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2019 Indiana Code
Title 23. Business and Other Associations
Article 2.5. Loan Brokers
Chapter 8. Conduct of Business
23-2.5-8-10. Prospective borrower funds; requirements
Universal Citation:
IN Code § 23-2.5-8-10 (2019)
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IC 23-2.5-8-10 Prospective borrower funds; requirements
Sec. 10. If a licensee or a person required to be licensed under this article possesses funds that belong to another person, including money received by or on behalf of a prospective borrower, the licensee or person required to be licensed shall:
(1) upon request of the prospective borrower, account for the funds possessed for the prospective borrower;
(2) follow reasonable and lawful instructions from the prospective borrower concerning the prospective borrower's funds; and
(3) return the prospective borrower's unspent funds to the prospective borrower in a timely manner.
As added by P.L.175-2019, SEC.2.
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