Title 23, BUSINESS AND OTHER ASSOCIATIONS

Sec. 21. If: (1) an award is made under this chapter; and (2) a claimant receives a sum required to be deducted under section 20(a) of this chapter; the claimant shall refund to the state the amount of overpayment. As added by P.L.114-2010, SEC.12.

Sec. 22. (a) In determining the amount of restitution assistance to award under this chapter, the division shall determine whether a victim contributed to the infliction of the victim's monetary injury. (b) If the division finds that the victim contributed to the infliction of th…

Sec. 23. An award under this chapter may not exceed the lesser of the following: (1) Fifteen thousand dollars ($15,000). (2) Twenty-five percent (25%) of the amount of the out-of-pocket loss. As added by P.L.114-2010, SEC.12.

Sec. 24. An award made by the division under this chapter is not subject to execution, attachment, garnishment, or other process. As added by P.L.114-2010, SEC.12.

Sec. 25. (a) The securities restitution fund is established. (b) The fund consists of: (1) amounts from funds received for deposit in the securities division enforcement account as provided in IC 23-19-6-1(h); (2) two percent (2%) of funds received from other fees and revenues fr…

Sec. 26. The money in the fund may be expended subject to appropriation by the general assembly for purposes of: (1) awarding restitution assistance under this chapter; (2) paying expenses incurred in administering this chapter; and (3) making awards to informants under IC 23-19-…

Sec. 27.5. If the balance of the fund at the end of a particular state fiscal year exceeds two million dollars ($2,000,000), the amount that exceeds two million dollars ($2,000,000) reverts to the state general fund. As added by P.L.156-2023, SEC.16.

Sec. 28. (a) If the fund would be reduced below two hundred fifty thousand dollars ($250,000) by payment in full of all awards that become final in a month, the division shall suspend payment of the claims that become final during the month and the following two (2) months. (b) A…

Sec. 29. The state is not liable for a written determination made by the division under this chapter except to the extent that money is available in the fund on the date the award is computed by the division under this chapter. As added by P.L.114-2010, SEC.12.

Sec. 3. As used in this chapter, "fund" refers to the securities restitution fund established by section 25 of this chapter. As added by P.L.114-2010, SEC.12.

Sec. 30. (a) A claimant convicted of forgery, fraud, or deception in connection with a claim under this chapter forfeits an award paid to the claimant under this chapter. (b) The division may file a civil action to recover funds against a claimant described in subsection (a). As …

Sec. 31. A person commits a Level 5 felony if the person knowingly makes or causes to be made: (1) in any document filed with or sent to the securities commissioner or the division; or (2) in any proceeding, investigation, or examination; under this chapter any statement that is,…

Sec. 32. The division may adopt rules under IC 4-22-2 to implement this chapter. As added by P.L.114-2010, SEC.12.

Sec. 4. As used in this chapter, "out-of-pocket loss" means an amount equal to the amount of restitution ordered under any of the following: (1) A final court order. (2) A final administrative order. As added by P.L.114-2010, SEC.12.

Sec. 5. As used in this chapter, "person" includes a sole proprietorship, a partnership, a corporation, an association, a fiduciary, or an individual. As added by P.L.114-2010, SEC.12.

Sec. 6. As used in this chapter, "securities violation" means a violation of any of the following: (1) The Securities Act of 1933, as amended, and any regulations related to that act. (2) The Securities Exchange Act of 1934, as amended, and any regulations related to that act. (3…

Sec. 7. As used in this chapter, "victim" means an individual who suffers monetary injury as a result of a securities violation. As added by P.L.114-2010, SEC.12.

Sec. 8. The division shall do the following: (1) Prescribe forms for processing applications for restitution assistance. (2) Determine whether a claim for restitution assistance filed under this chapter should be awarded. As added by P.L.114-2010, SEC.12.

Sec. 9. The division shall require a claimant to produce a copy of: (1) a court order; or (2) an administrative order; that demonstrates that restitution has been awarded to the claimant as described in section 16 of this chapter. As added by P.L.114-2010, SEC.12.

Sec. 1. The definitions in this chapter apply throughout this article. As added by P.L.175-2019, SEC.2.

Sec. 10. "Encrypted", with respect to personal information, means that the personal information: (1) has been transformed through the use of an algorithmic process into a form in which there is a low probability of assigning meaning without use of a confidential process or key; o…

Sec. 11. "Immediate family", with respect to an individual, refers to: (1) the individual's spouse who resides in the individual's household; and (2) any dependent child of the individual. As added by P.L.175-2019, SEC.2.

Sec. 11.5. "Individual" means a natural person. As added by P.L.89-2024, SEC.2.

Sec. 12. "Licensee" means a person that is issued a license under this article. As added by P.L.175-2019, SEC.2.

