2020 Indiana Code
Title 23. Business and Other Associations
Article 2.5. Loan Brokers
Chapter 11. Violations and Civil Enforcement
23-2.5-11-1. Permissive Actions; Denial of Licensure Application or Renewal; Suspension; Revocation

Sec. 1. The commissioner may deny an application for an initial or a renewal license under this article, and may suspend or revoke the license of a licensee, if the applicant, the licensee, or an ultimate equitable owner of a loan broker or an applicant for a loan broker license:

(1) has, within the most recent ten (10) years:

(A) been the subject of an adjudication or a determination by:

(i) a court with jurisdiction; or

(ii) an agency or administrator that regulates securities, commodities, banking, financial services, insurance, real estate, or the real estate appraisal industry;

in Indiana or any other jurisdiction; and

(B) been found, after notice and opportunity for hearing, to have violated the securities, commodities, banking, financial services, insurance, real estate, or real estate appraisal laws of the state or any other jurisdiction;

(2) except as provided in section 2(1) of this chapter with respect to the activities of a loan broker, has:

(A) been denied the right to do business in the securities, commodities, banking, financial services, insurance, real estate, or real estate appraisal industry; or

(B) had the person's authority to do business in the securities, commodities, banking, financial services, insurance, real estate, or real estate appraisal industry revoked or suspended;

by the state or another state, federal, or foreign governmental agency or self-regulatory organization;

(3) is insolvent;

(4) has violated this article;

(5) has knowingly filed with the commissioner a document or statement that:

(A) contains a false representation of a material fact;

(B) fails to state a material fact; or

(C) contains a representation that becomes false:

(i) after the filing; and

(ii) during the term of the license;

and does not notify the commissioner as required by IC 23-2.5-4-8;

(6) has been convicted, during the ten (10) years preceding the date of the application, renewal, or review, of a crime, other than a felony, involving fraud or deceit;

(7) if the person is a loan broker or a principal manager, has failed to reasonably supervise the person's mortgage loan originators, loan processors or underwriters, or employees to ensure compliance with this article;

(8) is on the most recent tax warrant list supplied to the commissioner by the department of state revenue;

(9) has engaged in dishonest or unethical practices, as determined by the commissioner; or

(10) has, after receiving a request from the securities division for additional documentation or information in connection with an application for an initial or renewal license, failed to properly respond to the request within thirty (30) days after the date on which the person receives the request.

As added by P.L.175-2019, SEC.2.