<< First  < Prev   1   2   Next >  Last >> 
  • April 12, 2021 11:27 AM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    This past week marked the final week of committee work for the regular 2021 Indiana legislative session. Today and tomorrow bring key deadlines for all remaining legislation. Bills must move from second reading today and must pass a full chamber third-reading vote by the end of tomorrow, April 13. The end of this week and next week will be largely reserved for conference committee work, a process of reconciliation between changes that the House and Senate made to the respective chamber’s bills.

    This session is expected to conclude all legislative activity by April 21. However, lawmakers will have to return to session later this year to enact redistricting legislation, a process that occurs every 10 years based on recent census data. Notably, the most recent version of the State budget contains language that delays the end of session until Nov. 15. Despite this new date, it is still expected that legislative activity will wrap up by April 21. The IMBA Legislative Team continues to monitor legislation for any possible concerns.


    BILLS TO WATCH

    SB 332 – Publication of Notice by Political Subdivisions

    Sen. Jim Buck (R-Kokomo)

    Rep. Doug Miller (R-Elkhart)

    Why it matters

    Among other publication changes, the bill notably provides that if, with regard to a sheriff's sale of real property to execute a judgment, the sheriff is not able to procure publication of the notice in a newspaper of general circulation within the county, the sheriff may publish the notice on the website of each county where the real estate is located (instead of dispensing with the publication of notice entirely). This stated requirement was amended out of the bill in committee last week, leaving all other notices except sheriff’s sale with the ability to utilize the new provision. The IMBA generally supports the legislation that identifies more cost-effective ways for the consumer and the lender regarding publication costs and would like to see this language put back into the bill. The provision was amended back into the bill last week in conference committee.

    Latest action

    The bill received a hearing in conference committee last Thursday and will now be eligible for votes by the entire House and Senate in the coming weeks.

    Learn more about SB 332


    HB 1001 – State Budget

    Rep. Tim Brown (R-Crawfordsville)

    Sen. Ryan Mishler (R-Bremen)

    Why it matters

    The bill establishes Indiana’s operating budget for the coming two years. It also makes a number of other changes that fall outside of the budget drafting process, including an enhancement of the Venture Capital Investment Tax Credit, the creation of the Next Level Regional Recovery Fund to support economic development and regional recovery, and language that brings the Indiana tax code up to date with federal tax code changes made in 2020. The IMBA Legislative Team is monitoring the budget as it is amended through the process.

    Latest action

    The bill was amended in the Senate Appropriations Committee on April 8. It is now eligible for second-reading amendments.

    Learn more about HB 1001


    HB 1004 – Small Business Restart Grant Program

    Rep. Shane Lindauer (R-Jasper)

    Sen. Ryan Mishler (R-Bremen)

    Why it matters

    The bill establishes the Hoosier Hospitality Small Business Restart Grant Program to provide grants to eligible entities based on certain conditions. An eligible entity may apply for a grant under the program for a reimbursement of up to 80% of non-payroll business expenses and up to 100% of payroll expenses incurred in Indiana between March 1, 2020, and April 1, 2021. The amount of a grant to an eligible entity is not to exceed $10,000 for each month during the identified period that the entity can demonstrate a monthly gross revenue loss of at least 30% when compared to that entity’s average monthly gross revenue for calendar year 2019. The maximum total grant amount awarded to any eligible entity may not exceed $50,000. The program is to be administered by the Indiana Economic Development Corporation.

    Latest action

    The bill was concurred upon by the House author and received a concurrence vote in the House on April 5, passing by a vote of 94-3. It is now eligible to be signed by the governor into law.

    Learn more about HB 1004


    HB 1462 – Secretary of State Securities Division Matters

    Rep. Bob Heaton (R-Terre Haute)

    Sen. Travis Holdman (R-Markle)

    Why it matters

    The bill is the annual Indiana Securities Division legislation. The bill amends IC 23-19-4-12 to clarify that Indiana securities registrants are subject to current data breach disclosure requirements of IC 24-4.9 and may be subject to discipline for failure to comply. The bill also creates a new section to clarify that a federally registered mortgage loan originator is exempt from state licensure under the Indiana Loan Broker Act. The bill makes several other changes as well. The IMBA is monitoring the bill.

    Latest action

    The bill passed the Senate on third reading by a vote of 47-0 on April 8. It now awaits a concurrence or dissent by the House author.

    Learn more about HB 1462


  • April 05, 2021 1:50 PM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    This week marks the final week for committee hearings for the 2021 legislative session. Most of committee work has been completed at this point, but committees may still meet to consider any bills left. If a bill does not get a hearing and pass a committee by end-of-day this Thursday, it will have failed to advance by the committee report deadline.

    As committee work winds down for the second half of session, the table is set for the final two weeks of legislative activity. With the end of session slated for April 21, there is still plenty of work to be conducted. Notably, the state’s biennial budget will get the most attention over the coming weeks, with a decision to be made on how to spend the $3 billion in federal COVID-19 relief funds.

    The IMBA Legislative Team continues to monitor legislative activity as it relates to the banking industry.


    BILLS TO WATCH

    SB 197 – Criminal Law Issues

    Sen. Michael Young (R-Indianapolis)

    Rep. Greg Steuerwald (R-Danville)

    Why it matters

    This omnibus criminal law matters bill consolidates Indiana’s fraud statutes, including those against a financial institution, into a board definition. The IMBA previously worked with the author to make technical changes to the language to ensure that the language in SB 197 continues to provide Indiana’s prosecutors the same, if not better, tools in enforcing penalties against those who commit crimes against financial institutions. The IMBA Legislative Team continues to monitor this legislation.

    Latest action

    The bill was amended in the House Committee on Courts and Criminal Code on March 31. The amended bill preserves the fraud language that was in the bill as it left the Senate. The committee passed the bill by a vote of 11-1.

