Indiana 2022 Regular Session Status: Enacted Bipartisan · 7 R · 1 D cosponsors

SB 371 — Replacement of the London Interbank Offered Rate.

Last action — Signed by the Governor

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

This bill has been enacted into law. Introduced January 11, 2022. Enacted.

Odds of enactment

High chance

Based on the sponsor, cosponsors, and committee posture, this bill has a high chance of becoming law.

Upgrade to see the exact probability and what's driving it.

A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Likely to advance 98% · high confidence

  • Enacted

    Current position in the legislative process.

  • 11 sponsors

    3 primary, 8 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (7 R · 1 D) — cross-party backing.

  • Cleared a recorded vote

    Passed 1 recorded vote so far.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Summary

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.

Bill Text

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

Read SB 371 on the official Indiana source →

Action History

  1. Signed by the Governor

  2. Public Law 67

  3. Signed by the President of the Senate

  4. Signed by the Speaker

  5. Signed by the President Pro Tempore

  6. Returned to the Senate without amendments

  7. Third reading: passed; Roll Call 178: yeas 95, nays 0

  8. Representative Ellington added as cosponsor

  9. Second reading: ordered engrossed

  10. Committee report: do pass, adopted

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

  12. Referred to the House

  13. Senator Sandlin added as coauthor

  14. Senator Randolph added as coauthor

  15. Senator Koch added as coauthor

  16. Senator Bassler added as coauthor

  17. Senator Baldwin added as coauthor

  18. Senator Bohacek added as coauthor

  19. Senator Walker K added as second author

  20. Cosponsor: Representative Lehman

  21. House sponsor: Representative Carbaugh

  22. Third reading: passed; Roll Call 83: yeas 46, nays 0

  23. Second reading: ordered engrossed

  24. Committee report: do pass, adopted

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

  26. Authored by Senator Zay

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

3 sponsors · 8 co-sponsors · 139 not signed on

Sponsors (3)

Co-sponsors (8)

Not signed on (139)

139 members have not signed on to this bill.

Show all 139 →

"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 371 - Carbaugh - 3rd Reading

Passed 95 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Republican 45002
Unaffiliated 26002
Democrat 24001
Total 95005
% of votes cast 95%0%0%5%
How each member voted (100)
Member Party Vote
Ellington — Yea
Austin — Yea
Lehe — Yea
Fleming — Yea
Frye — Yea
Leonard — Yea
Goodrich — Yea
Saunders — Yea
Lyness — Yea
Schaibley — Yea
Gutwein — Yea
Boy — Yea
Hatfield — Yea
Morrison — Yea
Cherry — Yea
Jacob — Yea
Cook — Yea
Negele — Yea
Nisly — Yea
Torr — Yea
Vermilion — Yea
Zent — Yea
Eberhart — Yea
Speedy — Not Voting
Ziemke — Not Voting
Brown, T — Yea
Davisson, J. — Yea
Young, J — Yea
Blake Johnson Democrat Yea
Carey Hamilton Democrat Yea
Carolyn Jackson Democrat Yea
Cherrish Pryor Democrat Yea
Chris Campbell Democrat Yea
Chuck Moseley Democrat Yea
Earl Harris Democrat Yea
Edward DeLaney Democrat Yea
Gregory Porter Democrat Yea
John Bartlett Democrat Yea
Justin Moed Democrat Yea
Matt Pierce Democrat Yea
Maureen Bauer Democrat Yea
Mike Andrade Democrat Yea
Mitch Gore Democrat Yea
Philip GiaQuinta Democrat Yea
Ragen Hatcher Democrat Not Voting
Renee Pack Democrat Yea
Robin Shackleford Democrat Yea
Ryan Dvorak Democrat Yea
Sheila Klinker Democrat Yea
Sue Errington Democrat Yea
Tonya Pfaff Democrat Yea
Vanessa Summers Democrat Yea
Vernon Smith Democrat Yea
Beau Baird Republican Yea
Ben Smaltz Republican Yea
Brad Barrett Republican Yea
Bruce Borders Republican Yea
Chris Jeter Republican Yea
Chris Judy Republican Yea
Chris May Republican Yea
Cindy Ledbetter Republican Yea
Craig Snow Republican Yea
Dale DeVon Republican Yea
Dave Heine Republican Yea
David Abbott Republican Yea
Doug Miller Republican Yea
Edmond Soliday Republican Yea
Edward Clere Republican Yea
Elizabeth Rowray Republican Yea
Ethan Manning Republican Yea
Gregory Steuerwald Republican Yea
Harold Slager Republican Yea
Heath VanNatter Republican Not Voting
J.D. Prescott Republican Yea
Jack Jordan Republican Yea
Jake Teshka Republican Yea
Jeffrey Thompson Republican Yea
Jim Lucas Republican Yea
Jim Pressel Republican Yea
Joanna King Republican Yea
Julie Olthoff Republican Yea
Karen Engleman Republican Yea
Martin Carbaugh Republican Yea
Matt Hostettler Republican Yea
Matt Lehman Republican Yea
Michael Karickhoff Republican Yea
Michelle Davis Republican Yea
Mike Aylesworth Republican Yea
Peggy Mayfield Republican Yea
Robert Behning Republican Yea
Robert Heaton Republican Yea
Robert Morris Republican Yea
Ryan Lauer Republican Yea
Shane Lindauer Republican Yea
Steve Bartels Republican Yea
Timothy O'Brien Republican Yea
Timothy Wesco Republican Yea
Todd Huston Republican Not Voting
Wendy McNamara Republican Yea
Zach Payne Republican Yea

Official roll call →

Subjects

finance
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 371 do?
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.
Who sponsors SB 371?
SB 371 is sponsored by Kyle Walker (Republican), Andy Zay, Mike Bohacek (Republican), Scott Baldwin (Republican), Eric Bassler (Republican), Eric Koch (Republican), Lonnie Randolph (Democrat), Jack Sandlin, Martin Carbaugh (Republican), Matt Lehman (Republican), and Jeff Ellington.
What is the current status of SB 371?
This bill has been enacted into law. Introduced January 11, 2022. Enacted.
Where can I track SB 371?
Track SB 371 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on SB 371

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of SB 371

Last checked for changes 3 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →