Senate Bill 341 Summary

• Expands definition of "credit services organization" to include entities that obtain lower interest rates on consumer loans or residential mortgages and provide debt settlement services on behalf of buyers.

• Requires credit services organizations to file a copy of their surety bond or irrevocable letter of credit with the Indiana attorney general before doing business in the state.

• Prohibits persons from maintaining escrow accounts for real estate transactions unless they are a bank, savings and loan association, credit union, or savings bank chartered under state or federal law.

• Restricts residential real estate management in Indiana to persons who possess legal title to the property or hold a real estate salesperson or broker license.

• Requires sellers in land contract real estate transactions to provide written notice to buyers of any encumbrances affecting title at or before contract execution, or within 10 business days if created after execution.

• Allows county recorders to refuse recording deeds they have reason to believe are fraudulent or have been altered in ways that make them unreliable or inaccurate.