Indiana Code
Chapter 2. Miscellaneous
24-4.4-2-405. Record Keeping; Use of Unique Identifier on Forms and Documents; Use of Examination and Regulatory Software; Reports of Condition to Nmlsr; Financial Statements; Notice to Department of Certain Events or Changes

Sec. 405. (1) Every licensee shall maintain records in a manner that will enable the department to determine whether the licensee is complying with this article. The record keeping system of a licensee is sufficient if the licensee makes the required information reasonably available. The department shall determine the sufficiency of the records and whether the licensee has made the required information reasonably available. The department shall be given free access to the records wherever the records are located. Records concerning any first lien mortgage transaction shall be retained for two (2) years after the making of the final entry relating to the transaction, but in the case of a revolving first lien mortgage transaction, the two (2) years required under this subsection is measured from the date of each entry relating to the transaction. A federal savings bank that voluntarily registers with the department under IC 24-4.4-1-202(b)(6)(a) for the purpose of sponsoring, under an exclusive written agreement, licensed mortgage loan originators as independent agents shall:
(a) cooperate with the department; and
(b) provide access to records and documents;
as required by the department in carrying out examinations of the activities of the licensed mortgage loan originators sponsored by the federal savings bank.
(2) The unique identifier of any person originating a mortgage transaction must be clearly shown on all mortgage transaction application forms and any other documents as required by the director.
(3) Every licensee shall use automated examination and regulatory software designated by the director, including third party software. Use of the software consistent with guidance and policies issued by the director is not a violation of IC 28-1-2-30.
(4) Each:
(a) creditor licensed to engage in mortgage transactions by the department; and
(b) entity that is exempt from licensing and that:
(i) employs one (1) or more licensed mortgage loan originators; or
(ii) sponsors under an exclusive written agreement, as permitted by IC 24-4.4-1-202(b)(6)(a), one (1) or more licensed mortgage originators as independent agents;
shall submit to the NMLSR reports of condition, which must be in a form and must contain information as required by the NMLSR.
(5) Each:
(a) creditor licensed by the department to engage in mortgage transactions; and
(b) entity that is exempt from licensing by the department to engage in mortgage transactions and that:
(i) employs one (1) or more licensed mortgage loan originators; or
(ii) sponsors under an exclusive written agreement, as permitted by IC 24-4.4-1-202(b)(6)(a), one (1) or more licensed mortgage loan originators as independent agents;
shall file with the department additional financial statements relating to all first lien mortgage transactions originated by the licensed creditor or the exempt entity as required by the department, but not more frequently than annually, in the form prescribed by the department.
(6) A licensed creditor shall file notification with the department if the licensee:
(a) has a change in name, address, or any of its principals;
(b) opens a new branch, closes an existing branch, or relocates an existing branch;
(c) files for bankruptcy or reorganization; or
(d) is subject to revocation or suspension proceedings by a state or governmental authority with regard to the licensed creditor's activities;
not later than thirty (30) days after the date of the event described in this subsection.
(7) A licensee shall file notification with the department if the licensee or any director, executive officer, or manager of the licensee has been convicted of a felony under the laws of Indiana or any other jurisdiction. The licensee shall file the notification required by this subsection not later than thirty (30) days after the date of the event described in this subsection.
(8) A licensee shall file notification with the department if the licensee or any director, executive officer, or manager of the licensee has had the person's authority to do business in the securities, commodities, banking, financial services, insurance, real estate, or real estate appraisal industry revoked or suspended by Indiana or by any other state, federal, or foreign governmental agency or self regulatory organization. The licensee shall file the notification required by this subsection not later than thirty (30) days after the date of the event described in this subsection.
As added by P.L.145-2008, SEC.20. Amended by P.L.35-2010, SEC.26; P.L.27-2012, SEC.12; P.L.103-2014, SEC.4; P.L.69-2018, SEC.9.

Structure Indiana Code

Indiana Code

Title 24. Trade Regulation

Article 4.4. First Lien Mortgage Lending

Chapter 2. Miscellaneous

24-4.4-2-101. Short Title

24-4.4-2-201. Duty to Provide Payoff Amount; Liability for Failure to Provide; Prepayment Penalty Prohibited for Adjustable Rate Mortgages; Short Sales; Foreclosed Property; No Protection From Deficiency Judgment

24-4.4-2-202. Federal Disclosure Requirements; Creditor's Duty to Comply; Exempt Transactions

24-4.4-2-301. Violation of State or Federal Law, Regulation, or Rule; Enforcement

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

24-4.4-2-402. Applications for Licenses; Issuance; Evidence of Compliance; Use of Nmlsr; Denial of Application; Right to Hearing; Fees; License Not Assignable or Transferable; Tax Warrant List

24-4.4-2-402.1. National Criminal History Background Check; Fingerprints; Payment of Fees or Costs; Use of Nmlsr

24-4.4-2-402.2. Credit Reports; Payment of Fees or Costs; Demonstrated Financial Responsibility; Considerations

24-4.4-2-402.3. Surety Bond; Requirements; Amount; Termination; Liability; Notices

24-4.4-2-402.4. Use of Nmlsr in Department's Licensing System; Reporting of Information to Nmlsr; Confidentiality; Director's Authority to Enter Agreements; Waiver of Privilege; Processing Fee; Electronic Records

24-4.4-2-403. License Renewal; Revocation or Suspension of License Not Renewed; Reinstatement or Appeal; Correcting Amendments

24-4.4-2-404. Suspension or Revocation of License as Creditor; Order to Show Cause; Order of Suspension or Revocation; Relinquishment of License; Preexisting Contracts; Emergency Order for Revocation

24-4.4-2-404.1. Violations by Individuals; Persons Convicted of Felonies; Civil Penalties; Creditor's Duty to Notify Department of Discharge or Termination

24-4.4-2-404.2. Director's Notice of Intent to Issue Order; Contents; Hearing; Final Order; Suspension or Prohibition Pending Final Order; Official Record

24-4.4-2-404.3. Consent Agreement; Notice of Charges Not Required

24-4.4-2-404.4. Final Order; Penalties; Time for Issuance; Consent Presumed Upon Failure to Appear

24-4.4-2-404.5. Final Order; Effective Date; Authority of Department or Court to Stay, Modify, or Vacate

24-4.4-2-404.6. Factors for Determining Amount of Civil Penalty; Indemnification by Creditor Prohibited; Deposit of Civil Penalties in Financial Institutions Fund

24-4.4-2-404.7. Authority of Director to Enforce Orders, Agreements, or Conditions in Court

24-4.4-2-405. Record Keeping; Use of Unique Identifier on Forms and Documents; Use of Examination and Regulatory Software; Reports of Condition to Nmlsr; Financial Statements; Notice to Department of Certain Events or Changes

24-4.4-2-406. Change in Control of Creditor; Application to Department; Timeframe for Department's Decision; Conditions for Approval; Creditor's Duty to Report Transfer of Securities; Director's Discretion to Require New License

24-4.4-2-501. Creditor's Duty to Comply With Closing Requirements

24-4.4-2-502. Debtor's Right to Rescind; Accruing Interest Prohibited During Rescission Period; Disbursement of Proceeds

24-4.4-2-503. Reverse Mortgages; Pamphlet; Counseling Required for Debtor