor vehicle, a provision excluding the sale of GAP coverage if the amount financed under the consumer loan (not including the cost of the GAP agreement, the cost of any credit insurance, and the cost of any warranties or service agreements) is less than eighty percent (80%) of the manufacturer's suggested retail price (MSRP), in the case of a new motor vehicle, or of the average retail value (as determined by use of a third party valuation service provider that is customarily relied upon in the used motor vehicle commercial marketplace), in the case of a used motor vehicle.

(J) In the case of a GAP agreement in which the charge for the agreement exceeds four hundred dollars ($400), specific instructions that may be used by the consumer to cancel the agreement and obtain a refund of the unearned GAP charge before prepayment in full, in accordance with the procedures, and subject to the conditions, set forth in subdivision (6).

(6) If the charge for the GAP agreement exceeds four hundred dollars ($400), the consumer is entitled to cancel the agreement and obtain a refund of the unearned GAP charge before prepayment in full. Refunds of unearned GAP charges shall be made subject to the following conditions:

(A) A refund of the charge for a GAP agreement must be calculated using a method that is no less favorable to the consumer than a refund calculated on a pro rata basis.

(B) The consumer is entitled to a refund of the unearned GAP agreement charge as outlined in the GAP agreement.

(C) The seller of the GAP agreement, or the seller's assignee, is responsible for making a timely refund to the consumer of unearned GAP agreement charges under the terms and conditions of the GAP agreement.

(7) Upon prepayment in full of the consumer loan:

(A) the GAP coverage is automatically terminated; and

(B) the seller of the GAP agreement must issue a refund in accordance with subdivision (6).

(8) A lender that sells GAP agreements must:

(A) insure its GAP agreement obligations under a contractual liability insurance policy issued by an insurer authorized to engage in the insurance business in Indiana; and

(B) retain appropriate records, as required under this article, regarding GAP agreements sold, refunded, and expired.

[Pre-2026 Revision Citations: 24-4.5-3-202(1); 24-4.5-3-202(2); 24-4.5-3-202(3).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-3-3 — Indiana Code / Title 37 / Article 3 / Chapter 3 / Section 37-3-3-3
Fee for dishonored check, electronic funds transfer, or debit authorization; limits on lender's presentment of check or debiting of account
Status: in_force

Sec. 3. (a) Notwithstanding any other law, the only fee that may be contracted for and received by the lender or an assignee on a small loan is a charge, not to exceed twenty-five dollars ($25), for each:

(1) return by a bank or other depository institution of a dishonored:

(A) check;

(B) electronic funds transfer;

(C) negotiable order of withdrawal; or

(D) share draft;

issued by the borrower; or

(2) time an authorization to debit the borrower's account is dishonored.

This additional charge may be assessed one (1) time regardless of how many times a check or an authorization to debit the borrower's account may be submitted by the lender and dishonored.

(b) A lender may:

(1) present a borrower's check for payment; or

(2) exercise a borrower's authorization to debit the borrower's account;

not more than three (3) times.

[Pre-2026 Revision Citation: 24-4.5-7-202.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-4-8 — Indiana Code / Title 37 / Article 1 / Chapter 4 / Section 37-1-4-8
Assurance of discontinuance of conduct; failure to comply
Status: in_force

Sec. 8. If it is claimed that a person has engaged in conduct subject to an order by:

(1) the department under section 7(a) of this chapter; or

(2) a court under sections 9 through 11 of this chapter;

the department may accept an assurance in writing that the person will not engage in the conduct in the future. If a person giving an assurance of discontinuance fails to comply with the terms of the assurance, the assurance is evidence that before the assurance was issued the person engaged in the conduct described in the assurance.

[Pre-2026 Revision Citation: 24-4.4-3-107.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-22.5 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-22.5
"Goods"
Status: in_force

Sec. 22.5. "Goods" includes goods not in existence at the time the transaction is entered into and merchandise certificates, but excludes money, chattel paper, documents of title, and instruments.

[Pre-2026 Revision Citation: 24-4.5-2-105(1).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-38 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-38
Regular schedule of payments; maximum loan term
Status: in_force

Sec. 38. (a) Supervised loans not made pursuant to a revolving loan account and in which the principal is four thousand dollars ($4,000) or less are payable in a single installment or shall be scheduled to be payable in substantially equal installments that are payable at equal periodic intervals, except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor, and:

(1) over a period of not more than thirty-seven (37) months if the principal is more than three hundred dollars ($300); or

(2) over a period of not more than twenty-five (25) months if the principal is three hundred dollars ($300) or less.

(b) The amounts of three hundred dollars ($300) and four thousand dollars ($4,000) in subsection (a) are subject to change pursuant to the provisions on adjustment of dollar amounts set forth in IC 37-2-1-5. However, notwithstanding IC 37-2-1-5(a), the Reference Base Index to be used with respect to the amount of:

(1) three hundred dollars ($300) is the Index for October 1992; and

(2) four thousand dollars ($4,000) is the Index for October 2012.

[Pre-2026 Revision Citation: 24-4.5-3-511.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-1-0.7 — Indiana Code / Title 37 / Article 5 / Chapter 1 / Section 37-5-1-0.7
References to repealed statutes; references to citations
Status: repealed

Sec. 0.7. (a) A reference in a statute or rule to a statute that is repealed and replaced in the same or a different form in the recodification act of the 2026 regular session of the general assembly is treated after the effective date of the new provision as a reference to the new provision.

(b) A citation reference in the recodification act of the 2026 regular session of the general assembly to another provision of the recodification act of the 2026 regular session of the general assembly is treated as including a reference to the provision of the law concerning home loan practices that is substantively equivalent to the provision of the recodification act of the 2026 regular session of the general assembly that is referred to by the citation reference.

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-27 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-27
National criminal history background check; fingerprints; payment of fees or costs; use of NMLSR
Status: in_force

Sec. 27. (a) When the director requests a national criminal history background check under section 26(d)(1) of this chapter for an individual described in section 26(b) of this chapter, the director shall require the individual to submit fingerprints to the department, state police department, or NMLSR, as directed, at the time evidence of compliance is requested under section 26(d) of this chapter. The individual to whom the request is made shall pay any fees or costs associated with processing and evaluating the fingerprints and the national criminal history background check. The national criminal history background check may be used by the director to determine the individual's compliance with this section. The director or the department may not release the results of the national criminal history background check to any private entity.

(b) For purposes of this section and in order to reduce the points of contact that the Federal Bureau of Investigation may have to maintain for purposes of this section, the director may use the NMLSR as a channeling agent for requesting information from and distributing information to the United States Department of Justice or any governmental agency.

[Pre-2026 Revision Citation: 24-4.5-3-503.1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-3-13 — Indiana Code / Title 37 / Article 1 / Chapter 3 / Section 37-1-3-13
Director's notice of intent to issue order; contents; hearing; final order; suspension or prohibition pending final order; official record
Status: in_force

Sec. 13. (a) A notice issued under this chapter must:

(1) be in writing;

(2) contain a statement of the facts constituting the alleged practice, violation, or breach;

(3) state the facts alleged in support of the violation, practice, or breach;

(4) state the director's intention to enter an order under section 15(a) of this chapter;

(5) be delivered to the board of directors of the creditor;

(6) be delivered to the officer, director, or manager concerned;

(7) specify the procedures that must be followed to initiate a hearing to contest the facts alleged; and

(8) if the director suspends or prohibits an officer, a director, or a manager of the creditor from participating in the affairs of the creditor, as described in subsection (e), include a statement of the suspension or prohibition.

(b) If a hearing is requested not later than ten (10) days after service of the written notice, the department shall hold a hearing concerning the alleged practice, violation, or breach. The hearing shall be held not later than forty-five (45) days after receipt of the request. The department, based on the evidence presented at the hearing, shall enter a final order under section 15 of this chapter.

(c) If no hearing is requested within the time specified in subsection (b), the director may proceed to issue a final order under section 15 of this chapter on the basis of the facts set forth in the written notice.

(d) An officer, a director, or a manager who is removed from a position under a removal order that has become final may not participate in the conduct of the affairs of any mortgage licensee without the approval of the director.

(e) The director may, for the protection of the creditor or the interests of its customers, suspend from office or prohibit from participation in the affairs of the creditor an officer, a director, or a manager of a creditor who is the subject of a written notice served by the director under section 12(a) of this chapter. A suspension or prohibition under this subsection becomes effective upon service of the notice under section 12(a) of this chapter. Unless stayed by a court in a proceeding authorized by subsection (f), the suspension or prohibition remains in effect pending completion of the proceedings related to the notice served under section 12(a) of this chapter and until the effective date of an order entered by the department under subsection (b) or the director under subsection (c). Copies of the notice shall also be served upon the creditor or affiliate of which the person is an officer, a director, or a manager.

(f) Not more than fifteen (15) days after an officer, a director, or a manager has been suspended from office or prohibited from participation in the conduct of the affairs of the creditor or affiliate under subsection (e), the officer, director, or manager may apply to a court having jurisdiction for a stay of the suspension or prohibition pending completion of the proceedings related to the written notice served under section 12(a) of this chapter, and the court may stay the suspension or prohibition.

(g) The department shall maintain an official record of a proceeding under this chapter.

[Pre-2026 Revision Citation: 24-4.4-2-404.2.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-6-8 — Indiana Code / Title 37 / Article 2 / Chapter 6 / Section 37-2-6-8
First lien mortgage transactions; civil liability for disclosure violations; debtor's right to rescind
Status: in_force

Sec. 8. For purposes of the provisions on civil liability for violation of disclosure provisions set forth in section 10 of this chapter and on a debtor's right to rescind certain transactions set forth in section 11 of this chapter a:

(1) consumer credit sale includes a sale that is a first lien mortgage transaction if the sale is otherwise a consumer credit sale; and

(2) consumer loan includes a loan that is a first lien mortgage transaction if the loan is otherwise a consumer loan.

[Pre-2026 Revision Citation: 24-4.5-5-201.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-43 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-43
"Registered mortgage loan originator"
Status: in_force

Sec. 43. "Registered mortgage loan originator" means any individual who:

(1) meets the definition of mortgage loan originator and is an employee of:

(A) a depository institution;

(B) a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or

(C) an institution regulated by the Farm Credit Administration; and

(2) is registered with, and maintains a unique identifier through, the NMLSR.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(38).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-43 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-43
Limitation on default charges in consumer related loans
Status: in_force

Sec. 43. (a) The agreement with respect to a consumer related loan may provide for only the following charges as a result of the debtor's default:

(1) reasonable attorney's fees and reasonable expenses incurred in realizing on a security interest;

(2) deferral charges not in excess of twenty-five percent (25%) per year of the amount deferred for the period of deferral; and

(3) other charges that could have been made had the loan been a consumer loan.

(b) A provision in violation of this section is unenforceable.

[Pre-2026 Revision Citation: 24-4.5-3-604.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-8 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-8
"Closing costs"
Status: in_force

Sec. 8. "Closing costs" with respect to a subordinate lien mortgage transaction includes:

(1) fees or premiums for title examination, title insurance, or similar purposes, including surveys;

(2) fees for preparation of a deed, settlement statement, or other documents;

(3) escrows for future payments of taxes and insurance;

(4) fees for notarizing deeds and other documents;

(5) appraisal fees; and

(6) fees for credit reports.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(5).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-3-13 — Indiana Code / Title 37 / Article 2 / Chapter 3 / Section 37-2-3-13
Disclosures required by Consumer Credit Protection Act; exempt transactions
Status: in_force

Sec. 13. (a) For purposes of this section, "consumer credit sale" includes a sale that is a sale of an interest in land and that is a first lien mortgage transaction if the sale is otherwise a consumer credit sale.

(b) The seller shall disclose to the buyer to whom credit is extended with respect to a consumer credit sale, and the lessor shall disclose to the lessee with respect to a consumer lease, the information required by the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.).

(c) For purposes of subsection (b), disclosures shall not be required on a consumer credit sale if the transaction is exempt from the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.).

[Pre-2026 Revision Citation: 24-4.5-2-301.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-7-10 — Indiana Code / Title 37 / Article 2 / Chapter 7 / Section 37-2-7-10
Assurance of discontinuance
Status: in_force

Sec. 10. If it is claimed that a person has engaged in conduct subject to an order by the department under section 9 of this chapter or by a court under sections 11 through 13 of this chapter, the department may accept an assurance in writing that the person will not engage in the conduct in the future. If a person giving an assurance of discontinuance fails to comply with its terms, the assurance is evidence that prior to the assurance the person engaged in the conduct described in the assurance.

[Pre-2026 Revision Citation: 24-4.5-6-109.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-4-7 — Indiana Code / Title 37 / Article 4 / Chapter 4 / Section 37-4-4-7
Duty to retain records for three years
Status: in_force

Sec. 7. A foreclosure consultant shall retain all records and documents, including the foreclosure consultant contract, related to services performed on behalf of a homeowner for at least three (3) years after the termination or conclusion of the foreclosure consultant contract entered into by the foreclosure consultant and the homeowner.

[Pre-2026 Revision Citation: 24-5.5-5-7.2.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-22 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-22
"Licensee"
Status: in_force

Sec. 22. "Licensee" means a person licensed to engage in mortgage transactions as a creditor.

[Pre-2026 Revision Citation: 24-4.4-1-301(17).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-21 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-21
"Land contract"
Status: in_force

Sec. 21. "Land contract" means a contract for the sale of real estate in which the seller of the real estate retains legal title to the real estate until the total contract price is paid by the buyer.

[Pre-2026 Revision Citation: 24-4.4-1-301(36).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-9 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-9
"Consumer credit sale"
Status: in_force

Sec. 9. "Consumer credit sale" is a sale of goods, services, or an interest in land in which:

(1) credit is granted by a person who engages as a seller in credit transactions of the same kind;

(2) the buyer is a person other than an organization;

(3) the goods, services, or interest in land are purchased primarily for a personal, family, or household purpose;

(4) either the debt is payable in installments or a credit service charge is made; and

(5) with respect to a sale of goods or services, either:

(A) the amount of credit extended, the written credit limit, or the initial advance does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); or

(B) the debt is secured by personal property used or expected to be used as the principal dwelling of the buyer.

[Pre-2026 Revision Citation: 24-4.4-1-301(5).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-2-10 — Indiana Code / Title 37 / Article 5 / Chapter 2 / Section 37-5-2-10
"Points and fees"
Status: in_force

Sec. 10. (a) Except as provided in subsection (b), "points and fees" means the total of the following:

(1) Points and fees (as defined in 12 CFR 226.32(b)(1) on January 1, 2004).

(2) All compensation paid directly or indirectly to a mortgage broker, including a broker that originates a loan in the broker's own name.

As used in subdivision (2), "compensation" does not include a payment included in subdivision (1).

(b) The term does not include the following:

(1) Bona fide discount points.

(2) An amount not to exceed one and one-half (1 1/2) points in indirect broker compensation, if the terms of the loan do not include:

(A) a prepayment penalty, in the case of a home loan described in IC 37-5-3-6(b); or

(B) a prepayment penalty that exceeds two percent (2%) of the home loan principal, in the case of a home loan other than a home loan described in IC 37-5-3-6(b).

