Indiana Code 23-2.5-3-2. Principal manager license required; mortgage loan originator license required
Current as of: 2023 | Check for updates
|
Other versions
Sec. 2. (a) An individual may not act as a principal manager in Indiana unless the individual first obtains a:
(2) principal manager license from the commissioner.
(1) unique identifier from the Nationwide Multistate Licensing System; and
Terms Used In Indiana Code 23-2.5-3-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
(b) An individual may not act as a mortgage loan originator in Indiana unless the individual first obtains a:
(1) unique identifier from the Nationwide Multistate Licensing System; and
(2) mortgage loan originator license from the commissioner.
(c) An individual desiring to act as a principal manager or mortgage loan originator on behalf of a loan broker shall apply to the commissioner for a principal manager license or a mortgage loan originator license under this article, as applicable.
As added by P.L.175-2019, SEC.2.