§ 24-9-2-10 — "Points and fees"

Indiana § 24-9-2-10

• Jurisdiction: Indiana
• Art. 9: HOME LOAN PRACTICES
• Ch. 2: Definitions

Text

(a) Except as provided in subsection (b),
"points and fees" means the total of the following:
(1) Points and fees (as defined in 12 CFR 226.32(b)(1) on January
1, 2004).
(2) All compensation paid directly or indirectly to a mortgage
broker, including a broker that originates a loan in the broker's
own name.
As used in subdivision (2), "compensation" does not include a payment
included in subdivision (1).
(b) The term does not include the following:
(1) Bona fide discount points.
(2) An amount not to exceed one and one-half (1 1/2) points in
indirect broker compensation, if the terms of the loan do not
include:
(A) a prepayment penalty, in the case of a home loan described
in IC 24-9-3-6(b); or
(B) a prepayment penalty that exceeds two percent (2%) of the
home loan principal, in the case of a home loan other than a
home loan described in IC 24-9-3-6(b).
(3) Reasonable fees paid to an affiliate of the creditor.
(4) Interest prepaid by the borrower for the month in which the
home loan is closed.

Legislative History

As added by P.L.73-2004, SEC.33. Amended by P.L.52-2009, SEC.5.