Indiana Code
Chapter 2. Miscellaneous
24-4.4-2-401. License Required; Registration With Nmlsr; Licensed Mortgage Loan Originators; Loan Processor or Underwriting Activities; Applications for Licensure; Director's Authority to Contract With Nmlsr

Sec. 401. (1) Unless a person subject to this article has first obtained a mortgage license from the department and annually maintains the license, the person shall not engage in Indiana as a creditor in first lien mortgage transactions. A separate mortgage license is required for each legal entity that engages in Indiana as a creditor in first lien mortgage transactions. However, a separate mortgage license is not required for each branch of a legal entity licensed by the department.
(2) Each:
(a) creditor licensed by the department to engage in mortgage transactions; and
(b) entity exempt from licensing that:
(i) employs a licensed mortgage loan originator; or
(ii) sponsors under an exclusive written agreement, as permitted by IC 24-4.4-1-202(b)(6)(a), a licensed mortgage loan originator as an independent agent;
shall register with and maintain a valid unique identifier issued by the NMLSR. Each licensed mortgage loan originator must be employed by, or sponsored under an exclusive written agreement (as permitted by IC 24-4.4-1-202(b)(6)(a)) and as an independent agent, and associated with, a licensed creditor (or an entity exempt from licensing) that is registered with the NMLSR in order to originate loans.
(3) An individual engaging solely in loan processor or underwriter activities shall not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.
(4) Applicants for a mortgage license must apply for the license in the form prescribed by the director. Each form:
(a) must contain content as set forth by rule, instruction, or procedure of the director; and
(b) may be changed or updated as necessary by the director to carry out the purposes of this article.
(5) To fulfill the purposes of this article, the director may establish relationships or contracts with the NMLSR or other entities designated by the NMLSR to:
(a) collect and maintain records; and
(b) process transaction fees or other fees related to licensees or other persons subject to this article.
(6) For the purpose of participating in the NMLSR, the director or the department may:
(a) waive or modify, in whole or in part, by rule or order, any of the requirements of this article; and
(b) establish new requirements as reasonably necessary to participate in the NMLSR.
As added by P.L.145-2008, SEC.20. Amended by P.L.35-2010, SEC.11; P.L.89-2011, SEC.7; P.L.103-2014, SEC.2; P.L.69-2018, SEC.4.