Ind. Code ch. 37-2-2

Ind. Code ch. 37-2-2
in effect

Ind. Code § 37-2-2-1 Application of definitions

Sec. 1. The definitions set forth in this chapter apply throughout this article: [Pre-2026 Revision Citation: 24-4.5-1-301.5.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-2 "Affiliate"

Sec. 2. "Affiliate", with respect to any person subject to this article, means a person that, directly or indirectly, through one (1) or more intermediaries: (1) controls; (2) is controlled by; or (3) is under common control with; the person subject to this article. [Pre-2026 Revision Citation: 24-4.5-1-301.5(1).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-2.5 "Amount financed"

Sec. 2.5. "Amount financed" means the total of the following to the extent that payment is deferred: (1) The cash price of the goods, services, or interest in land less the amount of down payment whether made in cash or property. (2) The amount actually paid or to be paid by the seller pursuant to an agreement with the buyer to discharge a security interest or lien on property traded in. (3) If not included in the cash price: (A) any applicable sales, use, excise or documentary fees; (B) amounts actually paid or to be paid by the seller for registration, certificate of title, or license fees; and (C) additional charges permitted by IC 37-2-3-5. [Pre-2026 Revision Citation: 24-4.5-2-111.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-3 "Agreement"

Sec. 3. "Agreement" means the bargain of the parties in fact as found in their language or by implication from other circumstances, including course of dealing or usage of trade or course of performance. [Pre-2026 Revision Citation: 24-4.5-1-301.5(2).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-4 "Agricultural purpose"

Sec. 4. "Agricultural purpose" means a purpose related to the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a natural person who cultivates, plants, propagates, or nurtures the agricultural products. "Agricultural products" includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any and all products raised or produced on farms and any processed or manufactured products thereof. [Pre-2026 Revision Citation: 24-4.5-1-301.5(3).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-5 "Average daily balance"

Sec. 5. "Average daily balance" means the sum of each of the daily balances in a billing cycle divided by the number of days in the billing cycle, and if the billing cycle is a month, the creditor may elect to treat the number of days in each billing cycle as thirty (30). [Pre-2026 Revision Citation: 24-4.5-1-301.5(4).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-6 "Balloon payment"

Sec. 6. "Balloon payment", with respect to a mortgage transaction, means any payment that: (1) the creditor requires the debtor to make at any time during the term of the mortgage; (2) represents the entire amount of the outstanding balance with respect to the mortgage; and (3) the entire amount of which is due as of a specified date or at the end of a specified period; if the aggregate amount of the minimum periodic payments required under the mortgage would not fully amortize the outstanding balance by the specified date or at the end of the specified period. The term does not include a payment required by a creditor under a due-on-sale clause (as defined in 12 U.S.C. 1701j-3(a)) or a payment required by a creditor under a provision in the mortgage that permits the creditor to accelerate the debt upon the debtor's default or failure to abide by the material terms of the mortgage. [Pre-2026 Revision Citation: 24-4.5-1-202(a).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-7 "Bona fide nonprofit organization"

Sec. 7. "Bona fide nonprofit organization" means an organization that does the following, as determined by the director under criteria established by the director: (1) Maintains tax exempt status under Section 501(c)(3) of the Internal Revenue Code. (2) Promotes affordable housing or provides home ownership education or similar services. (3) Conducts the organization's activities in a manner that serves public or charitable purposes. (4) Receives funding and revenue and charges fees in a manner that does not encourage the organization or the organization's employees to act other than in the best interests of the organization's clients. (5) Compensates the organization's employees in a manner that does not encourage employees to act other than in the best interests of the organization's clients. (6) Provides to, or identifies for, debtors mortgage transactions with terms that are favorable to the debtor (as described in IC 37-2-1-10(15)) and comparable to mortgage transactions and housing assistance provided under government housing assistance programs. (7) Maintains certification by the United States Department of Housing and Urban Development or employs counselors who are certified by the Indiana housing and community development authority. [Pre-2026 Revision Citation: 24-4.5-1-301.5(45).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-7.5 "Cash price"

Sec. 7.5. "Cash price" means the price at which the goods, services, or interest in land are offered for sale by the seller to cash buyers in the ordinary course of business, and may include: (1) applicable sales, use, and excise and documentary fees; (2) the cash price of accessories or related services such as delivery, installation, servicing, repairs, alterations, service contracts, and improvements; and (3) amounts actually paid or to be paid by the seller for registration, certificate of title, or license fees. [Pre-2026 Revision Citation: 24-4.5-2-110 (definition).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-7.7 "Civil court"

