reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 23. Business and Other Associations › Article 2. Securities and Franchises › Chapter 6. Indiana Commodity Code › 23-2-6-37. Service of Process

Sec. 37. (a) If a person, including a person that is not a resident of Indiana, engages in conduct prohibited or made actionable by this chapter or any rule or order adopted or issued by the commissioner, the commissioner shall be considered the person's attorney for the purpose of receiving service of any lawful process in a noncriminal proceeding that is:
(1) brought against the person, a successor of the person, or a personal representative of the person;
(2) related to the prohibited or actionable conduct; and
(3) brought under this chapter or any rule or order issued or adopted by the commissioner.
(b) Process served on the commissioner under subsection (a) has the same force and validity as personal service on the person engaging in the prohibited or actionable conduct.
As added by P.L.177-1991, SEC.10.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2. Securities and Franchises › Chapter 6. Indiana Commodity Code › 23-2-6-38. Application of Sections Ic 23-2-6-17, Ic 23-2-6-23, and Ic 23-2-6-24

Sec. 38. (a) Sections 17, 23, and 24 of this chapter apply to a person who sells or offers to sell if:
(1) the offer to sell is made in Indiana; or
(2) an offer to buy is made and accepted in Indiana.
(b) Sections 17, 23, and 24 of this chapter apply to a person who buys or offers to buy if:
(1) the offer to buy is made in Indiana; or
(2) an offer to sell is made and accepted in Indiana.
(c) For purposes of this section:
(1) an offer to sell or an offer to buy is made in Indiana, whether or not any party is present in Indiana, if the offer:
(A) originates from Indiana; or
(B) is directed by the offeror to Indiana and is received at:
(i) the place to which the offer is directed; or
(ii) any post office in Indiana, in the case of a mailed offer; and
(2) an offer to sell or to buy is accepted in Indiana if the acceptance:
(A) is communicated to the offeror in Indiana; and
(B) has not previously been communicated to the offeror, orally or in writing, outside Indiana.
(d) For purposes of this section, acceptance is communicated to an offeror in Indiana, whether or not any party is then present in Indiana, if:
(1) the offeree:
(A) directs the acceptance to the offeror in Indiana; and
(B) reasonably believes that the offeror is present in Indiana; and
(2) the acceptance is received at:
(A) the place to which the acceptance is directed; or
(B) any post office in Indiana, in the case of a mailed acceptance.
(e) For purposes of this section, an offer to sell or to buy is not made in Indiana if:
(1) a publisher circulates in Indiana, or there is circulated in Indiana on the behalf of the publisher, a newspaper or other publication of general, regular, and paid circulation that:
(A) is not published in Indiana; or
(B) is published in Indiana, but has had more than two-thirds (2/3) of the newspaper's circulation outside Indiana during the past twelve (12) months; or
(2) a newspaper or a radio or television program originating outside Indiana is received in Indiana.
As added by P.L.177-1991, SEC.10.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2. Securities and Franchises › Chapter 6. Indiana Commodity Code › 23-2-6-39. Administrative Proceedings

Sec. 39. (a) The commissioner shall initiate an administrative proceeding under this chapter by entering a notice of intent to take a specific act or by entering a summary order. The notice of intent or summary order:
(1) may be entered without notice;
(2) may be entered without opportunity for a hearing;
(3) is not required to be supported by findings of fact or conclusions of law; and
(4) must be in writing.
(b) After entering a notice of intent or summary order, the commissioner shall promptly notify all interested parties that the notice of intent or summary order has been entered and of the reasons for the entry.
(c) If a proceeding is under a notice of intent, the commissioner shall inform all interested parties of the date, time, and place set for the hearing on the notice.
(d) If the proceeding is under a summary order, the commissioner shall inform all interested parties that:
(1) the parties have thirty (30) business days from the entry of the order to file with the commissioner a written request for a hearing on the matter; and
(2) a hearing will be scheduled to begin not later than thirty (30) business days after the receipt of a written request.
(e) If the proceeding is under a summary order, the commissioner may, by the commissioner's own motion, set a hearing for the proceeding, whether or not a written request for a hearing is received from an interested party.
As added by P.L.177-1991, SEC.10.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2. Securities and Franchises › Chapter 6. Indiana Commodity Code › 23-2-6-40. Summary Orders; Final Orders

