Application; nonresident debtor

Sec. 5. (a) Except as provided in subsection (b), this article applies to a first lien mortgage transaction: (1) that is secured by an interest in: (A) a dwelling; or (B) residential real estate upon which a dwelling is constructed or intended to be constructed; in Indiana; and (2) the closing for which takes place after June 30, 2026. (b) This article does not apply to a first lien mortgage transaction if: (1) the debtor is not a resident of Indiana at the time the transaction is entered into; and (2) the laws of the debtor's state of residence require that the transaction be made under the laws of the state of the debtor's residence. [Pre-2026 Revision Citation: 24-4.4-1-201.] As added by P.L.115-2026, SEC.97.