Sec. 2. (a) Except as provided in subsection (b), a person, firm, limited liability company, or corporation may not use the name of an existing mortgage lender or a name confusingly similar to that of an existing mortgage lender when marketing to or soliciting business from a customer or prospective customer if the reference to the existing mortgage lender is:

(1) without the consent of the existing mortgage lender; and

contract signature

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Terms Used In Indiana Code 24-5-23-2

  • 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
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage lender: means the original lender under a mortgage and the original lender's successors and assigns, including insurance companies, trust companies, banks, investment companies, savings banks, savings associations, credit unions, executors, trustees, and other fiduciaries, or any other mortgagee authorized to do business in this state. See Indiana Code 24-5-23-1
(2) made in a manner that could cause a reasonable person to believe that the marketing material or solicitation:

(A) originated from;

(B) is endorsed by; or

(C) is in any other way the responsibility of;

the existing mortgage lender.

     (b) This section does not prohibit the use of or reference to the name of an existing mortgage lender in marketing materials or solicitations if the use or reference does not deceive or confuse a reasonable person regarding whether the marketing material or solicitation:

(1) originated from;

(2) is endorsed by; or

(3) is in any other way the responsibility of;

the existing mortgage lender.

     (c) A mortgage lender whose name is used in violation of this section may bring an action to recover the greater of:

(1) two (2) times the amount of actual damages incurred by the mortgage lender as a result of the violation; or

(2) one thousand dollars ($1,000) plus attorney‘s fees.

     (d) A mortgage lender that is a bank or a bank holding company is entitled to any relief available under both:

(1) subsection (c); and

(2) IC 28-1-20-4(m);

with respect to the same violation.

As added by P.L.10-2006, SEC.22 and P.L.57-2006, SEC.22.

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