servicer receives the first written request until the date on
which the accurate payoff amount is provided;
if an accurate payoff amount is not provided by the creditor or
mortgage servicer not later than seven (7) business days
(excluding legal public holidays, Saturdays, and Sundays) after
the creditor or mortgage servicer receives the debtor's second
written request, and the creditor or mortgage servicer fails to
comply with subdivision (a).
(2) This subsection applies to a first lien mortgage transaction, or
the refinancing or consolidation of a first lien mortgage transaction,
that:
(a) is closed after June 30, 2009; and
(b) has an interest rate that is subject to change at one (1) or more
times during the term of the first lien mortgage transaction.
A creditor in a transaction to which this subsection applies may not
contract for and may not charge the debtor a prepayment fee or penalty.
(3) This subsection applies to a first lien mortgage transaction with
respect to which any installment or minimum payment due is
delinquent for at least sixty (60) days. The creditor, servicer, or the
creditor's agent shall acknowledge a written offer made in connection
with a proposed short sale not later than five (5) business days
(excluding legal public holidays, Saturdays, and Sundays) after the date
of the offer if the offer complies with the requirements for a qualified
written request set forth in 12 U.S.C. 2605(e)(1)(B). The creditor,
servicer, or creditor's agent is required to acknowledge a written offer
made in connection with a proposed short sale from a third party acting
on behalf of the debtor only if the debtor has provided written
authorization for the creditor, servicer, or creditor's agent to do so. Not
later than thirty (30) business days (excluding legal public holidays,
Saturdays, and Sundays) after receipt of an offer under this subsection,
the creditor, servicer, or creditor's agent shall respond to the offer with
an acceptance or a rejection of the offer. The thirty (30) day period
described in this subsection may be extended for not more than fifteen
(15) business days (excluding legal public holidays, Saturdays, and
Sundays) if, before the end of the thirty (30) day period, the creditor,
the servicer, or the creditor's agent notifies the debtor of the extension
and the reason the extension is needed. Payment accepted by a creditor,
servicer, or creditor's agent in connection with a short sale constitutes
payment in full satisfaction of the first lien mortgage transaction unless
the creditor, servicer, or creditor's agent obtains:
(a) the following statement: "The debtor remains liable for any
amount still owed under the first lien mortgage transaction."; or
(b) a statement substantially similar to the statement set forth in
subdivision (a);
acknowledged by the initials or signature of the debtor, on or before the
date on which the short sale payment is accepted. As used in this
subsection, "short sale" means a transaction in which the property that
is the subject of a first lien mortgage transaction is sold for an amount
that is less than the amount of the debtor's outstanding obligation under
the first lien mortgage transaction. A creditor or mortgage servicer that
fails to respond to an offer within the time prescribed by this subsection
is liable in accordance with 12 U.S.C. 2605(f) in any action brought
under that section.
servicer failed to comply with clause (A).
A liability under this subsection is an excess charge under
IC 24-4.5-5-202.
(4) As used in this subsection, "mortgage transaction" does not
include a land contract and means a consumer credit sale in which a
mortgage (or another equivalent consensual security interest) that
constitutes a lien is created or retained against land upon which there
is constructed or intended to be constructed a dwelling that is or will be
used by the debtor primarily for personal, family, or household
purposes. This subsection applies to a mortgage transaction with
respect to which any installment or minimum payment due is
delinquent for at least sixty (60) days. The creditor, servicer, or the
creditor's agent shall acknowledge a written offer made in connection
with a proposed short sale not later than five (5) business days
(excluding legal public holidays, Saturdays, and Sundays) after the date
of the offer if the offer complies with the requirements for a qualified
written request set forth in 12 U.S.C. 2605(e)(1)(B). The creditor,
servicer, or creditor's agent is required to acknowledge a written offer
made in connection with a proposed short sale from a third party acting
on behalf of the debtor only if the debtor has provided written
authorization for the creditor, servicer, or creditor's agent to do so. Not
later than thirty (30) business days (excluding legal public holidays,
Saturdays, and Sundays) after receipt of an offer under this subsection,
the creditor, servicer, or creditor's agent shall respond to the offer with
an acceptance or a rejection of the offer. The thirty (30) day period
described in this subsection may be extended for not more than fifteen
(15) business days (excluding legal public holidays, Saturdays, and
Sundays) if, before the end of the thirty (30) day period, the creditor,
the servicer, or the creditor's agent notifies the debtor of the extension
and the reason the extension is needed. Payment accepted by a creditor,
servicer, or creditor's agent in connection with a short sale constitutes
payment in full satisfaction of the mortgage transaction unless the
creditor, servicer, or creditor's agent obtains:
(a) the following statement: "The debtor remains liable for any
amount still owed under the mortgage transaction."; or
(b) a statement substantially similar to the statement set forth in
subdivision (a);
acknowledged by the initials or signature of the debtor, on or before the
date on which the short sale payment is accepted. As used in this
subsection, "short sale" means a transaction in which the property that
is the subject of a mortgage transaction is sold for an amount that is
less than the amount of the debtor's outstanding obligation under the
mortgage transaction. A creditor or mortgage servicer that fails to
respond to an offer within the time prescribed by this subsection is
liable in accordance with 12 U.S.C. 2605(f) in any action brought
under that section.
holidays, Saturdays, and Sundays) after the creditor or mortgage
servicer receives the debtor's first written request; and
(b) the greater of:
(i) one hundred dollars ($100); or
(ii) the loan finance charge that accrues on the loan from the
date the creditor or mortgage servicer receives the first written
request until the date on which the accurate consumer loan
payoff amount is provided;
if an accurate consumer loan payoff amount is not provided by the
creditor or mortgage servicer within seven (7) business days
(excluding legal public holidays, Saturdays, and Sundays) after
the creditor or mortgage servicer receives the debtor's second
written request, and the creditor or mortgage servicer failed to
comply with subdivision (a).
A liability under this subsection is an excess charge under
IC 24-4.5-5-202.
(4) As used in this subsection, "mortgage transaction" means a
consumer credit loan in which a mortgage (or another equivalent
consensual security interest) that constitutes a lien is created or
retained against land upon which there is constructed or intended to be
constructed a dwelling that is or will be used by the debtor primarily
for personal, family, or household purposes. This subsection applies to
a mortgage transaction with respect to which any installment or
minimum payment due is delinquent for at least sixty (60) days. The
creditor, servicer, or the creditor's agent shall acknowledge a written
offer made in connection with a proposed short sale not later than five
(5) business days (excluding legal public holidays, Saturdays, and
Sundays) after the date of the offer if the offer complies with the
requirements for a qualified written request set forth in 12 U.S.C.
2605(e)(1)(B). The creditor, servicer, or creditor's agent is required to
acknowledge a written offer made in connection with a proposed short
sale from a third party acting on behalf of the debtor only if the debtor
has provided written authorization for the creditor, servicer, or
creditor's agent to do so. Not later than thirty (30) business days
(excluding legal public holidays, Saturdays, and Sundays) after receipt
of an offer under this subsection, the creditor, servicer, or creditor's
agent shall respond to the offer with an acceptance or a rejection of the
offer. The thirty (30) day period described in this subsection may be
extended for not more than fifteen (15) business days (excluding legal
public holidays, Saturdays, and Sundays) if, before the end of the thirty
(30) day period, the creditor, the servicer, or the creditor's agent
notifies the debtor of the extension and the reason the extension is
needed. Payment accepted by a creditor, servicer, or creditor's agent in
connection with a short sale constitutes payment in full satisfaction of
the mortgage transaction unless the creditor, servicer, or creditor's
agent obtains: