Indiana Code 24-9-4-9. Payments to home improvement contractors
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Sec. 9. A creditor may not pay a contractor under a home improvement contract from the proceeds of a high cost home loan unless:
(2) the instrument is payable to the borrower or jointly to the borrower and the contractor or, at the election of the borrower, through a third party escrow agent under a written agreement signed by the borrower, the creditor, and the contractor before the disbursement.
(1) the creditor is presented with a signed and dated completion certificate showing that the home improvements have been completed; and
Terms Used In Indiana Code 24-9-4-9
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
As added by P.L.73-2004, SEC.33.