Sec. 40. (a) A summary order becomes a final order if:
(1) thirty (30) business days have passed since the summary order was entered; and
(2) a hearing on the order is not:
(A) requested under section 39(d) of this chapter; or
(B) ordered by the commissioner under section 39(e) of this chapter.
(b) If a hearing on an order is requested or ordered under section 39 of this chapter, the commissioner may modify, vacate, or extend the order until final determination after the commissioner has provided:
(1) a notice of a hearing to all interested persons; and
(2) an opportunity for a hearing by all interested persons.
(c) A final order or an order after a hearing may not be returned without:
(1) appropriate notice to all interested persons;
(2) opportunity for hearing by all interested persons; and
(3) entry of written findings of fact and conclusions of law.
(d) All hearings in an administrative proceeding under this chapter shall be subject to IC 5-14-1.5.
As added by P.L.177-1991, SEC.10.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2. Securities and Franchises › Chapter 6. Indiana Commodity Code › 23-2-6-41. Review; Final Orders of Commissioner

Sec. 41. (a) Any person aggrieved by a final order of the commissioner may obtain a review of the order in a circuit or superior court of Marion County by filing in court, not later than sixty (60) days after the entry of the order, a written petition requesting the order to be modified or set aside in whole or in part. A copy of a petition for review shall be served on the commissioner.
(b) Except where the taking of additional evidence is ordered by a court under subsections (e) and (f), after the filing of a petition for review:
(1) the court shall have exclusive jurisdiction of the matter; and
(2) the commissioner may not modify or set aside the order, in whole or in part.
(c) Unless specifically ordered by the court:
(1) the filing of a petition for review under subsection (a) does not operate as a stay of the commissioner's order; and
(2) the commissioner may enforce or ask the court to enforce an order pending the outcome of the review proceedings.
(d) Upon receipt of a petition for review, the commissioner shall certify and file in the court a copy of the order and the transcript or record of the evidence upon which the order was based. If the order became final by operation of law under section 40(a) of this chapter, the commissioner shall certify and file in court:
(1) a certified copy of the summary order;
(2) evidence of service of the summary order on the parties to the order; and
(3) an affidavit certifying that:
(A) a hearing on the summary order has not been held; and
(B) the summary order became final under section 40(a) of this chapter.
(e) The court may order additional evidence to be taken by the commissioner under conditions the court considers proper if an aggrieved party or the commissioner:
(1) applies to the court for leave to enter additional evidence; and
(2) shows to the satisfaction of the court that:
(A) there were reasonable grounds for failure to enter the evidence in the hearing before the commissioner; or
(B) good cause exists to allow the additional evidence to be taken.
(f) If the court orders new evidence to be taken, the commissioner:
(1) may modify the findings and order by reason of the additional evidence; and
(2) shall file in the court the additional evidence and any modified or new findings or order.
(g) The court shall review the petition based on the original record before the commissioner and any additions or modifications under subsections (e) and (f). The commissioner's findings of facts are conclusive if those findings are supported by competent, material, and substantive evidence. Based on review under this subsection, the court may affirm, modify, enforce, or set aside the order, in whole or in part.
As added by P.L.177-1991, SEC.10.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2. Securities and Franchises › Chapter 6. Indiana Commodity Code › 23-2-6-42. Burden of Proof; Exemptions

Sec. 42. If a person claims an exemption in any complaint, information, indictment, writ, or proceeding under this chapter:
(1) the commissioner is not required to disprove the exemption; and
(2) the party claiming the exemption bears the burden of proof concerning the existence of the exemption.
As added by P.L.177-1991, SEC.10.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2. Securities and Franchises › Chapter 6. Indiana Commodity Code › 23-2-6-43. Failure to Make Physical Delivery; Defenses

