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  • March 23, 2022 4:02 PM | Wendy Bayley (Administrator)

    Indiana General Assembly

    Adjourned for 2022

    The Indiana General Assembly has concluded all legislative business for the 2022 legislative session, working late into the night and finishing in the early morning of March 9. The Indiana General Assembly adjourned and declared sine die several days earlier than the legislative calendar dictated for the end of session. This timely adjournment marks a significant contrast to last year when we saw the legislature conclude session without declaring sine die, taking an unprecedented 363 days to adjourn for the year.

    For the 2022 session, legislators introduced 898 bills between both the Senate and House. Of these, 265 bills, or roughly 30% of the bills introduced, survived the first half of session. Of those 265 bills that survived to the halfway point, 177 bills, roughly 20%, were ultimately passed to be sent to the governor's desk for signature into law. Of the 898 introduced bills, the IMBA started session tracking 220 of them, with only 53 of those bills making it to the governor’s desk.

    Of the bills the IMBA was tracking throughout session, a handful will directly impact the industry when enacted. SEA 371 bill was directly shepherded throughout the process by the IMBA and was essential to the industry. SEA 371 gave lenders ease of mind with protections regarding the sunsetting of the LIBOR interest rate, providing a clear replacement base interest rate for contracts that reference LIBOR, as the rate will no longer exist in June of 2023. This bill was effective immediately upon the governor's signature, becoming law on March 10.

    On a broader COVID-19 front, the General Assembly enacted parameters regarding vaccine passports and vaccine mandates in the workplace. The General Assembly banned the ability of local governments to require vaccine passports and dictated that if employers mandate vaccinations, they must provide individual exemptions to opt-out for medical or religious reasons, or due to immunity from previous infection with COVID-19. Additionally, with Indiana's large surplus, fiscal leadership set the goal of cutting taxes this legislative session, with the finalized agreement cutting Indiana taxes by $1 billion.

    Each session comes with challenges in the form of bills or legislative ideas that would create significant disruptions to the banking industry, and this year was no different. The IMBA was successful in advocating to prevent several troubling bills from passing. Most notably, the IMBA was central to defeating HB 1224, a bill that would have disallowed state government from investing or contracting with companies that “boycott” energy companies. This bill would have created a new significant risk to financial institutions of being labeled as “boycotting” the fossil fuels industry based on business decisions. The industry also fought back against similar legislation that applied to the firearms industry through a bill that functioned in a similar manner to the fossil fuels bill, applying the framework to gun dealers and manufacturers (HB 1409). It is expected that both approaches to "forced" finance will return next session.

    The IMBA faced a serious debate regarding a new concept of establishing special tax or special assessment districts. These districts would use a super lien to sell bonds and use the proceeds to fund general development, both for infrastructure and broader development. Senate Bill 370 is expected to be brought back next session, and creating a lien priority for these assessments will be central to the debate.

    Other troubling issues expected to return in coming years include bills focused on creating new penalties for lenders related to discrimination in lending (HB 1326) and an extension of sales tax to services (HB 1083). The IMBA had significant concerns about each of these bills this session and opposed both bills as they were drafted. 

    The IMBA extends special thanks to the many legislators and bankers who worked toward satisfactory outcomes on issues of concern to the financial services industry.  The effort and engagement put forward by so many will ensure that Indiana continues to be a state in which financial institutions can serve their customers well and positively impact Indiana communities and the broader economy.

    Complete Summary of this Session

    MEET THE INDIANA GENERAL ASSEMBLY 


  • March 01, 2022 12:35 PM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    With the final sprint to the end of the 2022 session, the House and Senate concluded the committee process last week, packing in as many bills as possible in the last committee hearings of 2022. This week the third reading deadline for the House is February 28 and the Senate third reading deadline is March 1. This concludes the second half of the session and the start of conference committees. This past week, the IMBA was active as several bills of note were heard in committee, and others were brought down on second and third readings. The IMBA worked to amend one bill and protected the work already done on several other bills from further changes.

    BILLS TO WATCH

    SB 358 – Personal Information and Social Media Policies

    Sen. Liz Brown (R – District 15)

    What you need to know

     As drafted, this would place new burdensome requirements on all Indiana financial institutions for the management of customer data. The bill author worked with the IMBA to find a solution to industry concerns. The current version of the bill exempts institutions from the bill that are regulated under the Graham-Leach-Bliley Act data protection standards.

    Latest action

    The bill passed the House Commerce, Small Business and Economic Development Committee on Feb. 15.  However, the bill was not called down by the House sponsor before the second reading deadline, which killed the bill.

    Learn more about SB 358


    HB 1351 – Disclosure or Notification of Data Breach

    Rep. Martin Carbaugh (R – District 81)

    What you need to know

    This bill adds a requirement that a disclosure or notice must occur no more than 45 days after the discovery of a data breach to the existing Indiana statute on data breaches. Financial institutions are currently exempted from the existing statute regarding data breaches under Indiana code. The IMBA is neutral on this proposal.

    Latest action

    The bill passed second reading on Feb. 24 with no amendments. It is now eligible for third reading.

