Indiana Code 24-5.5-4-4. Homeowner’s duty to repay amounts advanced before rescission
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Sec. 4. (a) If a homeowner rescinds a contract with a foreclosure consultant or a foreclosure reconveyance agreement, the homeowner shall, not later than thirty (30) days after the date of rescission, repay any amounts paid or advanced by:
(2) a person under a foreclosure reconveyance agreement.
(1) the foreclosure consultant or the foreclosure consultant’s agent under the terms of the foreclosure consulting contract; or
Terms Used In Indiana Code 24-5.5-4-4
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(b) A rescission by a homeowner under this chapter is void if the payments required under this section are not made within the time set forth in subsection (a).
As added by P.L.209-2007, SEC.2.