Sec. 14. (a) "Loan broker" means a person who, in return for consideration from any source: (1) procures; (2) attempts to procure; or (3) assists in procuring; a residential mortgage loan from a third party, regardless of whether the person seeking the loan obtains the loan. (b) The term "loan broker" does not include: (1) a supervised financial organization (as defined in IC 26-1-4-102.5 ), including a bank, savings bank, trust company, savings association, or credit union; (2) another financial institution that is: (A) regulated by an agency of the United States or a state; and (B) regularly actively engaged in the business of: (i) making consumer loans that are not secured by real estate; or (ii) taking assignment of consumer sales contracts that are not secured by real estate; (3) an insurance company; (4) a person arranging financing for the sale of the person's product; or (5) a creditor that is licensed under IC 24-4.4-2-402 .
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