750 Ind. Admin. Code 9-2-5

Current through October 31, 2024

Section 750 IAC 9-2-5 - Exclusions

Authority: IC 24-4.4-1-101

Affected: IC 24-4.4; IC 24-4.5

Sec. 5.

This article does not apply to the following:

(1) Extensions of credit to government or governmental agencies or instrumentalities.

(2) A mortgage transaction in which the debt is incurred primarily for a purpose other than a personal, family, or household purpose.

(3) An extension of credit primarily for a business, a commercial, or an agricultural purpose.

(4) An extension of credit originated by:

(A) a depository institution;

(B) subsidiaries that are:

(i) owned and controlled by a depository institution; and

(ii) regulated by a federal banking agency; or

(C) an institution regulated by the Farm Credit Administration.

(5) A mortgage transaction originated by a registered mortgage loan originator, when acting for an entity described in subdivision (4). A privately insured state chartered credit union must comply with the system of mortgage loan originator registration developed by the Federal Financial Institutions Examinations Council under Section 1507 of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE), which is incorporated by reference.

(6) An individual who offers or negotiates terms of a mortgage transaction with or on behalf of an immediate family member of the individual.

(7) An individual who offers or negotiates terms of a mortgage transaction secured by a dwelling that served as the individual's residence.

(8) Unless the attorney is compensated by:

(A) a lender;

(B) a mortgage broker;

(C) another mortgage loan originator; or

(D) any agent of the lender, mortgage broker, or other mortgage loan originator described in clauses (A) through (C); a licensed attorney who negotiates the terms of a mortgage transaction on behalf of a client as an ancillary matter to the attorney's representation of the client.

(9) The United States, including United States government sponsored enterprises, any state or local government, or any agency or instrumentality of any governmental entity.

750 IAC 9-2-5

Department of Financial Institutions; 750 IAC 9-2-5; emergency rule filed Jul 23, 2009, 4:14 p.m.: 20090729-IR-750090577ERA; emergency rule filed Feb 11, 2010, 2:49 p.m.: 20100217-IR-750100102ERA; emergency rule filed Dec 15, 2011, 2:54 p.m.: 20111221-IR-750110778ERA

Readopted filed 12/1/2015, 9:28 a.m.: 20151230-IR-750150336RFA

Readopted filed 11/3/2021, 10:48 a.m.: 20211201-IR-750210427RFA