Sec. 7.7. "Civil court" means any court of Indiana having civil jurisdiction. [Pre-2026 Revision Citation: 24-4.5-6-117.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-8 "Closing costs"

Sec. 8. "Closing costs" with respect to a subordinate lien mortgage transaction includes: (1) fees or premiums for title examination, title insurance, or similar purposes, including surveys; (2) fees for preparation of a deed, settlement statement, or other documents; (3) escrows for future payments of taxes and insurance; (4) fees for notarizing deeds and other documents; (5) appraisal fees; and (6) fees for credit reports. [Pre-2026 Revision Citation: 24-4.5-1-301.5(5).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-9 "Conspicuous"

Sec. 9. "Conspicuous" refers to a term or clause when it is so written that a reasonable person against whom it is to operate ought to have noticed it. [Pre-2026 Revision Citation: 24-4.5-1-301.5(6).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-10 "Consumer credit"

Sec. 10. "Consumer credit" means credit offered or extended to a consumer primarily for a personal, family, or household purpose. [Pre-2026 Revision Citation: 24-4.5-1-301.5(7).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-10.5 "Consumer credit insurance"

Sec. 10.5. "Consumer credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include: (1) insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring debtors of the creditor; or (2) insurance indemnifying the creditor against loss due to the debtor's default. [Pre-2026 Revision Citation: 24-4.5-4-103.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-11 "Consumer Credit Protection Act"

Sec. 11. "Consumer Credit Protection Act" refers to the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.), as amended, and includes both the Truth in Lending Simplification and Reform Act amendments (Public Law 96-221, Title VI, 94 Stat. 168) and any regulations issued under those laws. However, the department may otherwise define this term by rule issued in accordance with IC 37-2-7-7. [Pre-2026 Revision Citation: 24-4.5-1-302.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-12 "Consumer credit sale"

Sec. 12. "Consumer credit sale" is a sale of goods, services, or an interest in land in which: (1) credit is granted by a person who regularly engages as a seller in credit transactions of the same kind; (2) the buyer is a person other than an organization; (3) the goods, services, or interest in land are purchased primarily for a personal, family, or household purpose; (4) either the debt is payable in installments or a credit service charge is made; and (5) with respect to a sale of goods or services, either: (A) the amount of credit extended, the written credit limit, or the initial advance does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); or (B) the debt is secured by personal property used or expected to be used as the principal dwelling of the buyer. Unless the sale is made subject to this article by agreement under IC 37-2-3-29, "consumer credit sale" does not include a sale in which the seller allows the buyer to purchase goods or services pursuant to a lender credit card or similar arrangement or, except as provided with respect to disclosure (IC 37-2-3-13), debtors' remedies (IC 37-2-6-8), providing payoff amounts (IC 37-2-3-11), and powers and functions of the department (IC 37-2-7), a sale of an interest in land which is a first lien mortgage transaction. [Pre-2026 Revision Citation: 24-4.5-1-301.5(8).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-12.5 "Consumer lease"

Sec. 12.5. "Consumer lease" means a lease of goods: (1) which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family, or household purpose; (2) in which the amount payable under the lease does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); and (3) which is for a term exceeding four (4) months. The term does not include a lease made pursuant to a lender credit card or similar arrangement. [Pre-2026 Revision Citation: 24-4.5-2-106.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-13 "Consumer loan"

Sec. 13. "Consumer loan" means a loan made by a person regularly engaged in the business of making loans in which: (1) the debtor is a person other than an organization; (2) the debt is primarily for a personal, family, or household purpose; (3) either the debt is payable in installments or a loan finance charge is made; and (4) either: (A) the amount of credit extended, the written credit limit, or the initial advance does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); or (B) the debt is secured by an interest in land or by personal property used or expected to be used as the principal dwelling of the debtor. Except as described in IC 37-2-4-2, the term does not include a first lien mortgage transaction. [Pre-2026 Revision Citation: 24-4.5-1-301.5(9).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-13.3 "Consumer related loan"