    Learn more about SB 197


    SB 236 – Land Banks

    Sen. Tim Lanane (D-Muncie)

    Rep. Sue Errington (D-Muncie)

    Why it matters

    The bill provides that a county fiscal body may adopt an ordinance requiring that, for the five years after a tract is purchased from a land bank, 50% of the amount of property taxes paid on the tract must be transferred to the land bank. It requires a county executive to provide a land bank in the county with a list of tracts located in the territory of the land bank that: (1) are delinquent on property taxes; and (2) have been offered for public sale at least two times and remain unsold; on an annual basis, and permits the county executive to transfer its interest in a tract on the list to a land bank if requested by the land bank no later than 30 days after it receives the list. The IMBA is monitoring the legislation.

    Latest action

    The bill passed the House Committee on Local Government on March 17. The bill was reassigned to the House Committee on Ways and Means and was heard in that committee on March 31. The bill was held for amendments next week.

    Learn more about SB 236


    SB 332 – Publication of Notice by Political Subdivisions

    Sen. Jim Buck (R-Kokomo)

    Rep. Doug Miller (R-Elkhart)

    Why it matters

    Among other publication changes, the bill notably provides that if, with regard to a sheriff's sale of real property to execute a judgment, the sheriff is not able to procure publication of the notice in a newspaper of general circulation within the county, the sheriff may publish the notice on the website of each county where the real estate is located (instead of dispensing with the publication of notice entirely). This stated requirement was amended out of the bill in committee last week, leaving all other notices except sheriff’s sale with the ability to utilize the new provision. The IMBA generally supports the legislation that identifies more cost-effective ways for the consumer and the lender regarding publication costs and would like to see this language put back into the bill.

    Latest action

    The bill passed the House third reading without the sheriff sale publication language. The bill is eligible to be dissented upon by the Senate author.

    Learn more about SB 332


    HB 1001 – State Budget

    Rep. Tim Brown (R-Crawfordsville)

    Sen. Ryan Mishler (R-Bremen)

    Why it matters

    The bill establishes Indiana’s operating budget for the coming two years. It also makes a number of other changes that fall outside of the budget drafting process, including an enhancement of the Venture Capital Investment Tax Credit, the creation of the Next Level Regional Recovery Fund to support economic development and regional recovery, and language that brings the Indiana tax code up to date with federal tax code changes made in 2020. The IMBA Legislative Team is monitoring the budget as it is amended through the process.

    Latest action

    The bill was assigned to the Senate Appropriations Committee and was heard on April 1, but was held for amendments this week.

    Learn more about HB 1001


    HB 1462 – Secretary of State Securities Division Matters

    Rep. Bob Heaton (R-Terre Haute)

    Sen. Travis Holdman (R-Markle)

    Why it matters

    The bill is the annual Indiana Securities Division legislation. The bill amends IC 23-19-4-12 to clarify that Indiana securities registrants are subject to current data breach disclosure requirements of IC 24-4.9 and may be subject to discipline for failure to comply. The bill also creates a new section to clarify that a federally registered mortgage loan originator is exempt from state licensure under the Indiana Loan Broker Act. The bill makes several other changes as well. The IMBA is monitoring the bill.

    Latest action

    The bill passed the House on third reading by a vote of 94 -2. Sen. Travis Holdman has been assigned as the bill sponsor, and the bill has been assigned to the Senate Committee on Insurance and Financial Institutions.

    Learn more about HB 1462


  • March 29, 2021 4:47 PM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    The Indiana General Assembly has moved one week closer to the conclusion of the 2021 legislative session. Lawmakers now have less than a month to finalize and pass any remaining legislative proposals by the newly established end date of April 21. Committee work continued through this past week as lawmakers worked through bills still considered alive. Notably to the IMBA, bills on the state budget (HB 1001), publication of notices (SB 332) and the annual Department of Financial Institutions (SB 346), all saw committee time this week. The IMBA Legislative Team will continue to monitor legislative activity as it relates to the industry.


    BILLS TO WATCH

    SB 332 – Publication of Notice by Political Subdivisions

    Sen. Jim Buck (R-Kokomo)

    Rep. Doug Miller (R-Elkhart)

    Why it matters

    Among other publication changes, the bill notably provides that if, with regard to a sheriff's sale of real property to execute a judgment, the sheriff is not able to procure publication of the notice in a newspaper of general circulation within the county, the sheriff may publish the notice on the website of each county where the real estate is located (instead of dispensing with the publication of notice entirely). This stated requirement was amended out of the bill in committee last week, leaving all other notices except sheriff’s sale with the ability to utilize the new provision. The IMBA generally supports the legislation that identifies more cost-effective ways for the consumer and the lender regarding publication costs and would like to see this language put back into the bill.

    Latest action

    The bill passed the House Committee on Government and Regulatory Reform on March 24 by a vote of 10-1 and will now be eligible for further amendments on second reading.

    Learn more about SB 332


    SB 346 – Financial Institutions and Consumer Credit

    Sen. Eric Bassler (R-Washington)

    Rep. Martin Carbaugh (R-Fort Wayne)

    Why it matters

    For purposes of the statutes governing (1) first-lien mortgage transactions, (2) the Uniform Consumer Credit Code and (3) financial institutions; changes references to federal laws within those statutes from federal laws as in effect on Dec. 31, 2019, to federal laws as in effect on Dec. 31, 2020. Amends the statute concerning loans made by credit unions to their members to eliminate certain requirements with respect to loans secured by real estate. Amends the definition of “check” for purposes of the statute governing licensed cashers of checks to remove a reference to a “personal money order.” SB 346 is the annual bill of the Indiana Department of Financial Institutions, which every year suggests changes to law that it deems necessary, based primarily on findings from examiners. The IMBA supports the legislation.

    Latest action

    The bill passed the House Committee on Financial Institutions and Insurance on March 23 by a vote of 13-0 and will now be eligible for further amendments on second reading.