    Learn more about HB 1351


    SB 351—Virtual Currency

    Sen. Chris Garten (R – District 45)

    What you need to know

    The bill defines virtual currency under the Uniform Law Commission definition of a controllable electronic record. It also establishes a new chapter within the Uniform Commercial Code governing transactions in virtual currency and establishes when a person is considered to have control over virtual currency. This is the first step towards establishing a framework for virtual currency in the state of Indiana. The IMBA has been assisting Sen. Garten with the legislation and is in support of the approach the bill is taking with respect to virtual currency.

    Latest action

    The bill passed third reading on Feb. 22 with a vote of 92-0. The bill now awaits signatures from the Speaker of the House and Senate President Pro Tempore.

    Learn more about SB 351


    HB 1048 – Sheriff's Sale in Mortgage Foreclosure Action

    Rep. Sean Eberhart (R – District 57)

    What you need to know

    The bill raises the amount that a sheriff can charge for administrative fees from $200 to $300. The fee was originally set at $500. The increase tracks inflation as the fee was set at $200 in 2005.  The IMBA is neutral on the fee increase as long as the increase tracks inflationary increases. The bill was also amended to include language that prohibited certain buyers from bidding at sheriff sales if they are delinquent on taxes or fall under other provisions. The language was pulled from the tax sale statute. The IMBA included an amendment that would remove the foreclosing lender from falling under the prohibited statutes.

    Latest action

    The bill was heard in the Senate Tax and Fiscal Policy Committee on Feb. 14. It was voted out of committee as amended. It is now eligible for second reading amendments.

    Learn more about HB 1048


    SB 408 – Community Investments by Financial Institutions

    Sen. Andy Zay (R – District 17)

    What you need to know

    The IMBA is in SUPPORT of the bill. The bill enables state-chartered institutions to participate in investments/loans using the recent Office of the Comptroller of the Currency tax credit investment rules, including tax equity investments, without the need for prior DFI approval under the Indiana parity statute. The IMBA worked with Sen. Zay on the legislation.

    Latest action

    The bill passed third reading 93-1. It now awaits signatures from the Speaker of the House and Senate President Pro Tempore.

    Learn more about SB 408


    HB 1001 – Administrative Authority

    Rep. Matt Lehman (R – District 79)

    What you need to know

    The bill is divided into two main parts. The first part places in statute language that is needed to claim certain enhanced federal matching funds available to the Medicaid program in the absence of an executive order. The second part placed new requirements on employers that mandate vaccinations as a condition of employment. The IMBA was concerned about the impact and costs these new requirements will have on financial institutions. The Senate Health and Provider Services Committee removed all the concerning provisions related to employers including exemptions, adverse action against employers and cost of testing. 

    Latest action

    The bill passed second reading with one amendment on Feb. 24. It is now eligible for third reading.

    Learn more about HB 1001


    HB 1002 – Various Tax Matters

    Rep. Tim Brown (R – District 41)

    What you need to know

    This bill includes the House approach to reducing Indiana taxes by $1 billion. Notable changes include the elimination of the business personal property tax and the utility receipts tax. The Senate Tax and Fiscal Committee removed almost all tax reduction provisions in committee last week and is now awaiting amendments. 

    Latest action

    The bill passed out of the Senate Tax and Fiscal Policy Committee on Feb. 22 with proposed amendments. The bill passed second reading with one amendment on Feb. 24. It is now eligible for third reading.

    Learn more about HB 1002


    MEET THE INDIANA GENERAL ASSEMBLY 

  • February 24, 2022 10:24 AM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    Lawmakers entered the final stretch of committee hearings for the 2022 session. Last week marked a busy period of legislative activity as committees packed in meetings to beat the looming deadlines awaiting this week. All House Committee work must be concluded by Tuesday, Feb. 22, and all Senate Committee work must be concluded by Thursday, Feb. 24. The third reading deadline for the House is Feb. 28, and the Senate deadline is Mar. 1.

    Several bills that the IMBA is monitoring experienced significant changes in committee last week. Notably, the Senate removed many of the concerning provisions in the employer vaccine bill, HB 1001. The Senate also removed almost the entirety of HB 1002, the House’s $1 billion tax cut bill, in the Senate Tax and Fiscal Committee. In addition, the Department of Financial Institution’s (DFI) annual bill, the IMBA-supported federal tax credit bill and a bill on virtual currency all experienced committee work last week. 


    BILLS TO WATCH

    SB 358 – Personal Information and Social Media Policies

    Sen. Liz Brown (R – District 15)

    What you need to know

    As drafted, this would place new burdensome requirements on all Indiana financial institutions for the management of customer data. The bill’s author worked with the IMBA to find a solution to industry concerns. The current version of the bill exempts institutions from the bill that are regulated under the Graham-Leach-Bliley Act data protection standards.

    Latest action

    The bill passed the House Commerce, Small Business and Economic Development Committee on Feb. 15.  It is now eligible for second reading amendments.

    Learn more about SB 358


    HB 1351 – Disclosure or Notification of Data Breach

    Rep. Martin Carbaugh (R – District 81)

    What you need to know

    This bill adds a requirement that disclosure or notice must occur not more than 45 days after the discovery of a breach to the existing data breach Indiana statute. Financial institutions are currently exempted from the existing statute regarding data breaches under Indiana code. The IMBA is neutral on this proposal.

    Latest action

    The bill passed the Senate Commerce and Technology Committee meeting on Feb. 17. It is now eligible for second reading amendments.

