As used in this chapter, 'borrower' means the recipient of a loan that is, has been, or will be filed by the lender for enrollment under the program and meets the following requirements:(1) The borrower is a corporation, limited liability company, partnership, joint venture, sole proprietorship, cooperative, or other entity, whether profit or nonprofit, that is authorized to conduct business in Indiana.(2) The borrower is not an executive officer, a director, or a principal shareholder of the lender, a member of the immediate family of an executive officer, a director, or a principal shareholder of the lender, or an entity controlled by an executive officer, a director, a principal shareholder, or a member of the immediate family.As added by P.L.162-2007, SEC.24.
Indiana Legal Code