Indiana Removes Loan Broker Principal Manager Requirement

Indiana recently amended its loan broker law to remove the principal manager license and related provisions, effective July 1, 2024.  Currently, a principal manager is required for each loan broker licensee and office, and that person must hold a principal manager license, among other requirements.  A single principal manager could supervise up to five loan broker offices.

Under the amended law, instead of a licensed principal manager, a manager will need to be designated for each office, and the manager, while still required to be a licensed mortgage loan originator, will not be required to have a separate manager license.  The amended law also allows a manager to supervise up to five loan broker offices, but adds the limitation that these offices must all be under a single company.