Ind. Code ch. 23-2.5-6

in effect

Ind. Code § 23-2.5-6-1 Academic education required for licensure

Sec. 1. (a) An applicant for an initial license under IC 23-2.5-4 shall provide to the commissioner evidence that, during the twenty-four (24) month period immediately preceding the application, the applicant completed at least twenty (20) hours of academic education that is acceptable to the commissioner and approved by the Nationwide Multistate Licensing System. (b) The education hours required by subsection (a) must include the following: (1) Three (3) hours of federal law and regulations concerning residential mortgage lending. (2) Three (3) hours of ethics, including instruction on fraud, consumer protection, and fair lending practices. (3) Two (2) hours of training concerning lending standards for nontraditional residential mortgage loan products. (4) Two (2) hours of state law and rules concerning residential mortgage lending. As added by P.L.175-2019, SEC.2.

Ind. Code § 23-2.5-6-2 Continuing academic education required for licensure

Sec. 2. (a) To maintain a license issued under IC 23-2.5-4, an individual shall provide to the commissioner evidence that the individual has, during each calendar year after the year during which the license is initially issued, completed at least eight (8) hours of academic education that is acceptable to the commissioner and approved by the Nationwide Multistate Licensing System. (b) The education hours required by subsection (a) must include the following: (1) Three (3) hours of federal law and regulations concerning residential mortgage lending. (2) Two (2) hours of ethics, including instruction on fraud, consumer protection, and fair lending practices. (3) Two (2) hours of training concerning lending standards for nontraditional residential mortgage loan products. As added by P.L.175-2019, SEC.2.

Ind. Code § 23-2.5-6-3 License lapse or expiration; educational requirements for licensure

Sec. 3. If a license issued under IC 23-2.5-4 lapses or expires for a period of at least five (5) years, the former licensee must complete the initial license educational requirements specified in section 1 of this chapter. As added by P.L.175-2019, SEC.2.

Ind. Code § 23-2.5-6-4 Commissioner review and approval of internal academic education programs

Sec. 4. (a) In determining the acceptability of academic education, the commissioner shall consider approval of a licensee's internal academic education programs completed by employees. (b) The commissioner may charge a fee, in an amount prescribed by the commissioner, for the commissioner's review of an education course to determine acceptability of the course as required by this chapter. As added by P.L.175-2019, SEC.2.

Ind. Code § 23-2.5-6-5 Mortgage loan originator; written examination requirements

Sec. 5. (a) The commissioner shall require an applicant for licensure as a mortgage loan originator under IC 23-2.5-4 to pass a written examination prepared and administered by the commissioner or an agent appointed by the commissioner and approved by the Nationwide Multistate Licensing System. (b) The written examination required by this section must measure the applicant's knowledge and comprehension in appropriate subject areas, including the following: (1) Ethics. (2) Federal laws and regulations concerning the origination of residential mortgage loans. (3) State laws and rules concerning the origination of residential mortgage loans. (c) An individual who answers at least seventy-five percent (75%) of the questions on the written examination correctly is considered to have passed the examination. (d) An individual who does not pass the written examination may retake the examination not more than two (2) additional times, with each subsequent attempt occurring at least thirty (30) days after the date on which the individual last sat for the examination. (e) If an individual fails three (3) consecutive examinations, the individual must wait to retake the examination until at least six (6) months after the date on which the individual sat for the third examination. As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.18.

Ind. Code § 23-2.5-6-6 Mortgage loan originator activities license or registration lapse or expiration; written examination for licensure or registration

Sec. 6. If an individual who has been issued a mortgage loan originator license under this article, or a license or registration issued by another state or jurisdiction allowing the individual to perform mortgage loan origination activities: (1) allows the individual's license or registration to lapse; or (2) otherwise has not been a registered mortgage loan originator, been issued a mortgage loan originator license, or otherwise maintained a license or registration to perform mortgage loan origination activities; for a period of at least five (5) years, the individual must pass the written examination required by this chapter as a condition of relicensure or reregistration. As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.19.

Ind. Code § 23-2.5-6-7 Written examination; time to obtain license

Sec. 7. If an individual does not obtain a license within two (2) years after the date on which the individual passes the written examination for the license as required by this chapter, the commissioner may not issue the license to the individual unless the individual passes the written examination again. 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