Indiana Department of Financial Institutions Publishes Consumer Credit Fees

The Indiana Department of Financial Institutions published the new schedule of consumer credit fees.  The fee schedule is effective from July 1, 2018 to June 30, 2019. The new schedule is promulgated in accordance with The Indiana Financial Institutions Act, mandating that the Department “shall fix and collect, on an annual basis, a schedule of fees for the services rendered and the duties performed by the department in the administration of financial institutions.”

The fee schedule includes fees for, among others, licensed mortgage lenders, under the First Lien Mortgage Lending Act; licensed lenders, under the Uniform Consumer Credit Code; small loan licensed lenders, under the Uniform Consumer Credit Code; debt management companies, under the Financial Institutions Act; and mortgage loan originators, under the Mortgage Lenders and Originators Regulation.  Fees for these entities include an application fee, renewal fee, renewal late fee, hourly exam fee, and late exam fee payment.

As compared to the consumer credit fees effective from July 1, 2017 to June 30, 2018, the Department made the following four changes.  First, the renewal fee for pawnbroking is now due on December 31 of each year, instead of June 1 of each year.  Second, the renewal fee for check cashers is now due on December 31 of each year, instead of August 1 of each year.  Third, the fees for GAP administrators (application fee, renewal fee, renewal late fee, and hourly exam fee) have been removed.  Fourth, the fees for debt cancellation programs (application fee, renewal fee, renewal late fee, and hourly exam fee) have been removed.