(3) Reasonable fees paid to an affiliate of the creditor.

(4) Interest prepaid by the borrower for the month in which the home loan is closed.

[Pre-2026 Revision Citation: 24-9-2-10.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-3-0.1 — Indiana Code / Title 37 / Article 5 / Chapter 3 / Section 37-5-3-0.1
Chapter not applicable to loans made before January 1, 2005
Status: in_force

Sec. 0.1. A person is not subject to a prohibition or requirement of:

(1) IC 24-9-3 (before its repeal) and IC 24-9-4 (before its repeal), both as added by P.L.73-2004; or

(2) this chapter and IC 37-5-4;

with respect to a loan made before January 1, 2005.

[Pre-2026 Revision Citation: 24-9-3-0.1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-18 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-18
"First lien mortgage transaction"
Status: in_force

Sec. 18. "First lien mortgage transaction" means:

(1) a consumer loan; or

(2) a consumer credit sale;

that is or will be used by the debtor primarily for personal, family, or household purposes and that is secured by a mortgage or a land contract (or another consensual security interest equivalent to a mortgage or a land contract) that constitutes a first lien on a dwelling or on residential real estate upon which a dwelling is constructed or intended to be constructed.

[Pre-2026 Revision Citation: 24-4.4-1-301(14).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-4-13 — Indiana Code / Title 37 / Article 1 / Chapter 4 / Section 37-1-4-13
Rights of debtors not affected
Status: in_force

Sec. 13. The grant of powers to the department under this article does not affect remedies available to debtors under this article or under other principles of law or equity.

[Pre-2026 Revision Citation: 24-4.4-3-113.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-7-1 — Indiana Code / Title 37 / Article 5 / Chapter 7 / Section 37-5-7-1
State sole regulator of loans and credit
Status: in_force

Sec. 1. The state is the sole regulator of the business of originating, granting, servicing, and collecting loans and other forms of credit in Indiana and the manner in which the business is conducted. This regulation preempts all other regulation of these activities by any political subdivision.

[Pre-2026 Revision Citation: 24-9-7-1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-8-1 — Indiana Code / Title 37 / Article 5 / Chapter 8 / Section 37-5-8-1
Penalties; exception
Status: in_force

Sec. 1. A person who knowingly or intentionally violates this article commits:

(1) a Class A misdemeanor; and

(2) except for a violation of IC 37-5-3-7(c)(4) by a person required to be licensed by the department of financial institutions, an act that is actionable by the attorney general under IC 24-5-0.5 and is subject to the penalties listed in IC 24-5-0.5.

[Pre-2026 Revision Citation: 24-9-8-1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-7-3 — Indiana Code / Title 37 / Article 2 / Chapter 7 / Section 37-2-7-3
Powers of department; reliance on rules
Status: in_force

Sec. 3. (a) In addition to other powers granted by this article, the department within the limitations provided by law may:

(1) receive and act on complaints, take action designed to obtain voluntary compliance with this article, or commence proceedings on the department's own initiative;

(2) counsel persons and groups on their rights and duties under this article;

(3) establish programs for the education of consumers with respect to credit practices and problems;

(4) make studies appropriate to effectuate the purposes and policies of this article and make the results available to the public;

(5) adopt, amend, and repeal rules, orders, policies, and forms to carry out the provisions of this article;

(6) maintain more than one (1) office within Indiana; and

(7) appoint any necessary attorneys, hearing examiners, clerks, and other employees and agents and fix their compensation, and authorize attorneys appointed under this section to appear for and represent the department in court.

(b) No liability is imposed under this article for an act done or omitted in conformity with a rule, written notice, written opinion, written interpretation, or written directive of the department notwithstanding that after the act or omission the rule, written notice, written opinion, written interpretation, or written directive may be amended or repealed, or be determined by judicial or other authority to be invalid for any reason.

[Pre-2026 Revision Citation: 24-4.5-6-104.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-9-2 — Indiana Code / Title 37 / Article 5 / Chapter 9 / Section 37-5-9-2
Distributions to state comptroller
Status: in_force

Sec. 2. On or before June 20 and December 20 of each year, after completing an audit of the county treasurer's monthly reports required by IC 36-2-10-16, the county auditor shall distribute to the state comptroller two dollars and fifty cents ($2.50) of the mortgage recording fee collected under IC 36-2-7-10(c)(2) for each mortgage recorded by the county recorder. The state comptroller shall deposit the money in the state general fund to be distributed as described in section 3 of this chapter.

[Pre-2026 Revision Citation: 24-9-9-3.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-10.5 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-10.5
"Consumer credit insurance"
Status: in_force

Sec. 10.5. "Consumer credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include:

(1) insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring debtors of the creditor; or

(2) insurance indemnifying the creditor against loss due to the debtor's default.

[Pre-2026 Revision Citation: 24-4.5-4-103.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-3-8 — Indiana Code / Title 37 / Article 1 / Chapter 3 / Section 37-1-3-8
Surety bond; requirements; amount; termination; liability; notices
Status: in_force

Sec. 8. (a) Each:

(1) creditor; and

(2) person that is exempt (either under this article or under IC 37-2) from licensing and that:

(A) employs a licensed mortgage loan originator; or

(B) sponsors a licensed mortgage loan originator as permitted by IC 37-1-1-6(8) or by 750 IAC 9;

must be covered by a surety bond in accordance with this section.

(b) A surety bond must:

(1) provide coverage for:

(A) a creditor; or

(B) a person that is exempt from licensing and that employs a licensed mortgage loan originator, or that sponsors a licensed mortgage loan originator as permitted by IC 37-1-1-6(8) or by 750 IAC 9;

in an amount as prescribed in subsection (d);

(2) be in a form prescribed by the director;

(3) be in effect:

(A) during the term of the creditor's license; or

(B) at any time during which the person exempt from licensing employs a licensed mortgage loan originator or sponsors a licensed mortgage loan originator as permitted by IC 37-1-1-6(8) or by 750 IAC 9;

as applicable;

(4) subject to subsection (c), remain in effect during the two (2) years after:

(A) the license of the creditor is surrendered or terminated; or

(B) the person exempt from licensing ceases to employ a licensed mortgage loan originator, or ceases to sponsor a licensed mortgage loan originator as permitted by IC 37-1-1-6(8) or by 750 IAC 9, or to offer financial services to individuals in Indiana, whichever is later;

as applicable;

(5) be payable to the department for the benefit of:

(A) the state; and

(B) individuals who reside in Indiana when they agree to receive financial services from the creditor or the person exempt from licensing, as applicable;

(6) be issued by a bonding, surety, or insurance company authorized to do business in Indiana and rated at least "A-" by at least one (1) nationally recognized investment rating service; and

(7) have payment conditioned upon:

(A) the creditor's or any of the creditor's licensed mortgage loan originators'; or

(B) the exempt person's or any of the exempt person's licensed mortgage loan originators';

noncompliance with or violation of this chapter, 750 IAC 9, or other federal or state laws or regulations applicable to mortgage lending.

(c) The director may adopt rules or guidance documents with respect to the requirements for a surety bond as necessary to accomplish the purposes of this article. Upon written request from:

(1) a creditor described in subsection (a)(1); or

(2) an exempt person described in subsection (a)(2);

the director may, at the discretion of the director, waive or shorten the two (2) year period set forth in subsection (b)(4) during which a surety bond required by this section must remain in effect after the occurrence of an event described in subsection (b)(4)(A) or (b)(4)(B), as applicable.

(d) The penal sum of the surety bond shall be maintained in an amount that reflects the dollar amount of mortgage transactions originated as determined by the director. If the principal amount of a surety bond required under this section is reduced by payment of a claim or judgment, the creditor or exempt person for whom the bond is issued shall immediately notify the director of the reduction and, not later than thirty (30) days after notice by the director, file a new or an additional surety bond in an amount set by the director. The amount of the new or additional bond set by the director must be at least the amount of the bond before payment of the claim or judgment.

(e) If for any reason a surety terminates a bond issued under this section, the creditor or the exempt person shall immediately notify the department and file a new surety bond in an amount determined by the director.

(f) Cancellation of a surety bond issued under this section does not affect any liability incurred or accrued during the period when the surety bond was in effect.

(g) The director may obtain satisfaction from a surety bond issued under this section if the director incurs expenses, issues a final order, or recovers a final judgment under this chapter.

(h) Notices required under this section must be made in writing and submitted through the NMLSR or any other electronic registration system that may be approved by the director.

[Pre-2026 Revision Citation: 24-4.4-2-402.3.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-4 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-4
"Agricultural purpose"
Status: in_force

Sec. 4. "Agricultural purpose" means a purpose related to the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a natural person who cultivates, plants, propagates, or nurtures the agricultural products. "Agricultural products" includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any and all products raised or produced on farms and any processed or manufactured products thereof.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(3).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-7-5 — Indiana Code / Title 37 / Article 2 / Chapter 7 / Section 37-2-7-5
Department's examination and investigatory authority; record retention; director's authority to control access to records; court order compelling compliance; confidentiality; costs; vendors
Status: in_force

Sec. 5. (a) In administering this article and in order to determine whether the provisions of this article are being complied with by persons engaging in acts subject to this article, the department may examine the records of persons and may make investigations of persons as may be necessary to determine compliance. Records subject to examination under this section include the following:

(1) Training, operating, and policy manuals.

(2) Minutes of:

(A) management meetings; and

(B) other meetings.

(3) Other records that the department determines are necessary to perform its investigation or examination.

The department may also administer oaths or affirmations, subpoena witnesses, and compel the attendance of witnesses, including directors, executive officers, managers, principals, mortgage loan originators, employees, independent contractors, agents, and customers of the licensee, individual, or person subject to this article. The department may also adduce evidence, and require the production of any matter which is relevant to the investigation. The department shall determine the sufficiency of the records maintained and whether the person has made the required information reasonably available. The records pertaining to any transaction subject to this article shall be retained for two (2) years after making the final entry relating to the consumer credit transaction, but in the case of a revolving loan account or revolving charge account, the two (2) years is measured from the date of each entry.

(b) The department's examination and investigatory authority under this article includes the following:

(1) The authority to require a creditor to refund overcharges resulting from the creditor's noncompliance with the terms of consumer credit sales, consumer leases, or consumer loans.

(2) The authority to require a creditor to comply with the prepayment penalty provisions set forth in IC 37-2-4-12.

(3) The authority to investigate complaints filed with the department by debtors.

(c) If the department:

(1) investigates; or

(2) examines the books and records of;

a person that is subject to sections 24 through 26 of this chapter, the person shall pay all reasonably incurred costs of the investigation or examination in accordance with the fee schedule adopted by the department under IC 28-11-3-5. However, the person is liable for the costs of an investigation or examination under this subsection only to the extent that the costs exceed the amount of the filing fees paid most recently under section 26 of this chapter. Any costs required to be paid under this section shall be paid not later than sixty (60) days after the person receives a notice from the department of the costs being assessed. The department may impose a fee, in an amount fixed by the department under IC 28-11-3-5, for each day that the assessed costs are not paid, beginning on the first day after the sixty (60) day period described in this subsection.

(d) The department shall be given free access to the records wherever located. In making any examination or investigation authorized by this article, the director may control access to any documents and records of the licensee or person under examination or investigation. The director may take possession of the documents and records or place a person in exclusive charge of the documents and records in the place where the documents are usually kept. During the period of control, the licensee or person may not remove or attempt to remove any of the documents and records except under a court order or with the consent of the director. Unless the director has reasonable grounds to believe the documents or records of the licensee or person have been, or are, at risk of being altered or destroyed for purposes of concealing a violation of this article, the licensee or person being examined or investigated is entitled to access to the documents or records as necessary to conduct the licensee's or person's ordinary business affairs. If the person's records are located outside Indiana, the records shall be made available to the department at a convenient location within Indiana, or the person shall pay the reasonable and necessary expenses for the department or its representative to examine them where they are maintained. The department may designate comparable officials of the state in which the records are located to inspect them on behalf of the department.

(e) Upon a person's failure without lawful excuse to obey a subpoena or to give testimony and upon reasonable notice to all affected persons, the department may apply to any civil court with jurisdiction for an order compelling compliance.

(f) The department shall not make public the name or identity of a person whose acts or conduct the department investigates pursuant to this section or the facts disclosed in the investigation, but this subsection does not apply to disclosures in actions or enforcement proceedings pursuant to this article.

(g) To discover violations of this article or to secure information necessary for the enforcement of this article, the department may investigate any:

(1) licensee or registrant; or

(2) person that the department suspects to be operating:

(A) without a license or registration, when a license or registration is required under this article; or

(B) otherwise in violation of this article.

The department has all investigatory and enforcement authority under this article that the department has under IC 28-11 with respect to financial institutions. If the department conducts an investigation under this section, the licensee, registrant, or other person investigated shall pay all reasonably incurred costs of the investigation in accordance with the fee schedule adopted under IC 28-11-3-5. Any costs required to be paid under this section shall be paid not later than sixty (60) days after the person receives a notice from the department of the costs being assessed. The department may impose a fee, in an amount fixed by the department under IC 28-11-3-5, for each day that the assessed costs are not paid, beginning on the first day after the sixty (60) day period described in this subsection.

(h) If a creditor contracts with an outside vendor to provide a service that would otherwise be undertaken internally by the creditor and be subject to the department's routine examination procedures, the person that provides the service to the creditor shall, at the request of the director, submit to an examination by the department. If the director determines that an examination under this subsection is necessary or desirable, the examination may be made at the expense of the person to be examined. If the person to be examined under this subsection refuses to permit the examination to be made, the director may order any creditor that is licensed by the department and that receives services from the person refusing the examination to:

(1) discontinue receiving one (1) or more services from the person; or

(2) otherwise cease conducting business with the person.

[Pre-2026 Revision Citation: 24-4.5-6-106.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-12.5 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-12.5
"Consumer lease"
Status: in_force

Sec. 12.5. "Consumer lease" means a lease of goods:

(1) which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family, or household purpose;

(2) in which the amount payable under the lease does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); and

(3) which is for a term exceeding four (4) months.

The term does not include a lease made pursuant to a lender credit card or similar arrangement.

[Pre-2026 Revision Citation: 24-4.5-2-106.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-47.5 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-47.5
"Supervised loan"
Status: in_force

Sec. 47.5. "Supervised loan" means a consumer loan in which the rate of the loan finance charge exceeds twenty-five percent (25%) per year as determined according to the provisions on loan finance charge for consumer loans in IC 37-2-4-4.

[Pre-2026 Revision Citation: 24-4.5-3-501(1).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-3-20 — Indiana Code / Title 37 / Article 2 / Chapter 3 / Section 37-2-3-20
Debt secured by cross-collateral
Status: in_force

Sec. 20. (a) If debts arising from two (2) or more consumer credit sales, other than sales pursuant to a revolving charge account, are secured by cross-collateral under section 19 of this chapter or consolidated into one (1) debt payable on a single schedule of payments, and the debt is secured by security interests taken with respect to one (1) or more of the sales, payments received by the seller after the taking of the cross-collateral or the consolidation are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been first applied to the payment of the debts arising from the sales first made. To the extent debts are paid according to this section, security interests in items of property terminate as the debt originally incurred with respect to each item is paid.