    Learn more about HB 1351


    HB 1048 - Sheriff's Sale in Mortgage Foreclosure Action

    Rep. Sean Eberhart (R-District 57)

    What you need to know

    The bill raises the amount that a sheriff can charge for administrative fees from $200 to $300. The fee was originally set at $500. The increase tracks inflation as the fee was set at $200 in 2005. The IMBA is neutral on the fee increase as long as the increase tracks inflationary increases. The bill was also amended to include language that prohibited certain buyers from bidding at sheriff sales if they are delinquent on taxes or fall under other provisions. The language was pulled from the tax sale statute. The IMBA included an amendment that would remove the foreclosing lender from falling under the prohibited statutes.

    Latest action

    The bill was heard in the Senate Local Government Committee on Feb. 10. It was voted out of committee as amended. It has been reassigned to the Senate Tax and Fiscal Committee and is scheduled for a hearing on Feb. 22.

    Learn more about HB 1048


    HB 1001 – Administrative Authority

    Rep. Matt Lehman (R – District 79)

    What you need to know

    The bill is divided into two main parts. The first part places in statute language that is needed to claim certain enhanced federal matching funds available to the Medicaid program in the absence of an executive order. The second part placed new requirements on employers that mandate vaccinations as a condition of employment. The IMBA was concerned about the impact and costs these new requirements will have on financial institutions. The Senate Health and Provider Services Committee removed all the concerning provisions related to employers including exemptions, adverse action against employers and cost of testing. 

    Latest action

    The bill passed the Senate Health and Provider Services committee 8-2 as amended. It is now eligible for second reading amendments.

    Learn more about HB 1001


    HB 1002 – Various Tax Matters

    Rep. Timothy Brown (R-District 41)

    What you need to know

    This bill includes the House approach to reducing Indiana taxes by $1 billion. Notable changes include the elimination of the Business Personal Property Tax and the Utility Receipts Tax. The Senate Tax and Fiscal Committee removed almost all tax reduction provisions in committee last week and is now awaiting amendments. 

    Latest action

    The bill heard in the Senate Tax and Fiscal Committee on Feb. 15 with proposed amendments. The bill is rescheduled for another hearing on Feb 22. 

    Learn more about HB 1002


    SB 383 – Financial Institutions and Consumer Credit

    Sen. Eric Bassler (R-District 39)

    What you need to know

    This is the annual DFI omnibus bill. The bill makes several changes to Indiana statute related to financial institutions. The IMBA has reviewed the bill and has no concerns. 

    Latest action

     The bill was heard in the House Financial Institutions Committee on Feb. 15 and passed out of committee 11-0. The bill now awaits second reading amendments.

    Learn more about SB 383


    MEET THE INDIANA GENERAL ASSEMBLY 

  • February 15, 2022 11:21 AM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    The General Assembly started the second half of session this week. Committees were already actively hearing and amending bills, and they only have this week and next to hear, amend and move any bills still sitting in committee. The IMBA was active this past week as several bills of note were heard in committee. The IMBA worked to amend one bill and protect the work already done in the first half on several other bills from further changes


    BILLS TO WATCH

    HB 1048 - Sheriff's Sale in Mortgage Foreclosure Action

    Rep. Sean Eberhart (R-District 57)

    What you need to know
    The bill prohibits certain persons and entities from purchasing a tract at a sheriff's sale, following the same verbiage already in tax sales. The bill also raises the amount that a sheriff can charge for administrative fees from $200 to $300. The fee was originally set at $500. The IMBA continues to express concern over the increase in the fee and is working to lower the fee to a more acceptable level in line with inflation. The bill was also amended to include language that prohibited certain buyers from bidding at sheriff sales if they are delinquent on taxes or fall under other provisions. That language was pulled from the tax sale statute. The IMBA included an amendment that would not preclude the foreclosing lender from falling under the prohibited statutes.

    Latest action

    The bill was heard in the Senate Local Government Committee on Feb. 10. It was voted out of committee as amended. It has been reassigned to the Senate Tax and Fiscal Committee.

    Learn more about HB 1048


    SB 371 - Replacement of the London Interbank Offered Rate

    Sen. Andy Zay (R–District 17)

    What you need to know
    The IMBA is in support of the bill. The bill provides protection for lenders prescribing that Secured Overnight Funding Rate is the default alternative reference interest rate for existing contracts where no alternative rate other than LIBOR is provided. The language in the bill mirrors what was passed in New York and Alabama legislatures in 2021. The IMBA worked with Sen. Zay on the legislation.

    Latest action
    The bill was heard in the House Financial Institutions and Insurance Committee on Feb. 8. It was voted out of committee and is eligible for second reading amendments by the full House.

    Learn more about SB 371


    SB 357 - Acceptance of Electronic Conveyance Documents

    Sen. Liz Brown (R-District 15)

    What you need to know
    The bill provides that a county recorder, auditor, or assessor may not refuse to accept or endorse a document because the document is electronic. The IMBA has heard from members regarding the difficulty in recording electronically executed documents in certain jurisdictions. As a result, the IMBA is in support of this legislation.

    Latest action
    The bill was heard in the House Local Government Committee on Feb. 9. It was voted out of committee and is eligible for second reading amendments by the full House.

