§ 24-5-23.5-4 — "Mortgage loan"

Indiana § 24-5-23.5-4

• Jurisdiction: Indiana
• Art. 5: CONSUMER SALES
• Ch. 23.5: Real Estate Appraisals

Text

(a) As used in this chapter, "mortgage loan"
means a loan in which a mortgage (or another equivalent consensual
security interest) that constitutes a lien is created or retained against an
interest in real property in Indiana.
(b) The term includes the following:
(1) A home loan subject to IC 24-9.
(2) A loan described in IC 24-9-1-1, to the extent allowed under
federal law.
(3) A first lien mortgage transaction (as defined in IC 24-4.4-1-301) subject to IC 24-4.4.
(4) A consumer credit sale subject to IC 24-4.5-2 in which a
mortgage (or another equivalent consensual security interest) that
constitutes a lien is created or retained against an interest in real
property in Indiana.
(5) A consumer loan subject to IC 24-4.5-3 in which a mortgage
(or another equivalent consensual security interest) that
constitutes a lien is created or retained against an interest in real
property in Indiana.
(6) A loan in which a mortgage (or another equivalent consensual
security interest) that constitutes a lien is created or retained
against land:
(A) that is located in Indiana;
(B) upon which there is a dwelling that is not or will not be
used by the borrower primarily for personal, family, or
household purposes; and
(C) that is classified as residential for property tax purposes.
The term includes a loan that is secured by land in Indiana upon
which there is a dwelling that is purchased by or through the
borrower for investment or other business purposes.
(c) The term does not include a land contract.

Legislative History

As added by P.L.52-2009, SEC.2. Amended by P.L.35-2010, SEC.88; P.L.89-2011, SEC.21; P.L.13-2013, SEC.66.