(a) 'Loan broker' means a person who, in return for consideration from any source:(1) procures;(2) attempts to procure; or(3) assists in procuring;a residential mortgage loan from a third party, regardless of whether the person seeking the loan obtains the loan.(b) The term 'loan broker' does not include:(1) a supervised financial organization (as defined in IC 26-1-4-102.5), including a bank, savings bank, trust company, savings association, or credit union;(2) another financial institution that is:(A) regulated by an agency of the United States or a state; and(B) regularly actively engaged in the business of:(i) making consumer loans that are not secured by real estate; or(ii) taking assignment of consumer sales contracts that are not secured by real estate;(3) an insurance company;(4) a person arranging financing for the sale of the person's product; or(5) a creditor that is licensed under IC 24-4.4-2-402.As added by P.L.175-2019, SEC.2.
Indiana Legal Code