UIGAU

SB0464: A BILL FOR AN ACT to amend the Indiana Code concerning financial institutions.

Page last updated: Sunday, April 20, 2025 at 8:04 PM (America/Indianapolis).

General Information

Legislators

Authors (3)
Coauthors (0)
Sponsors (1)
Cosponsors (1)
Advisors (3)
Conferees (3)

Actions (21 total)

Digest

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, 2024 (rather than December 31, 2023, under current law). Amends the definition of "principal" for purposes of the UCCC provisions governing consumer loans to specify that the term does not include any loan proceeds held as security for the loan. Amends the definition of "consumer transaction" for purposes of the deceptive consumer sales act to include conduct that arises from, occurs in connection with, or otherwise involves a transaction between a supplier and a state or local law enforcement agency within Indiana. Amends the definition of "supplier" for purposes of the deceptive consumer sales act to include any entity that provides a product or service to a state or local law enforcement agency. Provides that a court can only provide relief in a transaction between a supplier and a law enforcement agency when the action is brought and enforced by the attorney general. Makes a technical change to the Indiana Code provision governing the prepayment of consumer loans to incorporate a cross reference to the Indiana Code provision setting forth the authorized nonrefundable prepaid finance charge for supervised loans. (Current law references only the authorized nonrefundable prepaid finance charge for consumer loans other than supervised loans.) Provides that under certain circumstances, a lender may contract for and receive a nonrefundable prepaid finance charge of 3% of the loan amount on a loan that is secured by an interest in land and is not made under a revolving loan account. Provides that under certain circumstances, a lender may contract for and receive a nonrefundable prepaid finance charge of 3% of the line of credit on a loan that is secured by an interest in land and is made under a revolving loan account. Amends the Indiana Code provision governing audit requirements for credit unions to provide that department of financial institutions may establish by policy or rule accounting and auditing standards necessary to define the audit requirements. Provides that: (1) if a joint agreement of merger is approved by the department of financial institutions, any credit union whose existence will terminate as a result of the merger shall submit the joint agreement to a vote of its shareholders as directed by the resolution of the board of directors; and (2) a majority of shareholders voting may approve the joint agreement.