(b) Payments received by the seller upon a revolving charge account are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of credit service charges in the order of their entry to the account and then to the payment of debts in the order in which the entries to the account showing the debts were made.

(c) If the debts consolidated arose from two (2) or more sales made on the same day, payments received by the seller are deemed, for the purpose of determining the amount of the debts secured by the various security interests, to have been applied first to the payment of the smallest debt.

[Pre-2026 Revision Citation: 24-4.5-2-409.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-7-16 — Indiana Code / Title 37 / Article 2 / Chapter 7 / Section 37-2-7-16
Venue
Status: in_force

Sec. 16. The department may bring actions or proceedings in a court in a county in which an act on which the action or proceeding is based occurred or in a county in which respondent resides or transacts business or in a county otherwise authorized by rule or venue laws.

[Pre-2026 Revision Citation: 24-4.5-6-116.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-4-1 — Indiana Code / Title 37 / Article 4 / Chapter 4 / Section 37-4-4-1
Rebuttable presumptions; homeowner's ability to pay upon reconveyance
Status: in_force

Sec. 1. For purposes of this chapter, there is a rebuttable presumption that:

(1) a homeowner has a reasonable ability to pay for a subsequent reconveyance of real property if the homeowner's payments for primary housing expenses and regular principal and interest payments on other personal debt, on a monthly basis, do not exceed sixty percent (60%) of the homeowner's monthly gross income; and

(2) the foreclosure purchaser has not verified reasonable payment ability if the foreclosure purchaser has not obtained documents other than a statement by the homeowner of assets, liability, and income.

[Pre-2026 Revision Citation: 24-5.5-5-1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-48 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-48
"Unique identifier"
Status: in_force

Sec. 48. "Unique identifier" means a number or other identifier assigned by protocols established by the NMLSR.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(43).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-20 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-20
"Employee"
Status: in_force

Sec. 20. "Employee" means an individual who is paid wages or other compensation by an employer required under federal income tax law to file Form W-2 on behalf of the individual.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(16).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-7-25 — Indiana Code / Title 37 / Article 2 / Chapter 7 / Section 37-2-7-25
Notification
Status: in_force

Sec. 25. (a) Persons that are subject to this section and sections 24 and 26 of this chapter shall file notification with the department within thirty (30) days after commencing business in Indiana and thereafter on an annual basis, on the date set forth in subsection (b). The notification shall state the:

(1) name of the person;

(2) name in which business is transacted if different from subdivision (1);

(3) address of principal office, which may be outside Indiana; and

(4) address of all offices or retail stores, if any, in Indiana at which consumer credit sales, consumer leases, or consumer loans are made, or in the case of a person taking assignments of obligations, the offices or places of business within Indiana at which business is transacted.

(b) A person required to be licensed under this article shall file the notification required by subsection (a) not later than December 31 of each year. All other persons subject to this section shall file the notification required by subsection (a) not later than January 31 of each year.

(c) Persons subject to sections 24 and 26 of this chapter and this section shall notify the department not later than thirty (30) days after the person:

(1) has a change in name, address, or principals;

(2) opens a new branch, closes an existing branch, or relocates an existing branch;

(3) files for bankruptcy or reorganization;

(4) is notified that the person is subject to revocation or suspension proceedings by a state or governmental authority with regard to the person's activities; or

(5) has been convicted of a felony involving fraud, deceit, or misrepresentation under the laws of Indiana or any other jurisdiction.

[Pre-2026 Revision Citation: 24-4.5-6-202.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-0.1 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-0.1
Application of certain amendments
Status: in_force

Sec. 0.1. The following amendments to IC 24-4.5-3 (before its repeal) applied as follows:

(1) The amendments made to IC 24-4.5-3-201 (before its repeal) by P.L.163-1999 did not apply to consumer loans in existence before July 1, 1999.

(2) The amendments made to IC 24-4.5-3-209(1) (before its repeal) by P.L.159-2001 applied to a contract between a lender and a debtor that is entered into or renewed after June 30, 2001.

[Pre-2026 Revision Citation: 24-4.5-3-0.1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-2-6 — Indiana Code / Title 37 / Article 5 / Chapter 2 / Section 37-5-2-6
"Creditor"
Status: in_force

Sec. 6. (a) "Creditor" means:

(1) a person:

(A) who regularly extends consumer credit that is subject to a finance charge or that is payable by written agreement in more than four (4) installments; and

(B) to whom the debt arising from a home loan transaction is initially payable; or

(2) a person who brokers a home loan, including a person who:

(A) directly or indirectly solicits, processes, places, or negotiates home loans for others;

(B) offers to solicit, process, place, or negotiate home loans for others; or

(C) closes home loans that may be in the person's own name with funds provided by others and that are thereafter assigned to the person providing funding for the loans.

(b) The term does not include:

(1) a servicer;

(2) a state or local housing finance authority;

(3) any other state or local governmental or quasi-governmental entity; or

(4) an attorney providing legal services in association with the closing of a home loan.

[Pre-2026 Revision Citation: 24-9-2-6.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-28 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-28
Credit reports; payment of fees or costs; demonstrated financial responsibility; considerations
Status: in_force

Sec. 28. (a) If the director requests a credit report for an individual described in section 26(b) of this chapter, the individual to whom the request is made shall pay any fees or costs associated with procuring the report.

(b) The individual must submit personal history and experience information in a form prescribed by the NMLSR, including the submission of authorization for the NMLSR or the director to obtain an independent credit report obtained from a consumer reporting agency described in Section 603(p) of the Fair Credit Reporting Act (15 U.S.C. 1681a(p)).

(c) The director may consider one (1) or more of the following when determining if an individual has demonstrated financial responsibility:

(1) Bankruptcies filed within the last ten (10) years.

(2) Current outstanding judgments, except judgments solely as a result of medical expenses.

(3) Current outstanding tax liens or other government liens or filings.

(4) Foreclosures within the past three (3) years.

(5) A pattern of serious delinquent accounts within the past three (3) years.

[Pre-2026 Revision Citation: 24-4.5-3-503.2.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-3-6 — Indiana Code / Title 37 / Article 5 / Chapter 3 / Section 37-5-3-6
Fee prohibited for payoff statement or written release; prepayment penalty prohibited for adjustable rate home loans; short sale; acknowledgment of offer; acceptance or rejection; liability for failure to respond
Status: in_force

Sec. 6. (a) A creditor may not charge a fee for informing or transmitting to a person the balance due to pay off a home loan or to provide a written release upon prepayment. A creditor must provide, in writing, a payoff balance not later than seven (7) business days (excluding legal public holidays, Saturdays, and Sundays) after the request is received by the creditor. A payoff statement provided by a creditor under this subsection must show the date the statement was prepared and itemize the unpaid principal balance and each fee, charge, or other sum included within the payoff amount. For purposes of this subsection, "fee" does not include actual charges incurred by a creditor for express or priority delivery of home loan documents to the borrower if such delivery is requested by the borrower.

(b) This subsection applies to a home loan, or the refinancing or consolidation of a home loan, that:

(1) is closed after June 30, 2009; and

(2) has an interest rate that is subject to change at one (1) or more times during the term of the home loan.

A creditor in a transaction to which this subsection applies may not contract for and may not charge the borrower a prepayment fee or penalty.

(c) This subsection applies to a home loan with respect to which any installment or minimum payment due is delinquent for at least sixty (60) days. The creditor, servicer, or the creditor's agent shall acknowledge a written offer made in connection with a proposed short sale not later than five (5) business days (excluding legal public holidays, Saturdays, and Sundays) after the date of the offer if the offer complies with the requirements for a qualified written request set forth in 12 U.S.C. 2605(e)(1)(B). The creditor, servicer, or creditor's agent is required to acknowledge a written offer made in connection with a proposed short sale from a third party acting on behalf of the debtor only if the debtor has provided written authorization for the creditor, servicer, or creditor's agent to do so. Not later than thirty (30) business days (excluding legal public holidays, Saturdays, and Sundays) after receipt of an offer under this subsection, the creditor, servicer, or creditor's agent shall respond to the offer with an acceptance or a rejection of the offer. The thirty (30) day period described in this subsection may be extended for not more than fifteen (15) business days (excluding legal public holidays, Saturdays, and Sundays) if, before the end of the thirty (30) day period, the creditor, the servicer, or the creditor's agent notifies the debtor of the extension and the reason the extension is needed. As used in this subsection, "short sale" means a transaction in which the property that is the subject of a home loan is sold for an amount that is less than the amount of the borrower's outstanding obligation on the home loan. A creditor, a servicer, or a creditor's agent that fails to respond to an offer within the time prescribed by this subsection is liable in accordance with 12 U.S.C. 2605(f) in any action brought under that section.

[Pre-2026 Revision Citation: 24-9-3-6.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-3-2 — Indiana Code / Title 37 / Article 1 / Chapter 3 / Section 37-1-3-2
Federal disclosure requirements; creditor's duty to comply; exempt transactions
Status: in_force

Sec. 2. (a) Except as provided in subsection (b), the creditor shall comply with disclosure requirements applicable to first lien mortgage transactions in the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.).

(b) Disclosures are not required if the transaction is exempt from the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.).

[Pre-2026 Revision Citation: 24-4.4-2-202.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-5-6 — Indiana Code / Title 37 / Article 4 / Chapter 5 / Section 37-4-5-6
Credit services organizations statute not preempted
Status: in_force

Sec. 6. Except as provided in IC 24-5-15-7(d), this article may not be construed to preempt the provisions of IC 24-5-15-1 through IC 24-5-15-11.

[Pre-2026 Revision Citation: 24-5.5-6-6.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-7-27 — Indiana Code / Title 37 / Article 2 / Chapter 7 / Section 37-2-7-27
Nonapplicability of licensing and notification requirements to attorneys' services
Status: in_force

Sec. 27. IC 37-2-4-23 and sections 24 through 26 of this chapter are not applicable to services performed by attorneys.

[Pre-2026 Revision Citation: 24-4.5-6-204.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-5-12 — Indiana Code / Title 37 / Article 2 / Chapter 5 / Section 37-2-5-12
Amount of insurance
Status: in_force

Sec. 12. (a) Except as provided in subsection (b):

(1) in the case of consumer credit insurance providing life coverage, the amount of insurance may not initially exceed the debt and, if the debt is payable in installments, may not at any time exceed the greater of the scheduled or actual amount of the debt; or

(2) in the case of any other consumer credit insurance, the total amount of periodic benefits payable may not exceed the total of scheduled unpaid installments of the debt, and the amount of any periodic benefit may not exceed the original amount of debt divided by the number of periodic installments in which it is payable.

(b) If consumer credit insurance is provided in connection with a revolving charge account or revolving loan account, the amounts payable as insurance benefits may be reasonably commensurate with the amount of debt as it exists from time to time. If consumer credit insurance is provided in connection with a commitment to grant credit in the future, the amounts payable as insurance benefits may be reasonably commensurate with the total from time to time of the amount of debt and the amount of the commitment.

[Pre-2026 Revision Citation: 24-4.5-4-202.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-3-3 — Indiana Code / Title 37 / Article 5 / Chapter 3 / Section 37-5-3-3
Default on existing loan
Status: in_force

Sec. 3. A creditor may not recommend or encourage default on an existing loan or other debt before and in connection with the closing or planned closing of a home loan that refinances all or part of the existing loan or debt.

[Pre-2026 Revision Citation: 24-9-3-3.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-3-3 — Indiana Code / Title 37 / Article 4 / Chapter 3 / Section 37-4-3-3
Notice sent by mail; time of effectiveness; inconsistent rescission requirements
Status: in_force

Sec. 3. (a) If a notice of rescission under this chapter is sent by mail, the rescission is effective three (3) days after the notice is deposited in the United States mail, properly addressed, with postage prepaid.

(b) A homeowner is not required to give notice of rescission in the form required under the contract if the form under the contract is inconsistent with the requirements under this chapter.

[Pre-2026 Revision Citation: 24-5.5-4-3.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-1-0.1 — Indiana Code / Title 37 / Article 1 / Chapter 1 / Section 37-1-1-0.1
Recodification of prior law
Status: in_force

Sec. 0.1. This article must be construed as a recodification of prior law. The enactment of this article by SEA 169-2026 does not affect the substantive operation and effect of the prior law.

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-3-22 — Indiana Code / Title 37 / Article 2 / Chapter 3 / Section 37-2-3-22
Referral sales
Status: in_force

Sec. 22. With respect to a consumer credit sale or consumer lease the seller or lessor may not give or offer to give a rebate or discount or otherwise pay or offer to pay value to the buyer or lessee as an inducement for a sale or lease in consideration of the buyer or lessee giving to the seller or lessor the names of prospective purchasers or lessees, or otherwise aiding the seller or lessor in making a sale or lease to another person, if the earning of the rebate, discount or other value is contingent upon the occurrence of an event subsequent to the time the buyer or lessee agrees to buy or lease. If a buyer or lessee is induced by a violation of this section to enter into a consumer credit sale or consumer lease, the agreement is unenforceable by the seller or lessor and the buyer or lessee, at the buyer's or lessee's option, may rescind the agreement or retain the goods delivered and the benefit of any services performed, without any obligation to pay for them.

[Pre-2026 Revision Citation: 24-4.5-2-411.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-24 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-24
"Individual"
Status: in_force

Sec. 24. "Individual" means a natural person.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(20).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-3-21 — Indiana Code / Title 37 / Article 1 / Chapter 3 / Section 37-1-3-21
Creditor's duty to comply with closing requirements
Status: in_force

Sec. 21. A creditor in a first lien mortgage transaction shall comply with IC 6-1.1-12-43, to the extent applicable.

[Pre-2026 Revision Citation: 24-4.4-2-501.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-4-6 — Indiana Code / Title 37 / Article 4 / Chapter 4 / Section 37-4-4-6
Foreclosure purchasers; accounting to homeowner after resale of property
Status: in_force

Sec. 6. A foreclosure purchaser shall make a detailed accounting of the basis for the amount of payment made to a homeowner of real property resold within eighteen (18) months after entering into a foreclosure reconveyance agreement on a form prescribed by the attorney general.

[Pre-2026 Revision Citation: 24-5.5-5-6.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-1-0.3 — Indiana Code / Title 37 / Article 3 / Chapter 1 / Section 37-3-1-0.3
Contracts entered into under prior law
Status: in_force

Sec. 0.3. A contract entered into in accordance with IC 24-4.5-7 (before its repeal) is considered a contract entered into in accordance with this article.

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-14 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-14
"Director"
Status: in_force

Sec. 14. "Director" refers to the director of the department of financial institutions or the director's designee.

