Title 37, CONSUMER LENDING

Sec. 13. "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: 24-4.4-1-301(9).] As added by P.L.115-2026, SEC.97.

Sec. 14. "Director" refers to the director of the department of financial institutions or the director's designee. [Pre-2026 Revision Citation: 24-4.4-1-301(10).] As added by P.L.115-2026, SEC.97.

Sec. 15. "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. 16. "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: 24-4.4-1-301(12).] As added by P.L.115-2026, SEC.97.

Sec. 17. "Federal banking agencies" means the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation. [Pre-2026 Revi…

Sec. 18. "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 i…

Sec. 19. "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: 24-4.4-1-301(15).] As added by P.L.115-2026, SEC.97.

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. 20. "Individual" means a natural person. [Pre-2026 Revision Citation: 24-4.4-1-301(16).] As added by P.L.115-2026, SEC.97.

Sec. 21. "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: 24-4.4-1-301(36).] As added by P.L.115-2026, SEC.9…

Sec. 22. "Licensee" means a person licensed to engage in mortgage transactions as a creditor. [Pre-2026 Revision Citation: 24-4.4-1-301(17).] As added by P.L.115-2026, SEC.97.

Sec. 23. "Loan" includes: (1) the creation of debt by: (A) the creditor's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor; or (B) the extension of credit by a person who engages as a seller in credit transactions primarily secu…

Sec. 24. "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. 25. "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. 26. "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. 27. "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: 24-4.4-1-301(22).] As added by P.L.115-2026, SEC.97.…

Sec. 28. "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. 29. "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. 3. "Agreement" means the bargain of the parties in fact as found in the parties' language or by implication from other circumstances, including course of dealing or usage of trade or course of performance. [Pre-2026 Revision Citation: 24-4.4-1-301(2).] As added by P.L.115-20…

Sec. 30. "Organization" means a corporation, a government or government 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. 31. "Payable in installments", with respect to a debt or an obligation, 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: 24-4.4-1-301(27).] As added by P.…

Sec. 32. "Person" includes an individual or an organization. [Pre-2026 Revision Citation: 24-4.4-1-301(28).] As added by P.L.115-2026, SEC.97.

Sec. 33. "Principal" of a mortgage transaction means the total of: (1) the net amount paid to, receivable by, or paid or payable for the account of the debtor; and (2) to the extent that payment is deferred, amounts actually paid or to be paid by the creditor for registration, ce…

Sec. 34. "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. 35. "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. 36. "Regularly engaged", with respect to a person who extends or originates first lien mortgage transactions, refers to a person who: (1) extended or originated more than five (5) first lien mortgage transactions in the preceding calendar year; or (2) extends or originates, …

Sec. 37. "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: 24-4.4-1-301(32).] As added by P.L.115-2026, SEC.97.

Sec. 38. "Revolving first lien mortgage transaction" means a first lien mortgage transaction in which: (1) the creditor permits the debtor to obtain advances from time to time; (2) the unpaid balances of principal, finance charges, and other appropriate charges are debited to an …

Sec. 39. "Tablefunded" means a transaction in which: (1) a person closes a first lien mortgage transaction in the person's own name as a mortgagee with funds provided by one (1) or more other persons; and (2) the transaction is assigned, not later than one (1) business day after …

Sec. 4. "Agricultural products" includes agricultural products, horticultural products, viticultural products, dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, any products raised or produced on farms, and any products processed or manufact…

Sec. 40. "Unique identifier" means a number or other identifier assigned by protocols established by the NMLSR. [Pre-2026 Revision Citation: 24-4.4-1-301(35).] As added by P.L.115-2026, SEC.97.

Sec. 5. "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. [Pre-2026 R…

Sec. 6. "Balloon payment", with respect to a mortgage transaction, means any payment: (1) that the creditor requires the debtor to make at any time during the term of the mortgage; (2) that represents the entire amount of the outstanding balance with respect to the mortgage; and …

Sec. 7. "Bona fide nonprofit organization" means an organization that does the following, as determined by the director, under criteria established by the director: (1) Maintains tax exempt status under Section 501(c)(3) of the Internal Revenue Code. (2) Promotes affordable housi…

Sec. 8. "Civil court" means any court in Indiana having jurisdiction of civil cases. [Pre-2026 Revision Citation: 24-4.4-3-115.] As added by P.L.115-2026, SEC.97.

Sec. 9. "Consumer credit sale" is a sale of goods, services, or an interest in land in which: (1) credit is granted by a person who engages as a seller in credit transactions of the same kind; (2) the buyer is a person other than an organization; (3) the goods, services, or inter…

Sec. 1. The definitions set forth in this chapter apply throughout this article: [Pre-2026 Revision Citation: 24-4.5-1-301.5.] As added by P.L.115-2026, SEC.97.

Sec. 10. "Consumer credit" means credit offered or extended to a consumer primarily for a personal, family, or household purpose. [Pre-2026 Revision Citation: 24-4.5-1-301.5(7).] As added by P.L.115-2026, SEC.97.

Sec. 10.5. "Consumer credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include: (1) insurance issued as an isolated transaction on the part of the insurer not related to a…

Sec. 11. "Consumer Credit Protection Act" refers to the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.), as amended, and includes both the Truth in Lending Simplification and Reform Act amendments (Public Law 96-221, Title VI, 94 Stat. 168) and any regulations issued unde…

Sec. 12. "Consumer credit sale" is a sale of goods, services, or an interest in land in which: (1) credit is granted by a person who regularly engages as a seller in credit transactions of the same kind; (2) the buyer is a person other than an organization; (3) the goods, service…

Sec. 12.5. "Consumer lease" means a lease of goods: (1) which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family, or household purpose; (2) in which the amount payable und…

Sec. 13. "Consumer loan" means a loan made by a person regularly engaged in the business of making loans in which: (1) the debtor is a person other than an organization; (2) the debt is primarily for a personal, family, or household purpose; (3) either the debt is payable in inst…

Sec. 13.3. "Consumer related loan" refers to a loan in which the following apply: (1) The loan is made by a person who is not regularly engaged as a lender in credit transactions of the same kind. (2) The debtor is a person other than an organization. (3) The debt is primarily fo…

Sec. 13.5. "Consumer related sale" means a sale of goods, services, or an interest in land in which: (1) credit is granted by a person that is not regularly engaged as a seller in credit transactions of the same kind; (2) the buyer is a person other than an organization; (3) the …

Sec. 14. "Credit" means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment. [Pre-2026 Revision Citation: 24-4.5-1-301.5(10).] As added by P.L.115-2026, SEC.97.