    Learn more about SB 346


    SB 383 – Various Tax Matters

    Sen. Travis Holdman (R-Markle)

    Rep. Tim Brown (R- Crawfordsville)

    Why it matters

    The bill requires a corporation with gross income of more than $1 million to file its corporate income tax return in an electronic manner specified by the Department of State Revenue (DOR). The bill provides certain procedures for reporting federal partnership audit adjustments for purposes of the state Adjusted Gross Income Tax and Financial Institutions Tax in order to conform with changes in federal law. It removes certain unnecessary information requirements for employers withholding tax reporting forms. It specifies that the penalty provisions in current law for failure to make a payment by electronic funds transfer also apply to a failure to make a payment by any other electronic means.

    It clarifies the penalty calculation for failure to make estimated tax payments, including estimated Utility Receipts Tax and Financial Institutions Tax payments. The bill provides that a taxpayer may elect to claim a tax credit against the taxpayer’s Indiana Adjusted Gross Income Tax liability for the amount of tax that is imposed in a foreign country, but not due from the taxpayer under the laws of that foreign country until a tax year after the tax year in which the income subject to the foreign country’s tax is included in the taxpayer’s Indiana adjusted Gross income (with retroactive application to tax years beginning after Dec. 31, 2016). It provides that the provision in current law requiring an out-of-state merchant to collect sales tax on retail transactions made in Indiana if certain threshold conditions are met extends to the following: (1) the Tobacco Products Tax; (2) the Waste Tire Management Fee; (3) the Fireworks Public Safety Fee; and(4) the Prepaid Wireless Service Charge. The bill also makes other changes to Indiana tax code.

    Latest action

    The bill passed the House Committee on Ways and Means on March 24 by a vote of 22-0 and will now be eligible for further amendments on second reading.

    Learn more about SB 383


    HB 1001 – State Budget

    Rep. Tim Brown (R-Crawfordsville)

    Sen. Ryan Mishler (R-Bremen)

    Why it matters

    The bill establishes Indiana’s operating budget for the coming two years. It also makes a number of other changes that fall outside of the budget drafting process. Among those changes are an enhancement of the Venture Capital Investment Tax Credit, the creation of the Next Level Regional Recovery Fund to support economic development and regional recovery, and language that brings the Indiana tax code up to date with federal tax code changes made in 2020. The IMBA Legislative Team is monitoring the budget as it is amended through the process.

    Latest action

    The bill was assigned to the Senate Appropriations Committee and was heard on March 25.

    Learn more about HB 1001


    HB 1252 – Probate and Guardianship Matters

    Rep. John Young (R-Greenwood)

    Sen. Aaron Freeman (R-Indianapolis)

    Why it matters

    The bill removes conflicts between probate and guardianship statutes regarding classification of claims. It also requires, for purposes of power of attorney act, that a principal may not be a minor. The IMBA Legislative Team is monitoring the legislation to ensure it remains a technical fix bill.

    Latest Action

    The bill was amended and passed out of the Senate Judiciary Committee on March 24. The bill is now eligible for second reading amendments.

    Learn more about HB 1252


  • March 24, 2021 10:36 AM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    As the basketball world converges on the Circle City for the NCAA tournament, the Indiana General Assembly continues to work through the second half of session. Roughly three weeks remain for committee work to be conducted. That timeline could shrink, as many believe that the legislature could adjourn session for the year earlier than the originally scheduled date of April 29. The IMBA Legislative Team continues to stay engaged in several bills that are working their way through the process for the second half of session. 

    BILLS TO WATCH

    SB 236 – Land Banks

    Sen. Tim Lanane (D-Muncie)

    Why it matters

    The bill provides that a county fiscal body may adopt an ordinance requiring that, for the five years after a tract is purchased from a land bank, 50% of the amount of property taxes paid on the tract must be transferred to the land bank. It requires a county executive to provide a land bank in the county with a list of tracts located in the territory of the land bank that: (1) are delinquent on property taxes; and (2) have been offered for public sale at least two times and remain unsold; on an annual basis, and permits the county executive to transfer its interest in a tract on the list to a land bank if requested by the land bank no later than 30 days after it receives the list. The IMBA is monitoring the legislation.

    Latest Action

    The bill passed the House Committee on Local Government on March 17. The bill has been reassigned to the House Committee on Ways and Means.

    Learn more about SB 236


    SB 332 – Publication of Notice by Political Subdivisions

    Sen. Jim Buck (R-Kokomo)

    Why it matters

    Among other publication changes, the bill notably provides that if, with regard to a sheriff's sale of real property to execute a judgment, the sheriff is not able to procure publication of the notice in a newspaper of general circulation within the county, the sheriff may publish the notice on the website of each county where the real estate is located (instead of dispensing with the publication of notice entirely). The IMBA generally supports legislation that identifies more cost-effective ways for the consumer and the lender regarding publication costs related to sheriff sales.

    Latest action

    The bill has been assigned to the House Committee on Government and Regulatory Reform.

    Learn more about SB 332


    SB 346 – Financial Institutions and Consumer Credit

    Sen. Eric Bassler (R-Washington)

    Why it matters

    For purposes of the statutes governing (1) first-lien mortgage transactions, (2) the Uniform Consumer Credit Code and (3) financial institutions; changes references to federal laws within those statutes from federal laws as in effect on Dec. 31, 2019, to federal laws as in effect on Dec. 31, 2020. Amends the statute concerning loans made by credit unions to their members to eliminate certain requirements with respect to loans secured by real estate. Amends the definition of “check” for purposes of the statute governing licensed cashers of checks to remove a reference to a “personal money order.” SB 346 is the annual bill of the Indiana Department of Financial Institutions, which every year suggests changes to law that it deems necessary, based primarily on findings from examiners. The IMBA supports the legislation.

    Latest action

    The bill was heard in the House Committee on Financial Institutions and Insurance on March 23. The bill passed the committee by a vote of 13-0.

