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Consumer Credit Resources

In line with the Governor’s Continuity of Operations of Government (EO 20-09) and Stay at Home (20-08) Executive Orders, the Consumer Credit Division of the Department of Financial Institutions is currently working remotely and is temporarily suspending on-site examination activities. The Division will continue ongoing examinations off-site through secure electronic methods in coordination with our regulated businesses. The Department will work with affected businesses to reduce burden when scheduling and conducting examinations. As a Department, we are well equipped to manage the majority of our examination responsibilities remotely and we will continue to optimize our technology resources in order to maintain the health and safety for our employees as well as yours.

 

If you have any additional questions, please do not hesitate to contact our staff. We are available to offer regulatory assistance to all businesses subject to our supervision and oversight affected by COVID-19 related concerns. We stand ready to assist as we are able, and appreciate your interest in maintaining employee health while continuing to serve Indiana consumers.

 

Licensing and Applications:

DFI Licensing staff is available to answer phone calls and emails concerning pending applications, and to answer questions and facilitate secure transfer of new applications. We will continue to timely review and process NMLS applications, Advance Change of Control Notices, and other non-NMLS applications. Consumer Credit Licensing may be reached at: dfilicensing@dfi.in.gov, direct licensing phone (317.453.2566) or DFI fax (317.232.7655).

 

New non-NMLS applicants are encouraged to make complete copies of an application and supporting documents and to electronically save a copy. Such applicants are also encouraged to first notify Licensing Staff by email (dfilicensing@dfi.in.gov) if you anticipate submitting a new application at this time, in order to coordinate and facilitate submitting new applications through secure electronic means, such as by secure email or by facsimile. While applicants may continue to submit new applications and documents through U.S. mail and/or by other traditional delivery methods, there may be a delay in our receiving and/or processing new applications sent in this manner. Applications containing proprietary information or PPI, thumbprint cards, credit reports, and other confidential information should not be transferred electronically to our office by an unsecure method.

 

Extension of non-essential deadlines by 60 days

Pursuant to the authority provided in Executive Order 20-05(13)(A), the Department extends the following non-essential agency deadlines for a period of 60 days from the original due date:

Report

License Type

Current Due Date

Extended Due Date

MSB Q4 2019

Money Transmitter

March 31, 2020

May 31, 2020

MCR Q1 2019

Mortgage Lender

May 15, 2020

July 14, 2020

MSB Q1 2020

Money Transmitter

May 15, 2020

July 14, 2020

MCR Standard                                   Financial Condition

Mortgage Lender

90 days from end of the company's fiscal year

150 days from end of the company's fiscal year

Financial Statement

Money Transmitter,
Mortgage Lender, and
Debt Management

90 days from end of the company's fiscal year

150 days from end of the company's fiscal year

 

Licensees are encouraged to submit the relevant report and/or financial statement as soon as it becomes available. Requests for additional time beyond the 60 day extension must be made through dfilicensing@dfi.in.gov and will be considered on a case by case basis.

 

Licensed Mortgage Lenders

The Indiana DFI does not license mortgage branch locations, and it does not have rules or requirements that would restrict a Mortgage Lending Licensee’s ability to decide where employees are permitted to work, or otherwise restrict an individual DFI-licensed MLO’s ability to work from home. Indiana law does not require that Indiana DFI be informed of any change to MLO work locations due to the impact of COVID-19.

Indiana DFI is not able to speak for the Indiana Secretary of State’s expectations regarding its licensed mortgage loan originators (MLO) who engage only in brokering activity. Any questions regarding IN-SOS licensed mortgage loan originators (MLO) should be emailed to securities@sos.in.gov.

For additional information concerning COVID-19 related updates, including information related to education and testing centers, as well as criminal background checks, please see the NMLS COVID-19 Resource page.
 

Essential Business Operations and Temporary Closures

Governor Holcomb’s Stay at Home Executive Order (20-08) outlined businesses qualified as essential that are permitted to continue operations, including financial services providers more broadly defined in the Order itself as well as incorporating the U.S. Department of Homeland Security, Cybersecurity & Infrastructure Security Agency (“CISA”) list of Essential Business and Operations. Businesses that have identified themselves as “Essential” under these directives are reminded to adhere to the actions outlined in the Governor’s Order to maintain the health and safety of its workers as well as the public.

The Governor’s Office has set up a Critical Industries Hotline to help provide guidance to businesses regarding Essential Business related questions. Businesses may reach the center by calling 877-820-0890 or by emailing covidresponse@iedc.in.gov.

In the event that a licensed or regulated business is considering closing, or is required to close by a local, state or federal government order, our regulatory expectation is that a business will make efforts to mitigate consumer harm by engaging in communication with customers, providing alternative payment and service options, and prevent customers from incurring unnecessary fees or charges.

 

Ongoing Communication

Affected regulated businesses are encouraged to proactively reach out to customers to explain a customer’s options and any assistance that may be available to them. We would encourage businesses subject to our agency’s jurisdiction to timely notify its customers, as well as the Department, of any planned temporary closure and the availability of any alternative service options as soon as practical.

To notify DFI of any planned closure, or for questions concerning closure, please reach out to the Examiner you worked with most recently; or, in the alternative, you may also email: dfilicensing@dfi.in.gov. Notice of closure should include the name of the business; a contact name, email and phone number; and anticipated date(s) of closure.