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Legislators with BillsLegislators(163)
Referred Bills (125)
Virtual currency kiosks.
Reorganization of consumer lending laws.
Requirements for proxy advisors.
Regulation and investment of cryptocurrency.
Securities and investment adviser representatives.
Regulation of stablecoin.
Regulation of interchange fees.
Regulation of payroll service providers.
Social Security number search requests.
Hoosier scam prevention board.
International money wiring fee.
Designation of gold and silver as legal tender.
Prohibited discrimination in housing.
Exclusion of medical debt from credit scoring.
Financial institutions and consumer credit.
Earned wage access services.
Distributions to charitable beneficiaries.
Real estate matters.
Fraud prevention.
Bank accounts for foster and emancipated youths.
Public depositories.
Charges for supervised loans.
Bullion depositories.
Firearms financial transactions.
Workforce housing assistance program.
Discrimination in providing financial services.
ESOP linked deposit program.
Due-on-sale clauses.
Investment adviser representatives and agents.
Prohibited discrimination in housing.
Small loan finance charges.
Social Security number search requests.
Prohibition on lien for medical debt.
Down payment assistance.
Privacy of firearms financial transactions.
Actions on deposit accounts.
Loan brokers.
Deposit account agreements.
Central bank digital currency.
Financial institutions and consumer credit.
Nonprofit loan center loans for state employees.
Checking accounts for minors.
Bullion depositories and legal tender.
Small loan finance charges.
Prohibited discrimination in housing.
Homeowners association covenants.
Discriminatory appraisal practices.
Purchase of single family residences.
Consumer credit and financial institutions.
Money transmitters.
Uniform Commercial Code amendments.
Pension investments.
Business associations.
INPRS investments.
Finance charges for supervised loans.
Prohibition on charging residual interest.
Discriminatory appraisal practices.
Small loan finance charges.
Consumer information protection.
Financial institutions and consumer credit.
Business associations.
Uniform Consumer Credit Code.
Business associations of real estate agents.
Reporting of consumer loans by unlicensed lenders.
Credit reporting for consumers under medical care.
Territorial application of the UCCC.
Uniform Consumer Credit Code. Makes the following changes to the Uniform Consumer Credit Code (UCCC): (1) Amends the provisions authorizing specified additional charges for consumer loans to permit a lender to contract for and receive a transaction fee for a revolving loan account that may not exceed the greater of: (A) 2% of the amount of the transaction; or (B) $10. (Current law authorizes the lender to charge a transaction fee in the lesser of these two amounts.) (2) Replaces the authorized $5 delinquency charge (subject to indexing by the department of financial institutions) for consumer credit sales and consumer loans with a nonindexed delinquency charge of: (A) $5, if installments are due every 14 days or less; (B) $25, if installments are due every 15 days or more; or (C) $25, in the case of a single installment due at least 30 days after the sale or loan is made. (3) Specifies that a creditor may not charge or collect a delinquency charge on a payment that: (A) is paid within 10 days after its scheduled due date; and (B) is otherwise a full payment of the payment due for the applicable installment period; if the only delinquency with respect to a consumer credit sale or a consumer loan is attributable to a delinquency charge for an earlier installment. Specifies that an initial pleading related to a debt collection action filed by a debt buyer must include certain information. Makes a violation a deceptive act. Urges the legislative council to assign to an interim study committee, for study during the 2019 interim, the topic of revisions to the UCCC. Sets forth issues for consideration by an interim study committee assigned this topic.
Use of Social Security numbers in credit files. Requires a consumer reporting agency that uses a Social Security number as a factor in determining whether a file matches the identity of the subject of a credit inquiry to ensure that the name and at least one additional identifier of the subject matches the name and the same identifier in the file.