[Pre-2026 Revision Citation: 24-4.4-1-301(10).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-28.5 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-28.5
"Loan finance charge"
Status: in_force

Sec. 28.5. (a) "Loan finance charge" means the sum of:

(1) all charges payable directly or indirectly by the debtor and imposed directly or indirectly by the lender as an incident to the extension of credit, including any of the following types of charges which are applicable: interest or any amount payable under a point, discount, or other system of charges, however denominated, premium or other charge for any guarantee or insurance protecting the lender against the debtor's default or other credit loss; and

(2) charges incurred for investigating the collateral or credit-worthiness of the debtor.

The term does not include charges as a result of default, additional charges (IC 37-2-4-5), delinquency charges (IC 37-2-4-6), or deferral charges (IC 37-3-4-7). The term does not include charges paid or payable to a third party that are not required by the lender as a condition or incident to the extension of credit except for borrower paid mortgage broker fees, including fees paid directly to the broker or the lender (for delivery to the broker), whether the fees are paid in cash or financed. However, borrower paid mortgage broker fees do not include fees paid to a mortgage broker by a creditor, including yield spread premiums and service release fees.

(b) If a lender makes a loan to a debtor by purchasing or satisfying obligations of the debtor pursuant to a lender credit card or similar arrangement, and the purchase or satisfaction is made at less than the face amount of the obligation, the discount is not part of the loan finance charge.

[Pre-2026 Revision Citation: 24-4.5-3-109.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-3-4 — Indiana Code / Title 37 / Article 5 / Chapter 3 / Section 37-5-3-4
Date of payment
Status: in_force

Sec. 4. A creditor shall treat each payment made by a borrower in regard to a home loan as posted on the same business day as the payment was received by the creditor, servicer, or creditor's agent, or at the address provided to the borrower by the creditor, servicer, or creditor's agent for making payments.

[Pre-2026 Revision Citation: 24-9-3-4.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-18 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-18
"Dwelling"
Status: in_force

Sec. 18. "Dwelling" means a residential structure that contains one (1) to four (4) units, regardless of whether the structure is attached to real property. The term includes an individual:

(1) condominium unit;

(2) cooperative unit;

(3) mobile home; or

(4) trailer;

that is used as a residence.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(14).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-11 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-11
Advances to perform covenants of debtor
Status: in_force

Sec. 11. (a) If the agreement with respect to a consumer loan, refinancing, or consolidation contains covenants by the debtor to perform certain duties pertaining to insuring or preserving collateral and if the lender pursuant to the agreement pays for performance of the duties on behalf of the debtor, the lender may add the amounts paid to the debt. Within a reasonable time after advancing any sums, the lender shall state to the debtor in writing the amount of the sums advanced, any charges with respect to this amount, and any revised payment schedule and, if the duties of the debtor performed by the lender pertain to insurance, a brief description of the insurance paid for by the lender including the type and amount of coverages. No further information need be given.

(b) A loan finance charge may be made for sums advanced pursuant to subsection (a) at a rate not exceeding the rate stated to the debtor pursuant to section 14 of this chapter with respect to the loan, refinancing, or consolidation, except that with respect to a revolving loan account the amount of the advance may be added to the unpaid balance of the debt and the lender may make a loan finance charge not exceeding that permitted by the provisions on loan finance charge for consumer loans set forth in section 4 of this chapter or for supervised loans set forth in section 35 of this chapter, whichever is appropriate.

[Pre-2026 Revision Citation: 24-4.5-3-208.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-3-1 — Indiana Code / Title 37 / Article 4 / Chapter 3 / Section 37-4-3-1
Homeowner's right to rescind foreclosure consultant contract and foreclosure reconveyance agreement; timing
Status: in_force

Sec. 1. In addition to any other right under law to cancel or rescind a contract, a homeowner may rescind a:

(1) contract with a foreclosure consultant at any time before midnight of the seventh business day after the date the contract is signed; and

(2) foreclosure reconveyance agreement at any time before midnight of the seventh business day after the homeowner's transfer of the interest in the real property that is the subject of the agreement, as described in IC 37-4-2-4(1).

[Pre-2026 Revision Citation: 24-5.5-4-1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-4-4 — Indiana Code / Title 37 / Article 1 / Chapter 4 / Section 37-1-4-4
Powers of director
Status: in_force

Sec. 4. To carry out the purposes of this article, the director may:

(1) retain attorneys, accountants, or other professionals and specialists as examiners, auditors, or investigators to conduct or assist in the conduct of examinations or investigations;

(2) enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing:

(A) resources;

(B) standardized or uniform methods or procedures; and

(C) documents, records, information, or evidence obtained under this section;

(3) use, hire, contract, or employ public or privately available analytical systems, methods, or software to examine or investigate a licensee, an individual, or a person subject to this article;

(4) accept and rely on examination or investigation reports made by other government officials within or outside Indiana; and

(5) accept audit reports made by an independent certified public accountant for the licensee, individual, or person subject to this article in the course of that part of the examination covering the same general subject matter as the audit and may incorporate the audit report in the report of the examination, report of investigation, or other writing of the director.

[Pre-2026 Revision Citation: 24-4.4-3-104.5.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-1-0.1 — Indiana Code / Title 37 / Article 3 / Chapter 1 / Section 37-3-1-0.1
Recodification of prior law
Status: in_force

Sec. 0.1. This article must be construed as a recodification of prior law. The enactment of this article by SEA 169-2026 does not affect the substantive operation and effect of the prior law.

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-1-9 — Indiana Code / Title 37 / Article 1 / Chapter 1 / Section 37-1-1-9
Carrying on other business
Status: in_force

Sec. 9. A licensee may carry on other business at a location where the licensee engages in first lien mortgage transactions unless the licensee carries on other business for the purpose of evasion or violation of this article.

[Pre-2026 Revision Citation: 24-4.4-1-205.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-1-0.3 — Indiana Code / Title 37 / Article 4 / Chapter 1 / Section 37-4-1-0.3
Contracts entered into under prior law
Status: in_force

Sec. 0.3. A contract entered into in accordance with IC 24-5.5 (before its repeal) is considered a contract entered into in accordance with this article.

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-41 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-41
Loans subject to article by agreement of parties
Status: in_force

Sec. 41. The parties to a loan other than a consumer loan may agree in writing signed by the parties that the loan is subject to the provisions of this article applying to consumer loans. If the parties so agree, the loan is a consumer loan for the purposes of this article.

[Pre-2026 Revision Citation: 24-4.5-3-601.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-3-10 — Indiana Code / Title 37 / Article 2 / Chapter 3 / Section 37-2-3-10
Advances to perform covenants of buyer
Status: in_force

Sec. 10. (a) If the agreement with respect to a consumer credit sale, refinancing, or consolidation contains covenants by the buyer to perform certain duties pertaining to insuring or preserving collateral and the seller pursuant to the agreement pays for performance of the duties on behalf of the buyer, the seller may add the amounts paid to the debt. Within a reasonable time after advancing any sums, the seller shall state to the buyer in writing the amount of the sums advanced, any charges with respect to this amount, and any revised payment schedule and, if the duties of the buyer performed by the seller pertain to insurance, a brief description of the insurance paid for by the seller including the type and amount of coverages. No further information need be given.

(b) A credit service charge may be made for sums advanced pursuant to subsection (a) at a rate not exceeding the rate stated to the buyer pursuant to section 13 of this chapter with respect to the sale, refinancing or consolidation, except that with respect to a revolving charge account the amount of the advance may be added to the unpaid balance of the account and the seller may make a credit service charge not exceeding that permitted by the provisions on credit service charge for revolving charge accounts set forth in section 4(f) of this chapter.

[Pre-2026 Revision Citation: 24-4.5-2-208.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-25 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-25
Use of NMLSR in department's licensing system; reporting of information to NMLSR; confidentiality; director's authority to enter agreements; waiver of privilege; processing fee; electronic records
Status: in_force

Sec. 25. (a) Subject to subsection (f), the director may designate the NMLSR to serve as the sole entity responsible for:

(1) processing applications and renewals for licenses required under section 23 of this chapter;

(2) issuing unique identifiers for licensees and entities exempt from licensing under section 23 of this chapter; and

(3) performing other services that the director determines are necessary for the orderly administration of the department's licensing system under section 23 of this chapter.

(b) Subject to the confidentiality provisions contained in IC 5-14-3, this section, and IC 28-1-2-30, the director may regularly report to the NMLSR significant or recurring violations of this article related to consumer loans that are not mortgage transactions, including small loans under IC 37-3.

(c) Subject to the confidentiality provisions contained in IC 5-14-3, this section, and IC 28-1-2-30, the director may report to the NMLSR complaints received regarding licensees under section 23 of this chapter in connection with consumer loans that are not mortgage transactions, including small loans under IC 37-3.

(d) The director may report to the NMLSR publicly adjudicated licensure actions against licensees under section 23 of this chapter.

(e) The director shall establish a process in which persons licensed in accordance with section 23 of this chapter may challenge information reported to the NMLSR by the department.

(f) The director's authority to designate the NMLSR under subsection (a) is subject to the following:

(1) Information stored in the NMLSR is subject to the confidentiality provisions of IC 28-1-2-30 and IC 5-14-3. A person may not:

(A) obtain information from the NMLSR unless the person is authorized to do so by statute;

(B) initiate any civil action based on information obtained from the NMLSR if the information is not otherwise available to the person under any other state law; or

(C) initiate any civil action based on information obtained from the NMLSR if the person could not have initiated the action based on information otherwise available to the person under any other state law.

(2) Documents, materials, and other forms of information in the control or possession of the NMLSR that are confidential under IC 28-1-2-30 and that are:

(A) furnished by the director, the director's designee, or a licensee; or

(B) otherwise obtained by the NMLSR;

are confidential and privileged by law and are not subject to inspection under IC 5-14-3, subject to subpoena, subject to discovery, or admissible in evidence in any civil action. However, the director may use the documents, materials, or other information available to the director in furtherance of any action brought in connection with the director's duties under this article.

(3) Disclosure of documents, materials, and information:

(A) to the director; or

(B) by the director;

under this subsection does not result in a waiver of any applicable privilege or claim of confidentiality with respect to the documents, materials, or information.

(4) Information provided to the NMLSR is subject to IC 4-1-11.

(5) This subsection does not limit or impair a person's right to:

(A) obtain information;

(B) use information as evidence in a civil action or proceeding; or

(C) use information to initiate a civil action or proceeding;

if the information may be obtained from the director or the director's designee under any law.

(6) The requirements under any federal law or IC 5-14-3 regarding the privacy or confidentiality of any information or material provided to the NMLSR, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to the information or material, continue to apply to the information or material after the information or material has been disclosed to the NMLSR. The information and material may be shared with all state and federal regulatory officials with financial services industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or IC 5-14-3.

(7) For purposes of this section, the director may enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, or other associations representing governmental agencies as established by rule or order of the director.

(8) Information or material that is subject to a privilege or confidentiality under subdivision (6) is not subject to:

(A) disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

(B) subpoena, discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privileged information or material held by the NMLSR, the person to whom the information or material pertains waives, in whole or in part, in the discretion of the person, that privilege.

(9) Any provision of IC 5-14-3 that concerns the disclosure of:

(A) confidential supervisory information; or

(B) any information or material described in subdivision (6);

and that is inconsistent with subdivision (6) is superseded by this section.

(10) This section does not apply with respect to information or material that concerns the employment history of, and publicly adjudicated disciplinary and enforcement actions against, a person licensed in accordance with section 23 of this chapter and described in section 26(b) of this chapter and that is included in the NMLSR for access by the public.

(11) The director may require a licensee required to submit information to the NMLSR to pay a processing fee considered reasonable by the director. In determining whether an NMLSR processing fee is reasonable, the director shall:

(A) require review of; and

(B) make available;

the audited financial statements of the NMLSR.

(g) Notwithstanding any other provision of law, any:

(1) application, renewal, or other form or document that:

(A) relates to licenses issued under section 23 of this chapter; and

(B) is made or produced in an electronic format;

(2) document filed as an electronic record in a multistate automated repository established and operated for the licensing or registration of financial services entities and their employees; or

(3) electronic record filed through the NMLSR;

is considered a valid original document when reproduced in paper form by the department.

[Pre-2026 Revision Citation: 24-4.5-3-502.2.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-1-0.5 — Indiana Code / Title 37 / Article 3 / Chapter 1 / Section 37-3-1-0.5
Documents, websites, or business communications created under prior law
Status: in_force

Sec. 0.5. Any document, website, or business communication created in accordance with IC 24-4.5-7 (before its repeal) is considered a document, website, or business communication created in accordance with this article.

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-3-23 — Indiana Code / Title 37 / Article 1 / Chapter 3 / Section 37-1-3-23
Reverse mortgages; pamphlet; counseling required for debtor
Status: in_force

Sec. 23. A creditor in a first lien mortgage transaction that:

(1) qualifies as a home equity conversion mortgage under the Federal Housing Administration's program; or

(2) otherwise constitutes a reverse mortgage;

shall provide the debtor with a pamphlet that is approved by the department and that describes the availability of reverse mortgage counseling services provided by housing counselors approved by the Secretary of the United States Department of Housing and Urban Development, as provided in 24 CFR 206.41(a). The debtor must receive the counseling described in this section and present the creditor with the certificate described in 24 CFR 206.41(c) before the creditor may make a first lien mortgage transaction described in this section to the debtor.

[Pre-2026 Revision Citation: 24-4.4-2-503.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-46 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-46
Requirement to provide property tax information in certain transactions
Status: in_force

Sec. 46. With respect to a consumer loan secured by an interest in land used or expected to be used as the principal dwelling of the debtor, a lender shall comply with IC 6-1.1-12-43.

[Pre-2026 Revision Citation: 24-4.5-3-701.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-44.7 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-44.7
"Revolving charge account"
Status: in_force

Sec. 44.7. "Revolving charge account" means an arrangement between a seller and a buyer pursuant to which:

(1) the seller may permit the buyer to purchase goods or services on credit either from the seller or pursuant to a seller credit card;

(2) the unpaid balances of amounts financed arising from purchases and the credit service and other appropriate charges are debited to an account;

(3) a credit service charge if made is not precomputed but is computed on the outstanding unpaid balances of the buyer's account from time to time; and

(4) the buyer has the privilege of paying the balances in installments.

[Pre-2026 Revision Citation: 24-4.5-2-108.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-20 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-20
"Individual"
Status: in_force

Sec. 20. "Individual" means a natural person.

[Pre-2026 Revision Citation: 24-4.4-1-301(16).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-4-9 — Indiana Code / Title 37 / Article 1 / Chapter 4 / Section 37-1-4-9
Civil action by department to restrain violation
Status: in_force

Sec. 9. The department may bring a civil action to restrain a person from violating this article or other state or federal law, rule, or regulation and for other appropriate relief.

[Pre-2026 Revision Citation: 24-4.4-3-108.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-45 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-45
Required disclosures; liability on fraudulently cashed instruments
Status: in_force

Sec. 45. (a) In addition to any disclosures otherwise provided by law, a lender soliciting loans using a negotiable check, facsimile, or other negotiable instrument that may be used by a consumer to activate a new loan shall disclose the following:

"This is a solicitation for a loan. Read the enclosed disclosures before signing this agreement.".

