Section 23-2.5-8-1 - Loan broker contract(a) A contract for the services of a loan broker is not enforceable unless the contract is in writing and signed by each of the contracting parties.(b) At the time a contract for the services of a loan broker is signed, the loan broker shall provide the following to each party to the contract:(1) A copy of the signed contract.(2) A written disclosure of any agreement entered into by the loan broker to procure loans exclusively from one (1) lender.(c) A contract for the services of a loan broker must include the following statement: "No statement or representation by a loan broker is valid or enforceable unless the statement or representation is in writing.".
(d) This section does not apply to a contract that provides for the payment of referral fees by a lender or a third party.Amended by P.L. 158-2022,SEC. 4, eff. 7/1/2022.Added by P.L. 175-2019,SEC. 2, eff. 7/1/2019.