Financial institutions and consumer credit. Makes various changes to the statutes concerning: (1) first lien mortgage lenders; (2) persons licensed under the Uniform Consumer Credit Code (UCCC); (3) rental purchase agreements; (4) debt management companies; (5) banks; (6) credit unions; (7) pawnbrokers; and (8) money transmitters. Repeals a provision in the statute concerning rental purchase agreements that specifies that any up-front payment made by the lessee: (1) must be treated as an initial rental payment; (2) is subject to the disclosure requirements under the statute; and (3) may be in a sum larger than a regular rental payment. Prohibits leasing of, and rental purchase agreements involving, live domestic animals. Repeals a provision in the UCCC that provides that civil proceeding advance payment transactions (CPAP transactions) are subject to the UCCC. Strikes all provisions concerning CPAP transactions from the UCCC. Repeals provisions in the UCCC that define certain terms relating to CPAP transactions. Moves language in the UCCC applicable to the licensing of civil proceeding advance payment providers to the existing statute concerning civil proceeding advance payments and makes conforming amendments.
Loan brokers. Reorganizes current provisions regulating loan brokers and moves the reorganized provisions to a new article, including: (1) the loan broker regulation account; (2) licensure and notice requirements; (3) education and examination requirements for licensure; (4) requirements for loan broker offices, personnel, and conduct of business; and (5) violations and enforcement. Makes conforming amendments. Repeals the current law regulating loan brokers.
Principal dwelling land contracts. Defines "principal dwelling land contract" (contract) as a land contract for the sale of real property: (1) designed for the occupancy of one to two families; and (2) that is or will be occupied by the buyer as the buyer's principal dwelling. Provides that the seller under a contract must provide the buyer with certain disclosures at least 10 days before the contract is executed. Sets forth disclosures that must be included in a contract. Requires all preexisting liens on the property to be satisfied by the seller by the end of the contract term. Provides that a contract must permit a buyer to pay the balance owed and receive the deed at any time. Prohibits prepayment penalties or additional charges for an early payoff. Provides a three-day cancellation period for both the buyer and seller. Allows the seller and the buyer to transfer their respective interests in the contract to other parties, subject to certain conditions. Requires the seller to provide the buyer with an annual statement of account. Sets forth certain rights and responsibilities of the parties upon default by either the buyer or the seller. Sets forth acts and omissions constituting violations and establishes remedies for these violations. Provides that a violation of these provisions constitutes an incurable deceptive act that is actionable by the attorney general under the deceptive consumer sales act. Authorizes the attorney general, in consultation with the department of financial institutions, to adopt rules to implement these provisions. Provides that a buyer who has completed the buyer's obligations under the contract is entitled to the homestead deduction regardless of whether the seller has conveyed title. Requires that a title search be conducted, and that a statement regarding title insurance be provided by the seller to the buyer. Requires that the executed principal dwelling land contract or a memorandum of land contract be notarized. Provides that, if the buyer defaults, then the seller and buyer may execute a notarized release of land contract quitclaim deed, and both shall be recorded by the seller within 30 days of execution.
Consumer credit. Makes the following changes to the Uniform Consumer Credit Code (UCCC): (1) Repeals a provision specifying a reference base index for use by the department of financial institutions (department) in adjusting specified dollar amounts designated as subject to change throughout the UCCC. (2) Replaces: (A) the tiered credit service charge authorized for consumer credit sales; and (B) the 25% loan finance charge authorized for consumer loans; with a flat charge of 36% per year on the unpaid balances. (3) Increases the: (A) minimum credit service charge for consumer credit sales; and (B) minimum loan finance charge for consumer loans; from $30 (subject to indexing) to $50 (not subject to indexing). (4) Eliminates indexing of the authorized $5 delinquency charge for consumer credit sales and consumer loans. (5) Provides that a seller in a consumer credit sale may take a security interest in goods sold if the debt secured is at least $1,500 (not subject to indexing), versus $300 (subject to indexing) in current law. (6) Changes the authorized nonrefundable prepaid finance charge for consumer loans not secured by an interest in land from $50 to $100. (7) Repeals: (A) the definition of "supervised loan"; and (B) the provision establishing the authorized loan finance charge for supervised loans. Makes conforming amendments throughout the UCCC and the Indiana Code. (8) Provides that for a consumer loan: (A) with a loan finance charge greater than 25%; and (B) in which the principal is $4,000 or less (not subject to indexing); a lender may not contract for an interest in land as security. (Current law prohibits a lender from contracting for an interest in land as security if the loan principal is $4,000 or less (subject to indexing) without regard to the loan's finance charge.) (9) Provides