Sec. 43. In any complaint, information, indictment, writ, or proceeding brought under this chapter that alleges a violation of section 17 of this chapter solely on the failure in an individual case to make physical delivery within the applicable time under section 19(a)(2) of this chapter, it is a defense if both of the following are shown:
(1) Failure to make physical delivery was due solely to factors beyond the control of all of the following:
(A) The seller.
(B) Officers, directors, partners, agents, servants, or employees of the seller.
(C) Each person occupying a similar status or performing similar functions as a person described in clause (B).
(D) Each person who directly or indirectly controls or is controlled by the seller or by any person described in clause (B) or (C).
(E) The seller's affiliates, subsidiaries, and successors.
(2) Physical delivery was completed within a reasonable time under the applicable circumstances.
As added by P.L.177-1991, SEC.10.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-2. "Appraisal Company"

Sec. 2. "Appraisal company" means a business entity that:
(1) performs real estate appraisals on a regular basis for compensation through one (1) or more owners, officers, employees, or agents; or
(2) holds itself out to the public as performing real estate appraisals.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-3. "Bona Fide Third Party Fee"

Sec. 3. "Bona fide third party fee", with respect to a residential mortgage loan, includes any of the following:
(1) Fees for real estate appraisals. However, if the residential mortgage loan is governed by Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (12 U.S.C. 3331 through 3352), the fee for an appraisal performed in connection with the loan is not a bona fide third party fee unless the appraisal is performed by a person that is licensed or certified under IC 25-34.1-3-8.
(2) Fees for title examination, abstract of title, title insurance, property surveys, or similar purposes.
(3) Notary and credit report fees.
(4) Fees for the services provided by a loan broker in procuring possible business for a creditor if the fees are paid by the creditor.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-4. "Borrower's Residential Mortgage Loan Application Information"

Sec. 4. "Borrower's residential mortgage loan application information" means the:
(1) address of proposed residential real property to be mortgaged; and
(2) borrower's essential personal and financial information necessary for an informed credit decision to be made concerning the borrower's mortgage loan application.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-5. "Branch Manager"

Sec. 5. "Branch manager" means a mortgage loan originator or principal manager who is:
(1) licensed under this article; and
(2) designated by a loan broker to supervise and oversee mortgage loan origination activities conducted at a branch office.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-9. "Depository Institution"

Sec. 9. "Depository institution" has the meaning set forth in the Federal Deposit Insurance Act (12 U.S.C. 1813(c)) and includes a credit union.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-10. "Encrypted"

Sec. 10. "Encrypted", with respect to personal information, means that the personal information:
(1) has been transformed through the use of an algorithmic process into a form in which there is a low probability of assigning meaning without use of a confidential process or key; or
(2) is secured by another method that renders the personal information unreadable or unusable.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-11. "Immediate Family"

Sec. 11. "Immediate family", with respect to an individual, refers to:
(1) the individual's spouse who resides in the individual's household; and
(2) any dependent child of the individual.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-14. "Loan Broker"

Sec. 14. (a) "Loan broker" means a person who, in return for consideration from any source:
(1) procures;
(2) attempts to procure; or
(3) assists in procuring;
a residential mortgage loan from a third party, regardless of whether the person seeking the loan obtains the loan.
(b) The term "loan broker" does not include:
(1) a supervised financial organization (as defined in IC 26-1-4-102.5), including a bank, savings bank, trust company, savings association, or credit union;
(2) another financial institution that is:
(A) regulated by an agency of the United States or a state; and
(B) regularly actively engaged in the business of:
(i) making consumer loans that are not secured by real estate; or
(ii) taking assignment of consumer sales contracts that are not secured by real estate;
(3) an insurance company;
(4) a person arranging financing for the sale of the person's product; or
(5) a creditor that is licensed under IC 24-4.4-2-402.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-15. "Loan Broker Employee"

Sec. 15. "Loan broker employee" means an individual:
(1) who is an employee of a single loan broker who is licensed under this article;
(2) for whom the loan broker, in addition to providing a wage or salary:
(A) pays Social Security and unemployment taxes; and
(B) withholds local, state, and federal income taxes;
(3) who acts at the direction of, and subject to the supervision of, the loan broker or a principal manager employed by the loan broker; and
(4) who performs loan processing activities on behalf of the loan broker.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-16. "Loan Broker License"

