reglab/housing_qa huggingface dataset:
IN Code § 23-2.5-4-7 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 4. License Issuance and Renewal|23-2.5-4-7. Principal Manager or Mortgage Loan Originator License; Effective Only With Employment; Transfer of License; Notice of Termination

Sec. 7. (a) The license of a principal manager or a mortgage loan originator is not effective during any period during which the mortgage loan originator or principal manager is not employed by a loan broker that is licensed under this article.(b) If a licensed principal manager or mortgage loan originator seeks to transfer the licensee's license to another loan broker who desires to have the licensee act as a principal manager or mortgage loan originator, whichever applies, the licensee shall, before acting as a principal manager or mortgage loan originator for the new employer, submit to the commissioner, on a form prescribed by the commissioner, a license application required by section 2 or 3 of this chapter, whichever applies.(c) If the employment of a principal manager or mortgage loan originator by a loan broker is terminated:(1) voluntarily by the principal manager or mortgage loan originator; or(2) by the loan broker employing the principal manager or mortgage loan originator;the loan broker shall, not later than five (5) days after the date of the termination, notify the commissioner of the termination and the reasons for the termination.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-4-8 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 4. License Issuance and Renewal|23-2.5-4-8. Notice of Change in Material Fact or Statement in License Application

Sec. 8. (a) If a material fact or statement included in an application for a license under this chapter changes after the application has been submitted, the applicant shall provide written notice to the commissioner of the change.(b) The commissioner may deny issuance, revoke, or refuse to renew a license under this article if the applicant or licensee:(1) fails to provide the written notice required by this section within two (2) business days after the date on which the applicant or licensee discovers or should have discovered the change; or(2) is not qualified for licensure under this article as a result of the change in a material fact or statement.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-4-9 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 4. License Issuance and Renewal|23-2.5-4-9. Agent for Service of Process

Sec. 9. An applicant for licensure, or renewal of a license, under this chapter shall file with the commissioner, in a form prescribed by the commissioner, an irrevocable consent appointing the secretary of state as the applicant's agent for service of process in any noncriminal suit, action, or proceeding against the applicant arising from the violation of this article. Service shall be made in accordance with the Indiana Rules of Trial Procedure.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-4-10 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 4. License Issuance and Renewal|23-2.5-4-10. National Criminal History Background Check

Sec. 10. (a) At the time of application for an initial license under this chapter, the commissioner shall require the following to submit fingerprints for a national criminal history background check (as defined in IC 10-13-3-12) for use by the commissioner in determining whether the equitable owner of a loan broker, an individual described in subdivision (1), or the applicant should be denied issuance of a license under this chapter for a reason set forth in IC 23-2.5-11-1 or IC 23-2.5-11-2:(1) In the case of an applicant for licensure as a loan broker, each ultimate equitable owner, equitable owner, director, manager, and officer.(2) An applicant for licensure as a principal manager.(3) An applicant for licensure as a mortgage loan originator.(b) Every three (3) years at the time of application for renewal of a license issued under this chapter, beginning with the third calendar year following the calendar year during which the initial license is issued, the commissioner shall require the following to submit fingerprints for a national criminal history background check (as defined in IC 10-13-3-12) for use by the commissioner in determining whether the equitable owner of a loan broker, an individual described in subdivision (1), or the applicant should be denied renewal of a license under this chapter for a reason set forth in IC 23-2.5-11-1 or IC 23-2.5-11-2:(1) In the case of an applicant for licensure as a loan broker, each ultimate equitable owner, equitable owner, director, manager, and officer.(2) An applicant for licensure as a principal manager.(3) An applicant for licensure as a mortgage loan originator.(c) The individual whose fingerprints are submitted under this section shall pay any fees or costs associated with the fingerprints and background check required by this section.(d) The commissioner may not release the results of a background check required by this section to any private entity.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-4-11 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 4. License Issuance and Renewal|23-2.5-4-11. Financial Responsibility of Applicant

