Ind. Code ch. 23-2.5-7

Ind. Code ch. 23-2.5-7
in effect

Ind. Code § 23-2.5-7-1 Loan broker employment of manager or mortgage loan originator; license required

Sec. 1. A loan broker shall not employ an individual to act as a manager or mortgage loan originator unless the individual is licensed under this article as a mortgage loan originator. As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.20.

Ind. Code § 23-2.5-7-2 Loan processing activities; notice filing required

Sec. 2. A loan broker shall not engage the services of a person to perform loan processing activities unless the person has complied with the loan processing company notice filing requirements of IC 23-2.5-5. As added by P.L.175-2019, SEC.2.

Ind. Code § 23-2.5-7-3 Loan processor or underwriter activities; representation to public

Sec. 3. An individual who acts solely as a loan processor or an underwriter shall not represent to the public through: (1) advertising; or (2) other means of communicating or providing information, including business cards, stationery, brochures, signs, rate lists, or other promotional items; that the individual will perform mortgage loan origination activities or otherwise act as a mortgage loan originator. As added by P.L.175-2019, SEC.2.

Ind. Code § 23-2.5-7-4 Responsibilities of manager

Sec. 4. A loan broker shall, in accordance with section 5 of this chapter, employ and designate a manager who is responsible for supervising the: (1) mortgage loan originators employed by the loan broker; and (2) loan broker offices operated by the loan broker; to ensure compliance with this article. As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.21.

Ind. Code § 23-2.5-7-5 Manager; supervising activities limitation

Sec. 5. (a) A manager designated by a loan broker under section 4 of this chapter may supervise not more than five (5) loan broker offices operated by the loan broker, including the principal place of business and any branch offices of the same company. (b) A loan broker shall employ a sufficient number of additional managers designated as supervisors to accommodate any branch offices: (1) operated by the loan broker; and (2) in excess of the number permitted under subsection (a). As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.22.

Ind. Code § 23-2.5-7-6 Annual loan broker office compliance examinations

Sec. 6. (a) A manager shall complete at least one (1) compliance examination per year of each loan broker office for which the manager is the supervisor designated under section 4 of this chapter. (b) A loan broker shall maintain complete documentation of each examination conducted by a manager under subsection (a): (1) at the principal place of business; and (2) for a minimum of five (5) years after the calendar year in which the examination is completed. As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.23.

Ind. Code § 23-2.5-7-7 Branch office manager

Sec. 7. (a) A loan broker that operates a branch office shall designate a unique individual to act as branch manager of the branch office. (b) A branch manager designated under subsection (a) shall be licensed under this article as a mortgage loan originator. As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.24.

Ind. Code § 23-2.5-7-8 Loan broker employees; steps to prevent violation

Sec. 8. A loan broker that fails to take reasonable steps to prevent a violation of this article by a mortgage loan originator or other individual employed by the loan broker may subject the loan broker to discipline under IC 23-2.5-11. As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.25.

Ind. Code § 23-2.5-7-9 Manager; steps to prevent violation

Sec. 9. A manager who fails to take reasonable steps to prevent a violation of this article: (1) by a mortgage loan originator who is supervised by the manager; or (2) that occurs at a branch office that is supervised by the manager; may subject the manager to discipline under IC 23-2.5-11. As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.26.

Ind. Code § 23-2.5-7-10 Branch manager; steps to prevent violation

Sec. 10. A branch manager who fails to take reasonable steps to prevent a violation of this article by an individual who works at the branch manager's designated branch office may subject the branch manager to discipline under IC 23-2.5-11. As added by P.L.175-2019, SEC.2.

Ind. Code § 23-2.5-7-11 Loan broker review of loan processing company work

Sec. 11. (a) A loan broker shall diligently review work performed on the loan broker's behalf by a loan processing company. (b) A loan broker that fails to take reasonable steps to review work performed by a loan processing company on the loan broker's behalf may subject the loan broker to discipline under IC 23-2.5-11. As added by P.L.175-2019, SEC.2.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/23Fetched: 10/17/2026