IC 37-2-2-7 — "Bona fide nonprofit organization"
Chapter 2. Definitions
Section text
Sec. 7. "Bona fide nonprofit organization" means an organization that does the following, as determined by the director under criteria established by the director: (1) Maintains tax exempt status under Section 501(c)(3) of the Internal Revenue Code. (2) Promotes affordable housing or provides home ownership education or similar services. (3) Conducts the organization's activities in a manner that serves public or charitable purposes. (4) Receives funding and revenue and charges fees in a manner that does not encourage the organization or the organization's employees to act other than in the best interests of the organization's clients. (5) Compensates the organization's employees in a manner that does not encourage employees to act other than in the best interests of the organization's clients. (6) Provides to, or identifies for, debtors mortgage transactions with terms that are favorable to the debtor (as described in IC 37-2-1-10(15)) and comparable to mortgage transactions and housing assistance provided under government housing assistance programs. (7) Maintains certification by the United States Department of Housing and Urban Development or employs counselors who are certified by the Indiana housing and community development authority.
As added by P.L.115-2026, SEC.97.
Source: official publisher (2026 edition)