Deadline Extended For Indiana's New Mortgage Broker Law
By: Web Producer
Updated: July 7, 2008
Deadline Extended For Indianas New Mortgage Broker Law
(Indianapolis) -- Mortgage brokerage companies in Indiana are being given another month to comply with a new law or be forced out of business.
The Secretary of States Office is planning to revoke 639 business licenses if principal manager requirements are not met by August 5th.
House Enrolled Act 1717 requires brokers to employ a principal manager with three years experience, who has passed a standards and practices test.
None of the 639 affected brokerage companies have sent anyone to take the exam.
The deadline for compliance was at the beginning of this month, but Todd Rokita says it would have been a "bigger disservice" to force out companies with no consumer warning.
Securities Commissioner Chris Naylor acknowledged that housing market turmoil may have already forced some brokers to go under.
(Copyright 2008 by Newsroom Solutions)
RNS-07-07-08 1628CDT
