IC 24-5-23.5-4 — "Mortgage loan"
Chapter 23.5. Real Estate Appraisals
Bills amending this section
Section text
Sec. 4. (a) As used in this chapter, "mortgage loan" means a loan in which a mortgage (or another equivalent consensual security interest) that constitutes a lien is created or retained against an interest in real property in Indiana. (b) The term includes the following: (1) A home loan subject to IC 37-5. (2) A loan described in IC 37-5-1-1, to the extent allowed under federal law. (3) A first lien mortgage transaction (as defined in IC 37-1-2) subject to IC 37-1. (4) A consumer credit sale subject to IC 37-2-3 in which a mortgage (or another equivalent consensual security interest) that constitutes a lien is created or retained against an interest in real property in Indiana. (5) A consumer loan subject to IC 37-2-4 in which a mortgage (or another equivalent consensual security interest) that constitutes a lien is created or retained against an interest in real property in Indiana. (6) A loan in which a mortgage (or another equivalent consensual security interest) that constitutes a lien is created or retained against land: (A) that is located in Indiana; (B) upon which there is a dwelling that is not or will not be used by the borrower primarily for personal, family, or household purposes; and (C) that is classified as residential for property tax purposes. The term includes a loan that is secured by land in Indiana upon which there is a dwelling that is purchased by or through the borrower for investment or other business purposes. (c) The term does not include a land contract.
As added by P.L.52-2009, SEC.2. Amended by P.L.35-2010, SEC.88; P.L.89-2011, SEC.21; P.L.13-2013, SEC.66; P.L.115-2026, SEC.30.
Source: official publisher (2026 edition)