§ 23-2.5-2-1 — Loan broker regulation account

Indiana § 23-2.5-2-1

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 2.5: LOAN BROKERS
• Ch. 2: Loan Broker Regulation Account

Text

(a) The loan broker regulation account is
created in the state general fund. The money in the loan broker
regulation account may be used only for the regulation of loan brokers
and mortgage loan originators under this article.
(b) The loan broker regulation account shall be administered by the
treasurer of state. Except as provided in subsection (d), all fees and
funds accruing from the administration of this article shall be
accounted for by the commissioner and shall be deposited with the
treasurer of state who shall deposit them in the loan broker regulation
account in the state general fund.
(c) The money in the loan broker regulation account:
(1) is continuously appropriated for the purposes of this article;
and
(2) does not revert to any other account within the state general
fund at the end of a state fiscal year.
(d) All expenses incurred in the administration of this article shall
be paid from appropriations made from the state general fund.
However, costs of investigations incurred under this article shall be
paid from, and disgorgements of profits and civil penalties recovered
under this article shall be deposited in, the securities division
enforcement account established by IC 23-19-6-1(f). The funds in the
securities division enforcement account shall be available, with the
approval of the budget agency, to augment and supplement the funds
appropriated for the administration of this article.

Legislative History

As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.7.