Sec. 7. (a) If the director requests a credit report for an individual described in section 5(b) of this chapter, the individual to whom the request is made shall pay any fees or costs associated with procuring the report.

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Terms Used In Indiana Code 24-12-9-7

  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
     (b) The individual must submit personal history and experience information in a form prescribed by the NMLSR, including the submission of authorization for the NMLSR or the director to obtain an independent credit report obtained from a consumer reporting agency described in Section 603(p) of the Fair Credit Reporting Act (15 U.S.C. § 1681a(p)).

     (c) The director may consider one (1) or more of the following when determining if an individual has demonstrated financial responsibility:

(1) Bankruptcies filed within the last ten (10) years.

(2) Current outstanding judgments, except judgments solely as a result of medical expenses.

(3) Current outstanding tax liens or other government liens or filings.

(4) Foreclosures within the past three (3) years.

(5) A pattern of serious delinquent accounts within the past three (3) years.

As added by P.L.176-2019, SEC.48.

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