    Learn more about SB 346


    HB 1004 – Small Business Restart Grant Program

    Rep. Shane Lindauer (R-Jasper)

    Why it matters

    The bill establishes the Hoosier Hospitality Small Business Restart Grant Program to provide grants to eligible entities based on certain conditions. An eligible entity may apply for a grant under the program for a reimbursement of up to 80% of non-payroll business expenses and up to 100% of payroll expenses incurred in Indiana between March 1, 2020, and April 1, 2021. The amount of a grant to an eligible entity is not to exceed $10,000 for each month during the identified period that the entity can demonstrate a monthly gross revenue loss of at least 30% when compared to that entity’s average monthly gross revenue for calendar year 2019. The maximum total grant amount awarded to any eligible entity may not exceed $50,000. The program is to be administered by the Indiana Economic Development Corporation.

    Latest action

    The bill was amended on second reading last week and will be eligible for a third-reading vote in the Senate this week.

    Learn more about HB 1004

  • March 15, 2021 12:06 PM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    The Indiana General Assembly worked through last week and held committee hearings on a variety of topics. Committee chairs have until the middle of April to hear and move any bills from their respective committees. The IMBA has been engaged in a handful of bills that have yet to receive committee hearings for the second half of session, and the IMBA continues to be active in discussions surrounding those bills.


    BILLS TO WATCH

    SB 28 – Tax Sales

    Sen. Rick Niemeyer (R-Lowell)

    Why it matters

    Prohibits a person who is delinquent in the payment of personal property taxes or is subject to an existing personal property tax judgment from bidding on or purchasing a tract at a tax sale. Prohibits a business entity from bidding on or purchasing a tract at a tax sale when a person who is prohibited from bidding on or purchasing a tract at a tax sale: (1) formed the business entity; (2) joined with another person or party to form the business entity; (3) joined the business entity as a proprietor, incorporator, partner, shareholder, director, employee, or member; (4) becomes an agent, employee, or board member of the business entity; or (5) represents the business entity in a legal matter. Requires a person to acknowledge that providing false information relating to a prohibited bid or purchase is perjury. Requires a county treasurer to pay all taxes and assessments that accrue on the tract of real estate through the time the record owner is divested of title from the tax sale surplus fund for the tract. Permits a county legislative body to adopt an ordinance prohibiting the assignment of a certificate of sale prior to the issuance of a tax title deed. Adds requirements that must be met within 150 days of the date a court grants a petition to issue a tax deed before a county auditor can issue or record a tax deed. The IMBA is monitoring this bill for potential impact.

    Latest action

    SB 28 is scheduled to be heard in the House Committee on Local Government on March 17.

    Learn more about SB 28


    SB 236 – Land Banks

    Sen. Tim Lanane (D-Anderson)

    Why it matters

    Requires a county executive to provide a land bank in the county with a list of tracts located in the territory of the land bank that: (1) are delinquent on property taxes; and (2) have been offered for public sale at least two times and remain unsold; on an annual basis, and requires the county executive to transfer its interest in a tract on the list to a land bank if requested by the land bank not later than 90 days after it receives the list. The IMBA is monitoring this bill for potential impact.

    Latest action

    SB 236 is scheduled to be heard in the House Committee on Local Government on March 17.

    Learn more about SB 236


    SB 383 – Various Tax Matters

    Sen. Travis Holdman (R-Markle)

    Why it matters

    The bill requires a corporation with gross income of more than $1 million to file its corporate income tax return in an electronic manner specified by the Department of State Revenue (DOR). The bill provides certain procedures for reporting federal partnership audit adjustments for purposes of the state Adjusted Gross Income Tax and Financial Institutions Tax in order to conform with changes in federal law. It removes certain unnecessary information requirements for employers withholding tax reporting forms. It specifies that the penalty provisions in current law for failure to make a payment by electronic funds transfer also apply to a failure to make a payment by any other electronic means.

    It clarifies the penalty calculation for failure to make estimated tax payments, including estimated Utility Receipts Tax and Financial Institutions Tax payments. The bill provides that a taxpayer may elect to claim a tax credit against the taxpayer’s Indiana Adjusted Gross Income Tax liability for the amount of tax that is imposed in a foreign country, but not due from the taxpayer under the laws of that foreign country until a tax year after the tax year in which the income subject to the foreign country’s tax is included in the taxpayer’s Indiana adjusted gross income (with retroactive application to tax years beginning after Dec. 31, 2016). It provides that the provision in current law requiring an out-of-state merchant to collect sales tax on retail transactions made in Indiana if certain threshold conditions are met extends to the following: (1) the Tobacco Products Tax; (2) the Waste Tire Management Fee; (3) the Fireworks Public Safety Fee; and(4) the Prepaid Wireless Service Charge.

    The bill also makes other changes to Indiana tax code.

    Latest action

    The bill was heard in the House Committee on Ways and Means on March 10 and held for further discussion.

    Learn more about SB 383


    HB 1123 – State of Emergency; General Assembly Sessions

    Rep. Matt Lehman (R-Berne)

    Why it matters

    HB 1123 establishes a structure for the General Assembly to convene under special sessions following a proclamation by the governor. The bill also allows the General Assembly to convene in an emergency session if the governor declares a state of emergency that affects the entire state. Additionally, the bill outlines whether local orders can be less or more stringent than the governor’s orders. Makes additional changes. HB 1123 was authored as a direct response to the governor’s executive order powers that came under scrutiny by some during the pandemic. The IMBA is monitoring the bill for potential relevant impact.

    Latest action

    The bill was heard in the Senate Committee on Rules and Legislative Procedure on March 11. After hours of testimony, the bill was held for amendments at a later hearing.

    Learn more about HB 1123


    HB 1255 – Probate and Property Matters

    Rep. John Young (R-Franklin)

    Why it matters
    This bill comes from the Indiana Bar Association and makes various changes to wills, powers of attorney, trust, conveyances and county recorders. Notably, the bill also attempts to fix the second-witness issue created from the passage of SEA 340 from last session. The bill also places requirements on county government to accept and record electronic documents.

