Indiana 2023 Regular Session Status: In Committee

SB 235 — Finance charge for supervised loans.

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

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

This bill died with 2023 Regular Session. It reached “In Committee” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Provides that for a supervised loan that is made under the Uniform Consumer Credit Code (UCCC) and that: (1) is entered into after June 30, 2023; and (2) is not secured by: (A) an interest in land; or (B) personal property used or expected to be used as the principal dwelling of the debtor; a supervised lender may contract for and receive a loan finance charge not exceeding 36% per year on the unpaid balances of the principal. Retains the current blended loan finance charge (in which different rates apply to different ranges of the unpaid balances of the principal) for the following: (1) A supervised loan entered into before July 1, 2023. (2) A supervised loan that is secured by: (A) an interest in land; or (B) personal property used or expected to be used as the principal dwelling of the debtor; regardless of when the supervised loan is entered into. Provides that, based on information contained in annual composite reports filed with the department of financial institutions (department) by creditors required to be licensed under the UCCC, the department shall publish on the department's website, on an annual basis, a report that contains specified information concerning supervised loans made after June 30, 2023, by nondepository licensees during the reporting period covered by the composite reports. Makes conforming amendments to: (1) the UCCC; and (2) the statutes governing: (A) pawnbrokers; and (B) loansharking.

Bill Text

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

Read SB 235 on the official Indiana source →

Action History

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

  2. Authored by Senator Zay

Sponsors

  • Andy Zay · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 149 not signed on

Sponsors (1)

  • Andy Zay

Co-sponsors (0)

None.

Not signed on (149)

149 members have not signed on to this bill.

Show all 149 →

"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

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 235 do?
Provides that for a supervised loan that is made under the Uniform Consumer Credit Code (UCCC) and that: (1) is entered into after June 30, 2023; and (2) is not secured by: (A) an interest in land; or (B) personal property used or expected to be used as the principal dwelling of the debtor; a supervised lender may contract for and receive a loan finance charge not exceeding 36% per year on the unpaid balances of the principal. Retains the current blended loan finance charge (in which different rates apply to different ranges of the unpaid balances of the principal) for the following: (1) A supervised loan entered into before July 1, 2023. (2) A supervised loan that is secured by: (A) an interest in land; or (B) personal property used or expected to be used as the principal dwelling of the debtor; regardless of when the supervised loan is entered into. Provides that, based on information contained in annual composite reports filed with the department of financial institutions (department) by creditors required to be licensed under the UCCC, the department shall publish on the department's website, on an annual basis, a report that contains specified information concerning supervised loans made after June 30, 2023, by nondepository licensees during the reporting period covered by the composite reports. Makes conforming amendments to: (1) the UCCC; and (2) the statutes governing: (A) pawnbrokers; and (B) loansharking.
Who sponsors SB 235?
SB 235 is sponsored by Andy Zay.
What is the current status of SB 235?
This bill died with 2023 Regular Session. It reached “In Committee” 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 235?
Track SB 235 free on One Click Politics — get push/email alerts when it moves.

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