Indiana Amends Provisions Regarding Loan Brokers
The state of Indiana amended its provisions relating to loan brokers. These provisions are effective on July 1, 2019.
The amendment reorganizes current provisions regulating loan brokers and creates a new article titled “loan brokers” out of the reorganized provisions and repeals the current law regulating loan brokers. The new article provides for the loan broker regulation account which is an account created in the state general fund; lays down licensure and loan notice requirements which prohibit a person from engaging in the activities of a loan broker in Indiana unless the person first obtains a unique identifier from the Nationwide Multistate Licensing System and loan broker license from the commissioner; specifies education and examination requirements for licensure; sets requirements for loan broker offices, personnel, and conduct of business and provides for violations and enforcement.
Rhona Kyeyune, LLM, is a regulatory compliance consultant with CLA. She is a graduate of Makerere University and earned her master of laws at Boston University School of Law.
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