710 IAC 1-22-6 - Fees
Authority: IC 23-2-1-15
Affected: IC 23-2
Sec. 6.
In connection with the application for credit and on behalf of the borrower, the following fees, subject to the limitations enumerated in this section, may be collected before the closing of the loan:
(1) Property appraisal fees, if applicable,
shall be limited to the following:
(A) The
amount paid to a licensed appraiser for the appraisal.
(B) Those amounts that are customary and
reasonable.
(2) Credit
report fees, if applicable, shall be limited to the actual cost of the report,
the amount of which was paid to a third party. The amounts shall be customary
and reasonable.
(3) Title
examination fees or title insurance, or both, if applicable, shall be limited
to those amounts actually expended for such purposes. The amounts shall be
customary and reasonable.
(4)
Returned check charges, if applicable, may be assessed to consumers, provided
the amounts of the charges are customary and reasonable for checks that are
returned unpaid.
(5) Other bona
fide third party fees actually paid or incurred on behalf of the borrower. Such
other fees shall:
(A) not be incurred without
the express permission of the borrower; and
(B) be limited to amounts actually paid or
incurred. Additionally, all such amounts must be customary and
reasonable.
(6) Fees
associated with the commitment of a specific interest rate, to be held for a
specified period of time, may be collected in accordance with a signed rate
lock agreement, provided the fees are payable to the lender.
Notes
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