Sec. 11. In reviewing a consumer report obtained under section 2(b)(12) or 3(b)(12) of this chapter, the commissioner may consider one (1) or more of the following in determining whether the individual applicant has demonstrated financial responsibility:(1) Bankruptcies filed by the individual during the most recent ten (10) years.(2) Current outstanding civil judgments against the individual, except judgments resulting solely from medical expenses owed by the individual.(3) Current outstanding tax liens or other government liens or filings.(4) Foreclosure actions filed during the most recent three (3) years against property owned by the individual.(5) Any pattern of seriously delinquent accounts associated with the individual during the most recent three (3) years.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-4-12 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 4. License Issuance and Renewal|23-2.5-4-12. Electronic Surety Bond

Sec. 12. A loan broker shall maintain an electronic surety bond that:(1) is satisfactory to the commissioner;(2) is in the amount of sixty thousand dollars ($60,000); and(3) covers the activities of each principal manager and mortgage loan originator employed by the loan broker.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-4-13 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 4. License Issuance and Renewal|23-2.5-4-13. Evidence of Compliance

Sec. 13. (a) The commissioner may request evidence of compliance with this chapter at any of the following times:(1) The time of application for an initial license.(2) The time of renewal of a license.(3) Any other time considered necessary by the commissioner.(b) For purposes of subsection (a), evidence of compliance with this chapter must include a criminal background check, including a national criminal history background check (as defined in IC 10-13-3-12) by the Federal Bureau of Investigation.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-4-14 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 4. License Issuance and Renewal|23-2.5-4-14. Unique Identifier; Use Restricted

Sec. 14. A unique identifier obtained by an individual from the Nationwide Multistate Licensing System as required by IC 23-2.5-3-1, IC 23-2.5-3-2, and IC 23-2.5-3-3 may not be used for purposes other than the purposes set forth in the S.A.F.E. Mortgage Licensing Act of 2008 (Title V of P.L.110-289).As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-5-1 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 5. Loan Processing Company Notice Filing and Renewal|23-2.5-5-1. Loan Processing Company Notice Filing

Sec. 1. Before engaging in loan processing activities, a loan processing company shall file, via the Nationwide Multistate Licensing System, a loan processing company notice filing.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-5-2 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 5. Loan Processing Company Notice Filing and Renewal|23-2.5-5-2. Form and Content of Loan Processing Company Notice Filing

Sec. 2. A loan processing company notice filing must be made on a form prescribed by the commissioner and include all of the following:(1) The loan processing company's business name, address, and state of incorporation or business registration.(2) The names of the owners, officers, members, or partners who control the loan processing company.(3) The name of each individual who is employed by the loan processing company, including the mortgage loan originator license number of each loan processor.(4) The name and license number of each loan broker who:(A) is licensed or required to be licensed under this article; and(B) engaged the loan processing company to perform loan processing activities during the preceding calendar year.(5) An attestation stating that each loan processor employed by the loan processing company maintains a mortgage loan originator license under this article.(6) Consent to service of process as described in section 7 of this chapter.(7) An application fee of twenty-five dollars ($25).As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-5-3 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 5. Loan Processing Company Notice Filing and Renewal|23-2.5-5-3. Loan Processing Company Notice Filing; Annual Renewal

Sec. 3. (a) A loan processing company notice filing described in section 2 of this chapter:(1) expires on December 31 of each year; and(2) must be refiled annually.(b) A loan processing company shall update and renew the loan processing company's notice filing at least thirty (30) days before the date on which the loan processing company notice filing expires by resubmitting the information and fee set forth in section 2 of this chapter.(c) A loan processing company that engages in loan processing activities without filing or renewing a loan processing company notice filing as required by this chapter violates this article.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-5-4 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 5. Loan Processing Company Notice Filing and Renewal|23-2.5-5-4. Employment for Loan Processing Activities; Requirements

Sec. 4. A loan processing company may not employ an individual to engage in loan processing activities unless the individual:(1) has completed the education and examination requirements for a mortgage loan originator; and(2) is registered to conduct business in Indiana through the Nationwide Multistate Licensing System.As added by P.L.175-2019, SEC.2. Amended by P.L.205-2021, SEC.5.
IN Code § 23-2.5-5-5 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 5. Loan Processing Company Notice Filing and Renewal|23-2.5-5-5. Burden of Proof of Compliance

