CHAPTER 2. DEFINITIONS

IC 24-5.5-2
    Chapter 2. Definitions

IC 24-5.5-2-1
Application of definitions
    Sec. 1. The definitions in this chapter apply throughout thisarticle.
As added by P.L.209-2007, SEC.2.

IC 24-5.5-2-2
"Foreclosure consultant"
    Sec. 2. "Foreclosure consultant" means a person who, directly orindirectly, makes a solicitation, a representation, or an offer to ahomeowner to perform, with or without compensation, any servicethat the person represents will:
        (1) prevent or postpone the initiation of a foreclosureproceeding, or reverse the effect of a foreclosure proceeding;
        (2) allow the homeowner to become a lessee or renter in thehomeowner's residence during or after a foreclosure proceeding;or
        (3) allow the homeowner to have an option to repurchase thehomeowner's residence after a foreclosure proceeding.
As added by P.L.209-2007, SEC.2.

IC 24-5.5-2-3
"Foreclosure purchaser"
    Sec. 3. "Foreclosure purchaser" means a person who purchasesreal property in a foreclosure proceeding.
As added by P.L.209-2007, SEC.2.

IC 24-5.5-2-4
"Foreclosure reconveyance"
    Sec. 4. "Foreclosure reconveyance" means a transactioninvolving:
        (1) the transfer of interest in real property by a homeowner toa person during or incident to a proposed foreclosureproceeding, either by:
            (A) transfer of interest from the homeowner to the person; or
            (B) creation of a mortgage, trust, or other lien orencumbrance during the foreclosure process;
        that allows the person to obtain legal or equitable title to all orpart of the real property; and
        (2) the subsequent conveyance, or promise of subsequentconveyance, of interest back to the homeowner by the person orthe person's agent that allows the homeowner to possess the realproperty following the completion of the foreclosureproceeding.
As added by P.L.209-2007, SEC.2.

IC 24-5.5-2-5 "Formal settlement"
    Sec. 5. "Formal settlement" means a face-to-face meeting with ahomeowner to complete final documents incident to the:
        (1) sale or transfer of real property; or
        (2) creation of a mortgage or equitable interest in real property;
conducted by a person who is not employed by or an affiliate of theforeclosure purchaser.
As added by P.L.209-2007, SEC.2.

IC 24-5.5-2-6
"Homeowner"
    Sec. 6. "Homeowner" means a person who holds record title toresidential real property as of the date on which:
        (1) a contract with a foreclosure consultant; or
        (2) a foreclosure reconveyance agreement;
with respect to the residential real property is entered into.
As added by P.L.209-2007, SEC.2.