that consumer loans having a loan finance charge exceeding 25% and in which the principal is $4,000 or less are payable over a period of not more than: (A) 37 months if the principal is more than $1,100 (versus $300, subject to indexing, in current law) but not more than $4,000; or (B) 25 months if the principal is $1,100 (versus $300, subject to indexing, in current law) or less. (Current law specifies these maximum loan terms for loans with a principal amount of $4,000 or less (subject to indexing) without regard to the loan's finance charge.) (10) Provides that a creditor in a consumer loan transaction may not contract for or receive a separate charge for property casualty insurance unless the amount financed exclusive of charges for the insurance is at least $1,000 (versus $300, subject to indexing, in current law), and the value of the property is at least $1,000 (versus $300, subject to indexing, in current law). Authorizes a lender that is licensed by the department to make small loans under the UCCC to make unsecured consumer installment loans under the same license. Defines an "unsecured consumer installment loan" as a loan: (1) with a principal amount that is: (A) more than $605 and not more than $1,500; and (B) payable in three or more substantially equal periodic payments; and (2) in which the lender holds one or more checks of the borrower for a specific period, or is authorized to debit the borrower's account on one or more occasions for a specific period, before the lender deposits the check or debits the account. Requires that the loan term for an unsecured consumer installment loan be at least six months but not more than nine months. Provides for the following with respect to unsecured consumer installment loans: (1) An authorized finance charge and monthly maintenance fee. (2) An annual fee assessed on lenders of $1,000 per license and $1,000 per Indiana branch location (after the first location), for financial education programs. Prohibits: (1) the renewal of an unsecured consumer installment loan; and (2) a borrower from having: (A) a small loan and an unsecured consumer installment loan; or (B) more than one unsecured consumer installment loan; outstanding at the same time. Establishes requirements for the licensure and conduct of persons issuing small dollar loans. Defines "small dollar loan" as a loan with a maximum loan amount of $3,000 and a term of: (1) at least 180 days; and (2) not more than 36 months. Provides that with respect to a small dollar loan, a lender may contract for a loan finance charge of not more than 72%. Provides for an annual fee assessed on lenders of $1,000 per license and $1,000 per Indiana branch location (after the first location), for financial education programs. Establishes the consumer financial education fund (fund) for the purpose of paying expenses incurred by the department relating to consumer financial education. Provides that the annual fees required to be paid by: (1) lenders licensed to make small dollar loans and unsecured consumer installment loans; and (2) lenders licensed to make small dollar loans; shall be deposited in the fund. Specifies that a "rate", for purposes of the loansharking statute, includes a nonrefundable prepaid finance charge. Replaces language conforming the loan rate for the criminal loansharking statute to the maximum loan finance charge for consumer loans under the UCCC, with language specifying that a loan is considered loansharking if it is made at a rate greater than 72% per year on the unpaid balance of the principal.
Notice of sheriff's sale of foreclosed property. Amends the statute concerning the procedures for a sheriff's sale of real property subject to a mortgage foreclosure judgment to provide that before selling the property, the sheriff must advertise the sale by arranging for the posting of a notice of the sale on the Internet web site maintained by: (1) each county in which the real estate is located; or (2) the office of the sheriff; at the discretion of the sheriff. (Current law requires the sheriff to advertise the sale by publication in a newspaper of general circulation in each county in which the property is located.) Specifies that existing law governing an error or omission in a legal notice published in a newspaper also applies to a sheriff's sale notice posted on an Internet web site. Provides that if: (1) a county in which the real estate is located does not maintain an Internet web site; and (2) the office of the sheriff does not maintain an Internet web site; the sheriff shall advertise the sale by publication in the county. Provides that in a case in which: (1) the sheriff must publish a sheriff's sale notice in a newspaper; and (2) the sheriff is unable to procure such publication; the sheriff shall execute a written statement explaining why publication was not possible. (Current law does not specify that the sheriff's statement must be in writing.) Provides that the sheriff shall: (1) maintain a record, in a printed or an electronic format, of the written statement for a period of not less than three years from the date of execution of the statement; and (2) make the statement available to the public upon request. Provides that a sheriff who posts a sheriff's sale notice on a county's or the sheriff's Internet web site shall: (1) maintain a record, in a printed or an electronic format, of the posted notice of sale for a period of not less than three years from the date on which the notice is removed from the Internet web site after the occurrence of an event specified under the bill; and (2) make the record available to the public upon request. Makes conforming amendments.
