HB 1038 IN

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Requires the treasurer of state (treasurer) to establish and administer a program to assist Indiana companies in obtaining financing from a financial institution for the purchase of company shares by an employee stock ownership plan (ESOP). Allows the treasurer and a financial institution to enter into an agreement under which: (1) the treasurer places a certificate of deposit (CD) with the financial institution at not more than 3% below the comparable Treasury Bill rate; (2) the financial institution makes a loan to a company at a reduced percentage rate of interest that corresponds to the CD's reduced rate of interest; and (3) the rate of interest of both the loan and the certificate of deposit move in tandem for the duration of the loan term.

• Jake Teshka Republican · author

1. Jan 8, 2025 First reading: referred to Committee on Financial Institutions · lower
2. Jan 8, 2025 Authored by Representative Teshka · lower
3. Jan 21, 2025 Recommitted to the Committee on Ways and Means pursuant to House Rule 126.3 · lower
4. Jan 21, 2025 Committee report: amend do pass, adopted · lower
5. Jan 28, 2025 Representatives Pierce K and Andrade added as coauthors · lower