    Learn more about SB 357


    SB 361 - Economic Development

    Sen. Ryan Mishler (R-District 9)

    What you need to know

    This bill is the annual Indiana Economic Development Corporation bill. The bill makes certain amendments to the Hoosier Business Investment (HBI) tax credit, the Economic Development for a Growing Economy (EDGE) tax credit, the Headquarters Relocation Tax Credit, and the Redevelopment Tax Credit beginning July 1, 2023. In addition, the bill establishes an Innovation Development District Program beginning July 1, 2023. It establishes the Innovation Development District Fund administered by the IEDC. It provides for the transfer of incremental tax revenue in a district to the fund. It also provides that the IEDC may make grants, loans, or investments from the fund for specified economic development purposes.

    Latest action
    The bill was heard in the House Ways and Means Committee on Feb. 10. The bill was held and is expected to be brought back for amendments.

    Learn more about SB 361


    HB 1092 - Business Association Matters

    Rep. Bob Heaton (R-District 46)

    What you need to know
    The bill comes from the Securities Division of the Indiana Secretary of State’s Office. The introduced version of the bill contained restrictive language regarding first lien mortgage lenders. The bill also included language that required additional requirements on financial institutions regarding internal referrals for investment advice. The IMBA worked with the Secretary of State’s Office to amend both provisions. The IMBA also included an amendment updated the Uniform Commercial Code as it related to providing financing statements for debtors.

    Latest action
    The bill was heard in the Senate Commerce and Technology Committee on Feb. 10. It was voted out of committee and is eligible for second reading amendments by the Senate.

    Learn more about HB 1092


    MEET THE INDIANA GENERAL ASSEMBLY


  • February 09, 2022 11:39 AM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    Last week marked the “half-way” point of the 2022 session of the Indiana General Assembly. Both the House and Senate moved through these important deadlines that determined the fate of many introduced bills. The House third reading deadline was Jan. 31, and the Senate third reading deadline was Feb. 1. The third reading is where bills must receive a vote by the full chamber to continue through the legislative process. For comparison, 432 House bills and 417 Senate bills were introduced this session. As of last week, 104 House bills and 161 Senate bills remain alive.

    All bills still alive now cross over from the chamber of origin. House bills that passed third reading now move to the Senate, and Senate bills that passed third reading now move to the House for deliberation. Committee work will now resume for these bills and will move through the end of February. While the IMBA had several significant successes with troubling bills in the first half, there are multiple bills still alive that the IMBA is monitoring and several that need work during the second half of session.  The IMBA Legislative Team will continue working on legislation to either protect the gains that have been made or alter a few bills that need improvements. 


    BILLS TO WATCH

    SB 262 – Housing Tax Credits

    Sen. Travis Holdman (R – District 19)

    What you need to know
    The bill creates a new housing tax credit in Indiana. The credit is designed to complement federal housing tax credits (Section 42). This enhancement will increase the viability of new development in the multi-family housing space. 

    Latest action
    The bill passed a third reading vote in the Senate 47-0. The bill has been assigned to the House Ways and Means Committee.

    Learn more about SB 262


    SB 352—Supervised Consumer Loans

    Sen. Zay (R – District 17)

    What you need to know

    The bill provides that for a consumer loan, a lender may contract for a loan finance charge not exceeding 36% per year, in the case of a loan agreement entered into after June 30, 2022 versus a loan finance charge not exceeding 25%, in the case of a loan agreement entered into before July 1, 2022, and in the case of any consumer loan under current law. The bill also creates a new small, supervised loan structure under the UCCC. The IMBA monitored the bill as it progressed through the process and was neutral on the provision within the bill.

    Latest action

    The bill failed in the Senate on a third reading vote, but it was brought back due to a lack of a majority. The bill did pass the Senate on its second third reading vote and is awaiting committee assignment in the House. Rep. Chris Judy is the House sponsor. 

    Learn more about SB 352


    SB 357 - Acceptance of Electronic Conveyance Documents

    Sen. Liz Brown (R-District 15)

    What you need to know

    The bill provides that a county recorder, auditor, or assessor may not refuse to accept or endorse a document because the document is an electronic document. The IMBA has heard from members regarding the difficultly in recording electronically executed documents in certain jurisdictions. As a result, the IMBA is in SUPPORT of this legislation. 

    Latest action

    The bill passed the Senate and has been assigned to the House Local Government Committee.

    Learn more about SB 357


    SB 358 – Personal Information and Social Media Policies

    Sen. Liz Brown (R – District 15)

    What you need to know

    As drafted, this would place new burdensome requirements on all Indiana financial institutions for the management of customer data. The bill author worked with the IMBA to find a solution to industry concerns. The current version of the bill exempts institutions from the bill that are regulated under the Graham-Leach-Bliley Act data protection standards.

    Latest action

    The bill passed the Senate as amended and is awaiting committee assignment in the House. Rep. Robert Morris is the House sponsor. 

    Learn more about SB 358


    SB 370 - Community Infrastructure Improvement Districts

    Sen. Brian Buchanan (R-District 7)

    What you need to know

    The bill establishes a concept of economic improvement districts where the designated properties may approve the application of a special assessment that would be used to establish bonds for payment of broad economic development projects. The special assessment originally had priority over a lenders interest. The IMBA worked to ensure that a lender’s interest/lien remains priority. The current bill reflects this change. 

    Latest action

    The bill passed the Senate as amended and is awaiting committee assignment in the House. Rep. Matt Lehman is the House sponsor.

