Section 710 IAC 1-22-6 - FeesAuthority: 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.Securities Division; 710 IAC 1-22-6; filed Jan 19, 2006, 12:19 p.m.: 29 IR 1926; readopted filed Nov 26, 2012, 1:59 p.m.: 20121226-IR-710120573RFAReadopted filed 11/19/2018, 12:53 p.m.: 20181219-IR-710180415RFA