Sec. 10. If a licensee or a person required to be licensed under this article possesses funds that belong to another person, including money received by or on behalf of a prospective borrower, the licensee or person required to be licensed shall:
(1) upon request of the prospective borrower, account for the funds possessed for the prospective borrower;
(2) follow reasonable and lawful instructions from the prospective borrower concerning the prospective borrower's funds; and
(3) return the prospective borrower's unspent funds to the prospective borrower in a timely manner.
As added by P.L.175-2019, SEC.2.
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