Indiana Code 5-28-29-19. Loan enrollment; corporation actions
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Terms Used In Indiana Code 5-28-29-19
- 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
- lender: means :
Indiana Code 5-28-29-9
- 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
Sec. 19. When the corporation receives a loan enrollment form, the corporation shall enroll the loan if the information provided under section 18 of this chapter indicates that the loan is an eligible loan. Within five (5) business days after receipt of a loan enrollment form for an eligible loan, the corporation shall deliver to the lender an acknowledgment of enrollment signed by the corporation or the corporation’s designee, including documentation of the amount being transferred by the corporation into the reserve fund under this chapter.
As added by P.L.162-2007, SEC.24.