§ 5-28-29-18 — Loan enrollment; lender actions

(a) To enroll a loan under the program, the
lender must file a completed loan enrollment form with the corporation.
The lender must also certify the following to the corporation as part of
the filing:
(1) The lender has no substantial reason to believe that the loan
is being made to a borrower who does not meet the requirements
of section 3 of this chapter.
(2) The lender has received from the borrower a written
representation, warranty, pledge, and waiver stating that the
borrower has no legal, beneficial, or equitable interest in the
nonrefundable premium charges or any other funds credited to the
reserve fund established to cover losses sustained by the lender on
enrolled loans.
(3) The loan being filed for enrollment is an eligible loan under
section 17 of this chapter.
(4) Premium charges required of the borrower and lender under
this chapter have been deposited in the reserve fund.
(b) The lender shall file the loan enrollment form within ten (10)
business days after the lender makes the loan. The date on which the
lender makes a loan is the earlier of the date on which the lender first
disburses proceeds of the loan to the borrower or the date on which the
loan documents have been executed and the lender has obligated itself
to disburse proceeds of the loan. The filing date of a loan enrollment
form is the date on which the lender does any of the following:
(1) Delivers the required documentation to the corporation.
(2) Delivers the document to a professional courier service for
delivery to the corporation.
(3) Mails the document to the corporation by certified mail.

Legislative History

As added by P.L.162-2007, SEC.24.