{"data":{"id":"us-in/ic-37-4-4-3","jurisdiction":"us-in","citation":"IC 37-4-4-3","heading":"Foreclosure purchasers; prohibited acts","body":"Sec. 3. A foreclosure purchaser may not enter into or attempt to enter into a foreclosure reconveyance agreement with a homeowner unless the:\n(1) foreclosure purchaser verifies and demonstrates that the homeowner has or will have a reasonable ability to:\n(A) pay for the subsequent reconveyance of the property back to the homeowner on completion of the terms of the foreclosure conveyance; or\n(B) if the foreclosure conveyance provides for a lease with an option to repurchase the real property, make the lease payment and repurchase the real property within the period of the option to repurchase;\n(2) foreclosure purchaser provides the homeowner written notice of the homeowner's rights under this article;\n(3) foreclosure purchaser and the homeowner complete a formal settlement before any transfer of interest in the affected property; and\n(4) foreclosure purchaser complies with the security requirements under IC 24-5-15-8.","path":["TITLE 37. CONSUMER LENDING","ARTICLE 4. MORTGAGE RESCUE PROTECTION FRAUD","Chapter 4. Limitations on Foreclosure Consultants and Foreclosure Reconveyances"],"source_url":"https://iga.in.gov/ic/2026/Title_37.html#37-4-4-3","current_through":"2026","vintage":"2026","retrieved_at":"2026-08-22T06:53:15Z","sha256":"9dd182867fe9beb004e489b2712b39a35ee5e2290301be3037c8c01ea01c0663","source_id":"us-in","stale":false,"prev":"us-in/ic-37-4-4-2","next":"us-in/ic-37-4-4-4"},"notice":"GroundRules: Original legal text. Not legal advice."}