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

Sec. 502. (1) A violation by a creditor in a first lien mortgage transaction of Section 125 of the Consumer Credit Protection Act (15 U.S.C. 1635) (concerning a debtor's right to rescind a transaction) constitutes a violation of this article. A creditor may not accrue interest during the period when a first lien mortgage transaction may be rescinded under Section 125 of the Consumer Credit Protection Act (15 U.S.C. 1635).
(2) A creditor must make available for disbursement the proceeds of a transaction subject to subsection (1) on the later of:
(a) the date the creditor is reasonably satisfied that the debtor has not rescinded the transaction; or
(b) the first business day after the expiration of the rescission period under subsection (1).
As added by P.L.145-2008, SEC.20. Amended by P.L.1-2009, SEC.135; P.L.159-2017, SEC.4.

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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