§ 23-2.5-11-1 — Permissive actions; denial of licensure application or renewal; suspension; revocation

Indiana § 23-2.5-11-1

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 2.5: LOAN BROKERS
• Ch. 11: Violations and Civil Enforcement

Text

The commissioner may deny an application
for an initial or a renewal license under this article, and may suspend
or revoke the license of a licensee, if the applicant, the licensee, or an
ultimate equitable owner of a loan broker or an applicant for a loan
broker license:
(1) has, within the most recent ten (10) years:
(A) been the subject of an adjudication or a determination by:
(i) a court with jurisdiction; or
(ii) an agency or administrator that regulates securities,
commodities, banking, financial services, insurance, real
estate, or the real estate appraisal industry;
in Indiana or any other jurisdiction; and
(B) been found, after notice and opportunity for hearing, to
have violated the securities, commodities, banking, financial
services, insurance, real estate, or real estate appraisal laws of
the state or any other jurisdiction;
(2) except as provided in section 2(1) of this chapter with respect
to the activities of a loan broker, has:
(A) been denied the right to do business in the securities,
commodities, banking, financial services, insurance, real estate,
or real estate appraisal industry; or
(B) had the person's authority to do business in the securities,
commodities, banking, financial services, insurance, real estate,
or real estate appraisal industry revoked or suspended;
by the state or another state, federal, or foreign governmental
agency or self-regulatory organization;
(3) is insolvent;
(4) has violated this article;
(5) has knowingly filed with the commissioner a document or
statement that:
(A) contains a false representation of a material fact;
(B) fails to state a material fact; or
(C) contains a representation that becomes false:
(i) after the filing; and
(ii) during the term of the license;
and does not notify the commissioner as required by IC 23-2.5-4-8;
(6) has been convicted, during the ten (10) years preceding the
date of the application, renewal, or review, of a crime, other than
a felony, involving fraud or deceit;
(7) if the person is a loan broker, has failed to reasonably
supervise the person's mortgage loan originators, loan processors
or underwriters, or employees to ensure compliance with this
article;
(8) is on the most recent tax warrant list supplied to the
commissioner by the department of state revenue;
(9) has engaged in dishonest or unethical practices, as determined
by the commissioner; or
(10) has, after receiving a request from the securities division for
additional documentation or information in connection with an
application for an initial or renewal license, failed to properly
respond to the request within thirty (30) days after the date on
which the person receives the request.

Legislative History

As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.28.