HEA 1287 Summary

• Amends Indiana's financial institutions regulations to update federal law references from December 31, 2013 to December 31, 2014, affecting mortgage lending, consumer credit, and other financial services.

• Creates new registration requirements for eligible financial institutions (banks, credit unions, trust companies) domiciled in Indiana to file notices about registered offices and agents with the Secretary of State.

• Establishes procedures for administrative dissolution of business entities using "bank" or derivative terms without proper authorization, with 60-day notice period and department verification requirements.

• Implements cost recovery provisions requiring licensees in multiple financial sectors (mortgage lenders, money transmitters, pawnbrokers, check cashers, debt management companies) to pay examination and investigation costs within 60 days or face daily penalty fees.

• Repeals alternative reserve formula for certain credit unions and makes conforming amendments to gambling, prize-linked savings, and criminal code provisions related to financial institutions.