Payments to home improvement contractors

Sec. 9. A creditor may not pay a contractor under a home improvement contract from the proceeds of a high cost home loan unless: (1) the creditor is presented with a signed and dated completion certificate showing that the home improvements have been completed; and (2) the instrument is payable to the borrower or jointly to the borrower and the contractor or, at the election of the borrower, through a third party escrow agent under a written agreement signed by the borrower, the creditor, and the contractor before the disbursement. [Pre-2026 Revision Citation: 24-9-4-9.] As added by P.L.115-2026, SEC.97.