Title 28, FINANCIAL INSTITUTIONS

Sec. 13. (a) The department may enforce this chapter and rules adopted under this chapter by taking one (1) or more of the following actions: (1) Order a debt management company or a director, employee, or other agent of a debt management company to cease and desist from any viol…

Sec. 14. Any applicant for a license aggrieved by a decision of the department pursuant to this chapter may file a petition for review as prescribed in IC 4-21.5. Except as otherwise provided, IC 4-21.5 applies to and governs all agency action taken by the department under this c…

Sec. 15. (a) As used in this section, "consumer" means an individual who seeks or obtains goods or services that are used primarily for personal, family, or household purposes. (b) As used in this section, "federal act" means the Electronic Signatures in Global and National Comme…

Sec. 16. Unless the department provides otherwise in a rule, the disclosures and documents required by this chapter must be in English. If a licensee communicates with a debtor primarily in a language other than English, the licensee shall furnish a translation of the disclosures…

Sec. 17. Unless a fee is specifically authorized under the chapter, a licensee may not solicit or accept a voluntary contribution from a contract debtor for any service provided to the contract debtor. As added by P.L.35-2010, SEC.139.

Sec. 18. (a) If a licensee delegates any of the licensee's duties or obligations under an agreement or this chapter to another person, including an independent contractor or a lead generator, the licensee is liable for any conduct of the person which, if done by the licensee, wou…

Sec. 2. The department shall adopt such rules and regulations as it deems advisable for the administration of this chapter, and to provide such forms and procedures as it determines to be necessary to carry out the provisions of such chapter. Formerly: Acts 1971, P.L.397, SEC.1; …

Sec. 3. (a) No person shall operate a debt management company in Indiana without having obtained a license from the department. For purposes of this section, a person is operating in Indiana if: (1) the person or any of the person's employees or agents are located in Indiana; or …

Sec. 3.1. (a) As used in this section, "control" means possession of the power directly or indirectly to: (1) direct or cause the direction of the management or policies of a licensee, whether through the beneficial ownership of voting securities, by contract, or otherwise; or (2…

Sec. 4. (a) The department may issue to a licensee an order to show cause why the licensee's license should not be revoked or suspended for a period determined by the department. (b) An order issued under subsection (a) must: (1) include: (A) a statement of the place, date, and t…

Sec. 4.1. (a) A license issued by the department under this chapter shall be revoked or suspended by the department if the licensee fails to: (1) file any renewal application prescribed by the director; or (2) pay any license renewal fee described under section 3 of this chapter;…

Sec. 4.5. After August 31, 1981, the department may not issue a license to any person who is an employee of, owner of, or affiliated in any way with a collection agency or a process serving business. Any person who was granted a license before September 1, 1981, is not affected b…

Sec. 5. (a) Every person doing business as a debt management company shall make application to the department for a license to engage in such business. Such application shall be in the form prescribed by the director and shall contain such information as the director may require.…

Sec. 5.5. (a) As used in this section, "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 af…

Sec. 6. (a) Each application for a license must be accompanied by proof that the applicant has executed a surety bond in accordance with this section. (b) A surety bond issued under this section must: (1) be in a form prescribed by the director; (2) be in effect during the term o…

Sec. 7.5. (a) This section applies if, after a person has been issued a license or renewal license under this chapter, any individuals described in section 5(b)(2), 5(b)(3), or 5(b)(4) of this chapter have been convicted of a felony under Indiana law or the laws of any other juri…

Sec. 7.7. (a) A licensee may not furnish debt management services to a debtor unless: (1) the licensee has prepared a budget analysis; and (2) if the debtor is to make regular, periodic payments, the licensee: (A) has prepared a plan for the debtor; (B) has made a determination, …

Sec. 8. (a) An agreement between a licensee and a debtor must: (1) be in a written form; (2) be dated and signed by the licensee and the debtor; (3) include the name of the debtor and the address where the debtor resides; (4) include the name, business address, and telephone numb…

Sec. 8.3. (a) Except as otherwise permitted by this section, a licensee may not: (1) impose, directly or indirectly, a fee or other charge on a debtor; or (2) receive money from or on behalf of a debtor for debt management services. (b) A licensee may not impose charges or receiv…

Sec. 8.8. (a) If a contract debtor fails to make a payment to a licensee within ninety (90) days after the date a payment is due under an agreement, the agreement may be considered canceled by the licensee unless: (1) one (1) or more creditors included in the contract debtor's pl…

Sec. 9. (a) All money paid to a licensee by or on behalf of an Indiana contract debtor for distribution to creditors under a plan shall be held in trust in a separate account maintained specifically for the benefit of the licensee's Indiana contract debtors. However, as an altern…

Sec. 9.5. (a) A licensee may not, directly or indirectly, do any of the following: (1) Misappropriate or misapply money held in trust. (2) Exercise or attempt to exercise a power of attorney after a contract debtor has terminated an agreement. (3) Initiate a transfer to or from a…

Sec. 9.7. A licensee: (1) may not use false, misleading, or deceptive advertising; and (2) shall meet the following conditions in advertising: (A) An advertisement may not include a statement that states or implies that no financial problem is too great for the licensee to solve.…