This notice shall be printed in at least ten point type and shall appear conspicuously on the offer.

(b) If a negotiable check, a facsimile, or another instrument is stolen or incorrectly received by someone other than the intended payee and the instrument is fraudulently cashed, the consumer who was the intended payee is not liable for the loan obligation.

[Pre-2026 Revision Citation: 24-4.5-3-606.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-3-10 — Indiana Code / Title 37 / Article 3 / Chapter 3 / Section 37-3-3-10
Borrower's default; permissible and prohibited remedies; notice to borrower
Status: in_force

Sec. 10. (a) An agreement with respect to a small loan may not provide for charges as a result of default by the borrower other than those specifically authorized by this chapter. A provision in a small loan agreement in violation of this section is unenforceable.

(b) A lender or an assignee of a small loan may seek only the following remedies upon default by a borrower:

(1) Recovery of:

(A) the contracted principal amount of the loan; and

(B) the loan finance charge.

(2) If contracted for under section 3 of this chapter, collection of a fee for:

(A) a returned check, negotiable order of withdrawal, or share draft; or

(B) a dishonored authorization to debit the borrower's account;

because of insufficient funds in the borrower's account.

(3) Collection of postjudgment interest, if awarded by a court.

(4) Collection of court costs, if awarded by a court.

(c) A lender or an assignee of a small loan may not seek any of the following damages or remedies upon default by a borrower:

(1) Payment of the lender's attorney's fees.

(2) Treble damages.

(3) Prejudgment interest.

(4) Damages allowed for dishonored checks under any statute other than this chapter.

(5) Any damages or remedies not set forth in subsection (b).

(d) A contractual agreement in a small loan transaction must include a notice of the following in 14 point bold type:

(1) The remedies available to a lender or an assignee under subsection (b).

(2) The remedies and damages that a lender or an assignee is prohibited from seeking in a small loan transaction under subsection (c).

[Pre-2026 Revision Citation: 24-4.5-7-406.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-3-7 — Indiana Code / Title 37 / Article 3 / Chapter 3 / Section 37-3-3-7
Security for loan
Status: in_force

Sec. 7. A small loan may not be secured by personal property other than a check or electronic debit.

[Pre-2026 Revision Citation: 24-4.5-7-403.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-4-5 — Indiana Code / Title 37 / Article 4 / Chapter 4 / Section 37-4-4-5
Foreclosure purchasers; unfair conduct; prohibited representations and acts
Status: in_force

Sec. 5. A foreclosure purchaser may not:

(1) enter into repurchase or lease terms as part of the foreclosure reconveyance that are unfair or commercially unreasonable or engage in any other unfair conduct;

(2) represent, directly or indirectly, that the:

(A) foreclosure purchaser is acting:

(i) as an adviser or a consultant; or

(ii) in any other manner on behalf of the homeowner;

(B) foreclosure purchaser is assisting the homeowner to save the residence; or

(C) foreclosure purchaser is assisting the homeowner in preventing a foreclosure if the result of the transaction is that the homeowner will not complete a redemption of the property; or

(3) until the homeowner's right to rescind or cancel the foreclosure reconveyance agreement has expired:

(A) record any document, including an instrument or conveyance, signed by the homeowner; or

(B) transfer to a third party or encumber, or purport to transfer to a third party or encumber, any interest in the residential real property in foreclosure.

[Pre-2026 Revision Citation: 24-5.5-5-5.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-4-5 — Indiana Code / Title 37 / Article 1 / Chapter 4 / Section 37-1-4-5
Prohibited acts
Status: in_force

Sec. 5. It is a violation of this article for a person or individual subject to this article to:

(1) directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person;

(2) engage in any unfair or deceptive practice toward any person;

(3) obtain property by fraud or misrepresentation;

(4) solicit or enter into a contract with a borrower that provides in substance that the person or individual subject to this article may earn a fee or commission through "best efforts" to obtain a loan even though no loan is actually obtained for the borrower;

(5) solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting;

(6) conduct any business covered by this article without holding a valid license as required under this article, or assist or aid and abet any person in the conduct of business under this article without a valid license as required under this article;

(7) fail to make disclosures as required by this article or regulation adopted under this article and any other applicable state or federal law regulation;

(8) fail to comply with this article or rules adopted under this article, or fail to comply with any other state or federal law, rule, or regulation, applicable to any business authorized or conducted under this article;

(9) make, in any manner, any false or deceptive statement or representation, with regard to the rates, points, or other financing terms or conditions for a mortgage transaction, or engage in bait and switch advertising;

(10) negligently make any false statement or knowingly and willfully make any omission of material fact in connection with any information or reports filed with a governmental agency or the NMLSR or in connection with any investigation conducted by the director or another governmental agency;

(11) make any payment, threat, or promise, directly or indirectly, to any person for the purposes of influencing the independent judgment of the person in connection with a mortgage transaction, or make any payment, threat, or promise, directly or indirectly, to any appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property;

(12) collect, charge, attempt to collect or charge, or use or propose any agreement purporting to collect or charge any fee prohibited by this article;

(13) cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer;

(14) fail to account truthfully for money belonging to a party to a mortgage transaction; or

(15) knowingly withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information subject to examination under this article.

[Pre-2026 Revision Citation: 24-4.4-3-104.6.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-4-4 — Indiana Code / Title 37 / Article 5 / Chapter 4 / Section 37-5-4-4
Payment terms; collection of interest due
Status: in_force

Sec. 4. (a) Except as provided in subsection (b), a high cost home loan may not include payment terms under which the outstanding principal balance will increase at any time over the course of the high cost home loan because the regular periodic payments do not cover the full amount of interest due.

(b) This section does not apply to a temporary forbearance that is requested by a borrower regarding a high cost home loan.

[Pre-2026 Revision Citation: 24-9-4-4.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-7-1 — Indiana Code / Title 37 / Article 2 / Chapter 7 / Section 37-2-7-1
Applicability; "consumer credit sale"; "consumer loan"
Status: in_force

Sec. 1. (a) Sections 1 through 16 of this chapter apply to persons who:

(1) make or solicit consumer credit sales, consumer leases, consumer loans, consumer related sales (as described in IC 37-2-2-13.5), and consumer related loans (as described in IC 37-2-2-13.3); or

(2) directly collect payments from or enforce rights against debtors arising from sales, leases, or loans specified in subsection (a), wherever they are made.

(b) For purposes of sections 1 through 16 of this chapter:

(1) "consumer credit sale" includes a sale that is a first lien mortgage transaction if the sale is otherwise a consumer credit sale; and

(2) "consumer loan" includes a loan that is a first lien mortgage transaction if the loan is otherwise a consumer loan.

[Pre-2026 Revision Citation: 24-4.5-6-102.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-3-14 — Indiana Code / Title 37 / Article 1 / Chapter 3 / Section 37-1-3-14
Consent agreement; notice of charges not required
Status: in_force

Sec. 14. If the director enters into a consent to a final order under section 15 of this chapter with a creditor, a director, an officer, or a manager, the director is not required to issue and serve a notice of charges upon the creditor, director, officer, or manager under section 12 of this chapter. A consent agreement may be negotiated and entered into before or after the issuance of a notice of charges. The director shall provide a copy of the consent order to the board of directors of the creditor.

[Pre-2026 Revision Citation: 24-4.4-2-404.3.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-3-8 — Indiana Code / Title 37 / Article 3 / Chapter 3 / Section 37-3-3-8
Limits and number and amounts of outstanding loans; lender's verification; third party data base; civil penalties; excess finance charges; verification of Social Security number
Status: in_force

Sec. 8. (a) As used in this section, "commercially reasonable method of verification" means a private consumer credit reporting service that the department determines to be capable of providing a lender with adequate verification information necessary to ensure compliance with subsection (d).

(b) With respect to a small loan, no lender may permit a person to become obligated under more than one (1) loan agreement with the lender at any time.

(c) A lender shall not make a small loan that, when combined with the outstanding balance on another outstanding small loan owed to another lender, exceeds a total of five hundred fifty dollars ($550), excluding finance charges. A lender shall not make a small loan to a borrower who has two (2) or more small loans outstanding, regardless of the total value of the small loans. The amount of five hundred fifty dollars ($550) in this subsection is subject to change under the provisions on adjustment of dollar amounts (IC 37-2-1-5). However, notwithstanding IC 37-2-1-5(a), the Reference Base Index to be used under this subsection is the Index for October 2006.

(d) A lender complies with subsection (c) if the lender independently verifies the total number of outstanding small loans and the total outstanding balance of those small loans for a customer through a commercially reasonable method of verification. A lender's method of verifying whether a borrower has any outstanding small loans and the total outstanding balance of any loans will be considered commercially reasonable if the method includes a manual investigation or an electronic query of:

(1) the lender's own records, including both records maintained at the location where the borrower is applying for the transaction and records maintained at other locations within the state that are owned and operated by the lender; and

(2) an available third party data base provided by a private consumer reporting service, subject to the identification verification requirements set forth in subsection (l).

(e) The department shall monitor the effectiveness of private consumer credit reporting services in providing the verification information required under subsection (d). If the department determines that a commercially reasonable method of verification is available, the department shall:

(1) provide reasonable notice to all lenders identifying the commercially reasonable method of verification that is available; and

(2) require each lender to use, consistent with the policies of the department, the identified commercially reasonable method of verification as a means of complying with subsection (d).

(f) If a borrower presents evidence to a lender that a loan has been discharged in bankruptcy, the lender shall cause the record of the borrower's loan to be updated in the data base described in subsection (d)(2) to reflect the bankruptcy discharge.

(g) A lender shall cause the record of a borrower's loan to be updated in the data base described in subsection (d)(2) to reflect:

(1) presentment of the borrower's check for payment; or

(2) exercise of the borrower's authorization to debit the borrower's account.

If a check is returned or an authorization is dishonored because of insufficient funds in the borrower's account, the lender shall reenter the record of the loan in the data base.

(h) A lender shall update information in a data base described in subsection (d)(2) to reflect partial payments made on an outstanding loan, the record of which is maintained in the data base.

(i) If a lender ceases doing business in Indiana, the director may require the operator of the data base described in subsection (d)(2) to remove records of the lender's loans from the operator's data base.

(j) The director may impose a civil penalty not to exceed one hundred dollars ($100) for each violation of:

(1) this section; or

(2) any rule or policy adopted by the director to implement this section.

(k) The excess amount of loan finance charge provided for in agreements in violation of this section is an excess charge for purposes of the provisions concerning effect of violations on rights of parties (IC 37-2-6-9) and the provisions concerning civil actions by the department (IC 37-2-7-14).

(l) If a borrower provides the borrower's Social Security number to a lender in connection with any transaction or proposed transaction under this chapter, the lender shall:

(1) maintain procedures to verify that the Social Security number provided is legitimate and belongs to the borrower; and

(2) retain copies of any documents used to verify the borrower's Social Security number. Documentation under this subdivision may be in electronic form and the numbers may be truncated.

If a borrower does not have a Social Security number, the lender may require and accept another valid form of government issued identification, subject to the requirements of subdivisions (1) and (2) with respect to the government issued identification accepted.

[Pre-2026 Revision Citation: 24-4.5-7-404.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-3-2 — Indiana Code / Title 37 / Article 4 / Chapter 3 / Section 37-4-3-2
Notice of rescission of foreclosure consultant contract
Status: in_force

Sec. 2. A homeowner effectively rescinds a contract with a foreclosure consultant if the homeowner gives written notice of a rescission to the foreclosure consultant by one (1) of the following:

(1) Mailing the rescission to the address specified in the contract.

(2) Sending the rescission through any facsimile or electronic mail address identified in the contract or other material provided to the homeowner by the foreclosure consultant.

[Pre-2026 Revision Citation: 24-5.5-4-2.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-14 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-14
"Credit"
Status: in_force

Sec. 14. "Credit" means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(10).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-47.3 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-47.3
"Supervised lender"
Status: in_force

Sec. 47.3. "Supervised lender" means a person authorized to make or take assignments of supervised loans.

[Pre-2026 Revision Citation: 24-4.5-3-501(2).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-9 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-9
"Conspicuous"
Status: in_force

Sec. 9. "Conspicuous" refers to a term or clause when it is so written that a reasonable person against whom it is to operate ought to have noticed it.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(6).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-5-2 — Indiana Code / Title 37 / Article 2 / Chapter 5 / Section 37-2-5-2
Creditor's provisions of and charge for insurance; excess amount of charge
Status: in_force

Sec. 2. (a) Except as otherwise provided in this chapter and subject to the provisions on:

(1) additional charges set forth in IC 37-2-3-5 and IC 37-2-4-5;

(2) maximum charges set forth in IC 37-2-3-4 through IC 37-2-3-12; and

(3) maximum charges set forth in IC 37-2-4-4 through IC 37-2-4-13;

a creditor may agree to provide insurance, and may contract for and receive a charge for insurance separate from and in addition to other charges. A creditor need not make a separate charge for insurance provided or required by the creditor. This article does not authorize the issuance of any insurance prohibited under any statute, or rule thereunder, governing the business of insurance.

(b) The excess amount of a charge for insurance provided for in agreements in violation of this chapter is an excess charge for the purposes of the provisions of the chapter on remedies and penalties (IC 37-2-6) as to effect of violations on rights of parties (IC 37-2-6-9) and of the provisions of IC 37-2-7 as to civil actions by the department (IC 37-2-7-14).

[Pre-2026 Revision Citation: 24-4.5-4-104.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-1-4 — Indiana Code / Title 37 / Article 2 / Chapter 1 / Section 37-2-1-4
Severability
Status: in_force

Sec. 4. The provisions of this article are severable, so that if:

(1) any provisions of this article; or

(2) the application of this article to any person or circumstances;

is held invalid, the invalidity does not affect other provisions or applications of this article that can be given effect without the invalid provision or application.

[Pre-2026 Revision Citation: 24-4.5-1-105.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-5-5 — Indiana Code / Title 37 / Article 4 / Chapter 5 / Section 37-4-5-5
Attorney general's authority to adopt rules
Status: in_force

Sec. 5. The attorney general may adopt rules under IC 4-22-2 necessary to implement this article.

[Pre-2026 Revision Citation: 24-5.5-6-5.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-30 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-30
"Organization"
Status: in_force

Sec. 30. "Organization" means a corporation, a government or government subdivision, an agency, a trust, an estate, a partnership, a limited liability company, a cooperative, an association, a joint venture, an unincorporated organization, or any other entity, however organized.

[Pre-2026 Revision Citation: 24-4.4-1-301(26).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-11 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-11
"Consumer Credit Protection Act"
Status: in_force

Sec. 11. "Consumer Credit Protection Act" refers to the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.), as amended, and includes both the Truth in Lending Simplification and Reform Act amendments (Public Law 96-221, Title VI, 94 Stat. 168) and any regulations issued under those laws. However, the department may otherwise define this term by rule issued in accordance with IC 37-2-7-7.