Sec. 16. "Loan broker license" means a license issued by the commissioner authorizing a person to engage in the activities of a loan broker.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-17. "Loan Broker Office"

Sec. 17. "Loan broker office" means a fixed physical location:
(1) at which a person holds itself out as engaging in the activities of a loan broker;
(2) the address of which appears on business cards, on stationery, or in advertising in connection with the activities of a loan broker;
(3) at which the person's name, advertising, promotional materials, or signage suggests that residential mortgage loans are originated, negotiated, funded, or serviced; or
(4) where the person otherwise engages in conduct that suggests to the public that the activities of a loan broker may occur at the location.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-18. "Loan Processing Activities"

Sec. 18. (a) "Loan processing activities" means clerical or support duties performed on behalf of a loan broker with respect to residential mortgage loan origination activities performed by the loan broker.
(b) The term "loan processing activities" includes the following:
(1) The receipt, collection, distribution, and analysis of information commonly used in the processing of a residential mortgage loan.
(2) Communicating with a borrower or potential borrower to obtain the information necessary for the processing of a residential mortgage loan, to the extent that the communication does not include:
(A) offering or negotiating loan rates or terms; or
(B) counseling borrowers or potential borrowers about residential mortgage loan rates or terms.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-19. "Loan Processing Company"

Sec. 19. "Loan processing company" means a person that:
(1) performs loan processing activities for compensation; and
(2) holds itself out to the public as engaging in loan processing activities.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-20. "Loan Processor"

Sec. 20. "Loan processor" means an individual who performs loan processing activities for compensation on behalf of a loan processing company and is not a loan broker employee.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-21. "Mortgage Loan Origination Activities"

Sec. 21. "Mortgage loan origination activities" means performance of any of the following activities for compensation or gain in connection with a residential mortgage loan:
(1) Receiving or recording a borrower's or potential borrower's residential mortgage loan application information in any form for use in a credit decision by a creditor.
(2) Offering to negotiate or negotiating terms of a residential mortgage loan.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-22. "Mortgage Loan Originator"

Sec. 22. (a) "Mortgage loan originator" means an individual engaged in mortgage loan origination activities.
(b) The term "mortgage loan originator" does not include a person who:
(1) performs purely administrative or clerical tasks on behalf of a mortgage loan originator or acts as a loan processor;
(2) performs only real estate brokerage activities and is licensed in accordance with IC 25-34.1 or the applicable laws of another state, unless the person is compensated by a creditor, a loan broker, a mortgage loan originator, or an agent of a creditor, a loan broker, or a mortgage loan originator; or
(3) is involved only in extensions of credit relating to time share plans (as defined in 11 U.S.C. 101(53D)).
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-23. "Mortgage Loan Originator License"

Sec. 23. "Mortgage loan originator license" means a license issued by the commissioner authorizing an individual to act as a mortgage loan originator on behalf of a loan broker.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-24. "Nationwide Multistate Licensing System"

Sec. 24. "Nationwide Multistate Licensing System" refers to a multistate licensing system owned and operated by the State Regulatory Registry, LLC, or by a successor or an affiliated entity, for the licensing and registration of:
(1) creditors;
(2) mortgage loan originators;
(3) other financial services entities; and
(4) employees and agents of the persons described in subdivisions (1) through (3).
The term includes "NMLS" and any other name or acronym that may be assigned to the system by the State Regulatory Registry, LLC, or by a successor or an affiliated entity of the State Regulatory Registry, LLC.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-25. "Person"

Sec. 25. "Person" means an individual, a partnership, a trust, a corporation, a limited liability company, a limited liability partnership, a sole proprietorship, a joint venture, a joint stock company, or another group or entity, however organized.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-26. "Personal Information"

