reglab/statecodes huggingface dataset:
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-8 - Witnesses; advice from counsel

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 8.
Counsel may advise witnesses:
(1) before;
(2) during; and
(3) after;
the conclusion of testimony given in the course of an
				  investigative proceeding and may make summary notes during the testimony solely
				  for use in the representation of the witness. The witness is responsible for
				  having counsel present at the time and place designated by the officer
				  conducting the investigation. Where no timely prior request for adjournment was
				  made, or where the request was denied for good cause, neither the substitution
				  of counsel nor the failure of counsel to appear at the designated time and
				  place for the witness's testimony shall constitute an acceptable ground for the
				  witness's failure to appear at the designated time and place or to answer the
				  questions of the officer conducting the examination.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-9 - Sequestration of witnesses

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 9.
Unless permitted in the discretion of the division employee
				  or other person designated by the division conducting the investigation, no
				  witness shall be present during the examination of any other witness called in
				  the proceeding. Where counsel represents more than one (1) witness as set forth
				  in this section and sections 7 and 8 of this rule, counsel shall not inform one
				  (1) witness of the nature and contents of another witness's
				  examination.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-10 - Access to premises by division; generally

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 10.
All broker-dealers and investment advisers registered with
				  the division shall, upon request, provide members of the division's staff
				  prompt access, during regular business hours, to that part of the premises at
				  the broker-dealer's or investment adviser's place of business where:
(1) documents are stored; or
(2) trading or investor solicitation is
				conducted.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-11 - Observation of conduct of business by division

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 11.
A broker-dealer or investment adviser registered with the
				  division shall accord members of the division staff the opportunity to observe
				  the conduct of business at the broker-dealer's or investment adviser's place of
				  business.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-12 - Access to documents by division

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 12.
(a) The
				division, without notice, may examine, in a manner reasonable under the
				circumstances, the records, within or without Indiana, of a registered:
(1) broker-dealer;
(2) agent;
(3) investment adviser; or
(4) investment adviser representative;
in order to determine compliance with the Indiana Uniform
				  Securities Act. These persons registered with the division shall make their
				  records available to the division in legible form.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-13 - Access to persons by division

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC 23-19
Sec. 13.
Members of the division staff may interview individuals,
				  included within the scope of IC 23-19, who may be present on the
				  broker-dealer's or investment adviser's premises and who voluntarily consent to
				  be interviewed. If the interview is conducted on the broker-dealer's or
				  investment adviser's premises, division staff shall be given access to a
				  private, enclosed area where the interview can go forward without:
(1) monitoring;
(2) surveillance; or
(3) interference;
by any kind of device or by persons who are not members of
				  the division staff.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 14 - Investigation; Rules of Practice › Section 14-14 - Failure to cooperate

Current through July 10, 2024
Authority: IC
				  23-19-6-5
Affected: IC
				  23-19-4-12
Sec. 14.
(a) In
				response to action by the division, a person shall cooperate in any:
(1) inquiry;
(2) investigation; or
(3) inspection;
conducted by, or on behalf of, the division, for purposes of
				  determining whether or not any person has violated or is about to violate any
				  provision of the Indiana Securities Act or any rule or order promulgated by the
				  commissioner. A person's willful failure to cooperate, absent a bona fide claim
				  of privilege, may be deemed by the division a violation of the Indiana
				  Securities Act within the meaning of IC
				  23-19-4-12(d)(2) 
				  and thus subject the person to denial, suspension, or revocation of
				  registration or a bar from registration.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 15 - Broker-Dealer Compliance Reports › Section 15-1 - Qualifications of approved auditors

Current through July 10, 2024
Authority: IC
				  23-19-4-11
Affected: IC
				  23-19-4-11
Sec. 1.
(a) Persons
				wishing to apply as an approved examiner to submit compliance reports under IC
				23-19-4-11(i) 
				must have an appropriate background, such as:
(1) a designation as a certified public
				accountant;
(2) employment as a
				public accountant;
(3) a current
				license to practice law in Indiana; or
(4) previous experience in securities or
				auditing professions acceptable to the commissioner.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 15 - Broker-Dealer Compliance Reports › Section 15-2 - Process for submitting completed compliance reports

Current through July 10, 2024
Authority: IC
				  23-19-4-11
Affected: IC
				  23-19-4-11
Sec. 2.
After completing a compliance report, the approved examiner
				  must submit:
(1) the report to the
				securities division directly; and
(2) a copy of the report to the broker-dealer
				that was examined.
Indiana Administrative Code › Title 710 - SECURITIES DIVISION › Article 4 - UNIFORM SECURITIES › Rule 15 - Broker-Dealer Compliance Reports › Section 15-3 - Time limitations for auditors

