Sec. 7. (a) A loan broker that ceases to conduct business as a loan broker or allows the loan broker license to lapse shall, before ceasing to conduct business as a loan broker, arrange for the preservation of the records specified in section 5 of this chapter for the remainder of the period specified in section 6(a)(1) of this chapter during which the loan broker ceases to conduct business as a loan broker.

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Terms Used In Indiana Code 23-2.5-8-7

  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
     (b) A loan broker described in subsection (a) shall notify the commissioner of the exact address of the physical location where the books and records will be maintained during the period described in subsection (a).

As added by P.L.175-2019, SEC.2.

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