    Learn more about SB 370


    SB 371 – Replacement of the London Interbank Offered Rate

    Sen. Andy Zay (R–District 17)

    What you need to know

    The IMBA is in SUPPORT of the bill. The bill provides protection for lenders prescribing that Secured Overnight Funding Rate is the default alternative reference interest rate for existing contracts where no alternative rate other than LIBOR is provided. The language in the bill mirrors what was passed in New York and Alabama legislatures in 2021. The IMBA worked with Sen. Zay on the legislation.

    Latest action

    The bill passed a third reading vote in the Senate 46-0. The House sponsor is Rep. Martin Carbaugh. The bill has been assigned to the House Financial Institutions and Insurance Committee.

    Learn more about SB 371


    HB 1001 – Administrative Authority

    Rep. Matt Lehman (R – District 79)

    What you need to know

    The bill is divided into two main parts. The first part places in statute language that is needed to claim certain enhanced federal matching funds available to the Medicaid program in the absence of an executive order. The second part places new requirements on employers that mandate vaccinations as a condition of employment. The IMBA is concerned about the impact and costs these new requirements will have on financial institutions.

    Latest action

    The bill was amended and passed out of the House 58-35. It has now been referred to the Senate for consideration. The Senate sponsors are Sen. Mark Messmer and Sen. Ed Charbonneau.

    Learn more about HB 1001


    HB 1048 - Sheriff's Sale in Mortgage Foreclosure Action

    Rep. Sean Eberhart (R – District 57)

    What you need to know

    The bill prohibits certain persons and entities from purchasing a tract at a sheriff's sale, following the same verbiage already in tax sales. The bill also raises the amount that a sheriff can charge for administrative fees from $200 to $350. The fee was originally set at $500. The IMBA continues to express concern over the increase in the fee and is working to lower the fee to more acceptable level in line with inflation. 

    Latest action

    The bill passed the House and was assigned to the Senate Local Government Committee.

    Learn more about HB 1048


    HB 1083 – Tax and Fiscal Matters

    Rep. Jeff Thompson (R – District 28)

    What you need to know

    The bill included language that would have applied sales tax to all service-based transactions. The application would have included all transactions made through a financial institution. The IMBA is OPPOSED to applying a service-based sales tax on financial institutions. The bill was heard in the House Ways and Means Committee, but it was never voted out.

    Latest action

    The bill is dead as a result of missing the committee report deadline.


    MEET THE INDIANA GENERAL ASSEMBLY 

  • January 28, 2022 1:56 PM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    This past week marked another busy week of legislative activity at the Statehouse. Lawmakers have been working at a brisk pace to move priority bills before looming deadlines. All committee work for the first half of session must be concluded this week, Jan. 25 for the House, and Jan. 27 for the Senate. This leaves little time to hear, debate and amend bills still waiting to be heard. If the bill is not heard by the chambers’ respective deadlines, the legislation will not be considered this legislative session.

    Last week, two key issues garnering attention and work from interested lawmakers are vaccination requirements for employers and tax cuts. The industry is dealing with several problematic bills to date.  The fair access bills have attracted the attention of several lawmakers throughout this session. This past week the IMBA also moved several bills out of committee that will benefit the industry, including the LIBOR transition bill and bill permitting recent federal rulemaking on tax equity investments to operate in Indiana statute.


    BILLS TO WATCH

    HB 1001  Administrative Authority, COVID-19 Immunizations

    Rep. Matt Lehman (R-District 79)

    What you need to know
    The bill is divided into two main parts. The first part places in statute language that is needed to claim certain enhanced federal matching funds available to the Medicaid program in the absence of an executive order. The second part places new requirements on employers that mandate vaccinations as a condition of employment. The IMBA is concerned about the impact and costs these new requirements will have on financial institutions.

    Latest action
    The bill was amended and passed out of the House 58-35. It has now been referred to the Senate for consideration.

    Learn more about HB 1001


    HB 1002–Various Tax Matters

    Rep. Timothy Brown (R-District 41)

    What you need to know
    This bill includes the House approach to reducing Indiana taxes by $1 billion. Notable changes include the elimination of the business personal property tax and the utility receipts tax. The IMBA is monitoring the legislation.

    Latest action
    The bill was amended and passed out of the House 68-25. It has now been referred to the Senate for consideration.

    Learn more about HB 1002


    HB 1048 – Sheriff’s Sale in Mortgage Foreclosure Action

    Rep. Sean Eberhart (R-District 57)

    What you need to know
    The IMBA is OPPOSED to the bill. The bill increases the sheriff sale administrative fee from $200 to $500. The bill was amended in committee to reduce the $500 fee to $350. The bill also permits sheriffs to conduct sheriff sales electronically.

    Latest action

    The bill was recommitted to the House Ways and Means Committee and heard on Jan. 24. The bill was amended and passed out of committee 14-0.

    Learn more about SB 1048


    HB 1083 – Tax and Fiscal Matters

    Rep.  Jeffrey Thompson (R-District 28)

    What you need to know
    The introduced version of the bill extends the state sales tax to all services starting 2024. Additionally, this will reduce the sales tax rate from 7% to 6%. Currently, the introduced version exempts educational and health care services from the sales tax on services. The IMBA is concerned about the impact of these new taxes on services for financial institutions.

