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IN SB0013

Bill

Official Source

Status

Passed

4/13/2017

Primary Sponsor

James Tomes

Click for details

Origin

Senate

2017 Regular Session

AI Summary

Senate Enrolled Act No. 13 Summary

  • Repeals IC 35-47-4-2 effective July 1, 2017, which previously made it a Class B misdemeanor to use a handgun as security for a loan
  • Eliminates the criminal prohibition on securing loans with handguns through mortgage, deposit, or pledge arrangements
  • Removes the Class B misdemeanor penalty that applied to persons making loans secured by firearms

Legislative Description

Use of firearms to secure loans. Repeals the statute prohibiting the use of a firearm as a security.

Last Action

Public Law 37

4/13/2017

Committee Referrals

Financial Institutions2/28/2017
Judiciary1/3/2017

Full Bill Text

No bill text available