Sec. 13.3. "Consumer related loan" refers to a loan in which the following apply: (1) The loan is made by a person who is not regularly engaged as a lender in credit transactions of the same kind. (2) The debtor is a person other than an organization. (3) The debt is primarily for a personal, family, or household purpose. (4) Either the debt is payable in installments or a loan finance charge is made. (5) Either: (A) the amount of credit extended, the written credit limit, or the initial advance does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); or (B) the debt is secured by an interest in land or by personal property used or expected to be used as the principal dwelling of the debtor. [Pre-2026 Revision Citation: 24-4.5-3-602(1).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-13.5 "Consumer related sale"

Sec. 13.5. "Consumer related sale" means a sale of goods, services, or an interest in land in which: (1) credit is granted by a person that is not regularly engaged as a seller in credit transactions of the same kind; (2) the buyer is a person other than an organization; (3) the goods, services, or interest in land are purchased primarily for a personal, family, or household purpose; (4) either the debt is payable in installments or a credit service charge is made; and (5) with respect to a sale of goods or services: (A) either the amount of credit extended, the written credit limit, or the initial advance does not exceed the exempt threshold amount, as adjusted in accordance with the annual adjustment of the exempt threshold amount, specified in Regulation Z (12 CFR 226.3 or 12 CFR 1026.3(b), as applicable); or (B) the debt is secured by personal property used or expected to be used as the principal dwelling of the buyer. [Pre-2026 Revision Citation: 24-4.5-2-602(1).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-14 "Credit"

Sec. 14. "Credit" means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment. [Pre-2026 Revision Citation: 24-4.5-1-301.5(10).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-14.5 "Credit service charge"

Sec. 14.5. "Credit service charge" means the sum of: (1) all charges payable directly or indirectly by the buyer and imposed directly or indirectly by the seller as an incident to the extension of credit, including any of the following types of charges which are applicable: time price differential, service, carrying or other charge, however denominated, premium or other charge for any guarantee or insurance protecting the seller against the buyer's default or other credit loss; and (2) charges incurred for investigating the collateral or credit-worthiness of the buyer. The term does not include charges as a result of default, additional charges (IC 37-2-3-5), delinquency charges (IC 37-2-3-6), or deferral charges (IC 37-2-3-7). The term does not include charges paid or payable to a third party that are not required by the seller as a condition or incident to the extension of credit except for borrower paid mortgage broker fees, including fees paid directly to the broker or the seller (for delivery to the broker), whether the fees are paid in cash or financed. However, borrower paid mortgage broker fees do not include fees paid to a mortgage broker by a creditor, including yield spread premiums and service release fees. [Pre-2026 Revision Citation: 24-4.5-2-109.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-15 "Creditor"

Sec. 15. "Creditor" means a person: (1) who regularly engages in the extension of consumer credit that is subject to a credit service charge or loan finance charge, as applicable, or is payable by written agreement in more than four (4) installments (not including a down payment); and (2) to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is not a note or contract. [Pre-2026 Revision Citation: 24-4.5-1-301.5(11).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-15.5 "Debt cancellation agreement"

Sec. 15.5. "Debt cancellation agreement" means an agreement that provides coverage for payment or satisfaction of all or part of a debt in the event of the loss of life, health, or income. The term does not include a GAP agreement. [Pre-2026 Revision Citation: 24-4.5-3-202(4).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-15.7 "Department"

Sec. 15.7. "Department" refers to the department of financial institutions. As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-16 "Depository institution"

Sec. 16. "Depository institution" has the meaning set forth in the Federal Deposit Insurance Act (12 U.S.C. 1813(c)) and includes any credit union. [Pre-2026 Revision Citation: 24-4.5-1-301.5(12).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-17 "Director"

Sec. 17. "Director" means the director of the department of financial institutions or the director's designee. [Pre-2026 Revision Citation: 24-4.5-1-301.5(13).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-18 "Dwelling"

Sec. 18. "Dwelling" means a residential structure that contains one (1) to four (4) units, regardless of whether the structure is attached to real property. The term includes an individual: (1) condominium unit; (2) cooperative unit; (3) mobile home; or (4) trailer; that is used as a residence. [Pre-2026 Revision Citation: 24-4.5-1-301.5(14).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-19 "Earnings"

Sec. 19. "Earnings" means compensation paid or payable for personal services, whether denominated as wages, salary, commission, bonus, or otherwise, and includes periodic payments under a pension or retirement program. [Pre-2026 Revision Citation: 24-4.5-1-301.5(15).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-20 "Employee"

