Sec. 14. (a) "Loan broker" means a person who, in return for consideration from any source:
(1) procures;
(2) attempts to procure; or
(3) assists in procuring;
a residential mortgage loan from a third party, regardless of whether the person seeking the loan obtains the loan.
(b) The term "loan broker" does not include:
(1) a supervised financial organization (as defined in IC 26-1-4-102.5), including a bank, savings bank, trust company, savings association, or credit union;
(2) another financial institution that is:
(A) regulated by an agency of the United States or a state; and
(B) regularly actively engaged in the business of:
(i) making consumer loans that are not secured by real estate; or
(ii) taking assignment of consumer sales contracts that are not secured by real estate;
(3) an insurance company;
(4) a person arranging financing for the sale of the person's product; or
(5) a creditor that is licensed under IC 24-4.4-2-402.
As added by P.L.175-2019, SEC.2.
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