Current through July 10, 2024
Authority: IC
				  23-19-4-11
Affected: IC
				  23-19-4-11
Sec. 3.
(a) An
				examiner may not submit a compliance report for the branches of a broker-dealer
				for more than three (3) consecutive years.
(b) If an examiner submits a report for a
				broker-dealer in a fourth consecutive year, that compliance report will not be
				accepted, and the broker-dealer will not have complied with the requirements of
				IC 23-19-4-11(i).
(c) After an approved examiner submits a
				report on behalf of branches of a broker-dealer for three (3) consecutive
				years, that auditor may be engaged by that broker-dealer to complete a
				compliance report after two (2) years.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 1 - UNIFORM CONSUMER CREDIT CODE › Rule 1 - Dollar Amounts › Section 1-1 - Dollar amounts in consumer credit code, home loan practices, and bankruptcy exemptions

Current through July 10, 2024
Authority: IC
				  24-4.5-1-106;
				  IC
				  24-4.5-6-107
Affected: IC 24-4.5; IC
				  24-9-2-8;
				  IC
				  34-55-10-2;
				  IC
				  34-55-10-2.5
Sec. 1.
(a) The
				dollar amounts in IC 24-4.5 which are required to be adjusted by IC
				24-4.5-1-106,
				as amended, shall, on January 1, 2023, be as set forth in each of the following
				Indiana Uniform Consumer Credit Code sections:
Amended
Dollar Amounts
Provisions Relating To
IC
								24-4.5-2-201(9)
2,400/4,800
Graduated rate (sales)
IC
								24-4.5-2-201(10)
57
Minimum credit service charge
IC
								24-4.5-2-203.5(1)(a)
20.5
Delinquency charge (sales)
IC
								24-4.5-2-407(4)
1,230/4,800
Security interest (sales or leases)
IC
								24-4.5-3-201(8)
57
Minimum loan finance charge
IC
								24-4.5-3-203.5(1)(a)
20.5
Delinquency charge (loans)
IC
								24-4.5-3-508(6)
2,400/4,800
Graduated rate (supervised loans)
IC
								24-4.5-3-508(6)
57
Minimum loan finance charge
IC
								24-4.5-3-510(2)
4,800
Land as security (loans)
IC
								24-4.5-3-511(2)
1,230/4,800
Maximum loan term
IC
								24-4.5-4-301(4)
1,230
Property insurance
IC
								24-4.5-5-103(7)
4,800
Deficiency judgment
IC
								24-4.5-7-104(2)
715
Principal loan amount
IC
								24-4.5-7-201(4)
715
Graduated rate scale
IC
								24-4.5-7-404(3)
715
Combined loan amounts
(b)
				The dollar amount change which is required to be adjusted by IC
				24-9-2-8,
				as amended, shall be as follows:
Amended
Dollar Amounts
Provisions Relating To
IC
								24-9-2-8
56,000
High cost home loan
(c)
				The dollar amounts set forth in IC
				34-55-10-2,
				as amended, which are required to be adjusted by IC
				34-55-10-2.5,
				as amended, shall on March 1, 2022, be as follows (and next subject to
				adjustment no later than March 1, 2028):
Amended
Dollar Amounts
Provisions Relating To
IC
								34-55-10-2(c)(1)
22,750
Personal or family residence
IC
								34-55-10-2(c)(2)
12,100
Other real estate or tangible property
IC
								34-55-10-2(c)(3)
450
Intangible personal property
This version of section effective January 1, 2023. See also
					 preceding version of section, effective until January 1,
					 2023.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 3 - CREDIT UNIONS › Rule 1 - Membership Cards › Section 1-1 - Authority to promulgate rule; purpose of rule

Current through July 10, 2024
Authority: IC 28-1-2-8
Affected: IC 28-7-1-10
Sec. 1.
In accordance with the provisions of I.C. 1971 28-1-2-7, the
				  Department of Financial Institutions has caused to be established the following
				  Regulation
[ 750 IAC 3-1 ]
. This regulation
[ 750 IAC
				  3-1 ]
has been promulgated to specify the minimum information required
				  on membership cards in credit unions.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 3 - CREDIT UNIONS › Rule 1 - Membership Cards › Section 1-2 - Contents and retention of membership card

