Indiana Code 23-2.5-4-1. Loan broker license application requirements
(1) Consent to service of process under section 9 of this chapter.
Terms Used In Indiana Code 23-2.5-4-1
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fraud: Intentional deception resulting in injury to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Service of process: The service of writs or summonses to the appropriate party.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) An application fee of two hundred dollars ($200), plus one hundred dollars ($100) for each ultimate equitable owner.
(4) An affidavit affirming that none of the applicant’s ultimate equitable owners, directors, managers, or officers have been convicted, in any jurisdiction, of:
(A) a felony during the previous seven (7) years; or
(B) an offense involving fraud or deception that is punishable by at least one (1) year of imprisonment;
unless the affidavit is waived by the commissioner under subsection (b).
(5) Evidence that the applicant, if the applicant is an individual, has completed the education requirements under IC 23-2.5-6.
(6) The name and license number of each mortgage loan originator to be employed by the loan broker.
(7) The name and license number of each principal manager to be employed by the loan broker.
(8) The location of each loan broker office to be operated by the loan broker. If the loan broker operates only one (1) loan broker office or one (1) location at which mortgage loan origination activities occur, that location must be designated as the loan broker’s principal place of business.
(9) The name of the individual employed by the loan broker who will serve as branch manager for any branch office operated by the loan broker.
(10) For each ultimate equitable owner, the following information:
(A) The name of the ultimate equitable owner.
(B) The address of the ultimate equitable owner, including the home address of the ultimate equitable owner if the ultimate equitable owner is an individual.
(C) The telephone number of the ultimate equitable owner, including the home telephone number if the ultimate equitable owner is an individual.
(D) The ultimate equitable owner’s Social Security number and date of birth, if the ultimate equitable owner is an individual.
(b) Upon good cause shown, the commissioner may waive the requirements of subsection (a)(4) for one (1) or more of an applicant’s ultimate equitable owners, directors, managers, or officers.
As added by P.L.175-2019, SEC.2.