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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Consumer Loan License This license application is for an entity seeking to engage in consumer loan transactions under the Indiana Uniform Consumer Credit Code (IUCCC, Ind. Code § 24-4.5) generally, and more specifically under Ind. Code § 24-4.5-3. Entities that engage in taking assignment of consumer loans or undertaking direct collection of consumer loan payments may also be required to obtain a license. Please review Ind. Code § 24-4.5-3-502 for additional information regarding entities required to obtain this license. The following is a partial list of loan types not covered by this license. • Small loans, also known as payday loans (Small Loan License, Ind. Code § 24-4.5-7). • Mortgage loans (Mortgage Lending License, Ind. Code § 24-4.4 and -4.5). Please note that entities engaging in consumer loan transactions as well as credit sales are only required to maintain a Consumer Loan License and are not required to separately file a Notice of Intent form for the non-lender registration. However, if an entity only engages in credit sales and does not engage in any consumer loan transaction activity, then the Notice of Intent form must be filed to obtain the non-lender registration instead of obtaining the Consumer Loan License.
Debt Management License This license is required for any person doing business as a budget counseling, credit counseling, debt management, or debt pooling service or holding the person out, by words of similar import, as providing services to debtors in the management of their debts, and having a written agreement with the debtor to disburse money or anything of value.
Exempt Company Registration – CUSO This registration is for any credit union service organization (CUSO) that employs individuals required to be Indiana DFI licensed mortgage loan originators (MLOs), but the CUSO is not required to be licensed under Indiana law. Please review Indiana Code 24-4.4-1-202(b), Indiana Code 24-4.5-1-202(b), and 750 Indiana Administrative Code 9-2-5. In addition, you may want to consult legal counsel to determine if the company is eligible to request this registration.
Exempt Company Registration - Third Party Loan Processing This registration is for any company that is solely engaged in mortgage loan processing and/or mortgage loan underwriting, and the company is not required to be licensed under Indiana law. Please review Indiana Code 24-4.4, 24-4.5, and 750 Indiana Administrative Code 9. In addition, you may want to consult legal counsel to determine if the company is eligible to request this registration. .
Money Transmitter License This license is for any entity that engages in the business of money transmission under the Indiana Money Transmission Modernization Act (Indiana Code 28-8-4.1). Money transmission activities may include selling or issuing payment instruments and/or stored value from a physical location in Indiana or to individuals or businesses residing in Indiana. Money transmission may also include receiving money at a physical location in Indiana for transmission or, in general, receiving money for transmission from an individual or business residing in Indiana.
Mortgage Lending License This license is required of any lender that is regularly engaged in originating consumer purpose mortgage loans subject to Ind. Code § 24-4.4 et seq. or Ind. Code § 24-4.5 et seq. Also, any company that employs individuals engaged in mortgage loan origination activity is required to be licensed as a pre-requisite to sponsor individually licensed mortgage loan originators.
Branch Licenses Description Requirements Checklist
No branch licenses Indiana DFI does not have licenses of this classification available in NMLS at this time.
    Individual Licenses Description Requirements Checklist
    Mortgage Loan Originator License This license is required for all mortgage loan originators employed by DFI licensed mortgage lenders or employed by mortgage lenders exempt from DFI licensure.
     

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