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2021 Indiana Code
Title 23. Business and Other Associations
Article 2.5. Loan Brokers
Chapter 8. Conduct of Business
23-2.5-8-3. Contract Rescission; Consideration
Universal Citation:
IN Code § 23-2.5-8-3 (2021)
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Sec. 3. (a) If a transaction for which a loan broker has charged a fee is rescinded by a person under the federal Truth in Lending Act (15 U.S.C. 1601-1667e) within twenty (20) calendar days after the date on which a notice of the rescission is delivered to the creditor, the loan broker shall return to the person any consideration received by the loan broker other than bona fide third party fees.
(b) For purposes of calculating the period during which a person may avoid a contract under IC 24-5-10-8 or IC 24-4.5-2-502, a contract with a loan broker is considered to be a sale of services that occurs on the date on which the person signs the written contract required by section 1 of this chapter.
As added by P.L.175-2019, SEC.2.
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