Indiana § 24-5.5-5-2 Foreclosure consultants; prohibited acts

Indiana Statutes

§ 24-5.5-5-2 — Foreclosure consultants; prohibited acts

Indiana § 24-5.5-5-2

Art. 5.5MORTGAGE RESCUE PROTECTION FRAUD

Ch. 5Limitations on Foreclosure Consultants and Foreclosure

This text of Indiana § 24-5.5-5-2 (Foreclosure consultants; prohibited acts) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 24-5.5-5-2 (2026).

Text

In addition to any prohibitions that apply under IC 24-5-15-1 through IC 24-5-15-8, a foreclosure consultant may not:

(1)enter into or attempt to enter into a foreclosure consultant contract with a homeowner unless the foreclosure consultant first provides the homeowner written notice of the homeowner's rights under this article;

(2)demand or receive compensation until after the foreclosure consultant has fully performed all services the foreclosure consultant contracted to perform or represented that the foreclosure consultant would perform, unless the foreclosure consultant complies with the security requirements under IC 24-5-15-8;

(3)demand or receive a fee, interest, or any other compensation that exceeds eight percent (8%) per year of the amount of any loan that the foreclosure co

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In addition to any prohibitions that apply
under IC 24-5-15-1 through IC 24-5-15-8, a foreclosure consultant may
not:
(1) enter into or attempt to enter into a foreclosure consultant
contract with a homeowner unless the foreclosure consultant first
provides the homeowner written notice of the homeowner's rights
under this article;
(2) demand or receive compensation until after the foreclosure
consultant has fully performed all services the foreclosure
consultant contracted to perform or represented that the
foreclosure consultant would perform, unless the foreclosure
consultant complies with the security requirements under IC 24-5-15-8;
(3) demand or receive a fee, interest, or any other compensation
that exceeds eight percent (8%) per year of the amount of any
loan that the foreclosure consultant makes to the homeowner;
(4) take a wage assignment, a lien of any type on real or personal
property, or any other security to secure the payment of
compensation;
(5) receive consideration from a third party in connection with
foreclosure consulting services provided to a homeowner unless
the consideration is first fully disclosed in writing to the
homeowner;
(6) acquire any interest, directly or indirectly, in residential real
property in foreclosure from a homeowner with whom the
foreclosure consultant has contracted;
(7) except to inspect documents as provided by law, take any
power of attorney from a homeowner for any purpose;
(8) execute any contract or agreement with a homeowner or
receive money or other valuable consideration from a homeowner
without providing the homeowner with the written statement
required by IC 24-5-15-6; or
(9) fail to provide a homeowner with a written contract that
includes the notice of cancellation required by IC 24-5-15-7.