Credit services organizations. Amends the definition of "credit services organization" for purposes of the Indiana statute governing credit services organizations to more closely align the definition with the definition of "credit repair organization" set forth in the federal Credit Repair Organizations Act. Makes conforming amendments by: (1) amending the definition of "buyer" in the Indiana statute; (2) repealing the definition of "debt settlement services" from the statute; and (3) amending a definitions section in the statute governing debt management companies. Provides that it is a deceptive act for a credit services organization to fail to disclose the credit service organization's contact information on all communications to consumers, data furnishers, creditors, and credit reporting agencies. Specifies that a person that receives a communication from a credit services organization that does not include the credit services organization's contact information may bring a cause of action to recover damages under the statute.
Regulation of mortgage foreclosures. Specifies that the statute concerning the state regulation of mortgage foreclosures does not affect or preempt a political subdivision's authority to: (1) regulate the maintenance, upkeep, or repair of real property within the jurisdiction of the political subdivision, including real property subject to a mortgage foreclosure action; or (2) act as authorized under the unsafe building law, or other applicable state law, with respect to real property within the jurisdiction of the political subdivision, including real property subject to a mortgage foreclosure action; in accordance with state law.
Small loan finance charges. Changes the current incremental finance charge limits that apply to a small loan to a maximum annual rate. Prohibits certain acts with respect to financing of a small loan and makes a violation a deceptive act and subject to penalties.
Unclaimed property. Provides, for purposes of the unclaimed property act, that a time deposit that is automatically renewable is considered matured upon the expiration of its initial period, unless: (1) the owner has consented to a renewal at the time of the account opening or at about the time of the renewal; and (2) the consent is in writing or is evidenced by the original account agreement or by any memorandum or other record on file with the holder of the account. (Current law does not specify that the owner's consent to renewal can occur at the time of the
Small loans. Allows the director of the department of financial institutions to take certain actions concerning the use of technology for oversight and enforcement of compliance with the law concerning small loans.
Financial institutions and consumer credit. Makes various changes to the statutes concerning: (1) first lien mortgage lenders; (2) persons licensed under the Uniform Consumer Credit Code; (3) rental purchase agreements; (4) debt management companies; (5) banks; (6) savings banks; (7) credit unions; (8) pawnbrokers; (9) money transmitters; and (10) check cashers.
Registration of securities. Amends the list of securities transactions exempt from registration and notice filing requirements to: (1) remove obsolete and redundant cross references to federal law; (2) provide for use of federal Form D successor registration exemption forms for notice filings on transactions exempt from federal registration; (3) move: (A) from the law concerning registration of securities; and (B) to the law concerning registration exemptions; notice filing requirements for certain transactions; and (4) strike from the Tier 2 of federal Regulation A exemption a requirement that the transaction be part of a single issue. Provides a procedure for pending
Credit services organizations. Amends the definition of the term "credit services organization" for purposes of the Indiana Code provisions governing credit services organizations to more closely align the definition with the definition of "credit repair organization" set forth in the federal Credit Repair Organizations Act. Makes a conforming amendment to the definition of the term "buyer" in the Indiana statute. Requires a credit services organization to do the following with respect to communications made by the credit services organization after June 30, 2018: (1) Include the complete name and address of the credit services organization on all communications. (2) Include
Consumer credit code. Urges the legislative council to assign to an interim study committee, for study during the 2018 interim, the topic of revisions to the Uniform Consumer Credit Code. Sets forth issues for consideration by an interim study committee assigned this topic.
