This was in today's allregs update. Anyone know of anymore information on this? I couldn't find anything on the IC site.

Indiana Requires Cautionary Notice for Borrowers in Foreclosure
Posted:
5/21/2007
Indiana passed a bill requiring that a cautionary notice be provided to a borrower at the time a foreclosure proceeding is commenced. The notice warns a borrower to be careful of persons who offer to "save" the home from foreclosure. The bill becomes effective July 1, 2007.

The following is part of the Senate Enrolled Act 390.

Chapter 3. Notice of Foreclosure

Sec. 1. In addition to any other notice required by law, a mortgagee, or the mortgagee's assignee, that proceeds under IC 32-30-10 to foreclose a mortgage or deed of trust shall, at the time of filing the complaint in the action, provide the following written notice to the mortgagor in a statement printed in at least 14 point boldface type:

"NOTICE REQUIRED BY STATE LAW
Mortgage foreclosure is a complex process. People may approach you about "saving" your home. You should be careful about any such promises. There are government agencies and nonprofit organizations you may contact for helpful information about the foreclosure process. For the name and telephone number of an organization near you, please call the Indiana housing and community development authority.".

Service of the written notice required by this chapter shall be made as provided in the Indiana Rules of Trial Procedure governing service of process upon a person.

Am I reading this accurately to say that banks, thrifts, etc are exempt?

You are correct.

ARTICLE 5.5. MORTGAGE RESCUE PROTECTION FRAUD

Chapter 1. Application

Sec. 1. This article does not apply to the following:

(1) A person organized or chartered under the laws of this state, any other state, or the United States that relate to a bank, a trust company, a savings association, a savings bank, a credit union, or an industrial loan and investment company.