Sec. 20. "Employee" means an individual who is paid wages or other compensation by an employer required under federal income tax law to file Form W-2 on behalf of the individual. [Pre-2026 Revision Citation: 24-4.5-1-301.5(16).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-20.5 "Expedited payment service"

Sec. 20.5. "Expedited payment service" means a service offered to a consumer to ensure that a payment made by the consumer with respect to a consumer credit sale or a consumer loan will be reflected as paid and posted on an expedited basis. [Pre-2026 Revision Citation: 24-4.5-3-202(5).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-21 "Federal banking agencies"

Sec. 21. "Federal banking agencies" means the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit Insurance Corporation. [Pre-2026 Revision Citation: 24-4.5-1-301.5(17).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-21.5 "First lien mortgage transaction"

Sec. 21.5. "First lien mortgage transaction" means: (1) a consumer loan; or (2) a consumer credit sale; that is or will be used by the debtor primarily for personal, family, or household purposes and that is secured by a mortgage or a land contract (or another consensual security interest equivalent to a mortgage or a land contract) that constitutes a first lien on a dwelling or on residential real estate upon which a dwelling is constructed or intended to be constructed. [Pre-2026 Revision Citation: 24-4.5-1-301.5(18).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-22 "Guaranteed asset protection agreement"

Sec. 22. "Guaranteed asset protection agreement", "guaranteed auto protection agreement", or "GAP agreement" means, with respect to a consumer credit sale or a consumer loan involving a motor vehicle or another titled asset, an agreement in which the seller or lender agrees to cancel or waive all or part of the outstanding debt after all property insurance benefits have been exhausted after the occurrence of a specified event. [Pre-2026 Revision Citation: 24-4.5-3-202(6).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-22.5 "Goods"

Sec. 22.5. "Goods" includes goods not in existence at the time the transaction is entered into and merchandise certificates, but excludes money, chattel paper, documents of title, and instruments. [Pre-2026 Revision Citation: 24-4.5-2-105(1).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-22.7 "Home solicitation sale"

Sec. 22.7. "Home solicitation sale" means a consumer credit sale of goods, other than farm equipment, or services in which: (1) the seller or a person acting for the seller engages in a personal solicitation of the sale, including a solicitation over the telephone, at a residence of the buyer and the buyer's agreement or offer to purchase is there given to the seller or a person acting for the seller; or (2) the seller or the seller's agent, solicits a sale in a city or town in which the seller does not have a permanent business establishment, through mailings, advertisements, or telephone calls, which require the buyer to meet the seller or the seller's agent at a place other than the seller's permanent business establishment. The term does not include a sale made pursuant to a preexisting revolving charge account, or a sale made pursuant to prior negotiations between the parties at a business establishment at a fixed location where goods or services are offered or exhibited for sale. [Pre-2026 Revision Citation: 24-4.5-2-501.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-23 "Immediate family member"

Sec. 23. "Immediate family member" means a spouse, child, sibling, parent, grandparent, or grandchild. The term includes stepparents, stepchildren, stepsiblings, and adoptive relationships. [Pre-2026 Revision Citation: 24-4.5-1-301.5(19).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-24 "Individual"

Sec. 24. "Individual" means a natural person. [Pre-2026 Revision Citation: 24-4.5-1-301.5(20).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-25 "Land contract"

Sec. 25. "Land contract" means a contract for the sale of real estate in which the seller of the real estate retains legal title to the real estate until the total contract price is paid by the buyer. [Pre-2026 Revision Citation: 24-4.5-1-301.5(44).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-25.5 "Lender"

Sec. 25.5. Except as otherwise provided, "lender" means a person regularly engaged in making consumer loans. The term includes an assignee of the lender's right to payment but use of the term does not in itself impose on an assignee any obligation of the lender with respect to events occurring before the assignment. [Pre-2026 Revision Citation: 24-4.5-3-107(1).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-26 "Lender credit card or similar arrangement"

Sec. 26. "Lender credit card or similar arrangement" means an arrangement or loan agreement, other than a seller credit card, pursuant to which a lender gives a debtor the privilege of using a credit card, letter of credit, or other credit confirmation or identification in transactions out of which debt arises: (1) by the lender's honoring a draft or similar order for the payment of money drawn or accepted by the debtor; (2) by the lender's payment or agreement to pay the debtor's obligations; or (3) by the lender's purchase from the obligee of the debtor's obligations. [Pre-2026 Revision Citation: 24-4.5-1-301.5(21).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-27 "Licensee"

