§ 24-4.4-2-401 — License required; registration with NMLSR; licensed mortgage loan originators; loan processor or underwriting activities; applications for licensure; director's authority to contract with NMLSR

Indiana § 24-4.4-2-401

• Jurisdiction: Indiana
• Art. 4.4: FIRST LIEN MORTGAGE LENDING
• Ch. 2: Miscellaneous

Text

(1) Unless a person subject to this article
has first obtained a mortgage license from the department and annually
maintains the license, the person shall not engage in Indiana as a
creditor in first lien mortgage transactions. A separate mortgage license
is required for each legal entity that engages in Indiana as a creditor in
first lien mortgage transactions. However, a separate mortgage license
is not required for each branch of a legal entity licensed by the
department.
(2) Each:
(a) creditor licensed by the department to engage in mortgage
transactions; and
(b) person exempt from licensing that:
(i) employs a licensed mortgage loan originator; or
(ii) sponsors a licensed mortgage loan originator as permitted
by IC 24-4.4-1-202(b)(8) or by 750 IAC 9;
shall register with and maintain a valid unique identifier issued by the
NMLSR. Each licensed mortgage loan originator must be employed by,
or sponsored as permitted by IC 24-4.4-1-202(b)(8) or by 750 IAC 9,
and associated with, a licensed creditor (or a person exempt from
licensing) that is registered with the NMLSR.
(3) An individual engaging solely in loan processor or underwriter
activities shall not represent to the public, through advertising or other
means of communicating or providing information, including the use
of business cards, stationery, brochures, signs, rate lists, or other
promotional items, that the individual can or will perform any of the
activities of a mortgage loan originator. An individual who:
(a) is licensed as a mortgage loan originator under this article and
750 IAC 9-3; and
(b) is sponsored by a person, as permitted by IC 24-4.4-1-202(b)(8), to engage solely as a third party loan
processor or underwriter;
is subject to the prohibition set forth in this subsection with respect to
the individual's engagement under the sponsorship.
(4) Applicants for a mortgage license must apply for the license in
the form prescribed by the director. Each form:
(a) must contain content as set forth by rule, instruction, or
procedure of the director; and
(b) may be changed or updated as necessary by the director to
carry out the purposes of this article.
(5) To fulfill the purposes of this article, the director may establish
relationships or contracts with the NMLSR or other entities designated
by the NMLSR to:
(a) collect and maintain records; and
(b) process transaction fees or other fees related to licensees or
other persons subject to this article.
(6) For the purpose of participating in the NMLSR, the director or
the department may:
(a) waive or modify, in whole or in part, by rule or order, any of
the requirements of this article; and
(b) establish new requirements as reasonably necessary to
participate in the NMLSR.

Legislative History

As added by P.L.145-2008, SEC.20. Amended by P.L.35-2010, SEC.11; P.L.89-2011, SEC.7; P.L.103-2014, SEC.2; P.L.69-2018, SEC.4; P.L.197-2023, SEC.4.