Current through July 10, 2024
Authority: IC
				  28-1-2-8
Affected: IC
				  28-7-1-10
Sec. 2.
Membership cards shall be kept on file and maintained in the
				  credit union's main office for inspection by examiners and shall contain at
				  least the following information:
(a)
				Account number, name, address, date of birth, signature of member, and the date
				signed,
(b) A statement that the
				member is eligible for membership in the credit union by reason of employment,
				membership, affiliation, association, and/or other relationship with the
				organization, institution, corporation, or entity included in the credit
				union's field of membership, and
(c) Date, signature and title of person
				authorized to record approval by the board, membership officer or executive
				committee.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 3 - CREDIT UNIONS › Rule 1 - Membership Cards › Section 1-3 - Termination of illegal members; effect on loans

Current through July 10, 2024
Authority: IC
				  28-1-2-8
Affected: IC 28-7-1; IC
				  28-7-1-10
Sec. 3.
Any person, firm, corporation, or organization which becomes
				  a member of a credit union contrary to the provisions of I.C.
				  28-7-1-10
				  or the by-laws of such credit union, as evidenced by the membership card or
				  otherwise, shall be deemed by the Department to be an illegal member. The
				  membership of any illegal member, as determined by the Department, shall be
				  terminated and all such accounts shall be purged from the active share accounts
				  of the credit union within the period of time specified in writing by the
				  Department. Provided however, any loan agreement between a terminated member
				  and the credit union shall be unaffected by such termination and, in the event
				  that a loan involving an illegal member is secured by shares, the share account
				  shall, to the extent encumbered by the loan, remain valid until
				  unencumbered.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 3 - CREDIT UNIONS › Rule 3 - Reserve Requirements › Section 3-1 - Purpose and applicability of rule

Current through July 10, 2024
Authority: IC 28-1-2-7
Affected: IC 28-7-1-24
Sec. 1.
In accordance with the provisions of I.C. 28-7-1-24(e), the
				  Department of Financial Institutions has caused to be established the following
				  regulation. This regulation
[ 750 IAC 3-3 ]
has been
				  promulgated to revise the formula defined in I.C. 28-7-1-24(a) with respect to
				  reserves to be maintained by credit unions whose share accounts are insured by
				  an agency of the Federal government, the State of Indiana or any insuring
				  entity which is approved by the Department to insure credit union shares and
				  whose assets are $500,000 or more and which have been in operation for more
				  than four (4) years.
IAC citation in Indiana Register is incorrectly cited as
					 750 IAC
					 3-2-1.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 3 - CREDIT UNIONS › Rule 3 - Reserve Requirements › Section 3-2 - Risk assets defined

Current through July 10, 2024
Authority: IC 28-1-2-7
Affected: IC 28-7-1-9
Sec. 2.
For the purpose of this regulation
[ 750 IAC 3-3
				  ]
, the term:
(a) Risk Assets
				shall mean all assets except the following:
(1) Cash on hand.
(2) Deposits and/or shares in Federally or
				State insured banks, savings and loan associations, and credit
				unions.
(3) Investments which are
				direct or indirect obligations of the U.S. Government or its
				agencies.
(4) Loans to other credit
				unions.
(5) Student loans insured
				under the Higher Education Act (
				20
				U.S.C. 1071 et. seq.) or similar State
				insurance programs.
(6) Loans
				insured under the National Housing Act (
				12 U.S.C.
				1703 ) by the Federal Housing
				Authority.
(7) Common trust
				investments authorized by the Indiana Credit Union Act
[IC
				28-7-1-9(c)(3) ]
.
(8)
				Prepaid expenses.
(9) Accrued
				interest on nonrisk investments.
(10) Furniture and equipment.
(11) Land and buildings.
(12) Loans fully secured by a pledge of
				shares in the lending credit union, equal to and maintained to at least the
				amount of loan outstanding.
(13)
				Loans which are purchased from liquidating credit unions and guaranteed by an
				insuring agency of the Federal government, the State of Indiana or any agency
				approved by the Department to insure credit union share accounts.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 3 - CREDIT UNIONS › Rule 3 - Reserve Requirements › Section 3-3 - Reserve for risk assets

Current through July 10, 2024
Authority: IC 28-1-2-7
Affected: IC 28-7-1-9; IC 28-7-1-24
Sec. 3.
At the end of each accounting period, the gross income shall
				  be determined. Based on this amount, there shall be set aside, as a regular
				  reserve, ten percent (10%) of gross income until the reserve shall equal four
				  percent (4%) of total risk assets, then five percent (5%) of gross income until
				  the reserve shall equal six per cent (6%) of total risk assets.
IAC citation in Indiana Register is incorrectly cited as
					 750 IAC 3-2-3.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 3 - CREDIT UNIONS › Rule 3 - Reserve Requirements › Section 3-4 - Incorporation of statutory provision

