SB 371 IN

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Adds provisions to the title in the Indiana Code concerning financial institutions to provide for the replacement, by operation of law, of the United States Dollar LIBOR as the benchmark index for any contract, security, or instrument, with a recommended benchmark replacement that is based on the secured overnight financing rate (SOFR). Sets forth certain events that serve to trigger the replacement of LIBOR with the recommended benchmark replacement. Specifies that such replacement by operation of law applies with respect to a contract, security, or instrument that either: (1) contains no fallback provisions setting forth a methodology or procedure for determining a benchmark replacement; or (2) contains fallback provisions that result in a benchmark replacement that: (A) is not a recommended benchmark replacement; and (B) is based in any way on any LIBOR value. Provides that if a recommended benchmark replacement becomes the benchmark replacement for any contract, security, or instrument, any applicable benchmark replacement conforming changes become an integral part of the contract, security, or instrument by operation of law. Provides that the bill's provisions do not alter or impair contracts, securities, or instruments that contain certain provisions. Provides that the selection or use of a recommended benchmark replacement as a benchmark replacement for a contract, security, or instrument: (1) constitutes a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR; and (2) does not: (A) impair or affect certain rights and performance obligations under; (B) constitute a breach of; or (C) void or nullify; the contract, security, or instrument. Provides that a person is not liable for damages, and is not subject to any claim for equitable relief, in connection with: (1) the selection or use of a recommended benchmark replacement; or (2) the determination, implementation, or performance of benchmark replacement conforming changes; with respect to any contract, security, or instrument. Makes a cross reference to this immunity provision in the chapter of the Indiana Code that lists statutes outside of Title 34 of the Indiana Code that confer civil immunity.

• Andy Zay · author
• Kyle Walker Republican · author
• Martin Carbaugh Republican · sponsor

1. Jan 11, 2022 Authored by Senator Zay · 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 24, 2022 Second reading: ordered engrossed · upper
5. Jan 25, 2022 Third reading: passed; Roll Call 83: yeas 46, nays 0 · upper
6. Jan 25, 2022 House sponsor: Representative Carbaugh · upper
7. Jan 25, 2022 Cosponsor: Representative Lehman · upper
8. Jan 25, 2022 Senator Walker K added as second author · upper
9. Jan 25, 2022 Senator Bohacek added as coauthor · upper
10. Jan 25, 2022 Senator Baldwin added as coauthor · upper
11. Jan 25, 2022 Senator Bassler added as coauthor · upper
12. Jan 25, 2022 Senator Koch added as coauthor · upper
13. Jan 25, 2022 Senator Randolph added as coauthor · upper
14. Jan 25, 2022 Senator Sandlin added as coauthor · upper
15. Jan 26, 2022 Referred to the House · upper
16. Feb 1, 2022 First reading: referred to Committee on Financial Institutions and Insurance · lower
17. Feb 8, 2022 Committee report: do pass, adopted · lower
18. Feb 10, 2022 Second reading: ordered engrossed · lower
19. Feb 10, 2022 Representative Ellington added as cosponsor · lower
20. Feb 14, 2022 Third reading: passed; Roll Call 178: yeas 95, nays 0 · lower
21. Feb 15, 2022 Returned to the Senate without amendments · lower
22. Feb 21, 2022 Signed by the President Pro Tempore · upper
23. Feb 24, 2022 Signed by the Speaker · lower
24. Mar 9, 2022 Signed by the President of the Senate · upper
25. Mar 10, 2022 Public Law 67 · upper
26. Mar 10, 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 15, 2022 · PDF
• Introduced Senate Bill (S) · Jan 10, 2022 · PDF
• Senate Bill (S) · Jan 20, 2022 · PDF
• Senate Bill (H) · Feb 8, 2022 · PDF