Small loans and unsecured consumer installment loans. Authorizes a lender that is licensed by the department of financial institutions (department) to make small loans under the Uniform Consumer Credit Code (UCCC) to make unsecured consumer installment loans under the same license. Defines an "unsecured consumer installment loan" as a loan: (1) with a principal amount that is: (A) more than $605 and not more than $1,500; and (B) payable in three or more substantially equal periodic payments; and (2) in which the lender holds one or more checks of the borrower for a specific period, or receives the borrower's authorization
Unclaimed property. Provides, for purposes of the unclaimed property act, that a time deposit that is automatically renewable is considered matured upon the expiration of its initial period, unless: (1) the owner has consented to a renewal at the time of the account opening or at about the time of the renewal; and (2) the consent is in writing or is evidenced by the original account agreement or by any memorandum or other record on file with the holder of the account. (Current law does not specify that the owner's consent to renewal can occur at the time of the
Security freezes for consumer reports. Amends the statute governing security freezes for consumer reports as follows: (1) Requires each consumer reporting agency that compiles and maintains files on consumers on a nationwide basis to, not later than January 1, 2019, develop and maintain procedures to do the following: (A) Enable a consumer who makes a security freeze request (defined as a request to place, release, temporarily lift, or remove a security freeze) to elect, at the time the security freeze request is made, to have the consumer reporting agency refer the security freeze request to one or more of the
Regulation of mortgage foreclosures. Specifies that the statute concerning the state regulation of mortgage foreclosures does not affect or preempt a political subdivision's authority to: (1) regulate the maintenance, upkeep, or repair of real property within the jurisdiction of the political subdivision, including real property subject to a mortgage foreclosure action; or (2) act as authorized under the unsafe building law, or other applicable state law, with respect to real property within the jurisdiction of the political subdivision, including real property subject to a mortgage foreclosure action; in accordance with state law.
Financial institutions and consumer credit. Makes various changes to the statutes concerning: (1) first lien mortgage lenders; (2) persons licensed under the Uniform Consumer Credit Code; (3) rental purchase agreements; (4) financial institutions; (5) pawnbrokers; (6) money transmitters; and (7) check cashers. Changes references to the "Federal Consumer Credit Protection Act" to references to the "Consumer Credit Protection Act" throughout these statutes. Removes outdated references to: (1) the Office of Thrift Supervision; and (2) the Federal Reserve Board; throughout the statutes. In the statute concerning rental purchase agreements: (1) repeals the definition of "Federal Consumer Credit Protection Act"; and (2)
Securities matters. Decreases the frequency of meetings of the mortgage lending and fraud prevention task force. Exempts certain offers to sell or sales of the securities of issuers made after June 30, 2017, from provisions in the Indiana Uniform Securities Act (Act) concerning the registration of securities and the filing of specified sales and advertising literature with the securities commissioner. Changes the fee structure under the Act with respect to federal covered securities. Makes other changes in the law concerning the registration of securities and notice filings for federal covered securities. For purposes of the securities law concerning financially endangered
Use of firearms to secure loans. Repeals the statute prohibiting the use of a firearm as a security.
Homeowners association proxies. Allows a proxy executed by a member of a homeowners association to be submitted by: (1) hand delivery; (2) United States mail; (3) facsimile; or (4) electronic mail or other electronic means. Provides that if: (1) a meeting of a homeowners association is called in accordance with the requirements of the association's governing documents; (2) a purpose of the meeting is the election or appointment of members of the board of directors; and (3) the number of members attending the meeting does not constitute a quorum; the members of the board at the time of the meeting
Urging the legislative council to assign the topic of loans to Indiana small businesses to the appropriate committee.
