Sec. 18. (a) To enroll a loan under the program, the lender must file a completed loan enrollment form with the corporation. The lender must also certify the following to the corporation as part of the filing:

(1) The lender has no substantial reason to believe that the loan is being made to a borrower who does not meet the requirements of section 3 of this chapter.

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Terms Used In Indiana Code 5-28-29-18

  • borrower: means the recipient of a loan that is, has been, or will be filed by the lender for enrollment under the program and meets the following requirements:

    Indiana Code 5-28-29-3

  • 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.
  • eligible loan: means a loan made by the lender to a borrower that meets the requirements of sections 17 and 18 of this chapter. See Indiana Code 5-28-29-7
  • 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
  • lender: means :

    Indiana Code 5-28-29-9

  • program: refers to the capital access program created by this chapter. See Indiana Code 5-28-29-11
  • reserve fund: means an account established by the corporation with funds accumulated under this chapter and to cover claims made by the lender under this chapter. See Indiana Code 5-28-29-12
(2) The lender has received from the borrower a written representation, warranty, pledge, and waiver stating that the borrower has no legal, beneficial, or equitable interest in the nonrefundable premium charges or any other funds credited to the reserve fund established to cover losses sustained by the lender on enrolled loans.

(3) The loan being filed for enrollment is an eligible loan under section 17 of this chapter.

(4) Premium charges required of the borrower and lender under this chapter have been deposited in the reserve fund.

     (b) The lender shall file the loan enrollment form within ten (10) business days after the lender makes the loan. The date on which the lender makes a loan is the earlier of the date on which the lender first disburses proceeds of the loan to the borrower or the date on which the loan documents have been executed and the lender has obligated itself to disburse proceeds of the loan. The filing date of a loan enrollment form is the date on which the lender does any of the following:

(1) Delivers the required documentation to the corporation.

(2) Delivers the document to a professional courier service for delivery to the corporation.

(3) Mails the document to the corporation by certified mail.

As added by P.L.162-2007, SEC.24.

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