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Some Indiana Mortgage Brokers Lose Their Licenses

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About 40 percent of Indiana’s mortgage brokers recently lost their licenses for not being in compliance with a new state law. It requires brokers who run a company to have at least three years of experience and pass an exam. Indiana’s Secretary of State Todd Rokita says the new law will protect consumers.

ROKITA: We wanted to bring some professionalism to an industry that is made up of entrepreneurs and people that certainly hold themselves out to be professionals. We want to make sure that they in fact are.

But some local mortgage brokers say the new law is too harsh. Brokers who operate without meeting the regulations could face criminal charges.

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