Indiana Code 23-2.5-8-1. Loan broker contract
Current as of: 2023 | Check for updates
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Sec. 1. (a) A contract for the services of a loan broker is not enforceable unless the contract is in writing and signed by each of the contracting parties.
(1) A copy of the signed contract.
(b) At the time a contract for the services of a loan broker is signed, the loan broker shall provide the following to each party to the contract:
Terms Used In Indiana Code 23-2.5-8-1
- Contract: A legal written agreement that becomes binding when signed.
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
(2) A written disclosure of any agreement entered into by the loan broker to procure loans exclusively from one (1) lender.
(c) A contract for the services of a loan broker must include the following statement:
“No statement or representation by a loan broker is valid or enforceable unless the statement or representation is in writing.”.
(d) This section does not apply to a contract that provides for the payment of referral fees by a lender or a third party.
As added by P.L.175-2019, SEC.2. Amended by P.L.158-2022, SEC.4.