- Indiana strictly regulates foreclosure consultants under the Mortgage Rescue Protection Fraud Act; IC 24.55 et seq. (see http://www.in.gov/legislative/ic/code/title24/ar5.5/)
- The State:
- Requires notice of rights in writing and per form; Requires disclosure of terms; Requires consumer to pay back any funds advanced by foreclosure consultant w/in 30 days of rescission; Prohibits up front fees; Prohibits security assignments; Prohibits any consideration to foreclosure consultant by any interested third party; Prohibits power of attorney; Prohibits any ownership interest in property
- Allows consumer 7 days to rescind contract in writing including email
- Caps fees at 8% loan
- Licensed attorneys representing the mortgagor are excluded from the definition of foreclosure consultant.
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