[Pre-2026 Revision Citation: 24-4.5-1-302.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-4-2 — Indiana Code / Title 37 / Article 4 / Chapter 4 / Section 37-4-4-2
Foreclosure consultants; prohibited acts
Status: in_force

Sec. 2. In addition to any prohibitions that apply under IC 24-5-15-1 through IC 24-5-15-8, a foreclosure consultant may not:

(1) enter into or attempt to enter into a foreclosure consultant contract with a homeowner unless the foreclosure consultant first provides the homeowner written notice of the homeowner's rights under this article;

(2) demand or receive compensation until after the foreclosure consultant has fully performed all services the foreclosure consultant contracted to perform or represented that the foreclosure consultant would perform, unless the foreclosure consultant complies with the security requirements under IC 24-5-15-8;

(3) demand or receive a fee, interest, or any other compensation that exceeds eight percent (8%) per year of the amount of any loan that the foreclosure consultant makes to the homeowner;

(4) take a wage assignment, a lien of any type on real or personal property, or any other security to secure the payment of compensation;

(5) receive consideration from a third party in connection with foreclosure consulting services provided to a homeowner unless the consideration is first fully disclosed in writing to the homeowner;

(6) acquire any interest, directly or indirectly, in residential real property in foreclosure from a homeowner with whom the foreclosure consultant has contracted;

(7) except to inspect documents as provided by law, take any power of attorney from a homeowner for any purpose;

(8) execute any contract or agreement with a homeowner or receive money or other valuable consideration from a homeowner without providing the homeowner with the written statement required by IC 24-5-15-6; or

(9) fail to provide a homeowner with a written contract that includes the notice of cancellation required by IC 24-5-15-7.

[Pre-2026 Revision Citation: 24-5.5-5-2.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-6-0.1 — Indiana Code / Title 37 / Article 2 / Chapter 6 / Section 37-2-6-0.1
Application of certain amendments
Status: in_force

Sec. 0.1. The amendments made to IC 24-4.5-5-203 (before its repeal) by P.L.181-1991 applied to causes of action accruing after June 30, 1991.

[Pre-2026 Revision Citation: 24-4.5-5-0.1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-42 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-42
Loan finance charge; licensing and annual notice to department not required
Status: in_force

Sec. 42. (a) With respect to a consumer related loan, including one made pursuant to a revolving loan account, the parties may contract for the payment by the debtor of a loan finance charge, calculated according to the actuarial method, not to exceed twenty-five percent (25%) per year on the unpaid principal balance.

(b) A person engaged in consumer related loans is not required to comply with:

(1) the licensing requirements set forth in section 26 of this chapter; or

(2) IC 37-2-7-24 through IC 37-2-7-26.

[Pre-2026 Revision Citations: 24-4.5-3-602(2); 24-4.5-3-602(3).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-4-3 — Indiana Code / Title 37 / Article 5 / Chapter 4 / Section 37-5-4-3
Balloon payments
Status: in_force

Sec. 3. Notwithstanding IC 37-2-4-15, a high cost home loan agreement may not require a scheduled payment that is more than twice as large as the average of earlier scheduled monthly payments under the high cost home loan agreement unless the payment becomes due and payable at least one hundred twenty (120) months after the date of the high cost home loan. This prohibition does not apply if:

(1) the payment schedule is adjusted to account for the seasonal or irregular income of the borrower; or

(2) the loan is a bridge loan connected with or related to the acquisition or construction of a dwelling intended to become the borrower's principal dwelling.

[Pre-2026 Revision Citation: 24-9-4-3.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-23 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-23
"Loan"
Status: in_force

Sec. 23. "Loan" includes:

(1) the creation of debt by:

(A) the creditor's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor; or

(B) the extension of credit by a person who engages as a seller in credit transactions primarily secured by an interest in land;

(2) the creation of debt by a credit to an account with the creditor upon which the debtor is entitled to draw immediately; and

(3) the forbearance of debt arising from a loan.

[Pre-2026 Revision Citation: 24-4.4-1-301(18).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-3-30 — Indiana Code / Title 37 / Article 2 / Chapter 3 / Section 37-2-3-30
Credit service charges with respect to consumer related sales; annual notice to department not required
Status: in_force

Sec. 30. (a) With respect to a consumer related sale not made pursuant to a revolving charge account, the parties may contract for an amount comprising the amount financed and a credit service charge not in excess of twenty-five percent (25%) per year calculated according to the actuarial method on the unpaid balances of the amount financed.

(b) With respect to a consumer related sale made pursuant to a revolving charge account, the parties may contract for a credit service charge not in excess of that permitted by the provisions on credit service charge for revolving charge accounts set forth in section 4(f) of this chapter.

(c) A person engaged in consumer related sales is not required to comply with IC 37-2-7-24 through IC 37-2-7-26.

[Pre-2026 Revision Citations: 24-4.5-2-602(2); 24-4.5-2-602(3); 24-4.5-2-602(4).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-4-1 — Indiana Code / Title 37 / Article 5 / Chapter 4 / Section 37-5-4-1
Limitations and prohibited practices
Status: in_force

Sec. 1. The following additional limitations and prohibited practices apply to a high cost home loan:

(1) A creditor making a high cost home loan may not directly or indirectly finance any points and fees.

(2) This subdivision does not apply to a high cost home loan described in IC 37-5-3-6(b). Prepayment fees or penalties may not be included in the loan documents for a high cost home loan or charged to the borrower if the fees or penalties exceed in total two percent (2%) of the high cost home loan amount prepaid during the first twenty-four (24) months after the high cost home loan closing.

(3) This subdivision does not apply to a high cost home loan described in IC 37-5-3-6(b). A prepayment penalty may not be contracted for after the second year following the high cost home loan closing.

(4) This subdivision does not apply to a high cost home loan described in IC 37-5-3-6(b). A creditor may not include a prepayment penalty fee in a high cost home loan unless the creditor offers the borrower the option of choosing a loan product without a prepayment fee. The terms of the offer must be made in writing and must be initialed by the borrower. The document containing the offer must be clearly labeled in large bold type and must include the following disclosure:

"LOAN PRODUCT CHOICE

I was provided with an offer to accept a product both with and without a prepayment penalty provision. I have chosen to accept the product with a prepayment penalty.".

(5) A creditor shall not sell or otherwise assign a high cost home loan without furnishing the following statement to the purchaser or assignee:

"NOTICE: This is a loan subject to special rules under IC 37-5. Purchasers or assignees may be liable for all claims and defenses with respect to the loan that the borrower could assert against the lender.".

(6) A mortgage or deed of trust that secures a high cost home loan at the time the mortgage or deed of trust is recorded must prominently display the following on the face of the instrument:

"This instrument secures a high cost home loan as defined in IC 37-5-2-8.".

(7) A creditor making a high cost home loan may not finance, directly or indirectly, any life or health insurance.

[Pre-2026 Revision Citation: 24-9-4-1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-7-21 — Indiana Code / Title 37 / Article 2 / Chapter 7 / Section 37-2-7-21
Final order; effective date; authority of department or court to stay, modify, or vacate
Status: in_force

Sec. 21. (a) A final order issued under section 20 of this chapter is effective the eleventh day after the date the order is served. However, a final order issued upon consent under section 19 of this chapter is effective at the time specified in the order.

(b) A final order remains effective and enforceable as provided in the order.

(c) The department or a reviewing court may stay, modify, or vacate a final order.

[Pre-2026 Revision Citation: 24-4.5-6-123.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-1-1 — Indiana Code / Title 37 / Article 2 / Chapter 1 / Section 37-2-1-1
Purposes; rules of construction; related rules or guidance adopted by department; applicability to disguised consumer credit transactions; violations of other consumer laws; enforcement of disclosure requirements for mortgage transactions
Status: in_force

Sec. 1. (a) This article shall be liberally construed and applied to promote the following underlying purposes and policies of this article:

(1) To simplify, clarify, and modernize the law governing retail installment sales, consumer credit, small loans, and usury.

(2) To provide rate ceilings to assure an adequate supply of credit to consumers.

(3) To further consumer understanding of the terms of credit transactions and to foster competition among suppliers of consumer credit so that consumers may obtain credit at reasonable cost.

(4) To protect consumer buyers, lessees, and borrowers against unfair practices by some suppliers of consumer credit, having due regard for the interests of legitimate and scrupulous creditors.

(5) To permit and encourage the development of fair and economically sound consumer credit practices.

(6) To conform the regulation of consumer credit transactions to the policies of the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) and to applicable state and federal laws, rules, regulations, policies, and guidance.

(7) To make uniform the law, including administrative rules, among the various jurisdictions.

(b) A reference to a requirement imposed by this article includes reference to a related rule or guidance of the department adopted pursuant to this article.

(c) A reference to a federal law in this article is a reference to the law as in effect December 31, 2024.

(d) This article applies to a transaction if the director determines that the transaction:

(1) is in substance a disguised consumer credit transaction; or

(2) involves the application of subterfuge for the purpose of avoiding this article.

A determination by the director under this subsection must be in writing and shall be delivered to all parties to the transaction. IC 4-21.5-3 applies to a determination made under this subsection.

(e) The authority of this article remains in effect, whether a licensee, an individual, or a person subject to this article acts or claims to act under any licensing or registration law of this state, or claims to act without such authority.

(f) A violation of a state or federal law, regulation, or rule applicable to consumer credit transactions is a violation of this article.

(g) The department may enforce penalty provisions set forth in 15 U.S.C. 1640 for violations of disclosure requirements applicable to mortgage transactions.

[Pre-2026 Revision Citation: 24-4.5-1-102.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-27 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-27
"Licensee"
Status: in_force

Sec. 27. "Licensee" means a person licensed as a creditor under this article.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(22).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-4 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-4
"Agricultural products"
Status: in_force

Sec. 4. "Agricultural products" includes agricultural products, horticultural products, viticultural products, dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, any products raised or produced on farms, and any products processed or manufactured from products raised or produced on farms.

[Pre-2026 Revision Citation: 24-4.4-1-301(3).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-14.5 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-14.5
"Credit service charge"
Status: in_force

Sec. 14.5. "Credit service charge" means the sum of:

(1) all charges payable directly or indirectly by the buyer and imposed directly or indirectly by the seller as an incident to the extension of credit, including any of the following types of charges which are applicable: time price differential, service, carrying or other charge, however denominated, premium or other charge for any guarantee or insurance protecting the seller against the buyer's default or other credit loss; and

(2) charges incurred for investigating the collateral or credit-worthiness of the buyer.

The term does not include charges as a result of default, additional charges (IC 37-2-3-5), delinquency charges (IC 37-2-3-6), or deferral charges (IC 37-2-3-7). The term does not include charges paid or payable to a third party that are not required by the seller as a condition or incident to the extension of credit except for borrower paid mortgage broker fees, including fees paid directly to the broker or the seller (for delivery to the broker), whether the fees are paid in cash or financed. However, borrower paid mortgage broker fees do not include fees paid to a mortgage broker by a creditor, including yield spread premiums and service release fees.

[Pre-2026 Revision Citation: 24-4.5-2-109.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-24 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-24
Authority to make, take assignment of, or collect subordinate lien mortgage transactions; license required; exempt persons; registration with NMLSR; licensed mortgage loan originators; applications for licensure; director's authority to contract with NMLSR
Status: in_force

Sec. 24. (a) A person that is a:

(1) depository institution;

(2) subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or

(3) credit union service organization;

may engage in Indiana in the making of subordinate lien mortgage transactions without obtaining a mortgage license issued by the department.

(b) A collection agency licensed under IC 25-11-1 or an institution regulated by the Farm Credit Administration may engage in:

(1) taking assignments of subordinate lien mortgage transactions; and

(2) undertaking the direct collection of payments from or the enforcement of rights against debtors arising from subordinate lien mortgage transactions;

in Indiana without obtaining a mortgage license issued by the department.

(c) A person that is not otherwise exempt under subsection (a) or (b) shall acquire and retain a mortgage license issued by the department in order to regularly engage in Indiana in the following actions with respect to subordinate lien mortgage transactions:

(1) The making of subordinate lien mortgage loans.

(2) Taking assignments of subordinate lien mortgage loans.

(3) Undertaking the direct collection of payments from or the enforcement of rights against debtors arising from subordinate lien mortgage loans.

(d) Each:

(1) creditor licensed by the department to engage in subordinate lien mortgage transactions; and

(2) person that is exempt (either under this article or under IC 37-1-1-6(8)) from licensing and that:

(A) employs a licensed mortgage loan originator; or

(B) sponsors a licensed mortgage loan originator as permitted by IC 37-1-1-6(8) or by 750 IAC 9;

shall register with and maintain a valid unique identifier issued by the NMLSR. Each licensed mortgage loan originator must be employed by, or sponsored as permitted by IC 37-1-1-6(8) or by 750 IAC 9, and associated with, a licensed creditor (or an exempt person described under subdivision (2)) that is registered with the NMLSR.

(e) Applicants for a mortgage license must apply to the department for the license in a form prescribed by the director. Each form:

(1) must contain content as set forth by rule, instruction, or procedure of the director; and

(2) may be changed or updated as necessary by the director to carry out the purposes of this article.

(f) To fulfill the purposes of this article, the director may establish relationships or contracts with the NMLSR or other entities designated by the NMLSR to:

(1) collect and maintain records; and

(2) process transaction fees or other fees;

related to licensees or other persons subject to this article.

(g) For the purpose of participating in the NMLSR, the director or the department may:

(1) waive or modify, in whole or in part, by rule, regulation, or order, any or all of the requirements of this article; and

(2) establish new requirements as reasonably necessary to participate in the NMLSR.

[Pre-2026 Revision Citation: 24-4.5-3-502.1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-12 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-12
"Department"
Status: in_force

Sec. 12. "Department" refers to the department of financial institutions.

[Pre-2026 Revision Citation: 24-4.4-1-301(8).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-3-11 — Indiana Code / Title 37 / Article 3 / Chapter 3 / Section 37-3-3-11
Violations; remedies and damages; equitable relief; exhaustion of administrative remedies not required
Status: in_force

Sec. 11. (a) This section applies to licensees and unlicensed persons.

(b) A person who violates this chapter:

(1) is subject to the remedies provided in IC 37-2-6-9;

(2) commits a deceptive act under IC 24-5-0.5 and is subject to the penalties listed in IC 24-5-0.5;

(3) has no right to collect, receive, or retain any principal, interest, or other charges from a small loan; however, this subdivision does not apply if the violation is the result of an accident or bona fide error of computation; and

(4) is liable to the borrower for actual damages, statutory damages of two thousand dollars ($2,000) per violation, costs, and attorney's fees; however, this subdivision does not apply if the violation is the result of an accident or bona fide error of computation.

The remedies described in this subsection are in addition to all other remedies set forth in IC 37-2 and this article.

(c) The department may sue:

(1) to enjoin any conduct that constitutes or will constitute a violation of this chapter; and

(2) for other equitable relief.

