2023 Indiana Code › Title 24. Trade Regulation › Article 4.4. First Lien Mortgage Lending › Chapter 2. Miscellaneous › 24-4.4-2-404.2. Director's Notice of Intent to Issue Order; Contents; Hearing; Final Order; Suspension or Prohibition Pending Final Order; Official Record

Sec. 404.2. (1) A notice issued under this chapter must:
(a) be in writing;
(b) contain a statement of the facts constituting the alleged practice, violation, or breach;
(c) state the facts alleged in support of the violation, practice, or breach;
(d) state the director's intention to enter an order under section 404.4(1) of this chapter;
(e) be delivered to the board of directors of the creditor;
(f) be delivered to the officer, director, or manager concerned;
(g) specify the procedures that must be followed to initiate a hearing to contest the facts alleged; and
(h) 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 (5), include a statement of the suspension or prohibition.
(2) 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 404.4 of this chapter.
(3) If no hearing is requested within the time specified in subsection (2), the director may proceed to issue a final order under section 404.4 of this chapter on the basis of the facts set forth in the written notice.
(4) 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.
(5) 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 404.1(1) of this chapter. A suspension or prohibition under this subsection becomes effective upon service of the notice under section 404.1(1) of this chapter. Unless stayed by a court in a proceeding authorized by subsection (6), the suspension or prohibition remains in effect pending completion of the proceedings related to the notice served under section 404.1(1) of this chapter and until the effective date of an order entered by the department under subsection (2) or the director under subsection (3). 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.
(6) 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 (5), 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 404.1(1) of this chapter, and the court may stay the suspension or prohibition.
(7) The department shall maintain an official record of a proceeding under this chapter.
As added by P.L.35-2010, SEC.20. Amended by P.L.69-2018, SEC.8; P.L.176-2019, SEC.6.