reglab/housing_qa huggingface dataset:
IN Code § 23-2.5-7-7 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 7. Loan Broker Offices and Personnel|23-2.5-7-7. Branch Office Manager

Sec. 7. (a) A loan broker that operates a branch office shall designate a unique individual to act as branch manager of the branch office.(b) A branch manager designated under subsection (a) shall be licensed under this article as either a principal manager or a mortgage loan originator.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-7-8 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 7. Loan Broker Offices and Personnel|23-2.5-7-8. Loan Broker Employees; Steps to Prevent Violation

Sec. 8. A loan broker that fails to take reasonable steps to prevent a violation of this article by a principal manager, mortgage loan originator, or other individual employed by the loan broker may subject the loan broker to discipline under IC 23-2.5-11.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-7-9 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 7. Loan Broker Offices and Personnel|23-2.5-7-9. Principal Manager; Steps to Prevent Violation

Sec. 9. A principal manager who fails to take reasonable steps to prevent a violation of this article:(1) by a mortgage loan originator who is supervised by the principal manager; or(2) that occurs at a branch office that is supervised by the principal manager;may subject the principal manager to discipline under IC 23-2.5-11.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-7-10 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 7. Loan Broker Offices and Personnel|23-2.5-7-10. Branch Manager; Steps to Prevent Violation

Sec. 10. A branch manager who fails to take reasonable steps to prevent a violation of this article by an individual who works at the branch manager's designated branch office may subject the branch manager to discipline under IC 23-2.5-11.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-7-11 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 7. Loan Broker Offices and Personnel|23-2.5-7-11. Loan Broker Review of Loan Processing Company Work

Sec. 11. (a) A loan broker shall diligently review work performed on the loan broker's behalf by a loan processing company.(b) A loan broker that fails to take reasonable steps to review work performed by a loan processing company on the loan broker's behalf may subject the loan broker to discipline under IC 23-2.5-11.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-8-1 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 8. Conduct of Business|23-2.5-8-1. Loan Broker Contract

Sec. 1. (a) A contract for the services of a loan broker is not enforceable unless the contract is in writing and signed by each of the contracting parties.(b) At the time a contract for the services of a loan broker is signed, the loan broker shall provide a copy of the signed contract to each party to the contract.(c) A contract for the services of a loan broker must include the following statement:"No statement or representation by a loan broker is valid or enforceable unless the statement or representation is in writing.".(d) This section does not apply to a contract that provides for the payment of referral fees by a lender or a third party.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-8-2 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 8. Conduct of Business|23-2.5-8-2. Real Estate Appraiser; Influence; Ownership or Interest

Sec. 2. (a) A licensee or a person required to be licensed under this article shall not knowingly bribe, coerce, or intimidate another person to corrupt or improperly influence the independent judgment of a real estate appraiser with respect to the value of real estate offered as security for a residential mortgage loan.(b) Except as provided in subsection (c):(1) a licensee;(2) a person required to be licensed under this article; or(3) a member of the immediate family of a licensee;may not own or control a majority interest in an appraisal company.(c) This subsection applies to a person or combination of persons described in subsection (b) who own or control a majority interest in an appraisal company on June 30, 2007. The prohibition set forth in subsection (b) does not apply to a person or combination of persons described in this subsection, subject to the following:(1) The interest in the appraisal company owned or controlled by the person or combination of persons shall not be increased after June 30, 2007.(2) The interest of a licensee shall not be transferred to a member of the licensee's immediate family.(3) If the commissioner determines that any person or combination of persons described in subsection (b) has violated this chapter, the commissioner may order one (1) or more of the persons to divest their interest in the appraisal company. The commissioner may exercise the remedy provided by this subdivision in addition to, or as a substitute for, any other remedy available to the commissioner under this article.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-8-3 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 8. Conduct of Business|23-2.5-8-3. Contract Rescission; Consideration

Sec. 3. (a) If a transaction for which a loan broker has charged a fee is rescinded by a person under the federal Truth in Lending Act (15 U.S.C. 1601-1667e) within twenty (20) calendar days after the date on which a notice of the rescission is delivered to the creditor, the loan broker shall return to the person any consideration received by the loan broker other than bona fide third party fees.(b) For purposes of calculating the period during which a person may avoid a contract under IC 24-5-10-8 or IC 24-4.5-2-502, a contract with a loan broker is considered to be a sale of services that occurs on the date on which the person signs the written contract required by section 1 of this chapter.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-8-4 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 8. Conduct of Business|23-2.5-8-4. Loan Broker Agreement Account Number

