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2018 Indiana Code
TITLE 23. Business and other Associations
ARTICLE 2. SECURITIES AND FRANCHISES
CHAPTER 5. Loan Brokers
23-2-5-18.5. Possession of funds belonging to others; duties to prospective borrower
Universal Citation: IN Code § 23-2-5-18.5 (2018)
IC 23-2-5-18.5 Possession of funds belonging to others; duties to prospective borrower
Sec. 18.5. Whenever a person licensed under this chapter, or a person required to be licensed under this chapter, has possession of funds belonging to others, including money received by or on behalf of a prospective borrower, the person licensed under this chapter, or required to be licensed under this chapter, shall:
(1) upon request of the prospective borrower, account for any funds handled for the prospective borrower;
(2) follow any reasonable and lawful instructions from the prospective borrower concerning the prospective borrower's funds; and
(3) return any unspent funds of the prospective borrower to the prospective borrower in a timely manner.
As added by P.L.230-2007, SEC.14. Amended by P.L.156-2009, SEC.12.
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