Indiana Amends Loan Broker Laws

Indiana recently amended sections of the Indiana Business Code that relate to the licensing and activities of loan brokers and loan processing companies.  The amendment removes the requirement that loan brokers file an application for license renewal at least 30 days before the license expires.  It also adds a requirement for a loan broker to provide to each party of the contract, at the time a contract for the loan broker’s services is signed, a written disclosure of any agreement entered into by the loan broker to procure loans exclusively from one lender, along with a copy of the signed contract.

Additionally, the requirements for a loan processing company notice filing were amended to include the names and NMLS identifiers of each employed loan processor and attest that each employed loan processor has completed the prescribed education and examination requirements.