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Senate Bill 0341


Senate Bill 0341

ARCHIVE (2010)

Latest Information

 

DIGEST OF INTRODUCED BILL


Credit services and real estate transactions. Amends the definition of "credit services organization" for purposes of the law governing such entities to include a person that does or offers to do any of the following on behalf of a buyer: (1) Obtain a lower interest rate with respect to a consumer loan or a residential mortgage loan. (2) Provide debt settlement services. Amends the law concerning the disclosures that a credit services organization must provide to a buyer to reflect changes in the federal Fair Credit Reporting Act concerning the circumstances under which a consumer is entitled to a consumer report without charge from a consumer reporting agency. Provides that before a credit services organization may do business in Indiana, it must file a copy of the required surety bond or irrevocable letter of credit with the attorney general. Prohibits a person from maintaining or offering to maintain an account for the receipt of funds in an escrow transaction unless the person is a specified financial institution. Prohibits a person from managing residential real estate in Indiana unless the person possesses: (1) legal title to the property; (2) a real estate salesperson license; or (3) a real estate broker license. Provides that in a real estate transaction involving a land contract between the seller and the buyer, the seller must give to the buyer, at certain specified times, written notice of any encumbrance that affects the title to the real estate. Provides that upon the suspension of a principal
    Current Status:
     In Committee - first House
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