Sec. 27. "Licensee" means a person licensed as a creditor under this article. [Pre-2026 Revision Citation: 24-4.5-1-301.5(22).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-27.5 "Loan"

Sec. 27.5. "Loan" includes: (1) the creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor; (2) the creation of debt by a credit to an account with the lender upon which the debtor is entitled to draw immediately; (3) the creation of debt pursuant to a lender credit card or similar arrangement; and (4) the forbearance of debt arising from a loan. [Pre-2026 Revision Citation: 24-4.5-3-106.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-28 "Loan brokerage business"

Sec. 28. "Loan brokerage business" means any activity in which a person, in return for any consideration from any source, procures, attempts to procure, or assists in procuring, a mortgage transaction from a third party or any other person, whether or not the person seeking the mortgage transaction actually obtains the mortgage transaction. [Pre-2026 Revision Citation: 24-4.5-1-301.5(23).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-28.5 "Loan finance charge"

Sec. 28.5. (a) "Loan finance charge" means the sum of: (1) all charges payable directly or indirectly by the debtor and imposed directly or indirectly by the lender as an incident to the extension of credit, including any of the following types of charges which are applicable: interest or any amount payable under a point, discount, or other system of charges, however denominated, premium or other charge for any guarantee or insurance protecting the lender against the debtor's default or other credit loss; and (2) charges incurred for investigating the collateral or credit-worthiness of the debtor. The term does not include charges as a result of default, additional charges (IC 37-2-4-5), delinquency charges (IC 37-2-4-6), or deferral charges (IC 37-3-4-7). The term does not include charges paid or payable to a third party that are not required by the lender as a condition or incident to the extension of credit except for borrower paid mortgage broker fees, including fees paid directly to the broker or the lender (for delivery to the broker), whether the fees are paid in cash or financed. However, borrower paid mortgage broker fees do not include fees paid to a mortgage broker by a creditor, including yield spread premiums and service release fees. (b) If a lender makes a loan to a debtor by purchasing or satisfying obligations of the debtor pursuant to a lender credit card or similar arrangement, and the purchase or satisfaction is made at less than the face amount of the obligation, the discount is not part of the loan finance charge. [Pre-2026 Revision Citation: 24-4.5-3-109.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-29 "Loan processor or underwriter"

Sec. 29. "Loan processor or underwriter" means an individual who performs clerical or support duties as an employee at the direction of, and subject to the supervision and instruction of, a person licensed to engage in mortgage transactions or a person exempt from licensing. For purposes of this subdivision, the term "clerical or support duties" may include, after the receipt of an application, the following: (1) The receipt, collection, distribution, and analysis of information common for the processing or underwriting of a mortgage transaction. (2) The communication with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that the communication does not include: (A) offering or negotiating loan rates or terms; or (B) counseling consumers about mortgage transaction rates or terms. The term "loan processor or underwriter" does not include an individual who is an employee of a person that is not engaged in mortgage transactions as a creditor if that person is permitted to voluntarily register with the department to sponsor the individual under IC 37-1-1-6(8) to engage solely in the activities described in this subdivision. An individual engaging solely in loan processor or underwriter activities shall not represent to the public through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator. However, an individual who is licensed as a mortgage loan originator under IC 37-1 and 750 IAC 9-3, and who is sponsored by a person, as permitted by IC 37-1-1-6(8), to engage solely as a third party loan processor or underwriter, is subject to the prohibition set forth in this subdivision with respect to the individual's engagement under the sponsorship. [Pre-2026 Revision Citation: 24-4.5-1-301.5(24).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-29.5 "Merchandise certificate"

Sec. 29.5. "Merchandise certificate" means a writing issued by a seller not redeemable in cash and usable in its face amount in lieu of cash in exchange for goods or services. [Pre-2026 Revision Citation: 24-4.5-2-105(2).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-30 "Mortgage loan originator"

