Title 37, CONSUMER LENDING

Sec. 16. "Depository institution" has the meaning set forth in the Federal Deposit Insurance Act (12 U.S.C. 1813(c)) and includes any credit union. [Pre-2026 Revision Citation: 24-4.5-1-301.5(12).] As added by P.L.115-2026, SEC.97.

Sec. 17. "Director" means the director of the department of financial institutions or the director's designee. [Pre-2026 Revision Citation: 24-4.5-1-301.5(13).] As added by P.L.115-2026, SEC.97.

Sec. 18. "Dwelling" means a residential structure that contains one (1) to four (4) units, regardless of whether the structure is attached to real property. The term includes an individual: (1) condominium unit; (2) cooperative unit; (3) mobile home; or (4) trailer; that is used …

Sec. 19. "Earnings" means compensation paid or payable for personal services, whether denominated as wages, salary, commission, bonus, or otherwise, and includes periodic payments under a pension or retirement program. [Pre-2026 Revision Citation: 24-4.5-1-301.5(15).] As added by…

Sec. 2. "Affiliate", with respect to any person subject to this article, means a person that, directly or indirectly, through one (1) or more intermediaries: (1) controls; (2) is controlled by; or (3) is under common control with; the person subject to this article. [Pre-2026 Rev…

Sec. 2.5. "Amount financed" means the total of the following to the extent that payment is deferred: (1) The cash price of the goods, services, or interest in land less the amount of down payment whether made in cash or property. (2) The amount actually paid or to be paid by the …

Sec. 20. "Employee" means an individual who is paid wages or other compensation by an employer required under federal income tax law to file Form W-2 on behalf of the individual. [Pre-2026 Revision Citation: 24-4.5-1-301.5(16).] As added by P.L.115-2026, SEC.97.

Sec. 20.5. "Expedited payment service" means a service offered to a consumer to ensure that a payment made by the consumer with respect to a consumer credit sale or a consumer loan will be reflected as paid and posted on an expedited basis. [Pre-2026 Revision Citation: 24-4.5-3-2…

Sec. 21. "Federal banking agencies" means the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit Insurance Corporation. [Pre-2026 Revision Citation: 24-4.5-1-301.5(17).…

Sec. 21.5. "First lien mortgage transaction" means: (1) a consumer loan; or (2) a consumer credit sale; that is or will be used by the debtor primarily for personal, family, or household purposes and that is secured by a mortgage or a land contract (or another consensual security…

Sec. 22. "Guaranteed asset protection agreement", "guaranteed auto protection agreement", or "GAP agreement" means, with respect to a consumer credit sale or a consumer loan involving a motor vehicle or another titled asset, an agreement in which the seller or lender agrees to ca…

Sec. 22.5. "Goods" includes goods not in existence at the time the transaction is entered into and merchandise certificates, but excludes money, chattel paper, documents of title, and instruments. [Pre-2026 Revision Citation: 24-4.5-2-105(1).] As added by P.L.115-2026, SEC.97.…

Sec. 22.7. "Home solicitation sale" means a consumer credit sale of goods, other than farm equipment, or services in which: (1) the seller or a person acting for the seller engages in a personal solicitation of the sale, including a solicitation over the telephone, at a residence…

Sec. 23. "Immediate family member" means a spouse, child, sibling, parent, grandparent, or grandchild. The term includes stepparents, stepchildren, stepsiblings, and adoptive relationships. [Pre-2026 Revision Citation: 24-4.5-1-301.5(19).] As added by P.L.115-2026, SEC.97.

Sec. 24. "Individual" means a natural person. [Pre-2026 Revision Citation: 24-4.5-1-301.5(20).] As added by P.L.115-2026, SEC.97.

Sec. 25. "Land contract" means a contract for the sale of real estate in which the seller of the real estate retains legal title to the real estate until the total contract price is paid by the buyer. [Pre-2026 Revision Citation: 24-4.5-1-301.5(44).] As added by P.L.115-2026, SEC…

Sec. 25.5. Except as otherwise provided, "lender" means a person regularly engaged in making consumer loans. The term includes an assignee of the lender's right to payment but use of the term does not in itself impose on an assignee any obligation of the lender with respect to ev…

Sec. 26. "Lender credit card or similar arrangement" means an arrangement or loan agreement, other than a seller credit card, pursuant to which a lender gives a debtor the privilege of using a credit card, letter of credit, or other credit confirmation or identification in transa…

Sec. 27. "Licensee" means a person licensed as a creditor under this article. [Pre-2026 Revision Citation: 24-4.5-1-301.5(22).] As added by P.L.115-2026, SEC.97.

Sec. 27.5. "Loan" includes: (1) the creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor; (2) the creation of debt by a credit to an account with the lender upon which the debtor is entitled to draw …

Sec. 28. "Loan brokerage business" means any activity in which a person, in return for any consideration from any source, procures, attempts to procure, or assists in procuring, a mortgage transaction from a third party or any other person, whether or not the person seeking the m…

Sec. 28.5. (a) "Loan finance charge" means the sum of: (1) all charges payable directly or indirectly by the debtor and imposed directly or indirectly by the lender as an incident to the extension of credit, including any of the following types of charges which are applicable: in…

Sec. 29. "Loan processor or underwriter" means an individual who performs clerical or support duties as an employee at the direction of, and subject to the supervision and instruction of, a person licensed to engage in mortgage transactions or a person exempt from licensing. For …

Sec. 29.5. "Merchandise certificate" means a writing issued by a seller not redeemable in cash and usable in its face amount in lieu of cash in exchange for goods or services. [Pre-2026 Revision Citation: 24-4.5-2-105(2).] As added by P.L.115-2026, SEC.97.

