Indiana § 23-2.5-8-5 Loan broker records

Indiana Statutes

§ 23-2.5-8-5 — Loan broker records

Indiana § 23-2.5-8-5

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 2.5LOAN BROKERS

Ch. 8Conduct of Business

This text of Indiana § 23-2.5-8-5 (Loan broker records) 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 § 23-2.5-8-5 (2026).

Text

A loan broker shall maintain the following records, or the electronic equivalent of the following:

(1)A file for each borrower or prospective borrower that contains the following:

(A)The name and address of the borrower or prospective borrower.

(B)A copy of the signed loan broker agreement.

(C)A copy of any other paper or instrument used in connection with the loan broker agreement and signed by the borrower or prospective borrower.

(D)If a loan was obtained for the borrower, the name and address of the creditor.

(E)If a loan is accepted by the borrower, a copy of the loan agreement.

(F)The amount of the loan broker's fee paid by the borrower. If there is an unpaid balance, the status of any collection effort.

(2)All:

(A)receipts from or for the account of borrowers or prospective

Free access — add to your briefcase to read the full text and ask questions with AI

A loan broker shall maintain the following
records, or the electronic equivalent of the following:
(1) A file for each borrower or prospective borrower that contains
the following:
(A) The name and address of the borrower or prospective
borrower.
(B) A copy of the signed loan broker agreement.
(C) A copy of any other paper or instrument used in connection
with the loan broker agreement and signed by the borrower or
prospective borrower.
(D) If a loan was obtained for the borrower, the name and
address of the creditor.
(E) If a loan is accepted by the borrower, a copy of the loan
agreement.
(F) The amount of the loan broker's fee paid by the borrower. If
there is an unpaid balance, the status of any collection effort.
(2) All:
(A) receipts from or for the account of borrowers or prospective
borrowers; and
(B) disbursements to or for the account of borrowers or
prospective borrowers;
recorded so that the transactions are readily identifiable.
(3) A:
(A) general ledger, posted at least monthly; and
(B) trial balance sheet and profit and loss statement, prepared
within thirty (30) days of the date on which the commissioner
requests the information.
(4) A sample of:
(A) all advertisements, pamphlets, circulars, letters, articles,
Internet publications, or communications published:
(i) in a newspaper, magazine, or periodical; or
(ii) by other means of distribution;
(B) scripts of any recording, radio, or video announcement;
(C) any sales kits or literature; and
(D) any Internet communication distributed to at least ten (10)
persons;
used in the solicitation of borrowers.
(5) A report that:
(A) lists all residential mortgage loans originated by the loan
broker, including pending loans and loans that were not closed;
(B) is searchable by, or organized according to, the borrower's
or prospective borrower's last name; and
(C) includes the following information for each residential
mortgage loan listed:
(i) The name and address of the borrower or prospective
borrower.
(ii) The name of the creditor.
(iii) The name of the mortgage loan originator.
(iv) The loan amount.
(v) The status of the loan, including the date of closing or
denial by the creditor.
(vi) The interest rate for the loan.
The report required by this subdivision may be prepared or
produced by or through the loan broker's loan origination software
or other software used by the loan broker.