§ 23-2.5-8-1 — Loan broker contract

Indiana § 23-2.5-8-1

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 2.5: LOAN BROKERS
• Ch. 8: Conduct of Business

Text

(a) A contract for the services of a loan broker
is not enforceable unless the contract is in writing and signed by each
of the contracting parties.
(b) At the time a contract for the services of a loan broker is signed,
the loan broker shall provide the following to each party to the contract:
(1) A copy of the signed contract.
(2) A written disclosure of any agreement entered into by the loan
broker to procure loans exclusively from one (1) lender.
(c) A contract for the services of a loan broker must include the
following statement:
"No statement or representation by a loan broker is valid or
enforceable unless the statement or representation is in writing.".
(d) This section does not apply to a contract that provides for the
payment of referral fees by a lender or a third party.

Legislative History

As added by P.L.175-2019, SEC.2. Amended by P.L.158-2022, SEC.4.