Current through July 10, 2024
Authority: IC 28-1-2-7
Affected: IC 28-7-1-24
Sec. 4.
Except for the method of calculating the regular reserve
				  formula, all other provisions of I.C. 28-7-1-24 as it pertains to entrance fees
				  and charges, requirement of a special reserve for delinquent loans, and waiver
				  of such special reserve shall become a part of this regulation
[ 750
				  IAC 3-3 ]
.
IAC citation in Indiana Register is incorrectly cited as
					 750 IAC 3-2-4.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 3 - CREDIT UNIONS › Rule 3 - Reserve Requirements › Section 3-5 - Basis of formula for reserve for risk assets

Current through July 10, 2024
Authority: IC 28-1-2-7
Affected: IC 28-7-1-24
Sec. 5.
The formula described in Section 3
[
				  750 IAC
				  3-3-3 ]
of this regulation is based upon a
				  similar formula for regular reserves established in the Federal Credit Union
				  Act ( 12 U.S.C. 1762 ), as
				  amended, and is based on a study performed for Congress by the National Credit
				  Union Administration, the Federal insuring agency for credit unions. As such,
				  this formula is deemed prudent by the Department and can reasonably be expected
				  to protect the members of the credit unions to which this regulation
[
				  750 IAC 3-3 ]
pertains.
*
IAC citation in Indiana Register is incorrectly cited as
					 750 IAC 3-2-5.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 6 - INDUSTRIAL LOAN AND INVESTMENT › Rule 2 - Dormant Service Charges › Section 2-1 - Dormant certificate of investment; definition; notice

Current through July 10, 2024
Authority: IC
				  28-5-1-9
Affected: IC
				  28-5-1-12
Sec. 1.
Definitions. A certificate of investment shall be considered
				  as dormant when the same has not been active for a period of three (3) years or
				  more, as evidenced by the books of the Industrial Loan and Investment Company;
				  and for the purpose of this definition, transactions or entries on the books of
				  the industrial loan and investment company representing service charge debits,
				  interest credits, or memoranda shall not be deemed to change the status of the
				  account from dormant to active; provided, however, no such account shall be
				  deemed to be dormant under this rule until fifteen (15) days after notice has
				  been given by mail to the certificate of investment holder at the last known
				  address that the account is to be declared dormant and to become subject to
				  service charges after fifteen (15) days from the date of the notice.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 6 - INDUSTRIAL LOAN AND INVESTMENT › Rule 2 - Dormant Service Charges › Section 2-2 - Dormant service charges

Current through July 10, 2024
Authority: IC
				  28-5-1-9
Affected: IC
				  28-5-1-12
Sec. 2.
Charges.
(a) Dormant
				service charges may be made by any industrial loan and investment company upon
				any dormant certificate of investment, the balance of which is less than the
				sum of one hundred dollars ($100.00), in any sum not exceeding twenty-five
				cents ($.25) per month; where the amount of the balance of the certificate of
				investment is less than the dormant service charges, such charge shall be the
				amount of the balance.
(b) Dormant
				service charges shall not be imposed or charged against dormant certificates of
				investment with balances of one hundred dollars ($100.00) or more
				therein.
(c) All dormant service
				charges may be imposed and charged monthly, quarterly, semi-annually at the
				option of the industrial loan and investment company; provided that a charge so
				imposed and collected shall not be at a greater rate than three dollars ($3.00)
				per annum.
(d) A "service charge"
				of ten cents ($.10) may be charged for each withdrawal in excess of one (1)
				withdrawal in any given month.
(e)
				A "service charge" of fifty cents ($.50) may be imposed on any certificate of
				investment account closed within ninety (90) days from date of opening of such
				account.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 6 - INDUSTRIAL LOAN AND INVESTMENT › Rule 2 - Dormant Service Charges › Section 2-3 - Accounting of service charges

Current through July 10, 2024
Authority: IC 28-5-1-9
Affected: IC 28-5-1-12
Sec. 3.
Accounting. All revenue received from service charges
				  received under this General Order and Regulation No. 2
[ 750 IAC 6-2 ]
shall be placed in a separate general ledger account and adequate
				  supporting information on all entries shall be maintained.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 1 - Definitions › Section 1-1 - Definitions

