Indiana § 23-2.5-4-7 Mortgage loan originator license; effective only with employment;
transfer of license; notice of termination

Indiana Statutes

§ 23-2.5-4-7 — Mortgage loan originator license; effective only with employment; transfer of license; notice of termination

Indiana § 23-2.5-4-7

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 2.5LOAN BROKERS

Ch. 4License Issuance and Renewal

This text of Indiana § 23-2.5-4-7 (Mortgage loan originator license; effective only with employment; transfer of license; notice of termination) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 23-2.5-4-7 (2026).

Text

(a)The license of a mortgage loan originator is not effective during any period during which the mortgage loan originator is not employed by a loan broker that is licensed under this article.

(b)If a licensed mortgage loan originator seeks to transfer the licensee's license to another loan broker who desires to have the licensee act as a manager or mortgage loan originator, whichever applies, the licensee shall, before acting as a manager or mortgage loan originator for the new employer, submit to the commissioner, on a form prescribed by the commissioner, a license application required by section 3 of this chapter.

(c)If the employment of a manager or mortgage loan originator by a loan broker is terminated:

(1)voluntarily by the manager or mortgage loan originator; or

(2)by the loan

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(a) The license of a mortgage loan originator
is not effective during any period during which the mortgage loan
originator is not employed by a loan broker that is licensed under this
article.
(b) If a licensed mortgage loan originator seeks to transfer the
licensee's license to another loan broker who desires to have the
licensee act as a manager or mortgage loan originator, whichever
applies, the licensee shall, before acting as a manager or mortgage loan
originator for the new employer, submit to the commissioner, on a form
prescribed by the commissioner, a license application required by
section 3 of this chapter.
(c) If the employment of a manager or mortgage loan originator by
a loan broker is terminated:
(1) voluntarily by the manager or mortgage loan originator; or
(2) by the loan broker employing the manager or mortgage loan
originator;
the loan broker shall, not later than five (5) days after the date of the
termination, notify the commissioner of the termination and the reasons
for the termination.