Sec. 26. "Personal information" includes the following:
(1) An individual's first and last names or first initial and last name.
(2) Any of the following data elements:
(A) A Social Security number.
(B) A driver's license number.
(C) A state identification card number.
(D) A credit card number.
(E) A financial account number or debit card number in combination with a security code, password, or access code that would permit access to the person's account.
(3) With respect to an individual, any of the following:
(A) Address.
(B) Telephone number.
(C) Information concerning the individual's:
(i) income or other compensation;
(ii) credit history;
(iii) credit score;
(iv) assets;
(v) liabilities; or
(vi) employment history.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-27. "Principal Manager"

Sec. 27. "Principal manager" means an individual who has at least three (3) years of experience as a mortgage loan originator and is principally responsible for the supervision and management of the employees and business affairs of not more than five (5) loan broker offices.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-28. "Principal Manager License"

Sec. 28. "Principal manager license" means a license issued by the commissioner authorizing an individual to act as:
(1) a principal manager; and
(2) a mortgage loan originator;
on behalf of a loan broker.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-29. "Principal Place of Business"

Sec. 29. "Principal place of business" means the loan broker office designated by a loan broker or an applicant for a loan broker license as the primary or main office. If a loan broker operates only one (1) loan broker office, the loan broker office is considered to be the principal place of business of the loan broker.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-30. "Real Estate Appraiser"

Sec. 30. "Real estate appraiser" means a person who:
(1) is licensed as a real estate broker under IC 25-34.1 and performs real estate appraisals within the scope of the person's license;
(2) holds a real estate appraiser license or certificate issued under IC 25-34.1-3-8; or
(3) otherwise performs real estate appraisals in Indiana.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-31. "Real Estate Brokerage Activity"

Sec. 31. "Real estate brokerage activity" means offering or providing real estate brokerage services to the public, including the following:
(1) Acting as a real estate broker for a buyer, seller, lessor, or lessee of real property.
(2) Bringing together parties interested in the sale, lease, or exchange of real property.
(3) Negotiating, on behalf of a party, any part of a contract concerning the sale, lease, or exchange of real property, other than in connection with obtaining or providing financing for the transaction.
(4) Engaging in an activity for which the person performing the activity is required to be licensed under IC 25-34.1 or the applicable laws of another state.
(5) Offering to engage in any activity, or to act in any capacity with respect to any activity, described in subdivisions (1) through (4).
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-32. "Redacted"

Sec. 32. "Redacted", with respect to personal information, means that the personal information has been altered or truncated so that not more than the last four (4) digits of:
(1) a Social Security number;
(2) a driver's license number;
(3) a state identification number; or
(4) an account number;
are accessible as part of the personal information.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-33. "Registered Mortgage Loan Originator"

Sec. 33. "Registered mortgage loan originator" means a mortgage loan originator who:
(1) is an employee of:
(A) a depository institution;
(B) a subsidiary that is:
(i) owned and controlled by a depository institution; and
(ii) regulated by the federal financial institutions regulatory agencies (as defined in 12 U.S.C. 3350(6)); or
(C) an institution regulated by the Farm Credit Administration; and
(2) is registered with and maintains a unique identifier with the Nationwide Multistate Licensing System.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-34. "Residential Mortgage Loan"

Sec. 34. "Residential mortgage loan" means a loan:
(1) that is or will be used primarily for personal, family, or household purposes; and
(2) that is secured by a mortgage (or another equivalent consensual security interest) on:
(A) a dwelling (as defined in Section 103(w) of the federal Truth in Lending Act (15 U.S.C. 1602(w)); or
(B) residential real estate.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-35. "Residential Real Estate"

Sec. 35. "Residential real estate" means real property:
(1) that is located in Indiana; and
(2) upon which a dwelling is constructed or intended to be constructed.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-36. "Securities Division"

Sec. 36. "Securities division" refers to the division of the office of the secretary of state described in IC 23-19-6-1(a).
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-37. "State Licensed Mortgage Loan Originator"