Current through July 10, 2024
Authority: IC 24-4.4-1-101
Affected: IC 24-4.4-1-301; IC 24-4.5-1-301.5
Sec. 1.
The definitions in this rule apply throughout this
				  article:
(1) "Affiliate", with respect
				to any person subject to this article, means a person that, directly or
				indirectly, through one (1) or more intermediaries:
(A) controls;
(B) is controlled by; or
(C) is under common control with; the person
				subject to this article.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 2 - General Provisions › Section 2-1 - General provisions

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 1.
This article shall be known and may be cited as the Mortgage
				  Lenders and Originators Regulation.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 2 - General Provisions › Section 2-2 - Construction

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 2.
(a) This
				article shall be liberally construed and applied to promote its underlying
				purposes and policies.
(b) The
				underlying purposes and policies of this article are:
(1) to permit and encourage the development
				of fair and economically sound mortgage lending practices; and
(2) to conform the regulation of mortgage
				lending practices to applicable state and federal laws, rules, regulations,
				policies, and guidance.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 2 - General Provisions › Section 2-3 - Unified coverage

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 3.
This article is a general regulation intended as a unified
				  coverage of its subject matter.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 2 - General Provisions › Section 2-4 - Application

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 4.
(a) Except as
				provided in subsection (b), this article applies to a mortgage transaction:
(1) that is secured by a dwelling in Indiana;
				and
(2) the closing for which takes
				place after June 30, 2010.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 2 - General Provisions › Section 2-5 - Exclusions

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 5.
This article does not apply to the following:
(1) Extensions of credit to government or
				governmental agencies or instrumentalities.
(2) A mortgage transaction in which the debt
				is incurred primarily for a purpose other than a personal, family, or household
				purpose.
(3) An extension of credit
				primarily for a business, a commercial, or an agricultural purpose.
(4) An extension of credit originated by:
(A) a depository institution;
(B) subsidiaries that are:
(i) owned and controlled by a depository
				institution; and
(ii) regulated by
				a federal banking agency; or
(C) an institution regulated by the Farm
				Credit Administration.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 2 - General Provisions › Section 2-6 - Manufactured housing retailers

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 6.
Unless the CFPB, through guidance, rules, regulations, or
				  interpretive letters, determines otherwise, this article does not apply to a
				  manufactured housing retailer that sells a mobile, manufactured, or modular
				  home if the manufactured housing retailer only assists a consumer in filling
				  out a credit application and does not:
(1) offer or negotiate loan rates or
				terms;
(2) provide any counseling
				with the consumer about residential mortgage loan rates or terms; or
(3) receive any payment or fee from any
				company or individual for assisting the consumer.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 2 - General Provisions › Section 2-7 - Applicability of state and federal laws, regulations, and rules

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 7.
(a) A
				violation of a state or federal law, regulation, rule, policy, or guidance
				applicable to mortgage transactions is a violation of this article.
(b) The department may enforce penalty
				provisions set forth in
				15 U.S.C. 1640,
				which is incorporated by reference, for violations of disclosure requirements
				applicable to mortgage transactions.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 2 - General Provisions › Section 2-8 - Coordination with securities commissioner

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 23-2.5; IC 24-4.4; IC 24-4.5
Sec. 8.
In the department's examination and regulatory activities
				  related to licensees under this article, the department may cooperate with the
				  Indiana securities commissioner in the regulation of individuals who, in
				  addition to business conducted under this article, also conduct a loan broker
				  business consistent with the IC 23-2.5.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-1 - Licensing of mortgage loan originators

Current through July 10, 2024
Authority: IC 24-4.4-1-101
Affected: IC 24-4.4-1-202; IC 24-4.5-1-202
Sec. 1.
(a) Except as
				provided in
				750 IAC 9-2-5(5)
				 and subsections (b), (h), and (i), after
				June 30, 2010, an individual may not regularly engage in the business of a
				mortgage loan originator and shall not engage in the origination of mortgage
				transactions on behalf of any person who regularly engages in serving as the
				prospective source of financing with respect to any dwelling located in this
				state without first obtaining temporary authority to operate by the department
				or obtaining a mortgage loan originator license issued by the department under
				this article and annually maintaining the license.
(b) Notwithstanding the licensing
				requirements under this section, an individual acting exclusively as a servicer
				engaging in loss mitigation efforts with respect to an existing mortgage
				transaction is not required to meet the education, testing, background, and
				licensing standards of this article unless this exclusion is denied by any
				guideline, rule, regulation, or interpretive letter issued by the
				CFPB.
(c) Each licensed mortgage
				loan originator must register with and maintain a valid unique identifier
				issued by the NMLSR. Notwithstanding subsection (h), each licensed mortgage
				loan originator must be employed by either a licensed creditor or an entity
				exempt from licensing under IC 24-4.4 or IC 24-4.5, that is registered with the
				NMLSR, in order to originate loans.
(d) Applicants for a license must apply for a
				license under this article in a form prescribed by the director. Each form:
(1) must contain content as set forth by
				rule, instruction, or procedure of the director; and
(2) may be changed or updated as necessary by
				the director in order to carry out the purposes of this article.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-2 - Licensing qualifications

