HB 1125 IN

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Became Law

Provides that under certain circumstances, a lender may contract for and receive a nonrefundable prepaid finance charge of 3% (instead of 2%, under current law) of the loan amount on a loan that is secured by an interest in land and is not made under a revolving loan account. Provides that under certain circumstances, a lender may contract for and receive a nonrefundable prepaid finance charge of 3% (instead of 2%, under current law) of the line of credit on a loan that is secured by an interest in land and is made under a revolving loan account. Provides that: (1) if a joint agreement of merger is approved by the department of financial institutions, any credit union whose existence will terminate as a result of the merger shall submit the joint agreement to a vote of its shareholders as directed by the resolution of the board of directors; and (2) a majority of shareholders voting may approve the joint agreement. Establishes within the Indiana Code a new chapter, to be known as the Indiana Earned Wage Access Act (Act), governing the offering and provision of earned wage access services to Indiana consumers. Provides that the Act is to be administered by the division of consumer credit within the department of financial institutions (department). Sets forth provisions that address the following: (1) Definitions of terms. (2) Exemptions from the Act's requirements. (3) The department's supervisory authority under the Act. (4) The licensing of providers of earned wage access services (providers). (5) The acquisition of control of a licensee. (6) Reporting and record keeping requirements for licensees. (7) Duties of providers under the Act. (8) Prohibited acts by providers. (9) The department's enforcement authority under the Act. (10) Criminal liability for certain prohibited acts. (11) Statutory construction of the Act's provisions. Makes conforming changes to sections of the Indiana Code codified outside the Act.

• Jake Teshka Republican · author
• Kyle Walker Republican · sponsor
• Scott Baldwin Republican · sponsor

1. Jan 8, 2025 First reading: referred to Committee on Financial Institutions · lower
2. Jan 8, 2025 Authored by Representative Teshka · lower
3. Jan 8, 2025 Coauthored by Representatives Lehman and Miller K · lower
4. Feb 4, 2025 Committee report: amend do pass, adopted · lower
5. Feb 6, 2025 Second reading: ordered engrossed · lower
6. Feb 10, 2025 Senate sponsor: Senator Walker K · lower
7. Feb 10, 2025 Third reading: passed; Roll Call 109: yeas 70, nays 18 · lower
8. Feb 11, 2025 Referred to the Senate · lower
9. Feb 20, 2025 First reading: referred to Committee on Insurance and Financial Institutions · upper
10. Apr 10, 2025 Senator Baldwin added as second sponsor · upper
11. Apr 10, 2025 Committee report: amend do pass, adopted · upper
12. Apr 10, 2025 Senator Randolph added as cosponsor · upper
13. Apr 14, 2025 Second reading: ordered engrossed · upper
14. Apr 15, 2025 Third reading: passed; Roll Call 431: yeas 48, nays 1 · upper
15. Apr 16, 2025 Motion to dissent filed · lower
16. Apr 16, 2025 Returned to the House with amendments · upper
17. Apr 17, 2025 House dissented from Senate amendments · lower
18. Apr 17, 2025 Senate conferees appointed: Walker K and Qaddoura · upper
19. Apr 17, 2025 Senate advisors appointed: Randolph Lonnie M and Baldwin · upper
20. Apr 17, 2025 House advisors appointed: Lehman, Lucas, Lauer and Andrade · lower
21. Apr 17, 2025 House conferees appointed: Teshka and Miller K · lower
22. Apr 22, 2025 Senator Baldwin removed as advisor · upper
23. Apr 22, 2025 Senator Baldwin added as conferee · upper
24. Apr 22, 2025 Senator Qaddoura removed as conferee · upper
25. Apr 23, 2025 CCR # 1 filed in the House · lower
26. Apr 23, 2025 CCR # 1 filed in the Senate · upper
27. Apr 23, 2025 Rules Suspended. Conference Committee Report 1: adopted by the House; Roll Call 530: yeas 67, nays 26 · lower
28. Apr 23, 2025 Rules Suspended. Conference Committee Report 1: adopted by the Senate; Roll Call 500: yeas 44, nays 1 · upper
29. May 6, 2025 Public Law 222 · lower
30. Apr 29, 2025 Signed by the President of the Senate · upper
31. May 6, 2025 Signed by the Governor · executive
32. Apr 24, 2025 Signed by the President Pro Tempore · upper
33. Apr 24, 2025 Signed by the Speaker · lower