Sec. 37. "State licensed mortgage loan originator" means an individual who:
(1) is a mortgage loan originator;
(2) is not an employee of:
(A) a depository institution;
(B) a subsidiary that is:
(i) owned and controlled by a depository institution; and
(ii) regulated by the federal financial institutions regulatory agencies (as defined in 12 U.S.C. 3350(6)); or
(C) an institution regulated by the Farm Credit Administration;
(3) is licensed by:
(A) a state; or
(B) the Secretary of the United States Department of Housing and Urban Development under Section 1508 of the S.A.F.E. Mortgage Licensing Act of 2008 (Title V of P.L.110-289); and
(4) is registered as a mortgage loan originator with, and maintains a unique identifier through, the Nationwide Multistate Licensing System.
As added by P.L.175-2019, SEC.2. Amended by P.L.211-2019, SEC.30.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-38. "Ultimate Equitable Owner"

Sec. 38. "Ultimate equitable owner" means a person that, directly or indirectly, owns or controls ten percent (10%) or more of the equity interest in a loan broker, regardless of whether the person owns or controls the equity interest through:
(1) one (1) or more other persons; or
(2) one (1) or more proxies, powers of attorney, or variances.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 1. Definitions › 23-2.5-1-39. "Unique Identifier"

Sec. 39. "Unique identifier" means a number or other identifier that:
(1) permanently identifies a:
(A) loan broker;
(B) principal manager;
(C) mortgage loan originator; or
(D) branch office; and
(2) is assigned by protocols established by the Nationwide Mortgage Licensing System and the federal financial institutions regulatory agencies (as defined in 12 U.S.C. 3350(6)) to facilitate the:
(A) electronic tracking of; and
(B) uniform identification of, and public access to:
(i) the employment history of; and
(ii) any publicly adjudicated disciplinary and enforcement actions against;
a person described in subdivision (1).
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 2. Loan Broker Regulation Account › 23-2.5-2-1. Loan Broker Regulation Account

Sec. 1. (a) The loan broker regulation account is created in the state general fund. The money in the loan broker regulation account may be used only for the regulation of loan brokers, mortgage loan originators, and principal managers under this article.
(b) The loan broker regulation account shall be administered by the treasurer of state. Except as provided in subsection (d), all fees and funds accruing from the administration of this article shall be accounted for by the commissioner and shall be deposited with the treasurer of state who shall deposit them in the loan broker regulation account in the state general fund.
(c) The money in the loan broker regulation account:
(1) is continuously appropriated for the purposes of this article; and
(2) does not revert to any other account within the state general fund at the end of a state fiscal year.
(d) All expenses incurred in the administration of this article shall be paid from appropriations made from the state general fund. However, costs of investigations incurred under this article shall be paid from, and disgorgements of profits and civil penalties recovered under this article shall be deposited in, the securities division enforcement account established by IC 23-19-6-1(f). The funds in the securities division enforcement account shall be available, with the approval of the budget agency, to augment and supplement the funds appropriated for the administration of this article.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 3. Licensure and Loan Processing Company Notice Filing Requirements › 23-2.5-3-1. Loan Broker License Required

Sec. 1. (a) A person may not engage in the activities of a loan broker in Indiana unless the person first obtains a:
(1) unique identifier from the Nationwide Multistate Licensing System; and
(2) loan broker license from the commissioner.
(b) A person desiring to engage in the activities of a loan broker shall apply to the commissioner for a loan broker license under this article.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 3. Licensure and Loan Processing Company Notice Filing Requirements › 23-2.5-3-2. Principal Manager License Required; Mortgage Loan Originator License Required

Sec. 2. (a) An individual may not act as a principal manager in Indiana unless the individual first obtains a:
(1) unique identifier from the Nationwide Multistate Licensing System; and
(2) principal manager license from the commissioner.
(b) An individual may not act as a mortgage loan originator in Indiana unless the individual first obtains a:
(1) unique identifier from the Nationwide Multistate Licensing System; and
(2) mortgage loan originator license from the commissioner.
(c) An individual desiring to act as a principal manager or mortgage loan originator on behalf of a loan broker shall apply to the commissioner for a principal manager license or a mortgage loan originator license under this article, as applicable.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 3. Licensure and Loan Processing Company Notice Filing Requirements › 23-2.5-3-3. Loan Processing Activities

