Indiana Code 24-5-23.5-4. “Mortgage loan”
(b) The term includes the following:
Terms Used In Indiana Code 24-5-23.5-4
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) A loan described in IC 24-9-1-1, to the extent allowed under federal law.
(3) A first lien mortgage transaction (as defined in IC 24-4.4-1-301) subject to IC 24-4.4.
(4) A consumer credit sale subject to IC 24-4.5-2 in which a mortgage (or another equivalent consensual security interest) that constitutes a lien is created or retained against an interest in real property in Indiana.
(5) A consumer loan subject to IC 24-4.5-3 in which a mortgage (or another equivalent consensual security interest) that constitutes a lien is created or retained against an interest in real property in Indiana.
(6) A loan in which a mortgage (or another equivalent consensual security interest) that constitutes a lien is created or retained against land:
(A) that is located in Indiana;
(B) upon which there is a dwelling that is not or will not be used by the borrower primarily for personal, family, or household purposes; and
(C) that is classified as residential for property tax purposes.
The term includes a loan that is secured by land in Indiana upon which there is a dwelling that is purchased by or through the borrower for investment or other business purposes.
(c) The term does not include a land contract.
As added by P.L.52-2009, SEC.2. Amended by P.L.35-2010, SEC.88; P.L.89-2011, SEC.21; P.L.13-2013, SEC.66.