    Latest action
    The bill was heard in the House Ways and Means Committee on Jan. 24.  The chair of the committee held the bill upon hearing testimony.

    Learn more about HB 1083


    HB 1092 – Business Association Matters

    Rep. Robert Heaton (R-District 46)

    What you need to know
    The bill comes from the Securities Division of the Indiana Secretary of State’s Office. The introduced version of the bill contained restrictive language regarding first-lien mortgage lenders. The bill also included language that required additional requirements on financial institutions regarding internal referrals for investment advice. The IMBA worked with the Secretary of State’s Office to amend both provisions. The IMBA also included an amendment that updated the Uniform Commercial Code as it relates to providing financing statements for debtors.

    Latest action
    The bill was passed out of the House 94-0.  It had now been referred to the Senate for consideration.

    Learn more about HB 1092


    SB 62 – Sale of Tax Sale Properties to Nonprofits

    Sen. Michael Young (R-District 35)

    What you need to know
    The introduced version of the bill is drafted in a manner that could limit the notification a lender receives regarding a property that is in tax sale. It is also drafted to create a new process that would be established by the county executive. The bill is being advocated for by the Marion County Treasurer and several community development corporations seeking to address blight. The IMBA is working with all parties to address the notification and ensure that the bill does not make an already cumbersome process more difficult.

    Latest action
    The bill is scheduled for a hearing in the Senate Local Government Committee on Jan. 27.

    Learn more about SB 62


    SB 371 – Replacement of the London Interbank Offered Rate

    Sen. Andy Zay (R- District 17)

    What you need to know
    The IMBA is in SUPPORT of the bill. The bill provides protection for lenders prescribing the Secured Overnight Funding Rate is the default alternative reference interest rate for existing contracts where no alternative rate other than LIBOR is provided. The language in the bill mirrors what was passed in New York and Alabama legislatures in 2021. The IMBA worked with Sen. Zay on the legislation.

    Latest action
    The bill was passed out of the Senate Insurance and Financial Institutions Committee 8-0 on Jan. 19.  

    Learn more about SB 371


    MEET THE INDIANA GENERAL ASSEMBLY 


  • January 21, 2022 8:51 AM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    This past week marked another busy week of legislative activity at the Statehouse. Lawmakers have been working at a brisk pace to move priority bills before looming deadlines. All committee work for the first half of the session must be concluded by next week for both the House and Senate. This leaves little time to hear, debate and amend bills as needed. 

    Vaccination requirements for employers and tax cuts are two key issues that are garnering much attention from interested lawmakers the past two weeks. The industry is dealing with several problematic bills to date. The IMBA is also working to move several bills through committees this week that will benefit the industry, including the LIBOR transition bill.


    BILLS TO WATCH

    HB 1092 – Business Association Matters

    Rep. Robert Heaton (R-District 46)

    What you need to know
    The bill comes from the Securities Division of the Indiana Secretary of State’s Office. The introduced version of the bill contained restrictive language regarding first-lien mortgage lenders. The bill also included language that required additional requirements on financial institutions regarding internal referrals for investment advice. The IMBA worked with the Secretary of State’s Office to amend both provisions. The IMBA also included an amendment that updated the Uniform Commercial Code as it relates to providing financing statements for debtors.

    Latest action
    The bill was heard in the House Financial Institutions and Insurance Committee on Jan. 11. The bill was amended in the committee on Jan. 18 to make changes proposed by the IMBA.

    Learn more about HB 1092


    HB 1208 – Various Probate and Trust Matters

    Rep. John Young (R-District 47)

    What you need to know

    The bill originated from discussions over the summer during the interim Probate Code Study Commission. The bill makes various changes to Indiana statutes on will and estate laws. The IMBA is reviewing the legislation but has no concerns from work the Probate Code Study Commission did this summer.

    Latest action
    The bill was heard in the House Judiciary Committee on Jan. 12 and voted out of committee unamended.

    Learn more about HB 1208


    SB 371 – Replacement of the London Interbank Offered Rate

    Sen. Andy Zay (R-District 17)

    What you need to know

    The IMBA is in SUPPORT of the bill. The bill provides protection for lenders prescribing that Secured Overnight Funding Rate is the default alternative reference interest rate for existing contracts where no alternative rate other than LIBOR is provided. The language in the bill mirrors what was passed in New York and Alabama legislatures in 2021. The IMBA worked with Sen. Zay on the legislation. 

    Latest action
    The bill was heard in the Senate Insurance and Financial Institutions Committee on Jan. 19.

    Learn more about SB 371


    SB 62 – Sale of Tax Sale Properties to Nonprofits

    Sen. Michael Young (R-District 35)

    What you need to know
    The IMBA has concerns about the how the bill was drafted related to lender notice. The IMBA worked with the author to craft an amendment that requires adequate lender notification if a property is moved to the new tax sale process. The language will provide 120 days upon receipt of the notice for the lender to respond. The IMBA is neutral with the bill once amended.

    Latest action
    The bill was assigned to the Senate Local Government Committee. 

    Learn more about SB 62


    HB 1048 – Sheriff’s Sale in Mortgage Foreclosure Action

    Rep. Sean Eberhart (R-District 57)

    What you need to know
    The IMBA is OPPOSED to the bill. The bill increases the sheriff sale administrative fee from $200 to $500. The bill also permits sheriffs to conduct sheriff sales electronically.

