Section 24-5.5-5-3 - Foreclosure purchasers; prohibited acts A foreclosure purchaser may not enter into or attempt to enter into a foreclosure reconveyance agreement with a homeowner unless the:
(1) foreclosure purchaser verifies and demonstrates that the homeowner has or will have a reasonable ability to:(A) pay for the subsequent reconveyance of the property back to the homeowner on completion of the terms of the foreclosure conveyance; or(B) if the foreclosure conveyance provides for a lease with an option to repurchase the real property, make the lease payment and repurchase the real property within the period of the option to repurchase;(2) foreclosure purchaser provides the homeowner written notice of the homeowner's rights under this article;(3) foreclosure purchaser and the homeowner complete a formal settlement before any transfer of interest in the affected property; and(4) foreclosure purchaser complies with the security requirements under IC 24-5-15-8.As added by P.L. 209-2007, SEC.2.