summary
Introduced
01/13/2025
01/13/2025
In Committee
03/20/2025
03/20/2025
Crossed Over
01/31/2025
01/31/2025
Passed
03/26/2025
03/26/2025
Dead
Signed/Enacted/Adopted
05/06/2025
05/06/2025
Introduced Session
2025 Regular Session
Bill Summary
Financial institutions and consumer credit. 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. 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.) Amends the definition of "consumer transaction" for purposes of the deceptive consumer sales act (act) to include the provision of a product or service to a: (1) state law enforcement agency; or (2) local law enforcement agency; in Indiana. Amends the definition of "supplier" for purposes of the act to include an entity that provides a product or service to a state or local law enforcement agency in Indiana. Provides that an action that arises from a transaction involving: (1) a state law enforcement agency may be brought and enforced only by the attorney general; and (2) a local law enforcement agency may be brought and enforced only by an attorney acting on behalf of the local law enforcement agency involved in the transaction, unless the local unit of government served by the local law enforcement agency requests the attorney general to bring and enforce an action on behalf of the local unit. 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.
AI Summary
This bill makes several technical amendments to Indiana state law governing financial institutions and consumer credit. The bill primarily updates references to federal law in various statutes, changing the effective date of referenced federal laws from December 31, 2023, to December 31, 2024. It modifies the definition of "principal" for consumer loans to specify that loan proceeds held as security are not included in the principal amount. The bill also expands the definition of "consumer transaction" in the deceptive consumer sales act to include products or services provided to state and local law enforcement agencies in Indiana. Additionally, it amends provisions related to consumer transactions involving law enforcement agencies, specifying that actions involving state law enforcement agencies may only be brought by the attorney general, while actions involving local law enforcement agencies may be brought by the agency's attorney or the attorney general under certain circumstances. The bill further updates audit requirements for credit unions, giving the Department of Financial Institutions the authority to establish accounting and auditing standards, and requires credit unions with assets of at least $5 million to have an annual audit performed by an outside certified public accountant.
Committee Categories
Business and Industry
Sponsors (5)
Last Action
Public Law 206 (on 05/06/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
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