Indiana Creates Consumer Loan License

The Indiana Department of Financial Institutions recently began accepting applications for the Consumer Loan License.  Any entity engaging in consumer loan transactions under Ind. Code § 24-4.5-3 must obtain the license, and entities engaging in taking assignment of consumer loans or directly collecting consumer loan payments may also be required to obtain the license.

Entities holding a Consumer Loan License must submit a license transition request by filing a Company Form and Individual Form for each control person by October 31, 2021.  This license does not apply to entities offering small loans (also known as payday loans) or mortgage loans.