Sec. 30. "Mortgage loan originator" means an individual who, for compensation or gain, or in the expectation of compensation or gain, regularly engages in taking a mortgage transaction application or in offering or negotiating the terms of a mortgage transaction that either is made under this article or under IC 37-1 or is made by an employee of a person licensed to engage in mortgage transactions or by an employee of a person that is exempt from licensing, while the employee is engaging in the loan brokerage business. The term does not include the following: (1) An individual engaged solely as a loan processor or underwriter as long as the individual works exclusively as an employee of a person licensed to engage in mortgage transactions or as an employee of a person exempt from licensing. However, the term includes an individual who is licensed as a mortgage loan originator under IC 37-1-1 and 750 IAC 9-3 and who is an employee of a person that is not engaged in mortgage transactions as a creditor if that person voluntarily registers with the department to sponsor the individual under IC 37-1-1-6(8), to engage solely as a third party processor or underwriter. (2) Unless the person or entity is compensated by: (A) a creditor; (B) a loan broker; (C) another mortgage loan originator; or (D) any agent of the creditor, loan broker, or other mortgage loan originator described in clauses (A) through (C); a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with applicable state law. (3) A person solely involved in extensions of credit relating to timeshare plans (as defined in 11 U.S.C. 101(53D)). [Pre-2026 Revision Citation: 24-4.5-1-301.5(25).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-31 "Mortgage servicer"

Sec. 31. "Mortgage servicer" means the last person to whom a mortgagor or the mortgagor's successor in interest has been instructed by a mortgagee to send payments on a loan secured by a mortgage. [Pre-2026 Revision Citation: 24-4.5-1-301.5(26).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-32 "Mortgage transaction"

Sec. 32. "Mortgage transaction" means: (1) a consumer loan; or (2) a consumer credit sale; that is or will be used by the debtor primarily for personal, family, or household purposes and that is secured by a mortgage or a land contract (or another consensual security interest equivalent to a mortgage or a land contract) on a dwelling or on residential real estate upon which a dwelling is constructed or intended to be constructed. [Pre-2026 Revision Citation: 24-4.5-1-301.5(27).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-33 "Nationwide Multistate Licensing System and Registry"; "Nationwide Mortgage Licensing System and Registry"; or "NMLSR"

Sec. 33. "Nationwide Multistate Licensing System and Registry" (or "Nationwide Mortgage Licensing System and Registry" or "NMLSR") means a multistate licensing system owned and operated by the State Regulatory Registry, LLC, or by any successor or affiliated entity, for the licensing and registration of creditors, mortgage loan originators, and other persons in the mortgage or financial services industries. The term includes any other name or acronym that may be assigned to the system by the State Regulatory Registry, LLC, or by any successor or affiliated entity. [Pre-2026 Revision Citation: 24-4.5-1-301.5(28).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-34 "Nontraditional mortgage product"

Sec. 34. "Nontraditional mortgage product" means any mortgage product other than a thirty (30) year fixed rate mortgage. [Pre-2026 Revision Citation: 24-4.5-1-301.5(29).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-35 "Official fees"

Sec. 35. "Official fees" means: (1) fees and charges prescribed by law which actually are or will be paid to public officials for determining the existence of or for perfecting, releasing, or satisfying a security interest related to a consumer credit sale, consumer lease, or consumer loan; or (2) premiums payable for insurance in lieu of perfecting a security interest otherwise required by the creditor in connection with the sale, lease, or loan, if the premium does not exceed the fees and charges described in subdivision (1) that would otherwise be payable. [Pre-2026 Revision Citation: 24-4.5-1-301.5(30).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-36 "Organization"

Sec. 36. "Organization" means a corporation, a government or governmental subdivision, an agency, a trust, an estate, a partnership, a limited liability company, a cooperative, an association, a joint venture, an unincorporated organization, or any other entity, however organized. [Pre-2026 Revision Citation: 24-4.5-1-301.5(31).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-37 "Payable in installments"

Sec. 37. "Payable in installments" means that payment is required or permitted by written agreement to be made in more than four (4) installments not including a down payment. [Pre-2026 Revision Citation: 24-4.5-1-301.5(32).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-38 "Person"

Sec. 38. "Person" includes an individual or an organization. [Pre-2026 Revision Citation: 24-4.5-1-301.5(33).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-39 "Person related to" with respect to an individual

Sec. 39. "Person related to" with respect to an individual means: (1) the spouse of the individual; (2) a brother, brother-in-law, sister, or sister-in-law of the individual; (3) an ancestor or lineal descendants of the individual or the individual's spouse; and (4) any other relative, by blood or marriage, of the individual or the individual's spouse who shares the same home with the individual. [Pre-2026 Revision Citation: 24-4.5-1-301.5(34).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-40 "Person related to" with respect to an organization

