Section 24-5-23.5-4 - "Mortgage loan"(a) As used in this chapter, "mortgage loan" means a loan in which a mortgage (or another equivalent consensual security interest) that constitutes a lien is created or retained against an interest in real property in Indiana.(b) The term includes the following: (1) A home loan subject to IC 24-9.(2) A loan described in IC 24-9-1-1, to the extent allowed under federal law.(3) A first lien mortgage transaction (as defined in IC 24-4.4-1-301) subject to IC 24-4.4.(4) A consumer credit sale subject to IC 24-4.5-2 in which a mortgage (or another equivalent consensual security interest) that constitutes a lien is created or retained against an interest in real property in Indiana.(5) A consumer loan subject to IC 24-4.5-3 in which a mortgage (or another equivalent consensual security interest) that constitutes a lien is created or retained against an interest in real property in Indiana.(6) A loan in which a mortgage (or another equivalent consensual security interest) that constitutes a lien is created or retained against land:(A) that is located in Indiana;(B) upon which there is a dwelling that is not or will not be used by the borrower primarily for personal, family, or household purposes; and(C) that is classified as residential for property tax purposes. The term includes a loan that is secured by land in Indiana upon which there is a dwelling that is purchased by or through the borrower for investment or other business purposes.
(c) The term does not include a land contract.Amended by P.L. 13-2013, SEC. 66, eff. 4/1/2013.Amended by P.L. 89-2011, SEC. 21, eff. 4/28/2011.As added by P.L. 52-2009, SEC.2. Amended by P.L. 35-2010, SEC.88.