Sec. 6. If an individual who has been issued a principal manager license or mortgage loan originator license under this article, or a license or registration issued by another state or jurisdiction allowing the individual to perform mortgage loan origination activities:

(1) allows the individual’s license or registration to lapse; or

Terms Used In Indiana Code 23-2.5-6-6

  • 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
(2) otherwise has not been a registered mortgage loan originator, issued a mortgage loan originator license, issued a principal manager license, or otherwise maintained a license or registration to perform mortgage loan origination activities;

for a period of at least five (5) years, the individual must pass the written examination required by this chapter as a condition of relicensure or reregistration.

As added by P.L.175-2019, SEC.2.