Sec. 3. "Agreement" means the bargain of the parties in fact as found in their language or by implication from other circumstances, including course of dealing or usage of trade or course of performance. [Pre-2026 Revision Citation: 24-4.5-1-301.5(2).] As added by P.L.115-2026, S…

Sec. 30. "Mortgage loan originator" means an individual who, for compensation or gain, or in the expectation of compensation or gain, regularly engages in taking a mortgage transaction application or in offering or negotiating the terms of a mortgage transaction that either is ma…

Sec. 31. "Mortgage servicer" means the last person to whom a mortgagor or the mortgagor's successor in interest has been instructed by a mortgagee to send payments on a loan secured by a mortgage. [Pre-2026 Revision Citation: 24-4.5-1-301.5(26).] As added by P.L.115-2026, SEC.97.…

Sec. 32. "Mortgage transaction" means: (1) a consumer loan; or (2) a consumer credit sale; that is or will be used by the debtor primarily for personal, family, or household purposes and that is secured by a mortgage or a land contract (or another consensual security interest equ…

Sec. 33. "Nationwide Multistate Licensing System and Registry" (or "Nationwide Mortgage Licensing System and Registry" or "NMLSR") means a multistate licensing system owned and operated by the State Regulatory Registry, LLC, or by any successor or affiliated entity, for the licen…

Sec. 34. "Nontraditional mortgage product" means any mortgage product other than a thirty (30) year fixed rate mortgage. [Pre-2026 Revision Citation: 24-4.5-1-301.5(29).] As added by P.L.115-2026, SEC.97.

Sec. 35. "Official fees" means: (1) fees and charges prescribed by law which actually are or will be paid to public officials for determining the existence of or for perfecting, releasing, or satisfying a security interest related to a consumer credit sale, consumer lease, or con…

Sec. 36. "Organization" means a corporation, a government or governmental subdivision, an agency, a trust, an estate, a partnership, a limited liability company, a cooperative, an association, a joint venture, an unincorporated organization, or any other entity, however organized…

Sec. 37. "Payable in installments" means that payment is required or permitted by written agreement to be made in more than four (4) installments not including a down payment. [Pre-2026 Revision Citation: 24-4.5-1-301.5(32).] As added by P.L.115-2026, SEC.97.

Sec. 38. "Person" includes an individual or an organization. [Pre-2026 Revision Citation: 24-4.5-1-301.5(33).] As added by P.L.115-2026, SEC.97.

Sec. 39. "Person related to" with respect to an individual means: (1) the spouse of the individual; (2) a brother, brother-in-law, sister, or sister-in-law of the individual; (3) an ancestor or lineal descendants of the individual or the individual's spouse; and (4) any other rel…

Sec. 4. "Agricultural purpose" means a purpose related to the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a natural person who cultivates, plants, propagates, or nurtures the agricultural products. "Agricultur…

Sec. 40. "Person related to" with respect to an organization means: (1) a person directly or indirectly controlling, controlled by, or under common control with the organization; (2) a director, an executive officer, or a manager of the organization or a person performing similar…

Sec. 40.5. "Principal" of a loan means the total of: (1) the net amount paid to, receivable by, or paid or payable for the account of the debtor; (2) the amount of any discount excluded from the loan finance charge (section 28.5(b) of this chapter); and (3) to the extent that pay…

Sec. 41. "Presumed" or "presumption" means that the trier of fact must find the existence of the fact presumed, unless and until evidence is introduced that would support a finding of its nonexistence. [Pre-2026 Revision Citation: 24-4.5-1-301.5(36).] As added by P.L.115-2026, SE…

Sec. 42. "Real estate brokerage activity" means any activity that involves offering or providing real estate brokerage services to the public, including the following: (1) Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property.…

Sec. 43. "Registered mortgage loan originator" means any individual who: (1) meets the definition of mortgage loan originator and is an employee of: (A) a depository institution; (B) a subsidiary that is owned and controlled by a depository institution and regulated by a federal …

Sec. 44. "Regularly engaged", with respect to a person who extends consumer credit, refers to a person who: (1) extended consumer credit: (A) more than twenty-five (25) times; or (B) more than five (5) times for a mortgage transaction secured by a dwelling; in the preceding calen…

Sec. 44.5. "Residential real estate" means any real property that is located in Indiana and on which there is located or intended to be constructed a dwelling. [Pre-2026 Revision Citation: 24-4.5-1-301.5(40).] As added by P.L.115-2026, SEC.97.

Sec. 44.7. "Revolving charge account" means an arrangement between a seller and a buyer pursuant to which: (1) the seller may permit the buyer to purchase goods or services on credit either from the seller or pursuant to a seller credit card; (2) the unpaid balances of amounts fi…

Sec. 45. "Revolving loan account" means an arrangement between a lender and a debtor pursuant to which: (1) the lender may permit the debtor to obtain loans from time to time; (2) the unpaid balances of principal and the loan finance and other appropriate charges are debited to a…

Sec. 45.1. "Sale of an interest in land" includes a lease in which the lessee has an option to purchase the interest and all or a substantial part of the rental or other payments previously made by the lessee are applied to the purchase price. [Pre-2026 Revision Citation: 24-4.5-…