Regulation of mortgage foreclosures. Specifies that the statute concerning the state regulation of mortgage foreclosures does not affect or preempt a political subdivision's authority to: (1) regulate the maintenance, upkeep, or repair of real property within the jurisdiction of the political subdivision, including real property subject to a mortgage foreclosure action; or (2) act as authorized under the unsafe building law, or other applicable state law, with respect to real property within the jurisdiction of the political subdivision, including real property subject to a mortgage foreclosure action; in accordance with state law.
Consumer credit delinquency charges. Strikes provisions in the Uniform Consumer Credit Code (UCCC) that provide that, with respect to a consumer credit sale or a consumer loan, a delinquency charge may not be collected on an installment or payment due that is paid in full within 10 days after its scheduled due date even though an earlier maturing installment, minimum payment, or delinquency charge may not have been paid in full.
Civil proceeding advance payment transactions. Defines a "civil proceeding advance payment transaction", or "CPAP transaction", as a nonrecourse transaction in which a person (CPAP provider) provides to a consumer claimant in a civil proceeding a funded amount, the repayment of which is: (1) required only if the consumer claimant prevails in the civil proceeding; and (2) sourced from the proceeds of the civil proceeding. Permits a CPAP provider to charge: (1) a fee not exceeding an annual rate of 36% of the funded amount; (2) a servicing charge not exceeding an annual rate of 7% of the funded amount; and
Deficiency judgments and foreclosed property. Provides that the following statutes are not intended to provide the owner of real estate subject to the issuance of process under a judgment or decree of foreclosure any protection or defense against a deficiency judgment for purposes of the borrower protections from liability that must be disclosed on a specified form required by amendments to a federal rule concerning mortgage disclosures: (1) The statutes governing the payoff of, and short sales involving: (A) first lien mortgage transactions; and (B) consumer credit sales and consumer loans under the uniform consumer credit code. (2) The statute
Loans to credit union officers. For purposes of the statute authorizing a state chartered credit union to make a loan to an officer of the credit union, makes the lending limit consistent with federal law that applies to loans to officers of a bank. (Current law provides that the total of all such outstanding loans may not exceed $100,000.)
Securities and financial protection. Defines "financially endangered adult" as an individual who is: (1) at least 65 years of age; or (2) at least 18 years of age and is incapable, by reason of certain mental or physical incapacities, of managing the individual's property. Defines "qualified individual" as an individual associated with a broker-dealer who serves in a supervisory, compliance, or legal capacity as part of the individual's job. Provides that "protective agencies" refers to the adult protective services unit and the securities commissioner. Requires that a qualified individual who has reason to believe that financial exploitation of a financially
Long term small installment loans. Urges the legislative council to assign to an appropriate study committee during the 2016 legislative interim the topic of granting lenders that are licensed to make small loans under the Indiana Uniform Consumer Credit Code the authority to make long term small installment loans. Provides that if the topic is assigned to a study committee, the study committee: (1) may consider specified matters concerning long term small installment loans; (2) may consult with appropriate interested parties; and (3) shall issue a final report to the legislative council not later than November 1, 2016.
Department of financial institutions. Makes various changes to the laws concerning: (1) first lien mortgage lenders; (2) persons licensed under the Uniform Consumer Credit Code; (3) financial institutions; and (4) debt management companies.
Funding of lawsuits. Establishes a procedure by which a company may provide funding to the plaintiff in an action in exchange for the contingent right to receive a part of the potential proceeds of the action. Requires a company that offers funding to plaintiffs to register with the attorney general.
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
Regulation of out-of-state creditors. Urges the legislative council (council) to assign to the interim study committee on financial institutions and insurance (committee) the topic of the state's authority to regulate out-of-state creditors and other financial services businesses that advertise or solicit business in Indiana. Provides that if the topic is assigned to the committee, the committee: (1) shall consider: (A) the practices of out-of-state motor vehicle title lenders that enter into motor vehicle title loans with Indiana residents outside Indiana; and (B) whether it is advisable for the state to seek to regulate out-of-state creditors and other financial services businesses,
Regulation of mortgage foreclosures. Specifies that the statute concerning the state regulation of mortgage foreclosures does not affect or preempt a political subdivision's authority to: (1) regulate the maintenance, upkeep, or repair of real property within the jurisdiction of the political subdivision, including real property subject to a mortgage foreclosure action; or (2) act as authorized under the unsafe building law, or other applicable state law, with respect to real property within the jurisdiction of the political subdivision, including real property subject to a mortgage foreclosure action; in accordance with state law.