Sec. 5. A loan processing company bears the burden of showing that the loan processing company is in compliance with this chapter.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-5-6 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 5. Loan Processing Company Notice Filing and Renewal|23-2.5-5-6. Loan Processing Company or Loan Processor Violations

Sec. 6. (a) If the commissioner determines that a loan processing company or loan processor has violated this article, the commissioner may issue any notice or order determined by the commissioner to be in the public interest.(b) A notice or order issued by the commissioner under subsection (a):(1) may include remedies; and(2) must follow the procedural requirements;specified in IC 23-2.5-11.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-5-7 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 5. Loan Processing Company Notice Filing and Renewal|23-2.5-5-7. Agent for Service of Process

Sec. 7. (a) A loan processing company shall, before engaging in loan processing activities, file with the commissioner on a form prescribed by the commissioner an irrevocable consent appointing the secretary of state as the loan processing company's agent to receive service of process in a noncriminal suit, action, or proceeding against the loan processing company arising from a violation of this article.(b) Service of process described in subsection (a) must be made in accordance with Indiana Rules of Trial Procedure.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-5-8 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 5. Loan Processing Company Notice Filing and Renewal|23-2.5-5-8. Ceasing Loan Processing Activities; Requirements

Sec. 8. If a loan processing company ceases to engage in loan processing activities for any reason, the loan processing company shall do the following:(1) Before ceasing loan processing activities, arrange for the preservation and maintenance of the records described in IC 23-2.5-9-2 for the remainder of the two (2) year maintenance period required by IC 23-2.5-9-2.(2) Notify the commissioner of the exact physical address where the records will be maintained under subdivision (1).As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-6-1 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 6. Education and Examination|23-2.5-6-1. Academic Education Required for Licensure

Sec. 1. (a) An applicant for an initial license under IC 23-2.5-4 shall provide to the commissioner evidence that, during the twenty-four (24) month period immediately preceding the application, the applicant completed at least twenty (20) hours of academic education that is acceptable to the commissioner and approved by the Nationwide Multistate Licensing System.(b) The education hours required by subsection (a) must include the following:(1) Three (3) hours of federal law and regulations concerning residential mortgage lending.(2) Three (3) hours of ethics, including instruction on fraud, consumer protection, and fair lending practices.(3) Two (2) hours of training concerning lending standards for nontraditional residential mortgage loan products.(4) Two (2) hours of state law and rules concerning residential mortgage lending.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-6-2 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 6. Education and Examination|23-2.5-6-2. Continuing Academic Education Required for Licensure

Sec. 2. (a) To maintain a license issued under IC 23-2.5-4, an individual shall provide to the commissioner evidence that the individual has, during each calendar year after the year during which the license is initially issued, completed at least eight (8) hours of academic education that is acceptable to the commissioner and approved by the Nationwide Multistate Licensing System.(b) The education hours required by subsection (a) must include the following:(1) Three (3) hours of federal law and regulations concerning residential mortgage lending.(2) Two (2) hours of ethics, including instruction on fraud, consumer protection, and fair lending practices.(3) Two (2) hours of training concerning lending standards for nontraditional residential mortgage loan products.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-6-3 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 6. Education and Examination|23-2.5-6-3. License Lapse or Expiration; Educational Requirements for Licensure

Sec. 3. If a license issued under IC 23-2.5-4 lapses or expires for a period of at least five (5) years, the former licensee must complete the initial license educational requirements specified in section 1 of this chapter.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-6-4 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 6. Education and Examination|23-2.5-6-4. Commissioner Review and Approval of Internal Academic Education Programs

Sec. 4. (a) In determining the acceptability of academic education, the commissioner shall consider approval of a licensee's internal academic education programs completed by employees.(b) The commissioner may charge a fee, in an amount prescribed by the commissioner, for the commissioner's review of an education course to determine acceptability of the course as required by this chapter.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-6-5 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 6. Education and Examination|23-2.5-6-5. Principal Manager; Mortgage Loan Originator; Written Examination Requirements

