Enrolled Senate Bill (S)
Authored by: Sen. Greg Walker, Sen. James Smith
Co-Authors: Sen. Frank Mrvan
Sponsors: Rep. Woody Burton
  • Sen. Greg Walker
    Sen. Greg Walker

    Author

  • Sen. James Smith
    Sen. James Smith

    Author

  • Sen. Frank Mrvan
    Sen. Frank Mrvan

    Co-Author

  • Rep. Woody Burton
    Rep. Woody Burton

    Sponsor

  • Rep. Mike Speedy
    Rep. Mike Speedy

    Co-Sponsor

DIGEST

Mortgage lending. Provides that a federal savings bank that is exempt from the Indiana statute concerning the licensing of creditors in first lien mortgage transactions may voluntarily register with the department of financial institutions (department) for the purpose of sponsoring, under an exclusive written agreement, licensed mortgage loan originators as independent agents if the federal savings bank does the following: (1) Assumes responsibility for and reasonably supervises the activities of the licensed mortgage loan originators. (2) Complies with certain requirements under the statute concerning: (A) registering with the Nationwide Mortgage Licensing System and Registry (NMLSR); (B) maintaining a surety bond; (C) submitting ... reports to the NMLSR; and (D) filing financial statements with the department. (3) Cooperates with the department, and provides access to records and documents, as required by the department to examine the activities of the licensed mortgage loan originators. (4) Agrees to comply as the director of the department determines necessary to ensure that the activities of the licensed mortgage loan originators comply with specified federal law and with Indiana law. Provides that a licensed loan originator sponsored by a federal savings bank under the provisions must: (1) hold a valid insurance producer license; and (2) sell, solicit, or negotiate insurance exclusively for a licensed insurance company that is a subsidiary of the federal savings bank's parent company. Makes conforming amendments to similar provisions in the Uniform Consumer Credit Code concerning the licensing of creditors in subordinate lien mortgage transactions.