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IN SB0474
Bill
Status
1/12/2017
Primary Sponsor
Eddie Melton
Click for details
AI Summary
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Requires lenders to disclose the median number of days borrowers are indebted under outstanding small loans during a calendar year in lending areas and loan documents.
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Requires lenders to disclose the median number of small loans entered into by borrowers during a calendar year in lending areas and loan documents, based on all loans made at the lender's Indiana locations during the most recent calendar year.
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Expands extended payment plan eligibility to all initial and subsequent small loans, instead of only the third and later consecutive loans; current law limited this option to the third and subsequent consecutive loans.
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Caps extended payment plan installment amounts at $50 for biweekly or more frequent payments, or $100 for less frequent payments.
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Effective July 1, 2017; amends Indiana Code sections IC 24-4.5-7-301 and IC 24-4.5-7-401.
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
First reading: referred to Committee on Insurance and Financial Institutions
1/12/2017