    Latest action
    The bill was scheduled again to be heard in the Senate Judiciary Committee on March 10, but was held for amendments at a subsequent meeting.

    Learn more about HB 1255

  • March 10, 2021 9:47 AM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    Last week officially marked the start of the second half of session. During this time, the House considers legislation passed by the Senate during the first half and vice versa. The process matches the procedural requirements of the first half of session. Committee work went off to a slow start during the first week back, as plans for the remainder of session begin.

    Legislative proposals that will be of focus for the General Assembly during the second half include the state’s biennial budget, COVID-19-related economic relief measures and Gov. Eric Holcomb’s executive order powers, among other topics. One issue that has not yet been considered is the drawing of new legislative maps, as required after census data is collected. Because of the delay in census data, the General Assembly will have to reconvene this summer or fall to draw the new maps.

    As the second half of session begins, the IMBA Legislative Team continues to voice banking perspective on critical bills. Following are some of the bills being addressed.


    BILLS TO WATCH

    SB 38 – Adverse Possession Statue of Limitations

    Sen. Blake Doriot (R-Goshen)

    Why it matters

    This bill amends the statute concerning the statute of limitations for actions for the recovery of the possession of real estate to provide that such an action that: (1) involves a line located and established by a professional surveyor; and (2) accrues before the lines are located and established by the surveyor; must be commenced before the expiration of the appeal period set forth in the statute governing county surveyors. Makes other changes to survey requirements. The IMBA continues to monitor this bill for changes.

    Latest action
    The bill was heard in the House Judiciary Committee on March 3 and was held for amendments at a subsequent meeting.

    Learn more about SB 38


    HB 1255 – Probate and Property Matters

    Rep. John Young (R-Franklin)

    Why it matters
    This bill comes from the Indiana Bar Association and makes various changes to wills, powers of attorney, trust, conveyances and county recorders. Notably, the bill also attempts to fix the second-witness issue created from the passage of SEA 340 from last session. The bill also places requirements on county government to accept and record electronic documents.

    Latest action
    The bill was heard in the Senate Judiciary Committee on March 3 and was held for amendments at a subsequent meeting.

    Learn more about HB 1255


    HB 1314 – Recorded Discriminatory Covenants

    Rep. Jerry Torr (R-Carmel)

    Why it matters
    The bill makes an important change in creating a process to permit a person to file a statement or notice that a recorded discriminatory covenant is invalid and unenforceable. The IMBA supports this change in law.

    Latest action

    The bill passed the Senate Judiciary Committee on March 3 by a vote of 8-0 and is now eligible for consideration by the entire Senate.

    Learn more about HB 1314


  • March 03, 2021 11:00 AM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    The Indiana General Assembly marked the halfway point last week with third-reading deadlines for both the House and Senate. Bills that did not progress beyond this key deadline are now considered dead for purposes of the 2021 legislative session. A total of 1,031 bills and joint resolutions were introduced at the beginning of session, of which 316 have passed third-reading and will now move on the second half of session.

    Next week marks the start of the second half of session with committee work resuming and continuing through early April. The IMBA Legislative Team will continue to work on legislation throughout the second half of session and will be monitoring a number of legislative proposals for potential changes detrimental to the industry.


    BILLS TO WATCH

    HEA 1056 – Recording Requirements

    Rep. Jerry Torr (R-Carmel)

    Why it matters
    This bill is the “fix” to the second witness requirement to record instruments that arose from the interpretation of language change “or” to “and” in SEA 340 from the 2020 session. The bill also retroactively applies the language to all instruments recorded after July 1, 2020. This was a priority bill for the IMBA.

    Latest action
    The bill was signed by the Gov. Eric Holcomb on Feb. 18. Signed as an emergency declared act, it is now law in Indiana.

    Learn more about HB 1056


    SEA 1 – Civil Immunity Related to COVID-19

    Sen. Mark Messmer (R-Jasper)

    Why it matters
    SB 1 is a broadly applied immunity bill for COVID-19 liability supported by a coalition of business trades and other individual entities. SB 1 is a premise-based regarding immunity and outlines civil immunity from COVID-19 liability for businesses. The IMBA supports the general approach to provide immunity to businesses from COVID-19-related lawsuits and considered this a priority bill.

    Latest action
    Gov. Holcomb signed SEA 1 into law on Feb. 18. The bill was effective upon signage, immediately becoming Indiana law.

    Learn more about SB 1


    SB 197 – Criminal Law Issues

    Sen. Michael Young (R-Indianapolis)

    Why it matters

    This omnibus criminal law matters bill consolidates Indiana’s fraud statutes, including those against a financial institution, into a board definition. The IMBA previously worked with the author to make technical changes to the language to ensure that the language in SB 197 continues to provide Indiana’s prosecutors the same, if not better, tools in enforcing penalties on those who commit crimes against financial institutions. The IMBA Legislative Team continues to monitor this legislation.

    Latest action:

    The bill passed the Senate by a vote of 45-0 and is now eligible for consideration by the House.

    Learn more about SB 197


    SB 346 – Financial Institutions and Consumer Credit

    Sen. Eric Bassler (R-Washington)

    Why it matters

    For purposes of the statutes governing (1) first-lien mortgage transactions, (2) the Uniform Consumer Credit Code and (3) financial institutions; changes references to federal laws within those statutes from federal laws as in effect on Dec. 31, 2019, to federal laws as in effect on Dec. 31, 2020. Amends the statute concerning loans made by credit unions to their members to eliminate certain requirements with respect to loans secured by real estate. Amends the definition of “check” for purposes of the statute governing licensed cashers of checks to remove a reference to a “personal money order.” SB 346 is the annual bill of the Indiana Department of Financial Institutions, which every year suggests changes to law that it deems necessary, based primarily on findings from examiners. The IMBA supports the legislation.

    Latest action

    The bill passed the Senate by a vote of 47-0 and is now eligible for consideration by the House.