Sec. 4. A loan broker agreement must be assigned an account number.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-8-5 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 8. Conduct of Business|23-2.5-8-5. Loan Broker Records

Sec. 5. A loan broker shall maintain the following records, or the electronic equivalent of the following:(1) A file for each borrower or prospective borrower that contains the following:(A) The name and address of the borrower or prospective borrower.(B) A copy of the signed loan broker agreement.(C) A copy of any other paper or instrument used in connection with the loan broker agreement and signed by the borrower or prospective borrower.(D) If a loan was obtained for the borrower, the name and address of the creditor.(E) If a loan is accepted by the borrower, a copy of the loan agreement.(F) The amount of the loan broker's fee paid by the borrower. If there is an unpaid balance, the status of any collection effort.(2) All:(A) receipts from or for the account of borrowers or prospective borrowers; and(B) disbursements to or for the account of borrowers or prospective borrowers;recorded so that the transactions are readily identifiable.(3) A:(A) general ledger, posted at least monthly; and(B) trial balance sheet and profit and loss statement, prepared within thirty (30) days of the date on which the commissioner requests the information.(4) A sample of:(A) all advertisements, pamphlets, circulars, letters, articles, Internet publications, or communications published:(i) in a newspaper, magazine, or periodical; or(ii) by other means of distribution;(B) scripts of any recording, radio, or video announcement;(C) any sales kits or literature; and(D) any Internet communication distributed to at least ten (10) persons;used in the solicitation of borrowers.(5) A report that:(A) lists all residential mortgage loans originated by the loan broker, including pending loans and loans that were not closed;(B) is searchable by, or organized according to, the borrower's or prospective borrower's last name; and(C) includes the following information for each residential mortgage loan listed:(i) The name and address of the borrower or prospective borrower.(ii) The name of the creditor.(iii) The name of the mortgage loan originator.(iv) The loan amount.(v) The status of the loan, including the date of closing or denial by the creditor.(vi) The interest rate for the loan.The report required by this subdivision may be prepared or produced by or through the loan broker's loan origination software or other software used by the loan broker.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-8-6 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 8. Conduct of Business|23-2.5-8-6. Loan Broker Record Maintenance

Sec. 6. (a) The records maintained under section 5 of this chapter must be:(1) maintained for two (2) years in the office of the loan broker in which the loan was originated; and(2) separate or readily identifiable from the records of any other business that is conducted in the office of the loan broker.(b) If the office in which records must be maintained under this section is located outside Indiana, the records must be:(1) made available to the securities division at a location that is:(A) located in Indiana; and(B) accessible to the securities division; or(2) maintained electronically and made available to the securities division not later than ten (10) business days after a request by the securities division to inspect or examine the records.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-8-7 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 8. Conduct of Business|23-2.5-8-7. Loan Broker Ceasing to Do Business; Records; Notice to Commissioner

Sec. 7. (a) A loan broker that ceases to conduct business as a loan broker or allows the loan broker license to lapse shall, before ceasing to conduct business as a loan broker, arrange for the preservation of the records specified in section 5 of this chapter for the remainder of the period specified in section 6(a)(1) of this chapter during which the loan broker ceases to conduct business as a loan broker.(b) A loan broker described in subsection (a) shall notify the commissioner of the exact address of the physical location where the books and records will be maintained during the period described in subsection (a).As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-8-8 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 8. Conduct of Business|23-2.5-8-8. Security Breach of Loan Broker Record

Sec. 8. If a breach of the security of a record:(1) maintained by a loan broker under this chapter; and(2) containing the unencrypted, unredacted personal information of a borrower or prospective borrower;occurs, the loan broker is subject to the disclosure requirements of IC 24-4.9-3, unless the loan broker is exempt from the disclosure requirements under IC 24-4.9-3-4.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-8-9 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 8. Conduct of Business|23-2.5-8-9. Licensee Disposal of Records

