Sec. 1. (a) As used in this chapter, “closing agent” means a person that:

(1) closes an escrow transaction in connection with the purchase, sale, or financing of an interest in real estate; and

Terms Used In Indiana Code 27-7-3.7-1

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2) is required to be licensed as an insurance producer under IC 27-1-15.6.

     (b) The term does not include a lender or an employee of a lender that conducts a settlement or closing of a real estate secured loan provided by the lender in the office of the lender.

As added by P.L.92-2009, SEC.1.

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