(d) The remedies provided in this section are cumulative but are not intended to be the exclusive remedies available to a borrower. A borrower is not required to exhaust any administrative remedies under this section or any other applicable law.

[Pre-2026 Revision Citation: 24-4.5-7-409.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-1-2 — Indiana Code / Title 37 / Article 2 / Chapter 1 / Section 37-2-1-2
Supplementary general principles of law applicable
Status: in_force

Sec. 2. Unless displaced by the particular provisions of this article, the Uniform Commercial Code (IC 26-1) and the principles of law and equity (including the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating cause) shall supplement the provisions of this article.

[Pre-2026 Revision Citation: 24-4.5-1-103.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-3 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-3
"Agreement"
Status: in_force

Sec. 3. "Agreement" means the bargain of the parties in fact as found in the parties' language or by implication from other circumstances, including course of dealing or usage of trade or course of performance.

[Pre-2026 Revision Citation: 24-4.4-1-301(2).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-35 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-35
"Official fees"
Status: in_force

Sec. 35. "Official fees" means:

(1) fees and charges prescribed by law which actually are or will be paid to public officials for determining the existence of or for perfecting, releasing, or satisfying a security interest related to a consumer credit sale, consumer lease, or consumer loan; or

(2) premiums payable for insurance in lieu of perfecting a security interest otherwise required by the creditor in connection with the sale, lease, or loan, if the premium does not exceed the fees and charges described in subdivision (1) that would otherwise be payable.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(30).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-5-4 — Indiana Code / Title 37 / Article 2 / Chapter 5 / Section 37-2-5-4
Unconscionability
Status: in_force

Sec. 4. (a) In applying the provisions of this article on unconscionability (IC 37-2-6-7 and IC 37-2-7-12) to a separate charge for insurance, consideration shall be given, among other factors, to:

(1) potential benefits to the debtor including the satisfaction of the debtor's obligations;

(2) the creditor's need for the protection provided by the insurance; and

(3) the relation between the amount and terms of credit granted and the insurance benefits provided.

(b) If consumer credit insurance otherwise complies with this chapter and other applicable law, neither the amount nor the term of the insurance nor the amount of a charge therefor is in itself unconscionable.

[Pre-2026 Revision Citation: 24-4.5-4-106.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-1-0.1 — Indiana Code / Title 37 / Article 5 / Chapter 1 / Section 37-5-1-0.1
Recodification of prior law
Status: in_force

Sec. 0.1. This article must be construed as a recodification of prior law. The enactment of this article by SEA 169-2026 does not affect the substantive operation and effect of the prior law.

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-5-5 — Indiana Code / Title 37 / Article 5 / Chapter 5 / Section 37-5-5-5
Unintentional or erroneous violations; corrections by creditors
Status: in_force

Sec. 5. (a) If the creditor or an assignee establishes by a preponderance of evidence that a violation of this article is unintentional or the result of a bona fide error of law or fact notwithstanding the maintenance of procedures reasonably adopted to avoid any such violation or error, the validity of the transaction is not affected, and no liability is imposed under section 4 of this chapter except in the case of a refusal to make a refund.

(b) Except as provided in subsection (c), a creditor in a high cost home loan who in good faith fails to comply with this article is not considered to have violated this article if the creditor does the following before receiving notice of the failure from the borrower:

(1) Not later than ninety (90) days after the date of the loan closing:

(A) makes appropriate restitution to the borrower of any amounts collected in error; and

(B) takes necessary action to make all appropriate adjustments to the loan to correct the error.

(2) Not later than one hundred twenty (120) days after the date of the loan closing, notifies the borrower of:

(A) the error; and

(B) the amount of the required restitution or adjustment.

(c) Subsection (b) does not apply unless the creditor establishes that the compliance failure was not intentional and resulted from a bona fide error of fact or law, notwithstanding the maintenance of procedures reasonably adopted to avoid the errors.

[Pre-2026 Revision Citation: 24-9-5-5.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-3-8 — Indiana Code / Title 37 / Article 2 / Chapter 3 / Section 37-2-3-8
Credit service charge on refinancing
Status: in_force

Sec. 8. With respect to a consumer credit sale, refinancing, or consolidation, the seller may by agreement with the buyer refinance the unpaid balance and may contract for and receive a credit service charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on credit service charge for consumer credit sales under section 4 of this chapter. For the purpose of determining the credit service charge permitted, the amount financed resulting from the refinancing comprises the following:

(1) If:

(A) the transaction was not precomputed, the total of the unpaid balance and accrued charges on the date of refinancing; or

(B) the transaction was precomputed, in the case of a transaction entered into before July 1, 2020, the amount which the buyer would have been required to pay upon prepayment pursuant to the provisions on rebate upon prepayment (section 12 of this chapter) on the date of refinancing.

(2) Appropriate additional charges under section 5 of this chapter, payment of which is deferred.

[Pre-2026 Revision Citation: 24-4.5-2-205.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-5-15 — Indiana Code / Title 37 / Article 2 / Chapter 5 / Section 37-2-5-15
Insurance on creditor's interest only
Status: in_force

Sec. 15. If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the debtor is on the debtor only to the extent of any deficiency in the effective coverage of the insurance, even though the insurance covers only the interest of the creditor.

[Pre-2026 Revision Citation: 24-4.5-4-302.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-2-1 — Indiana Code / Title 37 / Article 5 / Chapter 2 / Section 37-5-2-1
Applicability
Status: in_force

Sec. 1. The definitions in this chapter apply throughout this article.

[Pre-2026 Revision Citation: 24-9-2-1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-7 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-7
"Bona fide nonprofit organization"
Status: in_force

Sec. 7. "Bona fide nonprofit organization" means an organization that does the following, as determined by the director under criteria established by the director:

(1) Maintains tax exempt status under Section 501(c)(3) of the Internal Revenue Code.

(2) Promotes affordable housing or provides home ownership education or similar services.

(3) Conducts the organization's activities in a manner that serves public or charitable purposes.

(4) Receives funding and revenue and charges fees in a manner that does not encourage the organization or the organization's employees to act other than in the best interests of the organization's clients.

(5) Compensates the organization's employees in a manner that does not encourage employees to act other than in the best interests of the organization's clients.

(6) Provides to, or identifies for, debtors mortgage transactions with terms that are favorable to the debtor (as described in IC 37-2-1-10(15)) and comparable to mortgage transactions and housing assistance provided under government housing assistance programs.

(7) Maintains certification by the United States Department of Housing and Urban Development or employs counselors who are certified by the Indiana housing and community development authority.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(45).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-6-1 — Indiana Code / Title 37 / Article 2 / Chapter 6 / Section 37-2-6-1
Scope
Status: in_force

Sec. 1. Sections 0.1 through 7 of this chapter apply to:

(1) actions or other proceedings to enforce rights arising from consumer credit sales, consumer leases, and consumer loans;

(2) garnishments of the earnings of an individual; and

(3) extortionate extensions of credit.

[Pre-2026 Revision Citation: 24-4.5-5-102.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-33 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-33
"Principal"
Status: in_force

Sec. 33. "Principal" of a mortgage transaction means the total of:

(1) the net amount paid to, receivable by, or paid or payable for the account of the debtor; and

(2) to the extent that payment is deferred, amounts actually paid or to be paid by the creditor for registration, certificate of title, or license fees if not included in subdivision (1).

[Pre-2026 Revision Citation: 24-4.4-1-301(29).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-32 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-32
"Mortgage transaction"
Status: in_force

Sec. 32. "Mortgage transaction" means:

(1) a consumer loan; or

(2) a consumer credit sale;

that is or will be used by the debtor primarily for personal, family, or household purposes and that is secured by a mortgage or a land contract (or another consensual security interest equivalent to a mortgage or a land contract) on a dwelling or on residential real estate upon which a dwelling is constructed or intended to be constructed.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(27).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-2-1 — Indiana Code / Title 37 / Article 4 / Chapter 2 / Section 37-4-2-1
Applicability of definitions
Status: in_force

Sec. 1. The definitions in this chapter apply throughout this article.

[Pre-2026 Revision Citation: 24-5.5-2-1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-3-15 — Indiana Code / Title 37 / Article 2 / Chapter 3 / Section 37-2-3-15
Balloon payments
Status: in_force

Sec. 15. (a) For the purposes of this section, "terms of the refinancing" means:

(1) in the case of a fixed-rate consumer credit sale, the individual payment amounts, the charges as a result of default by the buyer, and the rate of the credit service charge; and

(2) in the case of a variable rate consumer credit sale, the method used to determine the individual payment amounts, the charges as a result of default by the buyer, the method used to determine the rate of the credit service charge, the circumstances under which the rate of the credit service charge may increase, and any limitations on the increase in the rate of the credit service charge.

(b) With respect to a consumer credit sale, other than one pursuant to a revolving charge account or one on which only credit service charges are payable before the time that the final scheduled payment is due, if any scheduled payment is more than twice as large as the average of earlier scheduled payments, the buyer has the right to refinance the amount of that payment at the time it is due without penalty. The terms of the refinancing shall be no less favorable to the buyer than the terms of the original sale. This section does not apply to the extent that the payment schedule is adjusted to the seasonal or irregular income of the buyer.

[Pre-2026 Revision Citation: 24-4.5-2-405.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-6-2 — Indiana Code / Title 37 / Article 2 / Chapter 6 / Section 37-2-6-2
Restrictions on deficiency judgments in consumer credit sales
Status: in_force

Sec. 2. (a) This section applies to a consumer credit sale of goods or services.

(b) If the seller repossesses or voluntarily accepts surrender of goods which were the subject of the sale and in which the seller has a security interest, and the cash price of the goods repossessed or surrendered was four thousand dollars ($4,000) or less, the buyer is not personally liable to the seller for the unpaid balance of the debt arising from the sale of the goods, and the seller is not obligated to resell the collateral.

(c) If the seller repossesses or voluntarily accepts surrender of goods which were not the subject of the sale but in which the seller has a security interest to secure a debt arising from a sale of goods or services or a combined sale of goods and services and the cash price of the sale was four thousand dollars ($4,000) or less, the buyer is not personally liable to the seller for the unpaid balance of the debt arising from the sale.

(d) For the purpose of determining the unpaid balance of consolidated debts or debts pursuant to revolving charge accounts, the allocation of payments to a debt shall be determined in the same manner as provided for determining the amount of debt secured by various security interests under IC 37-2-3-20.

(e) The buyer may be liable in damages to the seller if the buyer has wrongfully damaged the collateral or if, after default and demand, the buyer has wrongfully failed to make the collateral available to the seller.

(f) If the seller elects to bring an action against the buyer for a debt arising from a consumer credit sale of goods or services, and under this section the seller would not be entitled to a deficiency judgment if the seller repossessed the collateral, and the seller obtains a judgment:

(1) the seller may not repossess the collateral; and

(2) the collateral is not subject to levy or sale on execution or similar proceedings pursuant to the judgment.

(g) The amounts of four thousand dollars ($4,000) in subsections (b) and (c) are subject to change pursuant to the provisions on adjustment of dollar amounts (IC 37-2-1-5). However, notwithstanding IC 37-2-1-5(a), the Reference Base Index to be used under this subsection is the Index for October 2012.

[Pre-2026 Revision Citation: 24-4.5-5-103.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-6-5 — Indiana Code / Title 37 / Article 2 / Chapter 6 / Section 37-2-6-5
No discharge from employment for garnishment
Status: in_force

Sec. 5. No employer shall discharge an employee for the reason that a creditor or creditors of the employee has subjected or attempted to subject unpaid earnings of the employee to garnishment or like proceedings directed to the employer for the purpose of paying a judgment or judgments.

[Pre-2026 Revision Citation: 24-4.5-5-106.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-6 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-6
"Balloon payment"
Status: in_force

Sec. 6. "Balloon payment", with respect to a mortgage transaction, means any payment:

(1) that the creditor requires the debtor to make at any time during the term of the mortgage;

(2) that represents the entire amount of the outstanding balance with respect to the mortgage; and

(3) the entire amount of which is due as of a specified date or at the end of a specified period;

if the aggregate amount of the minimum periodic payments required under the mortgage would not fully amortize the outstanding balance by the specified date or at the end of the specified period. The term does not include a payment required by a creditor under a due-on-sale clause (as defined in 12 U.S.C. 1701j-3(a)) or a payment required by a creditor under a provision in the mortgage that permits the creditor to accelerate the debt upon the debtor's default or failure to abide by the material terms of the mortgage.

[Pre-2026 Revision Citation: 24-4.4-1-202(a).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-2-6 — Indiana Code / Title 37 / Article 3 / Chapter 2 / Section 37-3-2-6
"Monthly gross income"
Status: in_force

Sec. 6. "Monthly gross income" means the income received by the borrower in the thirty (30) day period preceding the borrower's application for a small loan under this chapter and exclusive of any income other than regular gross pay received, or as otherwise determined by the department.

[Pre-2026 Revision Citation: 24-4.5-7-110.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-2-9 — Indiana Code / Title 37 / Article 5 / Chapter 2 / Section 37-5-2-9
"Home loan"
Status: in_force

Sec. 9. (a) "Home loan" means a loan, other than an open end credit plan, a reverse mortgage transaction, or a loan described in IC 37-5-1-1, that is secured by a mortgage or deed of trust on real estate in Indiana on which there is located or will be located a structure or structures:

(1) designed primarily for occupancy of one (1) to four (4) families; and

(2) that is or will be occupied by a borrower as the borrower's principal dwelling.

(b) The term does not include a land contract.

[Pre-2026 Revision Citation: 24-9-2-9.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-1-0.7 — Indiana Code / Title 37 / Article 3 / Chapter 1 / Section 37-3-1-0.7
References to repealed statutes; references to citations
Status: repealed

Sec. 0.7. (a) A reference in a statute or rule to a statute that is repealed and replaced in the same or a different form in the recodification act of the 2026 regular session of the general assembly is treated after the effective date of the new provision as a reference to the new provision.

(b) A citation reference in the recodification act of the 2026 regular session of the general assembly to another provision of the recodification act of the 2026 regular session of the general assembly is treated as including a reference to the provision of the small loans law that is substantively equivalent to the provision of the recodification act of the 2026 regular session of the general assembly that is referred to by the citation reference.

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-1 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-1
Application of definitions
Status: in_force

Sec. 1. The definitions set forth in this chapter apply throughout this article:

[Pre-2026 Revision Citation: 24-4.5-1-301.5.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-4-1-1 — Indiana Code / Title 37 / Article 4 / Chapter 1 / Section 37-4-1-1
Application of article
Status: in_force

Sec. 1. This article does not apply to the following:

(1) A person organized or chartered under the laws of this state, any other state, or the United States that relate to a bank, a trust company, a savings association, a savings bank, a credit union, or an industrial loan and investment company.

(2) The Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or a Federal Home Loan Bank.

(3) A department or agency of the United States or of Indiana.

(4) A person that is servicing or enforcing a loan that it owns.

(5) A person that is servicing a loan:

(A) for a person described in subdivisions (1) through (4); or

(B) insured by the Department of Housing and Urban Development or guaranteed by the Veterans Administration.

