Sec. 1. (a) A contract for the services of a loan broker is not enforceable unless the contract is in writing and signed by each of the contracting parties.

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Terms Used In Indiana Code 23-2.5-8-1

  • Contract: A legal written agreement that becomes binding when signed.
  • in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
     (b) At the time a contract for the services of a loan broker is signed, the loan broker shall provide the following to each party to the contract:

(1) A copy of the signed contract.

(2) A written disclosure of any agreement entered into by the loan broker to procure loans exclusively from one (1) lender.

     (c) A contract for the services of a loan broker must include the following statement:

“No statement or representation by a loan broker is valid or enforceable unless the statement or representation is in writing.”.

     (d) This section does not apply to a contract that provides for the payment of referral fees by a lender or a third party.

As added by P.L.175-2019, SEC.2. Amended by P.L.158-2022, SEC.4.

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