Indiana Code
Chapter 8. Conduct of Business
23-2.5-8-5. Loan Broker Records

Sec. 5. A loan broker shall maintain the following records, or the electronic equivalent of the following:
(1) A file for each borrower or prospective borrower that contains the following:
(A) The name and address of the borrower or prospective borrower.
(B) A copy of the signed loan broker agreement.
(C) A copy of any other paper or instrument used in connection with the loan broker agreement and signed by the borrower or prospective borrower.
(D) If a loan was obtained for the borrower, the name and address of the creditor.
(E) If a loan is accepted by the borrower, a copy of the loan agreement.
(F) The amount of the loan broker's fee paid by the borrower. If there is an unpaid balance, the status of any collection effort.
(2) All:
(A) receipts from or for the account of borrowers or prospective borrowers; and
(B) disbursements to or for the account of borrowers or prospective borrowers;
recorded so that the transactions are readily identifiable.
(3) A:
(A) general ledger, posted at least monthly; and
(B) trial balance sheet and profit and loss statement, prepared within thirty (30) days of the date on which the commissioner requests the information.
(4) A sample of:
(A) all advertisements, pamphlets, circulars, letters, articles, Internet publications, or communications published:
(i) in a newspaper, magazine, or periodical; or
(ii) by other means of distribution;
(B) scripts of any recording, radio, or video announcement;
(C) any sales kits or literature; and
(D) any Internet communication distributed to at least ten (10) persons;
used in the solicitation of borrowers.
(5) A report that:
(A) lists all residential mortgage loans originated by the loan broker, including pending loans and loans that were not closed;
(B) is searchable by, or organized according to, the borrower's or prospective borrower's last name; and
(C) includes the following information for each residential mortgage loan listed:
(i) The name and address of the borrower or prospective borrower.
(ii) The name of the creditor.
(iii) The name of the mortgage loan originator.
(iv) The loan amount.
(v) The status of the loan, including the date of closing or denial by the creditor.
(vi) The interest rate for the loan.
The report required by this subdivision may be prepared or produced by or through the loan broker's loan origination software or other software used by the loan broker.
As added by P.L.175-2019, SEC.2.