Indiana Code
Chapter 5. Limitations on Foreclosure Consultants and Foreclosure Reconveyances
24-5.5-5-3. Foreclosure Purchasers; Prohibited Acts

Sec. 3. A foreclosure purchaser may not enter into or attempt to enter into a foreclosure reconveyance agreement with a homeowner unless the:
(1) foreclosure purchaser verifies and demonstrates that the homeowner has or will have a reasonable ability to:
(A) pay for the subsequent reconveyance of the property back to the homeowner on completion of the terms of the foreclosure conveyance; or
(B) if the foreclosure conveyance provides for a lease with an option to repurchase the real property, make the lease payment and repurchase the real property within the period of the option to repurchase;
(2) foreclosure purchaser provides the homeowner written notice of the homeowner's rights under this article;
(3) foreclosure purchaser and the homeowner complete a formal settlement before any transfer of interest in the affected property; and
(4) foreclosure purchaser complies with the security requirements under IC 24-5-15-8.
As added by P.L.209-2007, SEC.2.

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