Sec. 3. An individual may not engage in loan processing activities unless the individual:
(1) is employed by a loan processing company; and
(2) has met the requirements described in IC 23-2.5-5-4.
As added by P.L.175-2019, SEC.2. Amended by P.L.205-2021, SEC.3.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 3. Licensure and Loan Processing Company Notice Filing Requirements › 23-2.5-3-4. Branch Office License Required

Sec. 4. (a) A loan broker may not operate a branch office in Indiana unless the loan broker first obtains a:
(1) unique identifier from the Nationwide Multistate Licensing System; and
(2) branch office license from the commissioner.
(b) A loan broker shall apply to the commissioner for a branch office license under this article.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 3. Licensure and Loan Processing Company Notice Filing Requirements › 23-2.5-3-5. Loan Processing Company Notice Filing

Sec. 5. Before engaging in loan processing activities, a loan processing company shall file a loan processing company notice filing.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 3. Licensure and Loan Processing Company Notice Filing Requirements › 23-2.5-3-6. Registered Mortgage Loan Originator License Not Required

Sec. 6. A registered mortgage loan originator is not required to obtain a license under this article.
As added by P.L.205-2021, SEC.4.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 4. License Issuance and Renewal › 23-2.5-4-1. Loan Broker License Application Requirements

Sec. 1. (a) An application for issuance or renewal of a loan broker license must contain the following:
(1) Consent to service of process under section 9 of this chapter.
(2) Evidence of the bond required by section 12 of this chapter.
(3) An application fee of two hundred dollars ($200), plus one hundred dollars ($100) for each ultimate equitable owner.
(4) An affidavit affirming that none of the applicant's ultimate equitable owners, directors, managers, or officers have been convicted, in any jurisdiction, of:
(A) a felony during the previous seven (7) years; or
(B) an offense involving fraud or deception that is punishable by at least one (1) year of imprisonment;
unless the affidavit is waived by the commissioner under subsection (b).
(5) Evidence that the applicant, if the applicant is an individual, has completed the education requirements under IC 23-2.5-6.
(6) The name and license number of each mortgage loan originator to be employed by the loan broker.
(7) The name and license number of each principal manager to be employed by the loan broker.
(8) The location of each loan broker office to be operated by the loan broker. If the loan broker operates only one (1) loan broker office or one (1) location at which mortgage loan origination activities occur, that location must be designated as the loan broker's principal place of business.
(9) The name of the individual employed by the loan broker who will serve as branch manager for any branch office operated by the loan broker.
(10) For each ultimate equitable owner, the following information:
(A) The name of the ultimate equitable owner.
(B) The address of the ultimate equitable owner, including the home address of the ultimate equitable owner if the ultimate equitable owner is an individual.
(C) The telephone number of the ultimate equitable owner, including the home telephone number if the ultimate equitable owner is an individual.
(D) The ultimate equitable owner's Social Security number and date of birth, if the ultimate equitable owner is an individual.
(b) Upon good cause shown, the commissioner may waive the requirements of subsection (a)(4) for one (1) or more of an applicant's ultimate equitable owners, directors, managers, or officers.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 4. License Issuance and Renewal › 23-2.5-4-2. Principal Manager License Application Requirements

Sec. 2. (a) An application for issuance or renewal of a principal manager license must be made on a form prescribed by the commissioner.
(b) An application under subsection (a) must include the following information for the individual who seeks to be licensed as a principal manager:
(1) The name of the individual.
(2) The home address of the individual.
(3) The home telephone number of the individual.
(4) The individual's Social Security number and date of birth.
(5) The name of the:
(A) loan broker; or
(B) applicant for a loan broker license;
by whom the individual seeks to be employed as a principal manager.
(6) Consent to service of process under section 9 of this chapter.
(7) Evidence that the individual has completed the education requirements described in IC 23-2.5-6.
(8) Evidence that the individual:
(A) has, in addition to the education requirements described in subdivision (7), completed an additional sixteen (16) hours of education acceptable to the commissioner, including four (4) hours on the topic of ethics; and
(B) has been a registered mortgage loan originator or state licensed mortgage loan originator through the Nationwide Multistate Licensing System for at least three (3) of the five (5) years immediately preceding the date of application under this section.
(9) An application fee of one hundred dollars ($100).
(10) All:
(A) registration numbers previously issued to the individual under IC 23-2-5 if the applicant was registered as an originator or a principal manager under IC 23-2-5 before its repeal on July 1, 2019; and
(B) license numbers previously issued to the individual under IC 23-2-5 (before its repeal) or this article.
(11) The name of each individual who is a mortgage loan originator and the location of any loan broker offices for which the individual is designated by the loan broker as supervising principal manager.
(12) Written authorization for the commissioner or an agent of the commissioner to obtain a consumer report (as defined in IC 24-5-24-2) concerning the individual.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 4. License Issuance and Renewal › 23-2.5-4-3. Mortgage Loan Originator License Application Requirements

