Sec. 7. (a) The license of a mortgage loan originator is not effective during any period during which the mortgage loan originator is not employed by a loan broker that is licensed under this article.

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Terms Used In Indiana Code 23-2.5-4-7

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
     (b) If a licensed mortgage loan originator seeks to transfer the licensee’s license to another loan broker who desires to have the licensee act as a manager or mortgage loan originator, whichever applies, the licensee shall, before acting as a manager or mortgage loan originator for the new employer, submit to the commissioner, on a form prescribed by the commissioner, a license application required by section 3 of this chapter.

     (c) If the employment of a manager or mortgage loan originator by a loan broker is terminated:

(1) voluntarily by the manager or mortgage loan originator; or

(2) by the loan broker employing the manager or mortgage loan originator;

the loan broker shall, not later than five (5) days after the date of the termination, notify the commissioner of the termination and the reasons for the termination.

As added by P.L.175-2019, SEC.2. Amended by P.L.89-2024, SEC.14.

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