    Latest action
    The bill passed the House Local Government Committee and is now awaiting second reading amendments.

    Learn more about SB 1048


    MEET THE INDIANA GENERAL ASSEMBLY


  • January 13, 2022 4:26 PM | Wendy Bayley (Administrator)

    STATEHOUSE SUMMARY

    The General Assembly officially started the 2022 session on Tuesday, Jan. 4. This year’s session is considered a “short session”, a term associated with the end date which occurs on March 14 this year. This provides lawmakers just under two and half months to enact legislative priorities. 

    Committee work on introduced bills has until the last week in January to hear, amend, and vote any bills assigned to the committee of jurisdiction. With just under four weeks to hold committee meetings, many committees started last week with initial hearings on a number of bills. The IMBA was engaged in several bills heard in committee and are noted below. Over 550 bills have been filed to date. We expect many more to be released in the coming days as the bill filing deadline is Jan. 7 for the Senate and Jan. 11 for the House. The IMBA Legislative team is busy reviewing legislation and providing initial feedback to lawmakers on bills already filed.


    BILLS TO WATCH

    HB 1001 – Administrative Authority, COVID-19 Immunizations

    Rep. Matt Lehman (R-District 79)

    What you need to know
    The bill is divided into two main parts. The first part of the bill places in statute language that is needed to claim certain enhanced federal matching funds available to the Medicaid program in the absence of an executive order. The second part of the bill places new requirements on employers that mandate vaccinations as a condition of employment. The IMBA is concerned about the impact and cost that these new requirements will have on financial institutions.

    Latest action
    The bill was amended and passed from the House Employment, Labor and Pensions Committee by a vote of 7-4. It is now eligible for amendments by the full House on second reading.

    Learn more about HB 1001


    HB 1002 – Various Tax Matters

    Rep. Timothy Brown (R-District 41)

    What you need to know
    The bill includes the House approach to reducing Indiana taxes by $1 billion. Notable changes include the elimination of the business personal property tax and the utility receipts tax. The IMBA is monitoring the legislation. 

    Latest action
    The bill was assigned to the House Ways and Means Committee and is awaiting a hearing.

    Learn more about HB 1002


    HB 1034 – Tax Increment Financing

    Rep. Jerry Torr (R-District 39)

    What you need to know
    The bill clarifies existing statute regarding the lien priority of a Tax Increment Financing (TIF) agreement. TIFs currently have a priority over all other interests based on the alignment with property taxes. The IMBA is closely monitoring the bill to ensure no other changes are proposed related lien priority. The IMBA is neutral on the clarification. 

    Latest action
    The bill was heard in the House Ways and Means Committee on Jan. 6. The bill was held and will be brought back for a vote this week.

    Learn more about HB 1034


    HB 1092 – Business Association Matters

    Rep. Robert Heaton (R-District 46)

    What you need to know
    The IMBA is reviewing the proposed changes in the bill as it relates to loan brokers, first mortgage licensees, and the new standard of a third-party solicitor.

    Latest action
    The bill is assigned to the House Financial Institutions and Insurance Committee where it is scheduled for a hearing on Jan. 11.

    Learn more about HB 1092


    SB 62 – Sale of Tax Sale Properties to Nonprofits

    Sen. Michael Young (R-District 35)

    What you need to know
    The introduced version of the bill is drafted in a manner that could limit the notification a lender receives regarding a property that is in tax sale. It is also drafted to create a new process that would be established by the County Executive. The bill is being advocated for by the Marion County Treasurer and several community development corporations seeking to address blight. The IMBA is working with all parties to address the notification issue and ensure that the bill does not make an already cumbersome process more difficult.

    Latest action
    The bill was assigned to the Senate Local Government Committee.

    Learn more about SB 62


    SB 67 – Small Estates

    Sen. Timothy Lanane (D-District 25)

    What you need to know
    Unsecured creditors must be aware of any changes to the amount in the small estate affidavit. The process for collection under a small estate is different when no lien or encumbrance is present. The IMBA is neutral on the legislation. 

    Latest action
    The bill was heard in the Senate Judiciary Committee on Jan. 4. It will be offered for amendment and vote on Jan. 11. 

    Learn more about SB 67


    MEET THE INDIANA GENERAL ASSEMBLY


  • May 03, 2021 12:24 PM | Wendy Bayley (Administrator)

    Indiana General Assembly Recesses for 2021

    Legislation That Died During the 2021 Indiana General Assembly - Continued

    SB 247 – Deceptive Consumer Sales Act

    Author: Sen. Ron Alting, R-Lafayette

    Bill summary

    Makes the following changes to the Deceptive Consumer Sales Act: (1) with respect to an action brought by an individual consumer under the act, increases: (A) the amount of statutory damages for an uncured or incurable deceptive act from $500 to $2,000; and (B) the amount of statutory damages for a willful deceptive act from $1,000 to $6,000. (2) In an individual action or a class action under the act, requires the court to award reasonable attorney fees to a prevailing consumer (versus allowing the court to award reasonable attorney fees to the prevailing party in the action under current law). (3) Provides that an individual action or a class action may be brought under the act with respect to transactions involving the lease of real estate, notwithstanding the act’s exemption from such suits for consumer transactions in real property. (4) Removes the act’s exemption from individual actions or class actions under the act for violations of the federal Fair Debt Collection Practices Act. (5) Amends the provision concerning prerequisites to bringing an individual action or a class action under the act to provide that a consumer’s written notice of a deceptive act to the supplier in the consumer transaction: (A) must be given within the earliest of: (i) one year (versus six months under current law) after the initial discovery of the deceptive act; (ii) one year following the transaction; or (iii) any time limit of at least 30 days under any warranty applicable to the transaction; and (B) is sufficient under the act if the written notice is reasonably calculated to provide notice of the general nature of the deceptive act and the resulting damages. (6) Amends the provision concerning the statute of limitations for actions brought under the act to provide that such actions may not be brought more than six years (versus two years under current law) after the occurrence of the deceptive act.