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 4-21.5; IC
				  10-13-3-12;
				  IC 24-4.4; IC 24-4.5; IC
				  28-11-3-5
Sec. 2.
(a) The
				department shall receive and act on all applications for licenses to engage as
				mortgage loan originators in mortgage transactions. Applications must be made
				as prescribed by the director.
(b)
				A license may not be issued unless the department finds that the professional
				training and experience, financial responsibility, character, and fitness of
				the applicant is such as to warrant belief that the mortgage loan originator
				will operate honestly and fairly within the purposes of this article.
(c) The director is entitled to request
				evidence of compliance with this section at:
(1) the time of application;
(2) the time of renewal of a license;
				or
(3) any other time considered
				necessary by the director.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-2.5 - Temporary authority to operate as an eligible mortgage loan originator applicant

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101;
				  IC
				  24-4.4-3-103
Affected: IC 4-21.5-3; IC 24-4.4; IC 24-4.5
Sec. 2.5.
(a) An
				eligible mortgage loan originator applicant's temporary authority to operate
				begins when:
(1) an individual is determined
				by the department to be an eligible mortgage loan originator
				applicant;
(2) an individual has
				completed and submitted to the NMLSR a mortgage lending originator license
				application; and
(3) a mortgage
				loan originator licensee licensed in this state:
(A) identifies the individual applicant as a
				W-2 employee; and
(B) provides
				sponsorship for the individual applicant.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-3 - Criminal background checks

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 3.
(a) When the
				director requests a national criminal history background check under section
				2(d)(1) of this rule, the director shall require the individual to submit
				fingerprints to the department, state police department, or NMLSR, as directed,
				at the time evidence of compliance is requested under section 2(c) of this
				rule. The individual to whom the request is made shall pay any fees or costs
				associated with processing and evaluating the fingerprints and the national
				criminal history background check. The national criminal history background
				check may be used by the director to determine the individual's compliance with
				this section. The director or the department may not release the results of the
				national criminal history background check to any private entity.
(b) For purposes of this section and in order
				to reduce the points of contact that the Federal Bureau of Investigation may
				have to maintain for purposes of this section, the director may use the NMLSR
				as a channeling agent for requesting information from and distributing
				information to the United States Department of Justice or any governmental
				agency.
(c) If an individual:
(1) has been convicted of a felony during the
				seven (7) year period preceding the date of the application; or
(2) has, at any time preceding the date of
				application, been convicted of a felony involving an act of fraud, dishonesty,
				breach of trust, or money laundering; the individual may not be approved for
				temporary authority to operate or be licensed as a mortgage loan originator
				under this article; provided that any pardon or expungement of a conviction
				shall not be a conviction for purposes of this subsection, resulting in an
				automatic denial or revocation of a mortgage loan originator license. The
				director may consider the underlying crime, facts, or circumstances of a
				pardoned or expunged felony conviction when determining the eligibility of an
				applicant for licensure under this rule.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-4 - Credit checks

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 4.
(a) If the
				director requests a credit report under section 2(d)(2) of this rule, the
				individual to whom the request is made shall pay any fees or costs associated
				with procuring the report.
(b) An
				individual shall submit personal history and experience information in a form
				prescribed by the NMLSR, including the submission of authorization for the
				NMLSR or the director to obtain an independent credit report obtained from a
				consumer reporting agency described in Section 603(p) of the Fair Credit
				Reporting Act (15 U.S.C.
				1681a(p), which is
				incorporated by reference).
(c) The
				director may consider one (1) or more of the following when determining if an
				individual has demonstrated financial responsibility:
(1) Bankruptcies filed within the last ten
				(10) years.
(2) Current outstanding
				judgments, except judgments solely as a result of medical expenses.
(3) Current outstanding tax liens or other
				government liens or filings.
(4)
				Foreclosures within the past three (3) years.
(5) A pattern of serious delinquent accounts
				within the past three (3) years.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-5 - Prelicensing education requirements