Sec. 9. A licensee may not dispose of the unencrypted, unredacted personal information of a borrower or prospective borrower without first shredding, incinerating, mutilating, erasing, or otherwise rendering the information illegible or unusable.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-8-10 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 8. Conduct of Business|23-2.5-8-10. Prospective Borrower Funds; Requirements

Sec. 10. If a licensee or a person required to be licensed under this article possesses funds that belong to another person, including money received by or on behalf of a prospective borrower, the licensee or person required to be licensed shall:(1) upon request of the prospective borrower, account for the funds possessed for the prospective borrower;(2) follow reasonable and lawful instructions from the prospective borrower concerning the prospective borrower's funds; and(3) return the prospective borrower's unspent funds to the prospective borrower in a timely manner.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-8-11 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 8. Conduct of Business|23-2.5-8-11. Loan Broker Reports of Condition

Sec. 11. (a) A loan broker shall, when required by the commissioner, submit reports of condition to the:(1) commissioner; and(2) Nationwide Multistate Licensing System.(b) A report required by this section must be in the form and contain the information required by the commissioner.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-9-1 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 9. Residential Mortgage Loan Transaction Documents|23-2.5-9-1. Loan Broker Agreement; Licensee Information

Sec. 1. A loan broker agreement that is delivered or required to be delivered by a licensee to a borrower or prospective borrower must contain the license number of:(1) the loan broker; and(2) each:(A) mortgage loan originator; and(B) principal manager;who had contact with the file.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-9-2 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 9. Residential Mortgage Loan Transaction Documents|23-2.5-9-2. Loan Processing Company Records

Sec. 2. (a) A loan processing company shall maintain records of all residential mortgage loan transactions conducted by the loan processing company as follows:(1) The records required to be maintained under this section are the records pertaining to the part of each transaction the loan processing company conducts.(2) The records must be maintained for at least two (2) years in the office of the loan processing company.(3) The records must be readily identifiable or separate from the records of any other business conducted by the loan processing company.(b) If the office in which records are maintained under this section is not located in Indiana, the records must be:(1) made available to the securities division at a location that is:(A) located in Indiana; and(B) accessible to the securities division; or(2) maintained electronically and made available to the securities division not later than ten (10) business days after a request by the securities division to inspect or examine the records.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-9-3 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 9. Residential Mortgage Loan Transaction Documents|23-2.5-9-3. Loan Processing Company Breach; Disclosure

Sec. 3. If a breach occurs of the security of records that:(1) are maintained by a loan processing company under this chapter; and(2) contain the unencrypted, unredacted personal information of one (1) or more borrowers or prospective borrowers;the loan processing company is subject to the disclosure requirements under IC 24-4.9-3. However, this section does not apply if the loan processor is exempt from the disclosure requirements under IC 24-4.9-3-4.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-9-4 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 9. Residential Mortgage Loan Transaction Documents|23-2.5-9-4. Loan Processing Company Records Disposal

Sec. 4. A loan processing company may not dispose of the unencrypted, unredacted personal information of one (1) or more borrowers or prospective borrowers without first shredding, incinerating, mutilating, erasing, or otherwise rendering the information illegible or unusable.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-9-5 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 9. Residential Mortgage Loan Transaction Documents|23-2.5-9-5. Loan Processing Company Records; Commissioner Examination

Sec. 5. The commissioner may examine the books and records of a loan processing company as often as the commissioner considers necessary to verify that the loan processing company is compliant with this article.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-9-6 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 9. Residential Mortgage Loan Transaction Documents|23-2.5-9-6. Loan Processor; Federal Law Compliance

Sec. 6. A loan processor shall comply with all of the following:(1) The federal Truth in Lending Act (15 U.S.C. 1601 et seq.).(2) The federal Real Estate Settlement Procedures Act (12 U.S.C. 2601 et seq.).(3) The federal Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.).(4) Any other federal law concerning residential mortgage lending.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-9-7 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 9. Residential Mortgage Loan Transaction Documents|23-2.5-9-7. Loan Processor; Loan Processor Company; Violations

Sec. 7. The following are subject to disciplinary proceedings under IC 23-2.5-11 for a violation of this article:(1) A loan processor.(2) A loan processing company.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-11-1 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 11. Violations and Civil Enforcement|23-2.5-11-1. Permissive Actions; Denial of Licensure Application or Renewal; Suspension; Revocation