Sec. 40. "Person related to" with respect to an organization means: (1) a person directly or indirectly controlling, controlled by, or under common control with the organization; (2) a director, an executive officer, or a manager of the organization or a person performing similar functions with respect to the organization or to a person related to the organization; (3) the spouse of a person related to the organization; and (4) a relative by blood or marriage of a person related to the organization who shares the same home with the person. [Pre-2026 Revision Citation: 24-4.5-1-301.5(35).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-40.5 "Principal"

Sec. 40.5. "Principal" of a loan means the total of: (1) the net amount paid to, receivable by, or paid or payable for the account of the debtor; (2) the amount of any discount excluded from the loan finance charge (section 28.5(b) of this chapter); and (3) to the extent that payment is deferred: (A) amounts actually paid or to be paid by the lender for registration, certificate of title, or license fees if not included in subdivision (1); and (B) additional charges permitted by IC 37-2-4-5. The term does not include any loan proceeds held as security for the loan. [Pre-2026 Revision Citation: 24-4.5-3-107(3).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-41 "Presumed"; "presumption"

Sec. 41. "Presumed" or "presumption" means that the trier of fact must find the existence of the fact presumed, unless and until evidence is introduced that would support a finding of its nonexistence. [Pre-2026 Revision Citation: 24-4.5-1-301.5(36).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-42 "Real estate brokerage activity"

Sec. 42. "Real estate brokerage activity" means any activity that involves offering or providing real estate brokerage services to the public, including the following: (1) Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property. (2) Bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property. (3) Negotiating, on behalf of any party, any part of a contract relating to the sale, purchase, lease, rental, or exchange of real property (other than in connection with providing financing with respect to the sale, purchase, lease, rental, or exchange of real property). (4) Engaging in any activity for which a person is required to be registered or licensed as a real estate agent or real estate broker under any applicable law. (5) Offering to engage in any activity, or act in any capacity, described in this subsection. [Pre-2026 Revision Citation: 24-4.5-1-301.5(37).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-43 "Registered mortgage loan originator"

Sec. 43. "Registered mortgage loan originator" means any individual who: (1) meets the definition of mortgage loan originator and is an employee of: (A) a depository institution; (B) a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or (C) an institution regulated by the Farm Credit Administration; and (2) is registered with, and maintains a unique identifier through, the NMLSR. [Pre-2026 Revision Citation: 24-4.5-1-301.5(38).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-44 "Regularly engaged"

Sec. 44. "Regularly engaged", with respect to a person who extends consumer credit, refers to a person who: (1) extended consumer credit: (A) more than twenty-five (25) times; or (B) more than five (5) times for a mortgage transaction secured by a dwelling; in the preceding calendar year; or (2) extends or will extend consumer credit: (A) more than twenty-five (25) times; or (B) more than five (5) times for a mortgage transaction secured by a dwelling; in the current calendar year, if the person did not meet the numerical standards described in subdivision (1) in the preceding calendar year. [Pre-2026 Revision Citation: 24-4.5-1-301.5(39).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-44.5 "Residential real estate"

Sec. 44.5. "Residential real estate" means any real property that is located in Indiana and on which there is located or intended to be constructed a dwelling. [Pre-2026 Revision Citation: 24-4.5-1-301.5(40).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-44.7 "Revolving charge account"

Sec. 44.7. "Revolving charge account" means an arrangement between a seller and a buyer pursuant to which: (1) the seller may permit the buyer to purchase goods or services on credit either from the seller or pursuant to a seller credit card; (2) the unpaid balances of amounts financed arising from purchases and the credit service and other appropriate charges are debited to an account; (3) a credit service charge if made is not precomputed but is computed on the outstanding unpaid balances of the buyer's account from time to time; and (4) the buyer has the privilege of paying the balances in installments. [Pre-2026 Revision Citation: 24-4.5-2-108.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-45 "Revolving loan account"

Sec. 45. "Revolving loan account" means an arrangement between a lender and a debtor pursuant to which: (1) the lender may permit the debtor to obtain loans from time to time; (2) the unpaid balances of principal and the loan finance and other appropriate charges are debited to an account; (3) a loan finance charge if made is not precomputed but is computed on the outstanding unpaid balances of the debtor's account from time to time; and (4) the debtor has the privilege of paying the balances in installments. [Pre-2026 Revision Citation: 24-4.5-3-108.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-45.1 "Sale of an interest in land"

