IC 24-9-3-6 Fee prohibited for payoff statement or written release;
prepayment penalty prohibited for adjustable rate home loans;
short sale; acknowledgment of offer; acceptance or rejection;
liability for failure to respond
Sec. 6. (a) A creditor may not charge a fee for informing or transmitting to a person the
balance due to pay off a home loan or to provide a written release upon prepayment. A
creditor must provide, in writing, a payoff balance not later than seven (7) business days
(excluding legal public holidays, Saturdays, and Sundays) after the request is received by the
creditor. A payoff statement provided by a creditor under this subsection must show the date
the statement was prepared and itemize the unpaid principal balance and each fee, charge,
or other sum included within the payoff amount. For purposes of this subsection, "fee" does
not include actual charges incurred by a creditor for express or priority delivery of home loan
documents to the borrower if such delivery is requested by the borrower.
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