Tag Archive: "Indiana"
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Indiana Amends Definitions under SCRA, Amends UCCC Dollar Amounts
Indiana has amended the definitions for “active duty” and “military service”. This is important because certain benefits, rights, and protections are afforded to active duty military service members under the Servicemembers Civil Relief Act and the Federal Uniformed Services Employment and Reemployment Rights Act. Also, the Indiana UCCC dollar amounts have been amended, as required […]
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Indiana Adopts Provisions Regarding Pre-licensing Education Requirements and Amends Definition of NMLSR
By Robert Harrison, J.D.The Indiana Department of Financial Institutions adopted provisions concerning pre-licensing education requirements as well as the definition of the term “Nationwide Multistate Licensing System and Registry” or “NMLSR”. These provisions are effective immediately. Pre-licensing Education RequirementsThe prelicensing education requirements in Indiana are governed by 750 IAC 9-3-5. Indiana has added two provisions […]
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Indiana Amends Provisions Regarding Financial Institutions
The General Assembly of the State of Indiana has recently passed House Enrolled Act No. 1181, amending various sections of the Indiana Code concerning financial institutions, effective July 1, 2016. SECTION 25. IC 28-7-1-12, AS AMENDED BY P.L.35-2010, SECTION 153, IS AMENDED TO READ AS FOLLOWS Sec. 12. Every credit union and every affiliate of […]
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Indiana Revises Pre-licensing Education Requirements
by: Zachary PearlsteinThe Indiana Department of Financial Institutions has recently updated the state’s pre-licensing education requirements for mortgage loan originators. The department has eliminated a prior requirement of two hours of education on the topic of state law and rules concerning residential mortgage lending. The revised provisions are effective as of April 21, 2014. […]
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Indiana Amends Licensing Provisions
by: Zachary PearlsteinThe state of Indiana has recently updated its licensing regulations to allow federal savings banks to retain and sponsor mortgage loan originators, under certain circumstances. These regulations are effective on July 1, 2014. The updated provisions apply to federal savings banks that are exempt from statutes concerning the licensing of creditors in first […]
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Indiana Modifies Provisions Regarding Supervised Loans
by: Zachary Pearlstein Indiana has recently updated regulations regarding supervised loans, effective on July 1, 2013. These updates are as follows: Consumer Credit Sales: There is a new method for determining the maximum credit service charge for a consumer credit sale. The charge may not exceed the greater of: The total of: 36% per […]
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Indiana Enacts Senior Consumer Protection Act
by Zachary Pearlstein, Esq.The state of Indiana has recently expanded The Senior Consumer Protection Act, with revisions that become effective on July 1, 2013. The new provisions simplify and modernize the law, with the goal of protecting senior consumers from financial exploitation from persons who, by deception or intimidation, obtain control over the property or […]