accessIndiana

What are the initial application requirements?

• Completed application
• $200.00 filing fee
• Original $50,000.00 surety bond in effect for the full length of the licensing period with the obligee as State of Indiana
• Application for Registration as an Originator for each originator

What are the renewal application requirements?

• same as for an initial application
• renewal applications are due December 1 of the year in which the license expires

What are the exemptions for the licensing requirement?

• There is no reciprocity exemption with other states
• There is no de minimus exemption
• The exemptions are found in Indiana Code § 23-2-5-19(a) and Indiana Code § 23-2-5-3(e)

What do I need to submit to claim an exemption?

• letter requesting exemption
• proof that you qualify for the exemption

Where can I get a bond?

• The Secretary of State, Securities Division, cannot advise you to use a specific bond company
• A good starting point is homeowners insurance, renters insurance, or automobile insurance companies

What is the education requirement?

• The requirement for an initial applicant is twenty-four (24) hours of academic instruction, acceptable to the Commissioner, in the previous twenty-four (24) months. The initial twenty-four (24) hours of academic instruction must include at least one (1) hour of academic instruction on Indiana loan broker law and at least two (2) hours of academic instruction on federal loan broker law.
• Effective with any initial education courses completed after March 1, 2006, the course must be live.
• The requirement for a renewing applicant is 12 hours of academic instruction, acceptable to the commissioner, related to the loan broker industry within the previous 24 months
• A List of approved courses is on our website at ww.in.gov/sos/securities/public.html and is updated monthly

Is an originator supposed to be paid using a W2 or 1099?

• The Division has no jurisdiction of whether an originator is paid using a W2 or a 1099
• This is a tax issue that should be addressed to the loan broker's tax preparer or accountant

How long does a loan broker have to register an originator?

• The loan broker must register the originator within five business days

If an originator leaves a loan broker, must the loan broker notify the Division?

• The loan broker must return the originator's original registration certificate to the Division within five business days of the originator's termination

May an originator work for multiple loan brokers?

• No, an originator may not be employed by more than one loan broker at a time