§ 24-5-23.6-7 — "Mortgage"

Indiana § 24-5-23.6-7

• Jurisdiction: Indiana
• Art. 5: CONSUMER SALES
• Ch. 23.6: Five Star Mortgages

Text

(a) As used in this chapter, "mortgage" means
a sale or loan, or the refinancing or consolidation of a sale or loan, in
which a first mortgage deed of (or another equivalent consensual
security interest) that constitutes a first lien, is created or retained
against land that is located in Indiana and upon which there is a
dwelling that is or will be used by the debtor primarily for personal,
family, or household purposes.
(b) The term includes any of the following that meets the conditions
set forth in subsection (a):
(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.
(c) The term does not include a land contract (as defined in IC 24-4.4-1-301(36)).

Legislative History

As added by P.L.115-2010, SEC.20. Amended by P.L.89-2011, SEC.22.