Indiana Code 24-5-23.6-1. “Creditor”
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Sec. 1. (a) As used in this chapter, “creditor” means:
(A) that engages in Indiana in the extension of mortgages that are subject to a credit service charge or loan finance charge, as applicable, or are payable by written agreement in more than four (4) installments (not including a down payment); and
(1) a person:
Terms Used In Indiana Code 24-5-23.6-1
- Contract: A legal written agreement that becomes binding when signed.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: means a sale or loan, or the refinancing or consolidation of a sale or loan, in which a first mortgage deed of (or another equivalent consensual security interest) that constitutes a first lien, is created or retained against land that is located in Indiana and upon which there is a dwelling that is or will be used by the debtor primarily for personal, family, or household purposes. See Indiana Code 24-5-23.6-7
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(B) to whom the obligation arising from a mortgage is initially payable, either on the face of the note or contract, or by agreement if there is not a note or contract; or
(2) a person who brokers a mortgage, including a person who:
(A) directly or indirectly solicits, processes, places, or negotiates mortgages for others;
(B) offers to solicit, process, place, or negotiate mortgages for others; or
(C) closes mortgages that may be in the person’s own name with funds provided by others and that are thereafter assigned to the person providing funding for the mortgages.
(b) The term does not include a person described in IC 24-9-2-6(b).
As added by P.L.115-2010, SEC.20.