SB 452 IN

0likes☆Favorite🔕SubscribeShare

Became Law

Provides that a reference to federal law in: (1) the first lien mortgage lending act (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, 2022 (rather than December 31, 2021, under current law). Amends as follows a provision in the act that authorizes a federal savings bank to voluntarily register with the department of financial institutions (department) for the purpose of sponsoring licensed mortgage loan originators under certain circumstances: (1) Authorizes any person (rather than just a federal savings bank) that meets the requirements set forth in the provision to sponsor one or more licensed mortgage loan originators. (2) Eliminates a requirement that a sponsored individual must sell, solicit, or negotiate insurance under an exclusive written agreement for a licensed insurance company that is a subsidiary of a company that also owns or controls the federal savings bank. (3) Provides that a sponsored individual must be engaged solely as a third party loan processor or underwriter. Specifies certain requirements that a person must comply with in order to sponsor an individual under these provisions. Makes conforming amendments to: (1) the act; and (2) related provisions in the UCCC concerning subordinate lien mortgage transactions. Requires a state chartered credit union (credit union) to maintain capital consistent with the safety and soundness necessary to support the risk in the credit union's activities. Provides that the National Credit Union Administration's: (1) prompt corrective action; and (2) risk based net worth; regulations apply to all credit unions. Requires a credit union that is classified as adequately capitalized or lower to increase the dollar amount of its net worth on a quarterly basis by an amount equal to at least 0.1% of the credit union's total assets until the credit union is classified as well capitalized. Sets forth different: (1) mandatory supervisory requirements or restrictions; and (2) discretionary supervisory requirements or restrictions (to be imposed by the director of the department); with respect to a credit union, depending on the credit union's classification as undercapitalized, significantly undercapitalized, or critically undercapitalized. Directs the department to use specified statutory authority to adopt emergency rules not later than June 30, 2024, to amend the department's rule concerning mortgage lenders and originators in order to: (1) conform the rule to the bill's provisions concerning the sponsorship of licensed mortgage loan originators to engage solely as a third party loan processor or underwriter; and (2) establish a rule to allow certain persons to sponsor one or more mortgage loan originators, who are not employees of the sponsoring person, to perform mortgage loan originator activities exclusively for the sponsoring person under certain prescribed conditions.

• Eric Bassler Republican · author
• Mike Gaskill Republican · author
• Mike Speedy · sponsor

1. Jan 19, 2023 Authored by Senator Bassler · upper
2. Jan 19, 2023 First reading: referred to Committee on Insurance and Financial Institutions · upper
3. Feb 2, 2023 Committee report: do pass, adopted · upper
4. Feb 6, 2023 Second reading: ordered engrossed · upper
5. Feb 6, 2023 Senator Gaskill added as second author · upper
6. Feb 9, 2023 Third reading: passed; Roll Call 94: yeas 49, nays 0 · upper
7. Feb 9, 2023 House sponsor: Representative Speedy · upper
8. Feb 10, 2023 Referred to the House · upper
9. Feb 28, 2023 First reading: referred to Committee on Financial Institutions · lower
10. Apr 3, 2023 Committee report: amend do pass, adopted · lower
11. Apr 6, 2023 Second reading: ordered engrossed · lower
12. Apr 10, 2023 Third reading: passed; Roll Call 378: yeas 96, nays 1 · lower
13. Apr 11, 2023 Returned to the Senate with amendments · lower
14. Apr 18, 2023 Motion to concur filed · upper
15. Apr 19, 2023 Concurrence failed for lack of constitutional majority; Roll Call 459: yeas 19, nays 22 · upper
16. Apr 20, 2023 Concurrence withdrawn · upper
17. Apr 20, 2023 Motion to dissent filed · upper
18. Apr 20, 2023 Senate dissented from House amendments · upper
19. Apr 20, 2023 House conferees appointed: Speedy and Miller K · lower
20. Apr 20, 2023 House advisors appointed: Slager, Pierce K and Moseley · lower
21. Apr 24, 2023 Senate conferees appointed: Bassler and Qaddoura · upper
22. Apr 24, 2023 Senate advisors appointed: Gaskill and Taylor G · upper
23. Apr 26, 2023 Representative Speedy removed as conferee · lower
24. Apr 26, 2023 Representative Heaton added as conferee · lower
25. Apr 27, 2023 CCR # 1 filed in the Senate · upper
26. Apr 27, 2023 CCR # 1 filed in the House · lower
27. Apr 27, 2023 Rules Suspended. Conference Committee Report 1: adopted by the Senate; Roll Call 518: yeas 41, nays 7 · upper
28. Apr 27, 2023 Rules Suspended. Conference Committee Report 1: adopted by the House; Roll Call 547: yeas 93, nays 2 · lower
29. Apr 28, 2023 Signed by the President of the Senate · upper
30. Apr 28, 2023 Signed by the President Pro Tempore · upper
31. May 1, 2023 Signed by the Speaker · lower
32. May 4, 2023 Public Law 197 · upper
33. May 4, 2023 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) · Apr 27, 2023 · PDF
• Introduced Senate Bill (S) · Jan 18, 2023 · PDF
• Senate Bill (S) · Feb 2, 2023 · PDF
• Senate Bill (H) · Apr 3, 2023 · PDF