Loading chat...
IN SB0099
Bill
Status
1/5/2016
Primary Sponsor
Timothy Lanane
Click for details
AI Summary
SB 99 Summary
-
Lenders must conspicuously disclose in lending areas and loan documents the median number of days borrowers are indebted and the median number of small loans entered into during a calendar year, based on all loans made at all Indiana locations during the most recent calendar year.
-
Lenders must offer borrowers an extended payment plan option for any initial or subsequent small loan, expanding current law that only required this option for third and subsequent consecutive loans.
-
Extended payment plans cannot require installment payments exceeding $50 for biweekly or more frequent payments, or $100 for less frequent payments, but borrowers may pay more without penalty.
-
Extended payment plans must allow at least four equal installments over 60+ days with no fees for entering the plan, and borrowers cannot enter new small loans while in an extended payment plan.
-
Effective date: July 1, 2016.
Legislative Description
Small loans. Amends the statute concerning small loans to require a lender to conspicuously disclose, both in the lending area of each of the lender's Indiana business locations and in the loan documents provided to borrowers, the: (1) median number of days that a borrower is indebted under one or more outstanding small loans with the lender during a calendar year; and (2) median number of small loans entered into by a borrower with the lender during a calendar year; based on all small loans made at all of the lender's Indiana business locations during the most recent calendar year.
Last Action
Committee report: amend do pass adopted; reassigned to Committee on Insurance & Financial Institutions
1/12/2016