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IN HB1398
Bill
Status
1/13/2016
Primary Sponsor
Terri Jo Austin
Click for details
AI Summary
HB 1398 Summary
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Establishes a study commission on small business lending consisting of 4 legislators (1 each from senate majority/minority and house majority/minority), the OSBE director, and representatives from 7 organizations including banks, credit unions, and chambers of commerce.
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Directs the OSBE to conduct a comprehensive study of small business lending in Indiana, including lending standards, underwriting practices, demographic data, and factors that may impede lending to small businesses.
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Requires the OSBE to identify and evaluate best practices from financial lending institutions nationwide and in Indiana that facilitate small business lending and encourage entrepreneurial growth.
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Requires the OSBE to study the feasibility of establishing a loan loss reserve account fund to broaden access to financing for small businesses, identify the appropriate administering agency, and determine fiscal impact and appropriation amount considering available federal funds.
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Commission must submit a written report with findings and recommendations to the legislative council by November 1, 2016, in electronic format; the commission expires January 1, 2017.
Legislative Description
OSBE study and committee. Establishes the study commission on small business lending (commission). Provides that the commission consists of the following members: (1) One member of the senate appointed by the president pro tempore. (2) One member of the senate appointed by the minority leader of the senate. (3) One member of the house appointed by the speaker. (4) One member of the house appointed by the minority leader of the house. (5) The director of the office of small business and entrepreneurship (OSBE). (6) A representative of the: (A) Indiana Economic Development Corporation; (B) Indiana Bankers Association; (C) Indiana
Last Action
First reading: referred to Committee on Financial Institutions
1/13/2016