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 5.
(a) To meet
				the prelicensing education requirements referred to in section 2(d)(3) of this
				rule, a person shall complete at least twenty (20) hours of education approved
				in accordance with subsection (b), which must include at least the following:
(1) Three (3) hours of federal law and
				regulations.
(2) Three (3) hours of
				ethics, which must include instruction on fraud, consumer protection, and fair
				lending issues.
(3) Two (2) hours
				of training related to lending standards for the nontraditional mortgage
				product marketplace.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-6 - Prelicensing testing

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 6.
(a) To meet
				the written test requirement referred to in section 2(d)(4) of this rule, an
				individual must pass, in accordance with the standards established under this
				section, a qualified written test developed by the NMLSR and administered by a
				test provider approved by the NMLSR based upon reasonable standards.
(b) A written test may not be treated as a
				qualified written test for purposes of subsection (a) unless the test
				adequately measures the applicant's knowledge and comprehension in appropriate
				subject areas, including:
(1)
				ethics;
(2) federal law and
				regulation pertaining to mortgage origination;
(3) state law and regulation pertaining to
				mortgage origination; and
(4)
				federal and state law and regulation, including instruction on fraud, consumer
				protection, the nontraditional mortgage marketplace, and fair lending
				issues.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-7 - Surety bond

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 7.
(a) Each
				creditor and mortgage loan originator must be covered by a surety bond in
				accordance with this section. If a mortgage loan originator is an employee or
				exclusive agent of:
(1) a person subject to
				licensing under IC 24-4.4 or IC 24-4.5; or
(2) an entity exempt from licensing under IC
				24-4.4 or IC 24-4.5 that registers with the NMLSR; the surety bond of the
				person subject to licensing under IC 24-4.4 or IC 24-4.5 or entity exempt from
				licensing under IC 24-4.4 or IC 24-4.5 that registers with the NMLSR may be
				used instead of the mortgage loan originator's surety bond requirement under
				this section.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-8 - Nationwide mortgage licensing system and registry

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 4-1-11; IC 5-14-3; IC 24-4.4; IC 24-4.5; IC
				  28-1-2-30
Sec. 8.
(a) Subject
				to subsection (f), the director shall designate the NMLSR to serve as the sole
				entity responsible for:
(1) processing
				applications, determining eligibility for temporary authority to operate, and
				renewals for licenses under this article;
(2) issuing unique identifiers for:
(A) licensees under this article;
(B) creditors licensed under IC 24-4.4 or IC
				24-4.5; and
(C) entities exempt
				from licensing under IC 24-4.4 and IC 24-4.5 that employ licensed mortgage loan
				originators; and
(3)
				performing other services that the director determines are necessary for the
				orderly administration of the department's licensing system under this
				article.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-9 - License renewal

Current through July 10, 2024
Authority: IC 24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 9.
(a) Mortgage
				loan originator licenses must be renewed as of December 31 of each calendar
				year.
(b) The minimum standards for
				license renewal for mortgage loan originators include the following:
(1) The mortgage loan originator has
				certified to the department that he or she continues to meet the minimum
				standards for license issuance under section 2 of this rule.
(2) The mortgage loan originator has
				satisfied the annual continuing education requirements described in section 10
				of this rule.
(3) The mortgage loan
				originator has satisfied the regulatory reporting requirements described in
				750 IAC
				9-4-2.
(4)
				The mortgage loan originator has paid all required fees for renewal of the
				license.
(5) The mortgage loan
				originator shall provide in the renewal application any information describing
				material changes in the information contained in the original license
				application or any previous application and such other information the director
				may require in order to evaluate the renewal of the license issued under this
				rule.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-10 - Continuing education

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 10.
(a) To meet
				the annual continuing education requirements referred to in section 9 of this
				rule, a licensed mortgage loan originator shall complete at least eight (8)
				hours of education approved in accordance with subsection (b), which must
				include at least the following:
(1) Three (3)
				hours of federal law and regulations.
(2) Two (2) hours of ethics, which must
				include instruction on fraud, consumer protection, and fair lending
				issues.
(3) Two (2) hours of
				training related to lending standards for the nontraditional mortgage product
				marketplace.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 3 - Licensing of Mortgage Loan Originators › Section 3-11 - Suspension or revocation of license

