Indiana 2022 Regular Session Status: Passed Senate 4 R cosponsors

SB 352 — Supervised consumer loans.

Last action — First reading: referred to Committee on Financial Institutions and Insurance

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2022 Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Uniform Consumer Credit Code to provide that the authorized loan finance charge for a consumer loan, other than a supervised loan, that is entered into after June 30, 2022, may not exceed 36% (versus 25% for a consumer loan that is entered into before July 1, 2022) per year on the unpaid balances of the principal. Amends the definition of "supervised loan" to mean a consumer loan that: (1) is entered into before July 1, 2022, and with respect to which the rate of the loan finance charge exceeds the authorized 25% annual rate for consumer loans under current law; or (2) is entered into after June 30, 2022, and is made in accordance with the requirements for supervised loans set forth in the bill. Sets forth requirements and limitations with respect to the following for supervised loans made after June 30, 2022: (1) Authorized fees and charges. (2) The maximum principal amount. (3) The minimum and maximum lengths of the loan term. (4) Information and disclosures to be included in the loan contract. (5) A borrower's right to rescind a supervised loan transaction. Provides that when a borrower enters into a supervised loan, the lender shall provide the borrower with a pamphlet approved by the department of financial institutions (department) that describes: (1) the availability of debt management and credit counseling services; (2) the borrower's rights and responsibilities; and (3) the availability of the 211 telephone dialing code for human services information and referrals. Sets forth prohibited acts and practices in connection with a supervised loan. Provides that a lender may not take a security interest in real or personal property in connection with a supervised loan, other than a security interest in a personal check of the borrower. Specifies the applicability of the bill's provisions to supervised loans made by persons exempt from: (1) the bill's finance charge limitations; and (2) licensure by the department. Requires a lender that makes at least one supervised loan in Indiana during a calendar year to remit to the department: (1) an annual fee of $250; and (2) an additional fee of $250 per Indiana branch location (after the first location). Establishes the consumer financial education fund (fund), and provides that the annual fees collected from lenders making supervised loans are to be deposited in the fund. Provides that the fund is to be: (1) administered by the department; and (2) used by the department for paying expenses relating to consumer financial education. Requires a person that enters into at least one supervised loan transaction in Indiana in any calendar year to file with the department a report concerning the person's business and operations with respect to that calendar year. Requires the director of the department to prescribe: (1) the time and manner for filing the report; and (2) the information to be included in the report. Requires the department to publish and make available to the public, at least annually, an analysis of the information provided in the reports filed with the department. Sets forth the information that must be included in the department's analysis. Makes conforming amendments to existing references to supervised loans throughout the Indiana Code.

Bill Text

We don't have the full text on file for this bill yet.

Read SB 352 on the official Indiana source →

Action History

  1. First reading: referred to Committee on Financial Institutions and Insurance

  2. Referred to the House

  3. Cosponsors: Representatives Lehman and Carbaugh

  4. House sponsor: Representative Judy

  5. Reread third time: passed; Roll Call 136: yeas 27, nays 22

  6. Senator Sandlin added as coauthor

  7. Senator Bohacek added as second author

  8. Senator Bohacek removed as coauthor

  9. Third reading: failed for lack of constitutional majority; Roll Call 80: yeas 24, nays 22

  10. Second reading: ordered engrossed

  11. Amendment #2 (Lanane) failed; Roll Call 39: yeas 14, nays 33

  12. Senator Bohacek added as coauthor

  13. Committee report: amend do pass, adopted

  14. First reading: referred to Committee on Insurance and Financial Institutions

  15. Authored by Senator Zay

Sponsors

Sponsorship breakdown

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3 sponsors · 3 co-sponsors · 144 not signed on · 18 voted No

Sponsors (3)

Co-sponsors (3)

Not signed on (144)

144 members have not signed on to this bill.