    Learn more about SB 346


    HB 1001 – State Budget

    Rep. Tim Brown (R-Crawfordsville)

    Why it matters

    Because the state budget bill often includes legislative changes that fall outside the usual scope of appropriations for operation of the state government, it is prudent to monitor the state budget for any notable provisions to the financial services industry. The bill routinely changes multiple times before it is signed into law, but there are currently several changes the IMBA is reviewing. Those changes include the expansion of the state Venture Capital Investment Tax Credit program and the creation of a new Next Level Regional Recovery Fund, among others.

    Latest action

    The bill passed third-reading 60-35 in the House on Feb. 22. It has been assigned to the Senate Appropriations Committee.

    Learn more about HB 1001


    HB 1255 – Probate and Property Matters

    Rep. John Young (R-Franklin)

    Why it matters
    This bill from the Indiana Bar Association makes various changes to wills, powers of attorney, trust, conveyances and county recorders. Notably, the bill also attempts to fix the second witness issue created from the passage of SEA 340 from last session. The bill additionally places requirements on county government to accept and record electronic documents.

    Latest action
    HB 1255 passed third-reading by a vote of 95-1 in the House on Feb. 1. The bill is scheduled for a hearing in the Senate Judiciary Committee for March 3.

    Learn more about HB 1255


    HB 1314 – Recorded Discriminatory Covenants

    Rep. Jerry Torr (R-Carmel)

    Why it matters
    The bill makes an important change in creating a process to repeal an existing discriminatory covenant.

    Latest action
    The bill passed the House by a vote of 95-0. The bill is scheduled for a hearing in the Senate Judiciary Committee for March 3.

    Learn more about HB 1314


    HB 1377 – Bureau of Motor Vehicles

    Rep. Peggy Mayfield (R-Martinsville)

    Why it matters

    Among the changes this bill makes related to the Bureau of Motor Vehicles is a provision that creates a new version of the Indiana license that excludes the holder’s address. The no-address driver’s license would be optional and available at the request of the individual. This would place new burdens on the individual holding a no-address driver’s license related to securing certain banking products, as well as engagement in other activities.

    Latest action

    The bill was never called down for a third-reading vote and as a result is now dead.

    Learn more about HB 1377


    HB 1498 – Publication of Local Government Notices

    Rep. Doug Miller (R-Elkhart)

    Why it matters

    Allows a political subdivision to publish legal notices on a legal notice website instead of in a newspaper. Establishes requirements regarding availability and accessibility of a legal notice website. Requires a political subdivision to designate an official responsible for the electronic publication of legal notices, if the political subdivision publishes legal notices electronically. Provides that if a political subdivision does not have an official website, legal notices may be published on an official website of the county government. Establishes requirements for the duration of the posting of a legal notice and proof of posting. Provides that a towing service acting as an agent of a government agency that provides the notice required to dispose of abandoned vehicles or parts is subject to the same public notice advertising rates as a governmental agency. Publishing legal notices for actions such as sheriff’s sales in newspapers can be costly and are generally passed along to property owners and incurred by lenders. The new process provided in the bill could save costs related to publishing legal notices. The IMBA supports creating more options for publishing legal notices.

    Latest action

    HB 1498 failed a third-reading vote based on a lack of a constitutional majority vote. The bill was never brought back for another vote on third-reading and is now dead.

    Learn more about HB 1498


  • February 23, 2021 12:18 PM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    Last week, with just a few days left until the halfway point of the 2021 legislative session, committee work concluded for the Indiana House and Senate. Last week also saw two bills signed into law by Gov. Eric Holcomb, both impacting the Indiana banking community.

    Gov. Holcomb signed into law HEA 1056, the recording fix that resulted from legislation in the 2020 legislative session, as well as SEA 1, the COVID-19 liability immunity bill. Both bills were priority legislation for the IMBA and, because they were enacted under emergency declaration, they became effective upon signature by the governor and are now officially Indiana law.

    The upcoming week will set the stage for the second half of session and will require bills to pass third reading in order for them to be eligible for the second half. The IMBA Legislative Team continues to engage on important issues, some of which are highlighted below.


    BILLS TO WATCH

    HEA 1056 – Recording Requirements

    Rep. Jerry Torr (R-Carmel)

    Why it matters
    This bill is the “fix” to the second witness requirement to record instruments that arose from the interpretation of language change “or” to “and” in SEA 340 from the 2020 session. The bill also retroactively applies the language to all instruments recorded after July 1, 2020. This was a priority bill for the IMBA.

    Latest action
    Gov. Holcomb signed HEA 1056 into law on Thursday, Feb. 18. The bill was effective upon signage and immediately became Indiana law.

    Learn more about HB 1056


    SEA 1 – Civil Immunity Related to COVID-19

    Sen. Mark Messmer (R-Jasper)

    Why it matters
    SB 1 is a broadly applied immunity bill for COVID-19 liability supported by a coalition of business trades and other individual entities. SB 1 is a premise-based regarding immunity and outlines civil immunity from COVID-19 liability for businesses. The IMBA supports the general approach to provide immunity to businesses from COVID-19-related lawsuits and considered this a priority bill.

    Latest action
    Gov. Holcomb signed SEA 1 into law Thursday, Feb. 18. The bill was effective upon signage and immediately became Indiana law.

    Learn more about SB 1


    HB 1095 – Trespassing and Aggressive Harassment

    Rep. Justin Moed (D-Indianapolis)

    Why it matters

    Establishes the Low Barrier Homeless Task Force. Provides that a person commits the offense of criminal trespass if: (1) the person, who does not have a contractual interest in the property, knowingly or intentionally enters or refuses to leave the property of another person after having been prohibited from entering or asked to leave the property by a law enforcement officer when the property is designated by a municipality or county enforcement authority to be an unsafe building or premises; or (2) the person knowingly or intentionally enters the property of another person after being denied entry by a court order that has been issued to the person or issued to the general public by conspicuous posting on or around the premises in areas where a person can observe the order when the property has been designated by a municipality or county enforcement authority to be an unsafe building or premises; unless the person has the written permission of the owner, the owner’s agent, an enforcement authority or a court to come onto the property for purposes of performing maintenance, repair or demolition. Provides that an individual who harasses another person with the intent to obtain property from the other person commits aggressive harassment, a Class C misdemeanor. Defines “harasses.” Repeals the chapter concerning panhandling. The IMBA is monitoring this bill.

