§ 24-5-23.6-1 “Creditor”
§ 24-5-23.6-2 “Debtor”
§ 24-5-23.6-3 “Department”
§ 24-5-23.6-4 “Dwelling”
§ 24-5-23.6-5 “Five star mortgage lender”
§ 24-5-23.6-6 “Indiana customer”
§ 24-5-23.6-7 “Mortgage”
§ 24-5-23.6-8 “Program”
§ 24-5-23.6-9 Five star mortgage program established; guidelines; requirements; certifications; fees; investigations; enforcement

Terms Used In Indiana Code > Title 24 > Article 5 > Chapter 23.6 - Five Star Mortgages

  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • creditor: means :

    Indiana Code 24-5-23.6-1

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • department: refers to the department of financial institutions established by IC 28-11-1-1. See Indiana Code 24-5-23.6-3
  • dwelling: means a residential structure that is located in Indiana and that contains one (1) to four (4) units, regardless of whether the structure is permanently attached to real property. See Indiana Code 24-5-23.6-4
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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
  • five star mortgage lender: means a creditor that:

    Indiana Code 24-5-23.6-5

  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Fraud: Intentional deception resulting in injury to another.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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.
  • program: refers to the five star mortgage program established by section 9 of this chapter. See Indiana Code 24-5-23.6-8