2016 Indiana Code TITLE 24. TRADE REGULATION ARTICLE 5.5. MORTGAGE RESCUE PROTECTION FRAUD CHAPTER 4. RESCISSION OF CONTRACTS WITH FORECLOSURE CONSULTANTS AND FORECLOSURE RECONVEYANCE AGREEMENTS
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IC 24-5.5-4
Chapter 4. Rescission of Contracts With Foreclosure
Consultants and Foreclosure Reconveyance Agreements
IC 24-5.5-4-1
Homeowner's right to rescind foreclosure consultant contract and
foreclosure reconveyance agreement; timing
Sec. 1. In addition to any other right under law to cancel or
rescind a contract, a homeowner may rescind a:
(1) contract with a foreclosure consultant at any time before
midnight of the seventh business day after the date the contract
is signed; and
(2) foreclosure reconveyance agreement at any time before
midnight of the seventh business day after the homeowner's
transfer of the interest in the real property that is the subject of
the agreement, as described in IC 24-5.5-2-4(1).
As added by P.L.209-2007, SEC.2.
IC 24-5.5-4-2
Notice of rescission of foreclosure consultant contract
Sec. 2. A homeowner effectively rescinds a contract with a
foreclosure consultant if the homeowner gives written notice of a
rescission to the foreclosure consultant by one (1) of the following:
(1) Mailing the rescission to the address specified in the
contract.
(2) Sending the rescission through any facsimile or electronic
mail address identified in the contract or other material
provided to the homeowner by the foreclosure consultant.
As added by P.L.209-2007, SEC.2.
IC 24-5.5-4-3
Notice sent by mail; time of effectiveness; inconsistent recission
requirements
Sec. 3. (a) If a notice of rescission under this chapter is sent by
mail, the rescission is effective three (3) days after the notice is
deposited in the U.S. mail, properly addressed, with postage prepaid.
(b) A homeowner is not required to give notice of rescission in the
form required under the contract if the form under the contract is
inconsistent with the requirements under this chapter.
As added by P.L.209-2007, SEC.2.
IC 24-5.5-4-4
Homeowner's duty to repay amounts advanced before rescission
Sec. 4. (a) If a homeowner rescinds a contract with a foreclosure
consultant or a foreclosure reconveyance agreement, the homeowner
shall, not later than thirty (30) days after the date of rescission, repay
any amounts paid or advanced by:
(1) the foreclosure consultant or the foreclosure consultant's
Indiana Code 2016
agent under the terms of the foreclosure consulting contract; or
(2) a person under a foreclosure reconveyance agreement.
(b) A rescission by a homeowner under this chapter is void if the
payments required under this section are not made within the time set
forth in subsection (a).
As added by P.L.209-2007, SEC.2.
IC 24-5.5-4-5
Foreclosure consultant's duty to return payments made by
homeowner
Sec. 5. If a homeowner rescinds a contract with a foreclosure
consultant, not less than ten (10) days following the effective date of
the rescission, the consultant shall return to the homeowner any
payments made by the homeowner, less any amounts for actual
services rendered.
As added by P.L.209-2007, SEC.2.
Indiana Code 2016
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