Pursuant to our yearly audit of state-specific disclosures, we will be making the following changes for Indiana:
IN Commitment Agreement (Cx18838)
Ind. Code Ann. § 26-2-9-4(b)
“(b) A debtor may assert a claim or defense under [the previous subsection] only if the credit agreement at issue:
- is in writing;
- sets forth all material terms and conditions of the credit agreement, including the loan amount, rate of interest, duration, and security; and
- is signed by the creditor and the debtor.”
Consequently, we will be providing a new Indiana Commitment Agreement (Cx18838), which will print under the following conditions:
- Document Package Type = Initials
- Commitment or Rate Lock Initiated = Yes
- State Code = Indiana
IN Lock-in Agreement (Cx18839)
Ind. Code Ann. § 23-2-5-9 requires that every contract for the services of a loan broker shall be in writing and signed by the contracting parties.
Ind. Admin. Code tit 710, R. 1-22-6(6) requires that “fees associated with the commitment of a specific interest rate, to be held for a specified period of time, may be collected in accordance with a signed rate lock agreement, provided the fees are payable to the lender.”
To comply with these requirements, we will now provide our Indiana Lock-in Agreement (Cx18839) upon request. When requested, Cx18839 will print under the following conditions:
- Document Package Type = Initials
- Lender is a Broker = Yes
- Lock-in Fee Charged on Loan = Yes
- State Code = Indiana
These changes will take effect on December 16, 2015. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584
DR 125428