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IN SB0554
Bill
Status
1/20/2015
Primary Sponsor
Lonnie Randolph
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AI Summary
Senate Bill 554 Summary
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Defines "retirement plan proceed loan" as a loan or extension of credit secured by a consumer's interest in pension or retirement plan proceeds, offered to Indiana residents for personal, family, or household purposes.
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Prohibits any person from making, offering to make, brokering, or advertising retirement plan proceed loans in Indiana.
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Classifies violations as deceptive acts under the Deceptive Consumer Sales Act, allowing aggrieved consumers and the Indiana Attorney General to bring enforcement actions.
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Subjects violators to penalties and remedies set forth in the Deceptive Consumer Sales Act (IC 24-5-0.5).
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Effective July 1, 2015.
Legislative Description
Retirement plan proceed loans. Defines a "retirement plan proceed loan" as a loan or an extension of credit that is: (1) offered to an Indiana consumer; and (2) secured by the consumer's interest in, or right to, all or part of the proceeds of any pension or other retirement plan of which the consumer is a participant, beneficiary, or member. Prohibits a person from: (1) making or offering to make a retirement plan proceed loan; (2) brokering or offering to broker a retirement plan proceed loan; or (3) advertising, marketing, or soliciting retirement plan proceed loans in Indiana. Provides that
Last Action
First Reading: referred to Committee on Insurance & Financial Institutions
1/20/2015