750 Ind. Admin. Code 9-4-2

Current through October 31, 2024

Section 750 IAC 9-4-2 - Regulatory reporting

Authority: IC 24-4.4-1-101

Affected: IC 24-4.4; IC 24-4.5

Sec. 2.

(a) Each creditor or mortgage loan originator shall submit to the NMLSR reports of condition, which must be in a form and must contain information as required by the NMLSR. If a mortgage loan originator is an employee of:

(1) a person subject to licensing under IC 24-4.4 or IC 24-4.5; or

(2) an entity exempt from licensing under IC 24-4.4 or IC 24-4.5 that registers with the NMLSR; the reports of condition submitted by the person subject to licensing under IC 24-4.4 or IC 24-4.5 or entity exempt from licensing under IC 24-4.4 or IC 24-4.5 that registers with the NMLSR may be used instead of the mortgage loan originator's reports of condition requirement under this section. If the mortgage loan originator's employer submits reports of condition on his or her behalf consistent with this section, the mortgage loan originator shall timely and accurately report all required information in his or her possession to his or her employer for purposes of enabling his or her employer to fulfill its reporting obligation. Failure of a mortgage loan originator to timely and accurately report this required information to his or her employer shall constitute a violation of this section.

(b) Each creditor or mortgage loan originator shall file with the department additional financial statements relating to all mortgage transactions originated, as required by the department, but not more frequently than annually, in the form prescribed by the department. If a mortgage loan originator is an employee of:

(1) a person subject to licensing under IC 24-4.4 or IC 24-4.5; or

(2) an entity exempt from licensing under IC 24-4.4 or IC 24-4.5 that registers with the NMLSR; additional financial statements submitted by the person subject to licensing under IC 24-4.4 or IC 24-4.5 or entity exempt from licensing under IC 24-4.4 or IC 24-4.5 that registers with the NMLSR may be used instead of the mortgage loan originator's additional financial statements required under this section.

750 IAC 9-4-2

Department of Financial Institutions; 750 IAC 9-4-2; emergency rule filed Jul 23, 2009, 4:14 p.m.: 20090729-IR-750090577ERA; 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