    Latest action

    The bill passed the House Committee on Courts and Criminal Code by a vote of 11-0 and is now eligible for consideration by the entire House for a third-reading vote.

    Learn more about HB 1095


    HB 1114 – Residential Building Design Elements

    Rep. Doug Miller (R-Elkhart)

    Why it matters

    Prohibits a municipality from regulating design elements of residential structures. Specifies certain exclusions from this prohibition. Provides that any rule, ordinance or other regulation that conflicts with the prohibition is void. Provides that a person aggrieved by a violation of the bill’s provisions may file, in a court having jurisdiction, a petition to obtain an injunction against the violation. The IMBA is monitoring this bill.

    Latest action

    The bill passed the House Committee on Government and Regulatory Reform by a vote of 8-5 and is now eligible for consideration by the entire House for a third-reading vote.

    Learn more about HB 1114


    HB 1498 – Publication of Local Government Notices

    Rep. Doug Miller (R-Elkhart)

    Why it matters

    Allows a political subdivision to publish legal notices on a legal notice website instead of in a newspaper. Establishes requirements regarding availability and accessibility of a legal notice website. Requires a political subdivision to designate an official responsible for the electronic publication of legal notices, if the political subdivision publishes legal notices electronically. Provides that if a political subdivision does not have an official website, legal notices may be published on an official website of the county government. Establishes requirements for the duration of the posting of a legal notice and proof of posting. Provides that a towing service acting as an agent of a government agency that provides the notice required to dispose of abandoned vehicles or parts is subject to the same public notice advertising rates as a governmental agency. Publishing legal notices for actions such as sheriff’s sales in newspapers can be costly and are generally passed along to property owners and incurred by lenders. The new process provided in the bill could save costs related to publishing legal notices. The IMBA supports creating more options for publishing legal notices.

    Latest action

    HB 1498 failed to pass the entire House for a lack of constitutional majority when it was presented for a full third-reading vote. The bill is eligible for another vote to try to reach the constitutional majority of 51 votes.

    Learn more about HB 1498


  • February 16, 2021 1:23 PM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    This past week saw significant committee work from both the Indiana House and Senate, as committees operated under impending timelines requiring them to submit reports by this week. The deadline for committee reports in the House is this Tuesday, Feb. 16, and the Senate deadline is this Thursday, Feb. 18, at which point all committee work for the first half of session must be concluded. The Indiana General Assembly marks a halfway point once third-reading deadlines have been reached in the House and Senate. Those dates are Feb. 22 and Feb. 23, respectively.

    On Monday, Feb. 15, two important bills to the IMBA saw milestone legislative action take place. HB 1056, the bill correcting the confusion surrounding the recording issue from last session’s SEA 340, passed a third-reading vote in the Senate. The bill now moves to the desk of Gov. Eric Holcomb for action. In addition, SB 1, the Senate’s version of legislation addressing civil immunity related to COVID-19, passed a Senate concurrence 39-7 and now also moves to the governor’s desk for action.


    BILLS TO WATCH

    SB 214 – Low-Income Housing

    Sen. Travis Holdman (R-Markle)

    Why it matters

    The bill reinstates provisions that were removed in 2016 that created a property tax exemption for improvements on real property that are constructed, rehabilitated or acquired for the purpose of providing low-income housing. The original bill created a matching state tax credit to supplement the federal section 42 low-income housing tax credit. This language was amended out to include the new verbiage creating the property tax exemption.


    Latest action

    The bill passed the Senate Committee on Tax and Fiscal Policy on Feb. 9 by a vote of 11-0. The bill is now eligible for amendments on second reading.

    Learn more about SB 214


    SB 1 & HB 1002 – Civil Immunity Related to COVID-19

    Sen. Mark Messmer (R-Jasper)

    Rep. Jerry Torr (R-Carmel)

    Why it matters
    SB 1 is a broadly applied immunity bill for COVID-19 liability supported by a coalition of business trades and other individual entities. The House also has a bill that creates immunity from COVID-19 liability-related lawsuits. SB 1 differs from the House version of immunity in application, as SB 1 is more premise-based regarding immunity. The IMBA supports the general approach to provide immunity to businesses from COVID-19-related lawsuits.

    Latest action
    SB 1 passed third reading in the House on Feb. 11 by a vote of 72-21. The Senate filed a motion to concur with the changes in the House on Feb. 15 by a vote of 39-7. The bill will now head to Gov. Holcomb’s desk for consideration. HB 1002 has not been assigned to a Senate committee and is awaiting further action.

    Learn more about SB 1

    Learn more about HB 1002


    HB 1056 – Recording Requirements

    Rep. Jerry Torr (R-Carmel)

    Why it matters
    This bill is the “fix” to the second witness requirement to record instruments that arose from the interpretation of language change “or” to “and” in SEA 340 from the 2020 session. The bill also retroactively applies the language to all instruments recorded after July 1, 2020. The IMBA is in support of the legislation.

    Latest action
    The bill passed third reading in the Senate on Feb. 15 by a vote of 45-0. HB 1056 will now head to Gov. Holcomb’s desk for consideration.

    Learn more about HB 1056


    HB 1377 – Bureau of Motor Vehicles

    Rep. Peggy Mayfield (R-Martinsville)

    Why it matters

    Among the changes this bill makes related to the Bureau of Motor Vehicles is a provision that creates a new version of the Indiana license that excludes the holder’s address. The no-address driver’s license would be optional and available at the request of the individual. This would place new burdens on the individual holding a no-address driver’s license related to securing certain banking products, as well as engagement in other activities.