Sec. 1. The commissioner may deny an application for an initial or a renewal license under this article, and may suspend or revoke the license of a licensee, if the applicant, the licensee, or an ultimate equitable owner of a loan broker or an applicant for a loan broker license:(1) has, within the most recent ten (10) years:(A) been the subject of an adjudication or a determination by:(i) a court with jurisdiction; or(ii) an agency or administrator that regulates securities, commodities, banking, financial services, insurance, real estate, or the real estate appraisal industry;in Indiana or any other jurisdiction; and(B) been found, after notice and opportunity for hearing, to have violated the securities, commodities, banking, financial services, insurance, real estate, or real estate appraisal laws of the state or any other jurisdiction;(2) except as provided in section 2(1) of this chapter with respect to the activities of a loan broker, has:(A) been denied the right to do business in the securities, commodities, banking, financial services, insurance, real estate, or real estate appraisal industry; or(B) had the person's authority to do business in the securities, commodities, banking, financial services, insurance, real estate, or real estate appraisal industry revoked or suspended;by the state or another state, federal, or foreign governmental agency or self-regulatory organization;(3) is insolvent;(4) has violated this article;(5) has knowingly filed with the commissioner a document or statement that:(A) contains a false representation of a material fact;(B) fails to state a material fact; or(C) contains a representation that becomes false:(i) after the filing; and(ii) during the term of the license;and does not notify the commissioner as required by IC 23-2.5-4-8;(6) has been convicted, during the ten (10) years preceding the date of the application, renewal, or review, of a crime, other than a felony, involving fraud or deceit;(7) if the person is a loan broker or a principal manager, has failed to reasonably supervise the person's mortgage loan originators, loan processors or underwriters, or employees to ensure compliance with this article;(8) is on the most recent tax warrant list supplied to the commissioner by the department of state revenue;(9) has engaged in dishonest or unethical practices, as determined by the commissioner; or(10) has, after receiving a request from the securities division for additional documentation or information in connection with an application for an initial or renewal license, failed to properly respond to the request within thirty (30) days after the date on which the person receives the request.As added by P.L.175-2019, SEC.2.
IN Code § 23-2.5-11-2 (2021)
2021 Indiana Code|Title 23. Business and Other Associations|Article 2.5. Loan Brokers|Chapter 11. Violations and Civil Enforcement|23-2.5-11-2. Required Actions; Denial of Licensure Application or Renewal; Suspension; Revocation

Sec. 2. The commissioner shall deny an application for an initial or a renewal license under this article, and shall revoke the license of a licensee, if the applicant, the licensee, or an ultimate equitable owner of a loan broker or an applicant for a loan broker license:(1) has had a:(A) loan broker license issued under this article;(B) mortgage loan originator license issued under this article;(C) principal manager license issued under this article; or(D) license that is:(i) equivalent to a license described in clause (A), (B), or (C); and(ii) issued by another jurisdiction;revoked by the commissioner or the appropriate regulatory agency in another jurisdiction, whichever applies;(2) has been convicted of or pleaded guilty or nolo contendere to a felony in a domestic, foreign, or military court:(A) during the seven (7) year period immediately preceding the date of the application or renewal; or(B) at a time preceding the date of the application or renewal if the felony involved an act of fraud or dishonesty, a breach of trust, or money laundering;(3) fails to maintain the bond required by IC 23-2.5-4-12;(4) fails to demonstrate the financial responsibility, character, and general fitness necessary to:(A) command the confidence of the community in which the applicant or licensee engages or will engage in the activities of a loan broker; and(B) warrant a determination by the commissioner that the applicant or licensee will operate honestly, fairly, and efficiently according to the requirements of this article;(5) has failed to meet the education requirements set forth in IC 23-2.5-6;(6) has failed to pass the written examination required by IC 23-2.5-6; or(7) fails to:(A) keep or maintain records in accordance with IC 23-2.5-8; or(B) allow the commissioner or an agent appointed by the commissioner to inspect or examine a loan broker's books and records to determine compliance with IC 23-2.5-8.As added by P.L.175-2019, SEC.2.