Show all 144 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

SB 352 - Zay - 3rd Reading

Passed 27 Yea · 22 Nay
Party YeaNayPresentNot Voting
Republican 161100
Unaffiliated 11400
Democrat 0700
Total 272200
% of votes cast 55%45%0%0%
How each member voted (49)
Member Party Vote
Perfect — Yea
Boehnlein — Yea
Crane — Yea
Houchin — Yea
Boots — Yea
Sandlin — Yea
Brown — Yea
Messmer — Yea
Young — Yea
Zay — Yea
Melton — Nay
Breaux — Nay
Kruse — Nay
Lanane — Nay
Ford Jon — Yea
David Niezgodski Democrat Nay
Fady Qaddoura Democrat Nay
Greg Taylor Democrat Nay
J.D. Ford Democrat Nay
Lonnie Randolph Democrat Nay
Rodney Pol Democrat Nay
Shelli Yoder Democrat Nay
Aaron Freeman Republican Yea
Blake Doriot Republican Yea
Brian Buchanan Republican Yea
Chris Garten Republican Yea
Ed Charbonneau Republican Yea
Eric Bassler Republican Nay
Eric Koch Republican Yea
Greg Walker Republican Nay
James Buck Republican Yea
James Tomes Republican Nay
Jean Leising Republican Yea
Jeff Raatz Republican Yea
Justin Busch Republican Nay
Kyle Walker Republican Nay
Linda Rogers Republican Yea
Michael Crider Republican Nay
Mike Bohacek Republican Yea
Mike Gaskill Republican Nay
Rick Niemeyer Republican Yea
Rodric Bray Republican Nay
Ron Alting Republican Nay
Ryan Mishler Republican Yea
Scott Baldwin Republican Yea
Stacey Donato Republican Nay
Susan Glick Republican Yea
Travis Holdman Republican Yea
Vaneta Becker Republican Nay

Official roll call →

Subjects

finance health-insurance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 352 do?
Amends the Uniform Consumer Credit Code to provide that the authorized loan finance charge for a consumer loan, other than a supervised loan, that is entered into after June 30, 2022, may not exceed 36% (versus 25% for a consumer loan that is entered into before July 1, 2022) per year on the unpaid balances of the principal. Amends the definition of "supervised loan" to mean a consumer loan that: (1) is entered into before July 1, 2022, and with respect to which the rate of the loan finance charge exceeds the authorized 25% annual rate for consumer loans under current law; or (2) is entered into after June 30, 2022, and is made in accordance with the requirements for supervised loans set forth in the bill. Sets forth requirements and limitations with respect to the following for supervised loans made after June 30, 2022: (1) Authorized fees and charges. (2) The maximum principal amount. (3) The minimum and maximum lengths of the loan term. (4) Information and disclosures to be included in the loan contract. (5) A borrower's right to rescind a supervised loan transaction. Provides that when a borrower enters into a supervised loan, the lender shall provide the borrower with a pamphlet approved by the department of financial institutions (department) that describes: (1) the availability of debt management and credit counseling services; (2) the borrower's rights and responsibilities; and (3) the availability of the 211 telephone dialing code for human services information and referrals. Sets forth prohibited acts and practices in connection with a supervised loan. Provides that a lender may not take a security interest in real or personal property in connection with a supervised loan, other than a security interest in a personal check of the borrower. Specifies the applicability of the bill's provisions to supervised loans made by persons exempt from: (1) the bill's finance charge limitations; and (2) licensure by the department. Requires a lender that makes at least one supervised loan in Indiana during a calendar year to remit to the department: (1) an annual fee of $250; and (2) an additional fee of $250 per Indiana branch location (after the first location). Establishes the consumer financial education fund (fund), and provides that the annual fees collected from lenders making supervised loans are to be deposited in the fund. Provides that the fund is to be: (1) administered by the department; and (2) used by the department for paying expenses relating to consumer financial education. Requires a person that enters into at least one supervised loan transaction in Indiana in any calendar year to file with the department a report concerning the person's business and operations with respect to that calendar year. Requires the director of the department to prescribe: (1) the time and manner for filing the report; and (2) the information to be included in the report. Requires the department to publish and make available to the public, at least annually, an analysis of the information provided in the reports filed with the department. Sets forth the information that must be included in the department's analysis. Makes conforming amendments to existing references to supervised loans throughout the Indiana Code.
Who sponsors SB 352?
SB 352 is sponsored by Andy Zay, Mike Bohacek (Republican), Jack Sandlin, Chris Judy (Republican), Matt Lehman (Republican), and Martin Carbaugh (Republican).
What is the current status of SB 352?
This bill died with 2022 Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 352?
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