SB 383 IN

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Became Law

Provides that a reference to federal law in: (1) the first lien mortgage lending act; (2) the Uniform Consumer Credit Code (UCCC); or (3) the Indiana Code title governing financial institutions; is a reference to the law as in effect December 31, 2021 (versus December 31, 2020, under current law). Amends the provisions in the UCCC governing authorized finance charges for consumer loans (other than supervised loans) and for supervised loans to specify that: (1) the entire section governing finance charges for consumer loans (other than supervised loans) does not apply to supervised loans; and (2) the loan finance charge for a supervised loan must be: (A) contracted for between the lender and the debtor; and (B) calculated by applying a rate not exceeding the authorized rate to unpaid balances of the principal. Amends provisions in the UCCC concerning permitted additional charges for guaranteed asset protection (GAP) agreements for: (1) consumer credit sales; and (2) consumer loans; to specify that the average retail value for a used motor vehicle that is the subject of a GAP agreement is to be determined by using a third party valuation service provider customarily relied upon in the used motor vehicle commercial market (versus by using the National Automobile Dealers Association average retail value, under current law). Amends the Indiana Code section concerning the department's duties of confidentiality with respect to certain information concerning financial institutions to specify that those duties apply to all regulated entities licensed or registered with the department. Specifies that the required fidelity coverage for credit unions: (1) applies to those directors, officers, and employees of the credit union who have access to money or bonds of the credit union; and (2) must be approved annually by the credit union's board of directors as to the amount and form. Amends the statute governing money transmitters to: (1) provide that a "payment instrument" does not include a "stored value account"; and (2) remove the definition of "stored value account". Changes references to a "federal savings and loan association" to a "federal savings association" for purposes of the statute concerning mergers, consolidations, and conversions involving federal savings associations and savings associations chartered in Indiana, to specify that a federal savings association may convert into a savings association chartered in Indiana.

• Eric Bassler Republican · author
• Andy Zay · author
• Martin Carbaugh Republican · sponsor

1. Jan 11, 2022 Authored by Senator Bassler · upper
2. Jan 11, 2022 First reading: referred to Committee on Insurance and Financial Institutions · upper
3. Jan 20, 2022 Committee report: do pass, adopted · upper
4. Jan 31, 2022 Senator Zay added as second author · upper
5. Jan 31, 2022 Amendment #1 (Bassler) prevailed; voice vote · upper
6. Jan 31, 2022 Second reading: amended, ordered engrossed · upper
7. Feb 1, 2022 Third reading: passed; Roll Call 186: yeas 49, nays 0 · upper
8. Feb 1, 2022 House sponsor: Representative Carbaugh · upper
9. Feb 2, 2022 Referred to the House · upper
10. Feb 8, 2022 First reading: referred to Committee on Financial Institutions and Insurance · lower
11. Feb 15, 2022 Committee report: do pass, adopted · lower
12. Feb 17, 2022 Second reading: ordered engrossed · lower
13. Feb 21, 2022 Third reading: passed; Roll Call 214: yeas 95, nays 0 · lower
14. Feb 22, 2022 Returned to the Senate without amendments · lower
15. Mar 1, 2022 Signed by the Speaker · lower
16. Mar 1, 2022 Signed by the President Pro Tempore · upper
17. Mar 7, 2022 Signed by the President of the Senate · upper
18. Mar 7, 2022 Public Law 29 · upper
19. Mar 7, 2022 Signed by the Governor · executive

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Enrolled Senate Bill (S) · Feb 22, 2022 · PDF
• Introduced Senate Bill (S) · Jan 11, 2022 · PDF
• Senate Bill (S) · Jan 20, 2022 · PDF
• Engrossed Senate Bill (S) · Jan 31, 2022 · PDF
• Senate Bill (H) · Feb 15, 2022 · PDF