(6) An attorney licensed to practice law in Indiana who is representing a mortgagor.

[Pre-2026 Revision Citation: 24-5.5-1-1.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-2-9 — Indiana Code / Title 37 / Article 3 / Chapter 2 / Section 37-3-2-9
"Renewal"
Status: in_force

Sec. 9. "Renewal" refers to a small loan that takes the place of an existing small loan by:

(1) renewing;

(2) repaying;

(3) refinancing; or

(4) consolidating;

a small loan with the proceeds of another small loan made to the same borrower by a lender.

[Pre-2026 Revision Citation: 24-4.5-7-107.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-1-5 — Indiana Code / Title 37 / Article 1 / Chapter 1 / Section 37-1-1-5
Application; nonresident debtor
Status: in_force

Sec. 5. (a) Except as provided in subsection (b), this article applies to a first lien mortgage transaction:

(1) that is secured by an interest in:

(A) a dwelling; or

(B) residential real estate upon which a dwelling is constructed or intended to be constructed;

in Indiana; and

(2) the closing for which takes place after June 30, 2026.

(b) This article does not apply to a first lien mortgage transaction if:

(1) the debtor is not a resident of Indiana at the time the transaction is entered into; and

(2) the laws of the debtor's state of residence require that the transaction be made under the laws of the state of the debtor's residence.

[Pre-2026 Revision Citation: 24-4.4-1-201.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-15 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-15
Balloon payments; compliance with Alternative Mortgage Transaction Parity Act
Status: in_force

Sec. 15. (a) This section does not apply to a first lien mortgage transaction.

(b) Except as provided in IC 37-5-4-3 with respect to a high cost home loan (as defined in IC 37-5-2-8), with respect to a consumer loan, other than one pursuant to a revolving loan account or one on which only loan finance charges are payable prior to the time that the final scheduled payment is due, if any scheduled payment is more than twice as large as the average of earlier scheduled payments, the debtor has the right to refinance the amount of that payment at the time it is due without penalty. The terms of the refinancing shall be no less favorable to the debtor than the terms of the original loan. This section does not apply to the extent that the payment schedule is adjusted to the seasonal or irregular income of the debtor.

(c) For the purposes of this section, "terms of the refinancing" means:

(1) in the case of a fixed-rate consumer loan, the individual payment amounts, the charges as a result of default by the debtor, and the rate of the loan finance charge; and

(2) in the case of a variable rate consumer loan, the method used to determine the individual payment amounts, the charges as a result of default by the debtor, the method used to determine the rate of the loan finance charge, the circumstances under which the rate of the loan finance charge may increase, and any limitations on the increase in the rate of the loan finance charge.

(d) If a consumer loan is made under the authority of the Alternative Mortgage Transaction Parity Act (12 U.S.C. 3802 et seq.), the note evidencing the mortgage must contain a reference to the applicable federal law.

[Pre-2026 Revision Citation: 24-4.5-3-402.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-7 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-7
"Bona fide nonprofit organization"
Status: in_force

Sec. 7. "Bona fide nonprofit organization" means an organization that does the following, as determined by the director, under criteria established by the director:

(1) Maintains tax exempt status under Section 501(c)(3) of the Internal Revenue Code.

(2) Promotes affordable housing or provides home ownership education or similar services.

(3) Conducts the organization's activities in a manner that serves public or charitable purposes.

(4) Receives funding and revenue and charges fees in a manner that does not encourage the organization or the organization's employees to act other than in the best interests of the organization's clients.

(5) Compensates the organization's employees in a manner that does not encourage employees to act other than in the best interests of the organization's clients.

(6) Provides to, or identifies for, debtors mortgage transactions with terms that are favorable to the debtor (as described in IC 37-1-1-6(16)) and comparable to mortgage transactions and housing assistance provided under government housing assistance programs.

(7) Maintains certification by the United States Department of Housing and Urban Development or employs counselors who are certified by the Indiana housing and community development authority.

[Pre-2026 Revision Citation: 24-4.4-1-301(37).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-7-26 — Indiana Code / Title 37 / Article 2 / Chapter 7 / Section 37-2-7-26
Fees
Status: in_force

Sec. 26. (a) Persons required to file notification who are sellers, lessors, or lenders shall pay a fee in an amount and at intervals to be prescribed by the director under IC 28-11-3-5. The fee shall be a set amount for each one hundred thousand dollars ($100,000), or part thereof, in excess of one hundred thousand dollars ($100,000), of the original unpaid balances arising from consumer credit sales, consumer leases, and consumer loans made in Indiana and held either by the seller, lessor, or lender for more than thirty (30) days after the inception of the sale, lease, or loan giving rise to the obligations, or by an assignee who has not filed notification. A refinancing of a sale, lease, or loan resulting in an increase in the amount of an obligation is a new sale, lease, or loan to the extent of the increase. In prescribing the fee, the department shall consider the costs and expense incurred or estimated to be incurred by the department in the administration of this article, including, but not limited to, the supervision, regulation, and examination of persons subject to the provisions of the article.

(b) Persons required to file notification who are assignees shall pay a fee as prescribed and fixed by the department under subsection (a) on the unpaid balances at the time of the assignment of obligations arising from consumer credit sales, consumer leases, and consumer loans made in Indiana taken by assignment during the preceding calendar year, but an assignee need not pay a fee with respect to an obligation on which the assignor or other person has already paid a fee.

(c) Persons required to file notification who are assignors shall pay a fee as prescribed by the department under subsection (a) on the unpaid balances at the time of the assignment of obligations arising from consumer credit sales, consumer leases, and consumer loans made in Indiana during the preceding calendar year unless the assignee has already paid the fees.

(d) Persons required to renew a license under IC 37-2-4-31 may deduct the fees paid under IC 37-2-4-26(h)(2) and IC 37-2-4-26(h)(3), as applicable, from fees paid under this section.

(e) A person that is required to file notification under section 25 of this chapter shall pay a fee at the same rate as prescribed and fixed by the department under subsection (a) on the original unpaid balances of all closed end credit obligations originating from the person's place of business during the time preceding the notification as specified under subsection (a), unless the fees for the obligations have been paid by another person.

[Pre-2026 Revision Citation: 24-4.5-6-203.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-11 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-11
"Creditor"
Status: in_force

Sec. 11. "Creditor" means a person:

(1) that regularly engages in the extension of first lien mortgage transactions that are subject to a credit service charge or loan finance charge, as applicable, or are payable by written agreement in more than four (4) installments (not including a down payment); and

(2) to which the obligation is initially payable, either on the face of the note or contract, or by agreement if there is not a note or contract.

The term does not include a person described in section 39 of this chapter in a tablefunded transaction. A creditor may be an individual, a limited liability company, a sole proprietorship, a partnership, a trust, a joint venture, a corporation, an unincorporated organization, or other form of entity, however organized.

[Pre-2026 Revision Citation: 24-4.4-1-301(7).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-2-11 — Indiana Code / Title 37 / Article 5 / Chapter 2 / Section 37-5-2-11
"Political subdivision"
Status: in_force

Sec. 11. "Political subdivision" means a municipality, school district, public library, local housing authority, fire protection district, public transportation corporation, local building authority, local hospital authority or corporation, local airport authority, special service district, special taxing district, or any other type of local governmental corporate entity.

[Pre-2026 Revision Citation: 24-9-2-11.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-5-16 — Indiana Code / Title 37 / Article 2 / Chapter 5 / Section 37-2-5-16
Liability insurance
Status: in_force

Sec. 16. A creditor may not contract for or receive a separate charge for insurance against liability unless the insurance covers a substantial risk of liability arising out of the ownership or use of property related to the credit transaction.

[Pre-2026 Revision Citation: 24-4.5-4-303.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-1-4 — Indiana Code / Title 37 / Article 1 / Chapter 1 / Section 37-1-1-4
Severability
Status: in_force

Sec. 4. The provisions of this article are severable, so that if:

(1) any provisions of this article; or

(2) the application of this article to any person or circumstances;

is held invalid, the invalidity does not affect other provisions or applications of this article that can be given effect without the invalid provision or application.

[Pre-2026 Revision Citation: 24-4.4-1-104.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-45.7 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-45.7
"Seller"
Status: in_force

Sec. 45.7. Except as otherwise provided,"seller" means a person regularly engaged as a creditor in making consumer credit sales. The term includes an assignee of the seller's right to payment but use of the term does not in itself impose on an assignee any obligation of the seller with respect to events occurring before the assignment.

[Pre-2026 Revision Citation: 24-4.5-2-107.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-4-2 — Indiana Code / Title 37 / Article 5 / Chapter 4 / Section 37-5-4-2
Points and fees charged in certain refinance transactions; evasive division of home loans prohibited
Status: in_force

Sec. 2. A creditor may not knowingly or intentionally:

(1) refinance a high cost home loan by charging points and fees on the part of the proceeds of the new high cost home loan that is used to refinance the existing high cost loan within four (4) years of the origination of the existing high cost home loan; or

(2) divide a home loan transaction into multiple transactions with the effect of evading this article. Where multiple transactions are involved, the total points and fees charged in all transactions shall be considered when determining whether the protections of this section apply.

[Pre-2026 Revision Citation: 24-9-4-2.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-34 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-34
"Nontraditional mortgage product"
Status: in_force

Sec. 34. "Nontraditional mortgage product" means any mortgage product other than a thirty (30) year fixed rate mortgage.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(29).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-4-39 — Indiana Code / Title 37 / Article 2 / Chapter 4 / Section 37-2-4-39
Carrying on other business
Status: in_force

Sec. 39. A licensee may carry on other business at a location where the licensee makes consumer loans unless the licensee carries on other business for the purpose of evasion or violation of this article.

[Pre-2026 Revision Citation: 24-4.5-3-512.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-41 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-41
"Presumed"; "presumption"
Status: in_force

Sec. 41. "Presumed" or "presumption" means that the trier of fact must find the existence of the fact presumed, unless and until evidence is introduced that would support a finding of its nonexistence.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(36).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-10 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-10
"Credit"
Status: in_force

Sec. 10. "Credit" means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.

[Pre-2026 Revision Citation: 24-4.4-1-301(6).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-4-11 — Indiana Code / Title 37 / Article 5 / Chapter 4 / Section 37-5-4-11
Notice to borrower
Status: in_force

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 A LOWER COST. YOU SHOULD COMPARE LOAN RATES, COSTS, AND FEES. MORTGAGE LOAN RATES AND CLOSING COSTS AND FEES VARY BASED ON MANY FACTORS, INCLUDING YOUR PARTICULAR CREDIT AND FINANCIAL CIRCUMSTANCES, YOUR EMPLOYMENT HISTORY, THE LOAN-TO-VALUE REQUESTED, AND THE TYPE OF PROPERTY THAT WILL SECURE YOUR LOAN. THE LOAN RATE, COSTS, AND FEES COULD ALSO VARY BASED ON WHICH CREDITOR OR BROKER YOU SELECT.

IF YOU ACCEPT THE TERMS OF THIS LOAN, THE CREDITOR WILL HAVE A MORTGAGE LIEN ON YOUR HOME. YOU COULD LOSE YOUR HOME AND ANY MONEY YOU HAVE PAID IF YOU DO NOT MEET YOUR PAYMENT OBLIGATIONS UNDER THE LOAN.

YOU SHOULD CONSULT AN ATTORNEY AND A QUALIFIED INDEPENDENT CREDIT COUNSELOR OR OTHER EXPERIENCED FINANCIAL ADVISER REGARDING THE RATE, FEES, AND PROVISIONS OF THIS MORTGAGE LOAN BEFORE YOU PROCEED. A LIST OF QUALIFIED COUNSELORS IS AVAILABLE FROM THE INDIANA HOUSING AND COMMUNITY DEVELOPMENT AUTHORITY.

YOU ARE NOT REQUIRED TO COMPLETE THIS LOAN AGREEMENT MERELY BECAUSE YOU HAVE RECEIVED THIS DISCLOSURE OR HAVE SIGNED A LOAN APPLICATION. REMEMBER, PROPERTY TAXES AND HOMEOWNER'S INSURANCE ARE YOUR RESPONSIBILITY. NOT ALL CREDITORS PROVIDE ESCROW SERVICES FOR THESE PAYMENTS. YOU SHOULD ASK YOUR CREDITOR ABOUT THESE SERVICES.

ALSO, YOUR PAYMENTS ON EXISTING DEBTS CONTRIBUTE TO YOUR CREDIT RATINGS. YOU SHOULD NOT ACCEPT ANY ADVICE TO IGNORE YOUR REGULAR PAYMENTS TO YOUR EXISTING CREDITORS.".

[Pre-2026 Revision Citation: 24-9-4-11.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-5-4-12 — Indiana Code / Title 37 / Article 5 / Chapter 4 / Section 37-5-4-12
High cost home loan agreements; unconscionable and void provisions
Status: in_force

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:

(A) less convenient;

(B) more costly; or

(C) more dilatory;

for the resolution of the dispute than an Indiana court in which the borrower may otherwise bring a claim or defense; or

(3) limits in any way any claim or defense the borrower may have;

is unconscionable and void.

[Pre-2026 Revision Citation: 24-9-4-12.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-3-2-3 — Indiana Code / Title 37 / Article 3 / Chapter 2 / Section 37-3-2-3
"Check"
Status: in_force

Sec. 3. "Check" has the meaning set forth in IC 26-1-3.1-104.

[Pre-2026 Revision Citation: 24-4.5-7-106.]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-28 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-28
"Loan brokerage business"
Status: in_force

Sec. 28. "Loan brokerage business" means any activity in which a person, in return for any consideration from any source, procures, attempts to procure, or assists in procuring, a mortgage transaction from a third party or any other person, whether or not the person seeking the mortgage transaction actually obtains the mortgage transaction.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(23).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-1-2-40 — Indiana Code / Title 37 / Article 1 / Chapter 2 / Section 37-1-2-40
"Unique identifier"
Status: in_force

Sec. 40. "Unique identifier" means a number or other identifier assigned by protocols established by the NMLSR.

[Pre-2026 Revision Citation: 24-4.4-1-301(35).]

As added by P.L.115-2026, SEC.97.
Ind. Code § 37-2-2-44 — Indiana Code / Title 37 / Article 2 / Chapter 2 / Section 37-2-2-44
"Regularly engaged"
Status: in_force

Sec. 44. "Regularly engaged", with respect to a person who extends consumer credit, refers to a person who:

(1) extended consumer credit:

(A) more than twenty-five (25) times; or

(B) more than five (5) times for a mortgage transaction secured by a dwelling;

in the preceding calendar year; or

(2) extends or will extend consumer credit:

(A) more than twenty-five (25) times; or

(B) more than five (5) times for a mortgage transaction secured by a dwelling;

in the current calendar year, if the person did not meet the numerical standards described in subdivision (1) in the preceding calendar year.

[Pre-2026 Revision Citation: 24-4.5-1-301.5(39).]

As added by P.L.115-2026, SEC.97.