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.
Structure Indiana Code
Title 23. Business and Other Associations
23-2.5-1-1. Application of Chapter
23-2.5-1-2. "Appraisal Company"
23-2.5-1-3. "Bona Fide Third Party Fee"
23-2.5-1-4. "Borrower's Residential Mortgage Loan Application Information"
23-2.5-1-7. "Branch Office License"
23-2.5-1-9. "Depository Institution"
23-2.5-1-11. "Immediate Family"
23-2.5-1-15. "Loan Broker Employee"
23-2.5-1-16. "Loan Broker License"
23-2.5-1-17. "Loan Broker Office"
23-2.5-1-18. "Loan Processing Activities"
23-2.5-1-19. "Loan Processing Company"
23-2.5-1-21. "Mortgage Loan Origination Activities"
23-2.5-1-22. "Mortgage Loan Originator"
23-2.5-1-23. "Mortgage Loan Originator License"
23-2.5-1-24. "Nationwide Multistate Licensing System"
23-2.5-1-26. "Personal Information"
23-2.5-1-27. "Principal Manager"
23-2.5-1-28. "Principal Manager License"
23-2.5-1-29. "Principal Place of Business"
23-2.5-1-30. "Real Estate Appraiser"
23-2.5-1-31. "Real Estate Brokerage Activity"
23-2.5-1-33. "Registered Mortgage Loan Originator"
23-2.5-1-34. "Residential Mortgage Loan"
23-2.5-1-35. "Residential Real Estate"
23-2.5-1-36. "Securities Division"
23-2.5-1-37. "State Licensed Mortgage Loan Originator"