SB 383 — Financial institutions and consumer credit.

Summary

Provides that a reference to federal law in: (1) the first lien mortgage lending 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, 2021 (versus December 31, 2020, under current law). Amends the provisions in the UCCC governing authorized finance charges for consumer loans (other than supervised loans) and for supervised loans to specify that: (1) the entire section governing finance charges for consumer loans (other than supervised loans) does not apply to supervised loans; and (2) the loan finance charge for a supervised loan must be: (A) contracted for between the lender and the debtor; and (B) calculated by applying a rate not exceeding the authorized rate to unpaid balances of the principal. Amends provisions in the UCCC concerning permitted additional charges for guaranteed asset protection (GAP) agreements for: (1) consumer credit sales; and (2) consumer loans; to specify that the average retail value for a used motor vehicle that is the subject of a GAP agreement is to be determined by using a third party valuation service provider customarily relied upon in the used motor vehicle commercial market (versus by using the National Automobile Dealers Association average retail value, under current law). Amends the Indiana Code section concerning the department's duties of confidentiality with respect to certain information concerning financial institutions to specify that those duties apply to all regulated entities licensed or registered with the department. Specifies that the required fidelity coverage for credit unions: (1) applies to those directors, officers, and employees of the credit union who have access to money or bonds of the credit union; and (2) must be approved annually by the credit union's board of directors as to the amount and form. Amends the statute governing money transmitters to: (1) provide that a "payment instrument" does not include a "stored value account"; and (2) remove the definition of "stored value account". Changes references to a "federal savings and loan association" to a "federal savings association" for purposes of the statute concerning mergers, consolidations, and conversions involving federal savings associations and savings associations chartered in Indiana, to specify that a federal savings association may convert into a savings association chartered in Indiana.

Bill Text

Action History

1. March 07, 2022

   Signed by the Governor

2. March 07, 2022

   Public Law 29

3. March 07, 2022

   Signed by the President of the Senate

4. March 01, 2022

   Signed by the President Pro Tempore

5. March 01, 2022

   Signed by the Speaker

6. February 22, 2022

   Returned to the Senate without amendments

7. February 21, 2022

   Third reading: passed; Roll Call 214: yeas 95, nays 0

8. February 17, 2022

   Second reading: ordered engrossed

9. February 15, 2022

   Committee report: do pass, adopted

10. February 08, 2022

    First reading: referred to Committee on Financial Institutions and Insurance

11. February 02, 2022

    Referred to the House

12. February 01, 2022

    House sponsor: Representative Carbaugh

13. February 01, 2022

    Third reading: passed; Roll Call 186: yeas 49, nays 0

14. January 31, 2022

    Second reading: amended, ordered engrossed

15. January 31, 2022

    Amendment #1 (Bassler) prevailed; voice vote

16. January 31, 2022

    Senator Zay added as second author

17. January 20, 2022

    Committee report: do pass, adopted

18. January 11, 2022

    First reading: referred to Committee on Insurance and Financial Institutions

19. January 11, 2022

    Authored by Senator Bassler

Sponsors

• Eric Bassler · Primary
• Andy Zay · Primary
• Martin Carbaugh · Primary

Votes

Subjects