750 IAC 9-3-1.2 Sponsoring certain mortgage loan originators

[NOTE: IC 24-4.4 is repealed by P.L. 115-2026, SECTION 22, effective July 1, 2026.] Sec. 1.2. A person licensed under IC 24-4.4 [NOTE: IC 24-4.4 is repealed by P.L. 115-2026, SECTION 22, effective July 1, 2026.] or IC 24-4.5 [NOTE: IC 24-4.5 is repealed by P.L. 115-2026, SECTION 23, effective July 1, 2026.], or exempt from licensing under IC 24-4.4 or IC 24-4.5, except for a person voluntarily registered under IC 24-4.4-1-202(b)(8) [NOTE: IC 24-4.4 is repealed by P.L. 115-2026, SECTION 22, effective July 1, 2026.], may sponsor mortgage loan originators of the sponsoring person who are not employees, as defined by 750 IAC 9-1-1(18), to perform mortgage loan originator activities if the person does the following: (1) Requires, by written agreement, each sponsored mortgage loan originator to perform mortgage loan originator activities exclusively for the sponsoring person. (2) Assumes responsibility for and reasonably supervises the activities of all licensed mortgage loan originators sponsored by the person. (3) Maintains a bond under 750 IAC 9-3-7 [sic, section 7 of this rule] that provides coverage for sponsored mortgage loan originators. (4) Ensures each sponsored mortgage loan originator holds a current, valid insurance producer license under IC 27-1-15.6.