1. (a) A contract for the services of a loan broker is not enforceable unless the contract is in writing and signed by each of the contracting parties.

2. (b) At the time a contract for the services of a loan broker is signed, the loan broker shall provide the following to each party to the contract:

   1. (1) A copy of the signed contract.
   2. (2) A written disclosure of any agreement entered into by the loan broker to procure loans exclusively from one (1) lender.

3. (c) A contract for the services of a loan broker must include the following statement:

   "No statement or representation by a loan broker is valid or enforceable unless the statement or representation is in writing.".

4. (d) This section does not apply to a contract that provides for the payment of referral fees by a lender or a third party.

As added by P.L.175-2019, SEC.2. Amended by P.L.158-2022, SEC.4.