Ind. Code ch. 23-2.5-5

Ind. Code ch. 23-2.5-5
in effect

Ind. Code § 23-2.5-5-1 Loan processing company notice filing

Sec. 1. Before engaging in loan processing activities, a loan processing company shall file, via the Nationwide Multistate Licensing System, a loan processing company notice filing. As added by P.L.175-2019, SEC.2.

Ind. Code § 23-2.5-5-2 Form and content of loan processing company notice filing

Sec. 2. A loan processing company notice filing must be made on a form prescribed by the commissioner and include all of the following: (1) The loan processing company's business name, address, and state of incorporation or business registration. (2) The names of the owners, officers, members, or partners who control the loan processing company. (3) The name of each individual who is employed by the loan processing company, including the unique identifier from the Nationwide Multistate Licensing System of each loan processor. (4) The name and license number of each loan broker who: (A) is licensed or required to be licensed under this article; and (B) engaged the loan processing company to perform loan processing activities during the preceding calendar year. (5) An attestation stating that each loan processor employed by the loan processing company has completed the education and examination requirements of a mortgage loan originator license under this article. (6) Consent to service of process as described in section 7 of this chapter. (7) An application fee of twenty-five dollars ($25). As added by P.L.175-2019, SEC.2. Amended by P.L.158-2022, SEC.2.

Ind. Code § 23-2.5-5-3 Loan processing company notice filing; annual renewal

Sec. 3. (a) A loan processing company notice filing described in section 2 of this chapter: (1) expires on December 31 of each year; and (2) must be refiled annually. (b) A loan processing company shall update and renew the loan processing company's notice filing before the date on which the loan processing company notice filing expires by resubmitting the information and fee set forth in section 2 of this chapter. (c) A loan processing company that engages in loan processing activities without filing or renewing a loan processing company notice filing as required by this chapter violates this article. As added by P.L.175-2019, SEC.2. Amended by P.L.158-2022, SEC.3.

Ind. Code § 23-2.5-5-4 Employment for loan processing activities; requirements

Sec. 4. A loan processing company may not employ an individual to engage in loan processing activities unless the individual: (1) has completed the education and examination requirements for a mortgage loan originator; and (2) is registered to conduct business in Indiana through the Nationwide Multistate Licensing System. As added by P.L.175-2019, SEC.2. Amended by P.L.205-2021, SEC.5.

Ind. Code § 23-2.5-5-5 Burden of proof of compliance

Sec. 5. A loan processing company bears the burden of showing that the loan processing company is in compliance with this chapter. As added by P.L.175-2019, SEC.2.

Ind. Code § 23-2.5-5-6 Loan processing company or loan processor violations

Sec. 6. (a) If the commissioner determines that a loan processing company or loan processor has violated this article, the commissioner may issue any notice or order determined by the commissioner to be in the public interest. (b) A notice or order issued by the commissioner under subsection (a): (1) may include remedies; and (2) must follow the procedural requirements; specified in IC 23-2.5-11. As added by P.L.175-2019, SEC.2.

Ind. Code § 23-2.5-5-7 Agent for service of process

Sec. 7. (a) A loan processing company shall, before engaging in loan processing activities, file with the commissioner on a form prescribed by the commissioner an irrevocable consent appointing the secretary of state as the loan processing company's agent to receive service of process in a noncriminal suit, action, or proceeding against the loan processing company arising from a violation of this article. (b) Service of process described in subsection (a) must be made in accordance with Indiana Rules of Trial Procedure. As added by P.L.175-2019, SEC.2.

Ind. Code § 23-2.5-5-8 Ceasing loan processing activities; requirements

Sec. 8. If a loan processing company ceases to engage in loan processing activities for any reason, the loan processing company shall do the following: (1) Before ceasing loan processing activities, arrange for the preservation and maintenance of the records described in IC 23-2.5-9-2 for the remainder of the two (2) year maintenance period required by IC 23-2.5-9-2. (2) Notify the commissioner of the exact physical address where the records will be maintained under subdivision (1). As added by P.L.175-2019, SEC.2.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/23Fetched: 10/17/2026