Changes for loan brokers

The Indianapolis Star reports changes in Indiana's Loan Broker Act. These changes include:

>> Requirement for the creation of a principal manager who will oversee the loan brokers at each firm. The principal manager, who must have at least three years of experience in the financial services industry, will be hired privately by each firm.

>> Requirement for criminal background checks on loan broker employees, owners and principal managers.

>> Requirement for written examinations for employees and principal managers. Currently registered employees must the test upon license renewal.

>> Increased flexibility for the Indiana Securities Commissioner to revoke, deny or suspend a loan broker license for reasons including violations of loan broker-related laws in the past 10 years under the Commissioner's jurisdiction. In addition, knowingly filing false statements is now a Class C felony.

>> Requirements for certain exempt entities to file notices with the Securities Division every two years.