    Latest action

    The bill passed the House Committee on Roads and Transportation by a vote of 10-1. It now is eligible for second-reading amendments.

    Learn more about HB 1377

  • February 08, 2021 12:22 PM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    The past week brought significant legislative activity at the Indiana Statehouse. Lawmakers have quickened the pace after a slow and cautious start to the 2021 legislative session. A number of bills notable to the Indiana Mortgage Bankers Association were addressed by the process last week including: a bill requiring the transition to a statewide electronic lien and title system (SB 400), a bill to clarify the statute of limitations on deposit accounts (SB 370), a bill to fix the second witness issue from SEA 340 (HB 1056) and the annual bill of the Department of Financial Institutions (SB 346), to name a few.

    Committee chairs have this week and part of next week to hear, amend and vote on any legislation assigned to their committees. Committee report deadlines are next Tuesday, Feb. 16, for the House and next Thursday, Feb. 18, for the Senate. Deadlines for third reading in the House and Senate are Feb. 22 and Feb. 23, respectively. The IMBA Legislative Team will continue working with bill authors and committee chairs over the coming weeks on legislation that is important to the industry.


    BILLS TO WATCH

    SB 346 – Financial Institutions and Consumer Credit

    Sen. Eric Bassler (R-Washington)

    Why it matters

    For purposes of the statutes governing (1) first-lien mortgage transactions, (2) the Uniform Consumer Credit Code and (3) financial institutions; changes references to federal laws within those statutes from federal laws as in effect on Dec. 31, 2019, to federal laws as in effect on Dec. 31, 2020. Amends the statute concerning loans made by credit unions to their members to eliminate certain requirements with respect to loans secured by real estate. Amends the definition of “check” for purposes of the statute governing licensed cashers of checks to remove a reference to a “personal money order.” SB 346 is the annual bill of the Indiana Department of Financial Institutions, which every year suggests changes to law that it deems necessary, based primarily on findings from examiners. The IMBA supports the legislation.

    Latest action

    The bill was heard in the Senate Committee on Insurance and Financial Institutions and passed by a vote of 8-0.

    Learn more about SB 346


    SB 1 & HB 1002 – Civil Immunity Related to COVID-19

    Sen. Mark Messmer (R-Jasper)

    Rep. Jerry Torr (R-Carmel)

    Why it matters
    This is a broadly applied immunity bill for COVID-19 liability supported by a coalition of business trades and other individual entities. The House also has a bill that creates immunity from COVID-19 liability-related lawsuits. SB 1 differs from the House version of immunity in application, as SB 1 is more premise-based regarding immunity. The IMBA supports the general approach to provide immunity to businesses from COVID-19-related lawsuits.

    Latest action
    SB 1 passed the House Committee on Judiciary on Feb. 2 and will not be considered before the entire House. HB 1002 was passed by a vote of 76-21 and will now be considered by the Senate.

    Learn more about SB 1

    Learn more about HB 1002


    HB 1056 – Recording Requirements

    Rep. Jerry Torr (R-Carmel)

    Why it matters
    This bill is the “fix” to the second witness requirement to record instruments that arose from the interpretation of language change “or” to “and” in SEA 340 from the 2020 session. House Bill 1056 also retroactively applies the language to all instruments recorded after July 1, 2020. The IMBA is in support of the legislation.

    Latest action
    The Senate Committee on Judiciary passed HB 1056 on Feb. 4, and the bill will soon be heard by the entire Senate for consideration. The bill is effective upon passage. Once the bill passes the Senate and is signed by Gov. Eric Holcomb, it will become law immediately, instead of on the usual effective date of July 1.

    Learn more about HB 1056


    HB 1255 – Probate and Property Matters

    Rep. John Young (R-Franklin)

    Why it matters
    This bill comes from the Indiana Bar Association and makes various changes to wills, powers of attorney, trust, conveyances and county recorders. Notably, the bill also attempts to fix the second witness issue created from the passage of SEA 340 from last session. The bill also places requirements on county government to accept and record electronic documents.

    Latest action
    The bill passed the House by a vote of 95-1 and is now eligible for committee consideration by the Senate.

    Learn more about HB 1255


    HB 1314 – Recorded Discriminatory Covenants

    Rep. Jerry Torr (R-Carmel)

    Why it matters
    The bill makes an important change in creating a process to repeal an existing discriminatory covenant.

    Latest action
    The bill passed the House by a vote of 95-0 and is now eligible for committee consideration by the Senate.

    Learn more about HB 1314


    HB 1498 – Publication of Local Government Notices

    Rep. Doug Miller (R-Elkhart)

    Why it matters

    Allows a political subdivision to publish legal notices on a legal notice website instead of in a newspaper. Establishes requirements regarding availability and accessibility of a legal notice website. Requires a political subdivision to designate an official responsible for the electronic publication of legal notices, if the political subdivision publishes legal notices electronically. Provides that if a political subdivision does not have an official website, legal notices may be published on an official website of the county government. Establishes requirements for the duration of the posting of a legal notice and proof of posting. Provides that a towing service acting as an agent of a government agency that provides the notice required to dispose of abandoned vehicles or parts is subject to the same public notice advertising rates as a governmental agency. Publishing legal notices for actions such as sheriff’s sales in newspapers can be costly and are generally passed along to property owners and incurred by lenders. The new process provided in the bill could save costs related to publishing legal notices. The IMBA supports creating more options for publishing legal notices.

    Latest action

    HB 1498 passed the House Committee on Government and Regulatory Reform on Feb. 2 and is now eligible for consideration by the entire House.

    Learn more about HB 1498


<< First  < Prev   1   2   Next >  Last >> 


Contact Us:

© Indiana Mortgage Bankers Association

19359 Alpine Drive

Lawrenceburg, IN  47025

Office:  (812) 537-1003

Email:  ExecDir@IndianaMBA.org

Powered by Wild Apricot Membership Software