HB 1356 Summary

• Urges the legislative council to assign the interim study committee on financial institutions and insurance the topic of Indiana's authority to regulate out-of-state creditors and financial services businesses that advertise or solicit business in Indiana

• Requires the committee to examine practices of out-of-state motor vehicle title lenders, including interest rates, terms, conditions, volume of loans to Indiana residents, and implications of the Midwest Title Loans, Inc. v. Mills court decision on the state's protective authority

• Requires the committee to determine whether Indiana should regulate out-of-state creditors and how such regulation could comply with the U.S. Constitution's Commerce Clause

• Authorizes the committee to consult with the department of financial institutions, attorney general, other state agencies, out-of-state regulators, university and law school faculty, and other experts

• Requires the committee to issue a final report to the legislative council with findings and recommendations by November 1, 2016; bill becomes effective July 1, 2016 and expires December 31, 2016