Sec. 27. (a) The home ownership education account within the state general fund is established to support:

(1) home ownership education programs established under section 4(d) of this chapter;

Terms Used In Indiana Code 5-20-1-27

  • Authority: means the Indiana housing and community development authority created by section 3 of this chapter. See Indiana Code 5-20-1-2
  • 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
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligations: means any bonds or notes authorized to be issued by the authority under this chapter. See Indiana Code 5-20-1-2
  • 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.
  • State: means the state of Indiana. See Indiana Code 5-20-1-2
(2) mortgage foreclosure counseling and education programs established under IC 5-20-6-2; and

(3) programs conducted by one (1) or a combination of the following to facilitate settlement conferences in residential foreclosure actions under IC 32-30-10.5:

(A) The judiciary.

(B) Pro bono legal services agencies.

(C) Mortgage foreclosure counselors (as defined in IC 32-30-10.5-6).

(D) Other nonprofit entities certified by the authority under section 4(d) of this chapter.

The account is administered by the authority.

     (b) The home ownership education account consists of:

(1) court fees collected under IC 33-37-5-33 (before its expiration on July 1, 2017);

(2) civil penalties imposed and collected under:

(A) IC 6-1.1-12-43(g)(2)(B); or

(B) IC 27-7-3-15.5(f); and

(3) any civil penalties imposed and collected by a court for a violation of a court order in a foreclosure action under IC 32-30-10.5.

     (c) The expenses of administering the home ownership education account shall be paid from money in the account.

     (d) The treasurer of state shall invest the money in the home ownership education account not currently needed to meet the obligations of the account in the same manner as other public money may be invested.

As added by P.L.235-2005, SEC.91. Amended by P.L.181-2006, SEC.20; P.L.145-2008, SEC.7; P.L.105-2009, SEC.2; P.L.170-2011, SEC.3; P.L.231-2013, SEC.2; P.L.247-2015, SEC.1; P.L.72-2016, SEC.5.