Sec. 5. (a) The commissioner shall require an applicant for licensure as a:(1) principal manager; or(2) mortgage loan originator;under IC 23-2.5-4 to pass a written examination prepared and administered by the commissioner or an agent appointed by the commissioner and approved by the Nationwide Multistate Licensing System.(b) The written examination required by this section must measure the applicant's knowledge and comprehension in appropriate subject areas, including the following:(1) Ethics.(2) Federal laws and regulations concerning the origination of residential mortgage loans.(3) State laws and rules concerning the origination of residential mortgage loans.(c) An individual who answers at least seventy-five percent (75%) of the questions on the written examination correctly is considered to have passed the examination.(d) An individual who does not pass the written examination may retake the examination not more than two (2) additional times, with each subsequent attempt occurring at least thirty (30) days after the date on which the individual last sat for the examination.(e) If an individual fails three (3) consecutive examinations, the individual must wait to retake the examination until at least six (6) months after the date on which the individual sat for the third examination.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-6-6 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 6. Education and Examination|23-2.5-6-6. Mortgage Loan Originator Activities License or Registration Lapse or Expiration; Written Examination for Licensure or Registration

Sec. 6. If an individual who has been issued a principal manager license or mortgage loan originator license under this article, or a license or registration issued by another state or jurisdiction allowing the individual to perform mortgage loan origination activities:(1) allows the individual's license or registration to lapse; or(2) otherwise has not been a registered mortgage loan originator, issued a mortgage loan originator license, issued a principal manager license, or otherwise maintained a license or registration to perform mortgage loan origination activities;for a period of at least five (5) years, the individual must pass the written examination required by this chapter as a condition of relicensure or reregistration.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-6-7 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 6. Education and Examination|23-2.5-6-7. Written Examination; Time to Obtain License

Sec. 7. If an individual does not obtain a license within two (2) years after the date on which the individual passes the written examination for the license as required by this chapter, the commissioner may not issue the license to the individual unless the individual passes the written examination again.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-7-1 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 7. Loan Broker Offices and Personnel|23-2.5-7-1. Loan Broker Employment of Principal Manager or Mortgage Loan Originator; License Required

Sec. 1. A loan broker shall not employ an individual to act as a principal manager or mortgage loan originator unless the individual is licensed under this article as a principal manager or mortgage loan originator, as applicable.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-7-2 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 7. Loan Broker Offices and Personnel|23-2.5-7-2. Loan Processing Activities; Notice Filing Required

Sec. 2. A loan broker shall not engage the services of a person to perform loan processing activities unless the person has complied with the loan processing company notice filing requirements of IC 23-2.5-5.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-7-3 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 7. Loan Broker Offices and Personnel|23-2.5-7-3. Loan Processor or Underwriter Activities; Representation to Public

Sec. 3. An individual who acts solely as a loan processor or an underwriter shall not represent to the public through:(1) advertising; or(2) other means of communicating or providing information, including business cards, stationery, brochures, signs, rate lists, or other promotional items;that the individual will perform mortgage loan origination activities or otherwise act as a mortgage loan originator.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-7-4 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 7. Loan Broker Offices and Personnel|23-2.5-7-4. Responsibilities of Principal Manager

Sec. 4. A loan broker shall, in accordance with section 5 of this chapter, employ and designate a principal manager who is responsible for supervising the:(1) mortgage loan originators employed by the loan broker; and(2) loan broker offices operated by the loan broker;to ensure compliance with this article.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-7-5 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 7. Loan Broker Offices and Personnel|23-2.5-7-5. Principal Manager; Supervising Activities Limitation

Sec. 5. (a) A principal manager designated by a loan broker under section 4 of this chapter may supervise not more than five (5) loan broker offices operated by the loan broker, including the principal place of business and any branch offices.(b) A loan broker shall employ a sufficient number of additional principal managers designated as supervisors to accommodate any branch offices:(1) operated by the loan broker; and(2) in excess of the number permitted under subsection (a).As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-7-6 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 7. Loan Broker Offices and Personnel|23-2.5-7-6. Annual Loan Broker Office Compliance Examinations

Sec. 6. (a) A principal manager shall complete at least one (1) compliance examination per year of each loan broker office for which the principal manager is the supervisor designated under section 4 of this chapter.(b) A loan broker shall maintain complete documentation of each examination conducted by a principal manager under subsection (a):(1) at the principal place of business; and(2) for a minimum of five (5) years after the calendar year in which the examination is completed.As added by P.L.175-2019, SEC.2.