Indiana 2023 Regular Session Status: Enacted 2 R cosponsors

SB 452 — Consumer credit and financial institutions.

Last action — Signed by the Governor

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  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 19, 2023. Enacted.

Prognosis

Likely to advance 76% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 3 sponsors

    3 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (2 R).

  • Cleared a recorded vote

    Passed 1 recorded vote so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

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.

Bill Text

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

Read SB 452 on the official Indiana source →

Action History

  1. Signed by the Governor

  2. Public Law 197

  3. Signed by the Speaker

  4. Signed by the President Pro Tempore

  5. Signed by the President of the Senate

  6. Rules Suspended. Conference Committee Report 1: adopted by the House; Roll Call 547: yeas 93, nays 2

  7. Rules Suspended. Conference Committee Report 1: adopted by the Senate; Roll Call 518: yeas 41, nays 7

  8. CCR # 1 filed in the House

  9. CCR # 1 filed in the Senate

  10. Representative Heaton added as conferee

  11. Representative Speedy removed as conferee

  12. Senate advisors appointed: Gaskill and Taylor G

  13. Senate conferees appointed: Bassler and Qaddoura

  14. House advisors appointed: Slager, Pierce K and Moseley

  15. House conferees appointed: Speedy and Miller K

  16. Senate dissented from House amendments

  17. Motion to dissent filed

  18. Concurrence withdrawn

  19. Concurrence failed for lack of constitutional majority; Roll Call 459: yeas 19, nays 22

  20. Motion to concur filed

  21. Returned to the Senate with amendments

  22. Third reading: passed; Roll Call 378: yeas 96, nays 1

  23. Second reading: ordered engrossed

  24. Committee report: amend do pass, adopted

  25. First reading: referred to Committee on Financial Institutions

  26. Referred to the House

  27. House sponsor: Representative Speedy

  28. Third reading: passed; Roll Call 94: yeas 49, nays 0

  29. Senator Gaskill added as second author

  30. Second reading: ordered engrossed

  31. Committee report: do pass, adopted

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

  33. Authored by Senator Bassler

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

3 sponsors · 0 co-sponsors · 147 not signed on · 1 voted No

Sponsors (3)

Co-sponsors (0)

None.

Not signed on (147)

147 members have not signed on to this bill.

Show all 147 →

"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 452 - Speedy - 3rd Reading

Passed 96 Yea · 1 Nay · 3 Other
Party YeaNayPresentNot Voting
Republican 56102
Unaffiliated 16000
Democrat 24001
Total 96103
% of votes cast 96%1%0%3%
How each member voted (100)
Member Party Vote
Frye — Yea
Goodrich — Yea
Lyness — Yea
Schaibley — Yea
Boy — Yea
Hatfield — Yea
Cherry — Yea
Morrison — Yea
Speedy — Yea
Negele — Yea
Johnson — Yea
Torr — Yea
Vermilion — Yea
Fleming — Yea
Zent — Yea
Garcia Wilburn — Yea
Carey Hamilton Democrat Not Voting
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
Kyle Miller 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 Yea
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
Becky Cash Republican Not Voting
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
Cory Criswell Republican Yea
Craig Haggard Republican Yea
Craig Snow Republican Yea
Dale DeVon Republican Yea
Dave Hall 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 Nay
Gregory Steuerwald Republican Yea
Harold Slager Republican Yea
Heath VanNatter Republican Yea
J.D. Prescott Republican Yea
Jack Jordan Republican Yea
Jake Teshka Republican Yea
Jeffrey Thompson Republican Yea
Jennifer Meltzer Republican Yea
Jim Lucas Republican Yea
Jim Pressel Republican Yea
Joanna King Republican Yea
Julie McGuire Republican Yea
Julie Olthoff Republican Yea
Karen Engleman Republican Yea
Kendell Culp Republican Yea
Kyle Pierce Republican Yea
Lindsay Patterson Republican Yea
Lorissa Sweet Republican Yea
Mark Genda 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
Robb Greene 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 housing
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 452 do?
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.
Who sponsors SB 452?
SB 452 is sponsored by Mike Speedy, Mike Gaskill (Republican), and Eric Bassler (Republican).
What is the current status of SB 452?
This bill has been enacted into law. Introduced January 19, 2023. Enacted.
Where can I track SB 452?
Track SB 452 free on One Click Politics — get push/email alerts when it moves.

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