Sec. 38. “Ultimate equitable owner” means a person that, directly or indirectly, owns or controls ten percent (10%) or more of the equity interest in a loan broker, regardless of whether the person owns or controls the equity interest through:

(1) one (1) or more other persons; or

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Terms Used In Indiana Code 23-2.5-1-38

  • Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
(2) one (1) or more proxies, powers of attorney, or variances.

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