§ 24-4.5-3-505 — Record keeping; use of unique identifier on forms and documents; use of examination and regulatory software; submitting call reports to NMLSR; composite reports; notice to department of certain events or changes

(1) Every creditor required to be licensed
under this article shall maintain records in conformity with United
States generally accepted accounting principles and practices, or in any
other form that may be preapproved at the discretion of the director, in
a manner that will enable the department to determine whether the
licensee is complying with the provisions of this article. The record
keeping system of a licensee shall be 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 located. The records
pertaining to any loan shall be retained for two (2) years after making
the final entry relating to the loan, but in the case of a revolving loan
account the two (2) years is measured from the date of each entry. A
person licensed or required to be licensed under this chapter is subject
to IC 28-1-2-30.5 with respect to any records maintained by the person.
A person that is exempt (either under this article or under IC 24-4.4-1-202(b)(8)) from licensing and that 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:
(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 that engages in mortgage transactions shall use
automated examination and regulatory software designated by the
director, including third party software. Use of the software consistent
with guidance documents and policies issued by the director is not a
violation of IC 28-1-2-30.
(4) Each:
(a) creditor that is licensed by the department to engage in
mortgage transactions; and
(b) person that is exempt (either under this article or under IC 24-4.4-1-202(b)(8)) 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 a call report, which must be in the form
and contain information the NMLSR requires.
(5) Every creditor required to be licensed under this article shall file
with the department a composite report as required by the department,
but not more frequently than annually, in the form prescribed by the
department relating to all consumer loans made by the licensee. The
department shall consult with comparable officials in other states for
the purpose of making the kinds of information required in the reports
uniform among the states. Information contained in the reports shall be
confidential and may be published only in composite form. The
department may impose a fee in an amount fixed by the department
under IC 28-11-3-5 for each day that a creditor fails to file the report
required by this subsection.
(6) A creditor required to be licensed under this article shall file
notification with the department if the licensee:
(a) has a change in name, address, or 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 licensee's activities;
not later than thirty (30) days after the date of the event described in
this subsection.
(7) Every 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.
Formerly: Acts 1971, P.L.366, SEC.4. As amended by
P.L.14-1992, SEC.35; P.L.122-1994, SEC.26; P.L.45-1995, SEC.12;
P.L.172-1997, SEC.5; P.L.63-2001, SEC.3 and P.L.134-2001, SEC.3;
P.L.213-2007, SEC.12; P.L.217-2007, SEC.11; P.L.90-2008, SEC.11;
P.L.35-2010, SEC.60; P.L.27-2012, SEC.23; P.L.103-2014, SEC.7;
P.L.69-2018, SEC.22; P.L.197-2023, SEC.13.