Indiana § 37-2-2-7 - "Bona fide nonprofit organization"
Full text of Indiana Indiana Code § 37-2-2-7 — "Bona fide nonprofit organization", with citation guidance and answers to common questions.
§ 37-2-2-7. "Bona fide nonprofit organization"
Sec. 7. "Bona fide nonprofit organization" means an organization that does the following, as determined by the director under criteria established by the director:
(1) Maintains tax exempt status under Section 501(c)(3) of the Internal Revenue Code.
(2) Promotes affordable housing or provides home ownership education or similar services.
(3) Conducts the organization's activities in a manner that serves public or charitable purposes.
(4) Receives funding and revenue and charges fees in a manner that does not encourage the organization or the organization's employees to act other than in the best interests of the organization's clients.
(5) Compensates the organization's employees in a manner that does not encourage employees to act other than in the best interests of the organization's clients.
(6) Provides to, or identifies for, debtors mortgage transactions with terms that are favorable to the debtor (as described in IC 37-2-1-10(15)) and comparable to mortgage transactions and housing assistance provided under government housing assistance programs.
(7) Maintains certification by the United States Department of Housing and Urban Development or employs counselors who are certified by the Indiana housing and community development authority.
[Pre-2026 Revision Citation: 24-4.5-1-301.5(45).]
As added by P.L.115-2026, SEC.97.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 37-2-2-7
What does Indiana Code § 37-2-2-7 cover?
Section 37-2-2-7 (""Bona fide nonprofit organization"") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 37-2-2-7?
A common citation format is "Indiana Code § 37-2-2-7" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 37-2-2-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.