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 4-21.5-4; IC 24-4.4; IC 24-4.5
Sec. 11.
(a) The
				department may issue to a person licensed as a mortgage loan originator to
				engage in a mortgage transaction an order to show cause why the person's
				license should not be revoked or suspended for a period determined by the
				department.
(b) The order must:
(1) State:
(A) The place and time for a meeting with the
				department that is not less than ten (10) days after the date of the
				order.
(B) A description of the
				contemplated action.
(C) A
				statement of the facts or conduct supporting the issuance of the
				order.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 4 - Records; Miscellaneous › Section 4-1 - Record keeping and notification requirements

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5; IC
				  28-1-2-30
Sec. 1.
(a) Every
				licensee shall maintain records in a manner that will enable the department to
				determine whether the licensee is complying with this article. The record
				keeping system of a licensee is sufficient if the licensee makes the required
				information reasonably available. The department shall determine the
				sufficiency of the records and whether the licensee has made the required
				information reasonably available. The department shall be given free access to
				the records wherever the records are located. Records concerning any mortgage
				transaction shall be retained for two (2) years after the making of the final
				entry relating to the transaction, but, in the case of a revolving mortgage
				transaction, the two (2) years required under this subsection is measured from
				the date of each entry relating to the transaction.
(b) The unique identifier of any person
				originating a mortgage transaction must be clearly shown on all mortgage
				transaction application forms and any other documents as required by the
				director.
(c) Every licensee shall
				use automated examination and regulatory software designated by the director,
				including third party software. Use of the software consistent with guidance
				and policies issued by the director is not a violation of IC
				28-1-2-30,
				which is incorporated by reference.
(d) A licensed mortgage loan originator shall
				file notification with the department if the licensed mortgage loan originator:
(1) files for bankruptcy or is served in a
				foreclosure action; or
(2) is
				subject to revocation or suspension proceedings by a state government authority
				with regard to the mortgage loan originator's activities; not later than thirty
				(30) days after the date of the event described in this
				subsection.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 4 - Records; Miscellaneous › Section 4-2 - Regulatory reporting

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 2.
(a) Each
				creditor or mortgage loan originator shall submit to the NMLSR reports of
				condition, which must be in a form and must contain information as required by
				the NMLSR. If a mortgage loan originator is an employee of:
(1) a person subject to licensing under IC
				24-4.4 or IC 24-4.5; or
(2) an
				entity exempt from licensing under IC 24-4.4 or IC 24-4.5 that registers with
				the NMLSR; the reports of condition submitted by the person subject to
				licensing under IC 24-4.4 or IC 24-4.5 or entity exempt from licensing under IC
				24-4.4 or IC 24-4.5 that registers with the NMLSR may be used instead of the
				mortgage loan originator's reports of condition requirement under this section.
				If the mortgage loan originator's employer submits reports of condition on his
				or her behalf consistent with this section, the mortgage loan originator shall
				timely and accurately report all required information in his or her possession
				to his or her employer for purposes of enabling his or her employer to fulfill
				its reporting obligation. Failure of a mortgage loan originator to timely and
				accurately report this required information to his or her employer shall
				constitute a violation of this section.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 4 - Records; Miscellaneous › Section 4-3 - Closing documents

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC
				  6-1.1-12-43;
				  IC 24-4.4; IC 24-4.5
Sec. 3.
A mortgage loan originator shall comply with IC
				  6-1.1-12-43,
				  which is incorporated by reference, to the extent applicable.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 4 - Records; Miscellaneous › Section 4-4 - Right of rescission

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 4.
A violation by a mortgage loan originator in a mortgage
				  transaction of Section 125 of the Federal Consumer Protection Act
				  (15 U.S.C.
				  1635) , which is incorporated by reference,
				  concerning a debtor's right to rescind a transaction constitutes a violation of
				  this article.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-1 - Applicability

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 1.
This article applies to a person that engages as a mortgage
				  loan originator in a mortgage transaction in Indiana. The authority of this
				  article remains in effect whether a licensee acts or claims to act under any
				  licensing or registration law of this state or claims to act without such
				  authority.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-2 - Department authority

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 2.
(a) In
				addition to other powers granted by this article, the department, within the
				limitations provided by law, may:
(1) receive
				and act on complaints, take action designed to obtain voluntary compliance with
				this article, or commence proceedings on the department's own
				initiative;
(2) counsel persons and
				groups on their rights and duties under this article;
(3) adopt, amend, and repeal orders,
				policies, guidance, and forms to carry out this article;
(4) appoint any necessary attorneys, hearing
				examiners, clerks, and other employees and agents and fix their compensation,
				and authorize attorneys appointed under this section to appear for and
				represent the department in court.