Sec. 45.1. "Sale of an interest in land" includes a lease in which the lessee has an option to purchase the interest and all or a substantial part of the rental or other payments previously made by the lessee are applied to the purchase price. [Pre-2026 Revision Citation: 24-4.5-2-105(6).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-45.3 "Sale of goods"

Sec. 45.3. "Sale of goods" includes any agreement in the form of a bailment or lease of goods if the bailee or lessee agrees to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the goods involved and it is agreed that the bailee or lessee will become, or for no other or a nominal consideration has the option to become, the owner of the goods upon full compliance with the bailee's or the lessee's obligations under the agreement. [Pre-2026 Revision Citation: 24-4.5-2-105(4).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-45.5 "Sale of services"

Sec. 45.5. "Sale of services" means furnishing or agreeing to furnish services and includes making arrangements to have services furnished by another. [Pre-2026 Revision Citation: 24-4.5-2-105(5).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-45.7 "Seller"

Sec. 45.7. Except as otherwise provided,"seller" means a person regularly engaged as a creditor in making consumer credit sales. The term includes an assignee of the seller's right to payment but use of the term does not in itself impose on an assignee any obligation of the seller with respect to events occurring before the assignment. [Pre-2026 Revision Citation: 24-4.5-2-107.] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-46 "Seller credit card"

Sec. 46. "Seller credit card" means an arrangement that gives to a buyer or lessee the privilege of using a credit card, letter of credit, or other credit confirmation or identification for the purpose of purchasing or leasing goods or services from that person, a person related to that person, or from that person and any other person. The term includes a card that is issued by a person that is in the name of the seller, and that can be used by the buyer or lessee only for purchases or leases at locations of the named seller. [Pre-2026 Revision Citation: 24-4.5-1-301.5(41).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-46.5 "Services"

Sec. 46.5. "Services" includes: (1) work, labor, and other personal services; (2) privileges with respect to transportation, hotel and restaurant accommodations, education, entertainment, recreation, physical culture, hospital accommodations, funerals, cemetery accommodations, and the like; and (3) insurance provided by a person other than the insurer. [Pre-2026 Revision Citation: 24-4.5-2-105(3).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-46.7 "Skip-a-payment service"

Sec. 46.7. "Skip-a-payment service" means a service that: (1) in the case of a consumer credit sale: (A) is offered by a creditor to a consumer; and (B) permits the consumer to miss or skip a payment due under a consumer credit sale without resulting in default; and (2) in the case of a consumer loan: (A) is offered by a lender to a consumer; and (B) permits the consumer to miss or skip a payment due under a consumer loan without resulting in default. [Pre-2026 Revision Citation: 24-4.5-3-202(7).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-47 "Subordinate lien mortgage transaction"

Sec. 47. "Subordinate lien mortgage transaction" means: (1) a consumer loan; or (2) a consumer credit sale; that is or will be used by the debtor primarily for personal, family, or household purposes and that is secured by a mortgage or a land contract (or another consensual security interest equivalent to a mortgage or a land contract) that constitutes a subordinate lien on a dwelling or on residential real estate upon which a dwelling is constructed or intended to be constructed. [Pre-2026 Revision Citation: 24-4.5-1-301.5(42).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-47.3 "Supervised lender"

Sec. 47.3. "Supervised lender" means a person authorized to make or take assignments of supervised loans. [Pre-2026 Revision Citation: 24-4.5-3-501(2).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-47.5 "Supervised loan"

Sec. 47.5. "Supervised loan" means a consumer loan in which the rate of the loan finance charge exceeds twenty-five percent (25%) per year as determined according to the provisions on loan finance charge for consumer loans in IC 37-2-4-4. [Pre-2026 Revision Citation: 24-4.5-3-501(1).] As added by P.L.115-2026, SEC.97.

Ind. Code § 37-2-2-48 "Unique identifier"

Sec. 48. "Unique identifier" means a number or other identifier assigned by protocols established by the NMLSR. [Pre-2026 Revision Citation: 24-4.5-1-301.5(43).] As added by P.L.115-2026, SEC.97.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/37Fetched: 10/17/2026