Sec. 201. (1) Except as provided in subsection (2), this article applies to a first lien mortgage transaction:
(a) that is secured by an interest in:
(i) a dwelling; or
(ii) residential real estate upon which a dwelling is constructed or intended to be constructed;
in Indiana; and
(b) the closing for which takes place after December 31, 2008.
(2) This article does not apply to a first lien mortgage transaction if:
(a) the debtor is not a resident of Indiana at the time the transaction is entered into; and
(b) the laws of the debtor's state of residence require that the transaction be made under the laws of the state of the debtor's residence.