(1)Every licensee shall maintain records
in a manner that will enable the department to determine whether the
licensee is complying with this article. The record keeping system of
a licensee is sufficient if the licensee makes the required information
reasonably available. The department shall determine the sufficiency
of the records and whether the licensee has made the required
information reasonably available. The department shall be given free
access to the records wherever the records are located. Records
concerning any first lien mortgage transaction shall be retained for two
(2)years after the making of the final entry relating to the transaction,
but in the case of a revolving first lien mortgage transaction, the two (2)
years required under this subsection is measured from the d
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(1) Every licensee shall maintain records
in a manner that will enable the department to determine whether the
licensee is complying with this article. The record keeping system of
a licensee is sufficient if the licensee makes the required information
reasonably available. The department shall determine the sufficiency
of the records and whether the licensee has made the required
information reasonably available. The department shall be given free
access to the records wherever the records are located. Records
concerning any first lien mortgage transaction shall be retained for two
(2) years after the making of the final entry relating to the transaction,
but in the case of a revolving first lien mortgage transaction, the two (2)
years required under this subsection is measured from the date of each
entry relating to the transaction. A person that voluntarily registers with
the department under IC 24-4.4-1-202(b)(8) for the purpose of
sponsoring licensed mortgage loan originators shall:
(a) cooperate with the department; and
(b) provide access to records and documents;
as required by the department in carrying out examinations of the
activities of the licensed mortgage loan originators sponsored by the
person.
(2) The unique identifier of any person originating a mortgage
transaction must be clearly shown on all mortgage transaction
application forms and any other documents as required by the director.
(3) Every licensee shall use automated examination and regulatory
software designated by the director, including third party software. Use
of the software consistent with guidance and policies issued by the
director is not a violation of IC 28-1-2-30.
(4) Each:
(a) creditor licensed to engage in mortgage transactions by the
department; and
(b) person that is exempt from licensing and that:
(i) employs one (1) or more licensed mortgage loan originators;
or
(ii) sponsors one (1) or more licensed mortgage loan originators
as permitted by IC 24-4.4-1-202(b)(8) or by 750 IAC 9;
shall submit to the NMLSR reports of condition, which must be in a
form and must contain information as required by the NMLSR.
(5) Each:
(a) creditor licensed by the department to engage in mortgage
transactions; and
(b) person that is exempt from licensing and that:
(i) employs one (1) or more licensed mortgage loan originators;
or
(ii) sponsors one (1) or more licensed mortgage loan originators
as permitted by IC 24-4.4-1-202(b)(8) or by 750 IAC 9;
shall file with the department additional financial statements relating
to all first lien mortgage transactions originated by the licensed creditor
or the exempt person as required by the department, but not more
frequently than annually, in the form prescribed by the department.
(6) A licensed creditor shall file notification with the department if
the licensee:
(a) has a change in name, address, or any of its principals;
(b) opens a new branch, closes an existing branch, or relocates an
existing branch;
(c) files for bankruptcy or reorganization; or
(d) is subject to revocation or suspension proceedings by a state
or governmental authority with regard to the licensed creditor's
activities;
not later than thirty (30) days after the date of the event described in
this subsection.
(7) A licensee shall file notification with the department if the
licensee or any director, executive officer, or manager of the licensee
has been convicted of a felony under the laws of Indiana or any other
jurisdiction. The licensee shall file the notification required by this
subsection not later than thirty (30) days after the date of the event
described in this subsection.
(8) A licensee shall file notification with the department if the
licensee or any director, executive officer, or manager of the licensee
has had the person's authority to do business in the securities,
commodities, banking, financial services, insurance, real estate, or real
estate appraisal industry revoked or suspended by Indiana or by any
other state, federal, or foreign governmental agency or self regulatory
organization. The licensee shall file the notification required by this
subsection not later than thirty (30) days after the date of the event
described in this subsection.