Indiana § 24-9-4-9 Payments to home improvement contractors

Indiana Statutes

§ 24-9-4-9 — Payments to home improvement contractors

Indiana·Art. 9 HOME LOAN PRACTICES·Ch. 4 Additional Prohibitions for High Cost Home Loans

A creditor may not pay a contractor under a home improvement contract from the proceeds of a high cost home loan unless:

(1)the creditor is presented with a signed and dated completion certificate showing that the home improvements have been completed; and

(2)the instrument is payable to the borrower or jointly to the borrower and the contractor or, at the election of the borrower, through a third party escrow agent under a written agreement signed by the borrower, the creditor, and the contractor before the disbursement.

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A creditor may not pay a contractor under a
home improvement contract from the proceeds of a high cost home
loan unless:
(1) the creditor is presented with a signed and dated completion
certificate showing that the home improvements have been
completed; and
(2) the instrument is payable to the borrower or jointly to the
borrower and the contractor or, at the election of the borrower,
through a third party escrow agent under a written agreement
signed by the borrower, the creditor, and the contractor before the
disbursement.

Indiana § 24-9-4-9 (Payments to home improvement contractors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.