The Indiana Department of Financial Institutions (Department) has issued its Questions & Answers (Q&A) related to upcoming changes in various statutes administered by the Department that become effective as of July 1, 2018. Among other changes, the Q&A highlights that: 1) financial statements that are required to be provided to the Department must be prepared in U.S. dollars and in accordance with U.S .Generally Acceptable Accounting Principals; 2) lead generators are expressly excluded from small loan licensing requirements; and 3) technical amendments have been made to make clear that under existing law only a single license is required in order to engage in both first and subordinate lien mortgage lending activity. The Department also has posted a summary of certain legislation related to statutes administered by the Department.