Sec. 3. (a) An application for issuance or renewal of a mortgage loan originator license must be made on a form prescribed by the commissioner.
(b) An application under subsection (a) must include the following information for the individual who seeks to be licensed as a mortgage loan originator:
(1) The name of the individual.
(2) The home address of the individual.
(3) The home telephone number of the individual.
(4) The individual's Social Security number and date of birth.
(5) The name of the:
(A) loan broker; or
(B) applicant for a loan broker license;
for whom the individual will act as a mortgage loan originator.
(6) Consent to service of process under section 9 of this chapter.
(7) Evidence that the individual has completed the education requirements described in IC 23-2.5-6.
(8) An affidavit completed in the manner prescribed by the commissioner stating the address of each location where the individual intends to habitually or repeatedly conduct mortgage loan origination activities.
(9) An application fee of fifty dollars ($50).
(10) All:
(A) registration numbers previously issued to the individual under IC 23-2-5, if the applicant was registered as an originator or a principal manager under IC 23-2-5 before its repeal on July 1, 2019; and
(B) license numbers previously issued to the individual under IC 23-2-5 (before its repeal) or this article.
(11) An indication as to whether the mortgage loan originator is the branch manager of a loan broker office and the address of the loan broker office.
(12) Written authorization for the commissioner or an agent of the commissioner to obtain a consumer report (as defined in IC 24-5-24-2) concerning the individual.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 4. License Issuance and Renewal › 23-2.5-4-4. Branch Office License Application Requirements

Sec. 4. (a) An application for issuance or renewal of a branch office license must be made on a form prescribed by the commissioner.
(b) An application under subsection (a) must include the following information for the location for which licensure as a branch office is sought:
(1) The address of the branch office.
(2) The name and license number of the principal manager who will be designated by the loan broker to supervise the branch office.
(3) The name and license number of the individual who will be designated to act as branch manager of the branch office.
(4) An application fee of seventy-five dollars ($75).
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 4. License Issuance and Renewal › 23-2.5-4-5. Issuance and Renewal of License

Sec. 5. (a) The commissioner shall issue a license and license number to an applicant for a license issued under this chapter if the applicant meets the applicable licensure requirements under this chapter.
(b) A license issued under this chapter expires on December 31 of the year during which the license is issued.
(c) If an initial or a renewal application for a license is denied or withdrawn, the commissioner shall retain the application fee paid.
As added by P.L.175-2019, SEC.2.
2023 Indiana Code › Title 23. Business and Other Associations › Article 2.5. Loan Brokers › Chapter 4. License Issuance and Renewal › 23-2.5-4-6. License Renewal Required

Sec. 6. (a) A licensee under this chapter may not continue to:
(1) act as a loan broker, principal manager, or mortgage loan originator; or
(2) operate as a branch office;
unless the licensee annually renews the license.
(b) A licensee under this chapter shall renew the license by:
(1) filing with the commissioner, before the date on which the license expires, an application containing any information the commissioner requires to indicate any material change from the information contained in the applicant's original application or any previous application; and
(2) including, with the filing under subdivision (1), the applicable application fee specified in this chapter.
As added by P.L.175-2019, SEC.2. Amended by P.L.158-2022, SEC.1.
2023 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.
2023 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.
2023 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.