Sec. 1. (a) A contract for the services of a loan broker is not enforceable unless the contract is in writing and signed by each of the contracting parties.
(b) At the time a contract for the services of a loan broker is signed, the loan broker shall provide the following to each party to the contract:
(1) A copy of the signed contract.
(2) A written disclosure of any agreement entered into by the loan broker to procure loans exclusively from one (1) lender.
(c) A contract for the services of a loan broker must include the following statement:
"No statement or representation by a loan broker is valid or enforceable unless the statement or representation is in writing.".
(d) This section does not apply to a contract that provides for the payment of referral fees by a lender or a third party.
As added by P.L.175-2019, SEC.2. Amended by P.L.158-2022, SEC.4.
Structure Indiana Code
Title 23. Business and Other Associations
Chapter 8. Conduct of Business
23-2.5-8-1. Loan Broker Contract
23-2.5-8-2. Real Estate Appraiser; Influence; Ownership or Interest
23-2.5-8-3. Contract Rescission; Consideration
23-2.5-8-4. Loan Broker Agreement Account Number
23-2.5-8-5. Loan Broker Records
23-2.5-8-6. Loan Broker Record Maintenance
23-2.5-8-7. Loan Broker Ceasing to Do Business; Records; Notice to Commissioner
23-2.5-8-8. Security Breach of Loan Broker Record
23-2.5-8-9. Licensee Disposal of Records