Indiana Code 5-28-29-23. Creation of reserve fund accounts
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Terms Used In Indiana Code 5-28-29-23
- agreement: means an agreement between a lender and the corporation under which a lender may participate in the program. See Indiana Code 5-28-29-1
- 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.
- 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. 23. Upon execution of an agreement between the lender and the corporation, the corporation shall establish a reserve fund account with the lender in the name of the corporation for the purpose of receiving all required premium charges to be paid by the lender and the borrower and transfers made by the corporation under this chapter.
As added by P.L.162-2007, SEC.24.