§ 24-5.5-5-5 — Foreclosure purchasers; unfair conduct; prohibited representations and acts

Indiana § 24-5.5-5-5

• Jurisdiction: Indiana
• Art. 5.5: MORTGAGE RESCUE PROTECTION FRAUD
• Ch. 5: Limitations on Foreclosure Consultants and Foreclosure

Text

A foreclosure purchaser may not:
(1) enter into repurchase or lease terms as part of the foreclosure
reconveyance that are unfair or commercially unreasonable or
engage in any other unfair conduct;
(2) represent, directly or indirectly, that the:
(A) foreclosure purchaser is acting:
(i) as an adviser or a consultant; or
(ii) in any other manner on behalf of the homeowner;
(B) foreclosure purchaser is assisting the homeowner to save
the residence; or
(C) foreclosure purchaser is assisting the homeowner in
preventing a foreclosure if the result of the transaction is that
the homeowner will not complete a redemption of the property;
or
(3) until the homeowner's right to rescind or cancel the
foreclosure reconveyance agreement has expired:
(A) record any document, including an instrument or
conveyance, signed by the homeowner; or
(B) transfer to a third party or encumber, or purport to transfer
to a third party or encumber, any interest in the residential real
property in foreclosure.

Legislative History

As added by P.L.209-2007, SEC.2.