Sec. 13. "Loan" means an agreement to advance money or property in return for the promise to make payments for the money or property. As added by P.L.175-2019, SEC.2.

Sec. 14. (a) "Loan broker" means a person who, in return for consideration from any source: (1) procures; (2) attempts to procure; or (3) assists in procuring; a residential mortgage loan from a third party, regardless of whether the person seeking the loan obtains the loan. (b) …

Sec. 15. "Loan broker employee" means an individual: (1) who is an employee of a single loan broker who is licensed under this article; (2) for whom the loan broker, in addition to providing a wage or salary: (A) pays Social Security and unemployment taxes; and (B) withholds loca…

Sec. 16. "Loan broker license" means a license issued by the commissioner authorizing a person to engage in the activities of a loan broker. As added by P.L.175-2019, SEC.2.

Sec. 17. "Loan broker office" means a fixed physical location: (1) at which a person holds itself out as engaging in the activities of a loan broker; (2) the address of which appears on business cards, on stationery, or in advertising in connection with the activities of a loan b…

Sec. 18. (a) "Loan processing activities" means clerical or support duties performed on behalf of a loan broker with respect to residential mortgage loan origination activities performed by the loan broker. (b) The term "loan processing activities" includes the following: (1) The…

Sec. 19. "Loan processing company" means a person that: (1) performs loan processing activities for compensation; and (2) holds itself out to the public as engaging in loan processing activities. As added by P.L.175-2019, SEC.2.

Sec. 2. "Appraisal company" means a business entity that: (1) performs real estate appraisals on a regular basis for compensation through one (1) or more owners, officers, employees, or agents; or (2) holds itself out to the public as performing real estate appraisals. As added b…

Sec. 20. "Loan processor" means an individual who performs loan processing activities for compensation on behalf of a loan processing company and is not a loan broker employee. As added by P.L.175-2019, SEC.2.

Sec. 21. "Mortgage loan origination activities" means performance of any of the following activities for compensation or gain in connection with a residential mortgage loan: (1) Receiving or recording a borrower's or potential borrower's residential mortgage loan application info…

Sec. 22. (a) "Mortgage loan originator" means an individual engaged in mortgage loan origination activities. (b) The term "mortgage loan originator" does not include a person who: (1) performs purely administrative or clerical tasks on behalf of a mortgage loan originator or acts…

Sec. 23. "Mortgage loan originator license" means a license issued by the commissioner authorizing an individual to act as a mortgage loan originator on behalf of a loan broker. As added by P.L.175-2019, SEC.2.

Sec. 24. "Nationwide Multistate Licensing System" refers to a multistate licensing system owned and operated by the State Regulatory Registry, LLC, or by a successor or an affiliated entity, for the licensing and registration of: (1) creditors; (2) mortgage loan originators; (3) …

Sec. 25. "Person" means an individual, a partnership, a trust, a corporation, a limited liability company, a limited liability partnership, a sole proprietorship, a joint venture, a joint stock company, or another group or entity, however organized. As added by P.L.175-2019, SEC.…

Sec. 26. "Personal information" includes the following: (1) An individual's first and last names or first initial and last name. (2) Any of the following data elements: (A) A Social Security number. (B) A driver's license number. (C) A state identification card number. (D) A cred…

Sec. 27. "Manager" means an individual who has at least three (3) years of experience as a mortgage loan originator and is principally responsible for the supervision and management of the employees and business affairs of not more than five (5) loan broker offices under one (1) …

Sec. 29. "Principal place of business" means the loan broker office designated by a loan broker or an applicant for a loan broker license as the primary or main office. If a loan broker operates only one (1) loan broker office, the loan broker office is considered to be the princ…

Sec. 3. "Bona fide third party fee", with respect to a residential mortgage loan, includes any of the following: (1) Fees for real estate appraisals. However, if the residential mortgage loan is governed by Title XI of the Financial Institutions Reform, Recovery, and Enforcement …

Sec. 30. "Real estate appraiser" means a person who: (1) is licensed as a real estate broker under IC 25-34.1 and performs real estate appraisals within the scope of the person's license; (2) holds a real estate appraiser license or certificate issued under IC 25-34.1-3-8; or (3)…

Sec. 31. "Real estate brokerage activity" means offering or providing real estate brokerage services to the public, including the following: (1) Acting as a real estate broker for a buyer, seller, lessor, or lessee of real property. (2) Bringing together parties interested in the…

Sec. 32. "Redacted", with respect to personal information, means that the personal information has been altered or truncated so that not more than the last four (4) digits of: (1) a Social Security number; (2) a driver's license number; (3) a state identification number; or (4) a…

Sec. 33. "Registered mortgage loan originator" means a mortgage loan originator who: (1) is an employee of: (A) a depository institution; (B) a subsidiary that is: (i) owned and controlled by a depository institution; and (ii) regulated by the federal financial institutions regul…