Financial institutions and trade regulation. Makes various changes to the laws concerning: (1) first lien mortgage lenders; (2) persons licensed under the Uniform Consumer Credit Code; (3) rental purchase agreements; (4) debt management companies; (5) financial institutions; (6) pawnbrokers; (7) money transmitters; and (8) check cashers. Repeals a provision providing an alternative regular reserve formula for certain credit unions. Makes conforming amendments.
Securities. Provides that living residents of bankrupt continuing care retirement communities who executed a continuing care agreement before July 1, 2009, are eligible to receive distributions from the guaranty association fund. (Current law provides that any living resident of a bankrupt continuing care retirement community is eligible to receive distributions from the guaranty association fund.) Removes a provision that provides that IC 4-21.5 (laws governing administrative orders and proceedings) does not apply to certain provisions regulating loan brokers. Removes certain provisions concerning transactions involving securities that are exempt from registration. Provides that IC 4-21.5 (laws governing administrative orders and proceedings)
Management of funeral trust accounts. Provides that the bank, trust company, savings association, or credit union that receives the payments made by the settlor of a funeral trust may enter into a contract under which the settlor's account will be managed by a third party. Requires that the third party be an investment adviser registered with the United States Securities and Exchange Commission or with the Indiana securities commissioner. Requires an investment adviser managing a funeral trust settlor's account to comply with the Indiana Uniform Prudent Investor Act.
Civil proceeding advance payment transactions. Defines a "civil proceeding advance payment transaction", or "CPAP transaction", as a nonrecourse transaction in which a person (CPAP provider) provides to a consumer claimant in a civil proceeding a funded amount, the repayment of which is: (1) required only if the consumer claimant prevails in the civil proceeding; and (2) sourced from the proceeds of the civil proceeding. Requires a CPAP provider to register with the department of financial institutions (department). Sets forth requirements, including disclosure requirements, for a contract (CPAP contract) entered into by a CPAP provider and a consumer claimant. Sets forth
Civil proceeding advance payment transactions. Defines a "civil proceeding advance payment transaction", or "CPAP transaction", as a nonrecourse transaction in which a person (CPAP provider) provides to a consumer claimant in a civil proceeding a funded amount, the repayment of which is: (1) required only if the consumer claimant prevails in the civil proceeding; and (2) sourced from the proceeds of the civil proceeding. Requires a CPAP provider to register with the department of financial institutions (department). Sets forth requirements, including disclosure requirements, for a contract (CPAP contract) entered into by a CPAP provider and a consumer claimant. Sets forth
Nonprofit facilitators of lending circle loans. Provides that after December 31, 2015, an eligible nonprofit organization may apply to the department of financial institutions (department) for a certificate of registration to facilitate the making of zero interest, low cost lending circle loans to eligible individuals who participate in lending circles in Indiana. Defines a "lending circle" as group of individuals that is voluntarily organized for the purpose of: (1) generating a source of funds by: (A) pooling or collecting contributions from individual group members; or (B) obtaining funds from other sources, including from lending circle loans; and (2) disbursing the
Securities law.
Business financing arrangements.
Various financial institutions matters.
Prize linked savings programs.
Small business, entrepreneurship, and crowdfunding.
Local government investments.
Higher education student loans.
Real property subject to tax sale.
Uniform Commercial Code (UCC) fund transfer provisions.
Property matters.
Securities matters.
Mortgages and vendor's liens on real property.
Financial institutions and consumer credit.
Charges for consumer loans and credit sales.
Public deposits.
Refinancing of underwater mortgages.