    Why it matters

    SB 247 is a significant expansion of the damages and scope of the Indiana Deceptive Consumer Sales Act. The bill increases the damages from $500 to $2,000 per violation, and from a limit of $1,000 to $6,000 for a “willful” deceptive act. In addition, the bill makes an award of attorney fees against the violator mandatory, as opposed to permissive, by the court and eliminates the requirement that these attorney fees bear any resemblance to the actual work performed by the plaintiff’s counsel. The bill also removes real estate leases from the previously exempt category of real estate transactions currently in the code. The IMBA had significant concerns about the direction of this bill.

    What happened

    The bill did not receive a hearing in the Senate.


    HB 1038 – Septic System Inspection Before Property Transfer

    Author: Rep. Mike Aylesworth, R-Hebron

    Bill summary

    This bill has the following provisions: Septic System Inspection: The bill provides that, beginning July 1, 2022, before a fee simple interest in a dwelling connected to a residential onsite sewage system, a non-dwelling structure connected to a commercial onsite sewage system, or a lot or tract of land containing a water well in addition to a residential or commercial onsite sewage system may be transferred: (1) the residential or commercial onsite sewage system must be inspected by a qualified inspector and (if applicable) water from the water well must be tested by a qualified tester; (2) a document certifying that the inspection or testing has been conducted and setting forth the results of the inspection or testing must be provided to the local health department, the county recorder and the person to whom the fee simple interest is being transferred; and (3) any cause of failure of the residential or commercial onsite sewage system must be eliminated before the county recorder may record a deed transferring a fee simple interest in the property.

    Civil Action: The bill provides exceptions. It also provides that the failure of the owner of the dwelling, non-dwelling structure, or lot or tract of land on which a water well is located to provide the document to the transferee or prospective transferee: (1) is a complete defense to an action brought by the owner against the prospective transferee for breach of a contract to purchase the property; and (2) is a breach of a legal duty owed to the transferee for which the transferee may bring a civil action against the owner for compensatory damages.

    Owner: It provides that if an inspection indicates that a dwelling’s residential onsite sewage system exhibits any conditions constituting failure, or the testing of water from the water well indicates a reportable presence of arsenic, nitrate, lead or coliform bacteria: (1) the owner of the dwelling shall state the results of the inspection or testing in the disclosure form that the owner is required to prepare before an offer for the sale of the dwelling is accepted; and (2) the failure of the seller to state this information in the disclosure form makes the sale of the dwelling voidable at the election of the buyer, even after the closing.

    Indiana State Department of Health: The bill also requires the Indiana State Department of Health to adopt rules establishing: (1) requirements and standards for inspections and testing; (2) qualifications for inspectors and testers; and (3) requirements and standards for the training and certification of inspectors and testers.

    Why it matters

    The bill provides that before a residential or commercial property is transferred, it must be inspected by a qualified inspector for failure. If any indications of failure would be identified, the residential or commercial onsite sewage system failure must be addressed before the county recorder may record a deed transferring a fee simple interest in the property. The bill would create new challenges to the transfer of real estate. The IMBA monitored the legislation.

    What happened

    The bill did not receive a hearing in the House.


    HB 1345 – Minimum Wage

    Author: Rep. Pat Boy, D-Michigan City

    Bill summary

    The bill increases the minimum wage paid to certain employees in Indiana as follows: (1) after June 30, 2022, from $7.25 an hour to $8.20 an hour, (2) after Dec. 31, 2022, from $8.20 an hour to $9.15 an hour, (3) after Dec. 31, 2023, from $9.15 an hour to $10.10 an hour, (4) after Dec. 31, 2024, from $10.10 an hour to $11.00 an hour. The bill also provides that after Dec. 31, 2024, and each subsequent Dec 31, the hourly minimum wage increases at the same percentage as any increase in the Consumer Price Index for the preceding calendar year. The bill increases the cash wage paid to tipped employees as follows: (1) after June 30, 2022, from $2.13 an hour to $3.00 an hour, (2) after Dec. 31, 2022, from $3.00 an hour to $4.28 an hour, (3) after Dec. 31, 2023, from $4.28 an hour to $5.56 an hour, (4) after Dec. 31, 2024, from $5.56 an hour to $6.85 an hour. It provides that after Dec. 31, 2025, and continuing for each subsequent Dec. 31, the cash wage required to be paid to employees is equal to 70% of the hourly minimum wage. The bill also provides that, if the federal minimum wage or cash wage is higher than the state minimum wage or cash wage, employers are required to pay the higher federal rate.

    Why it matters

    The bill increased the minimum wage paid to certain employees in Indiana to $11.00 an hour. The bill would have stair stepped the increase up over three years. While this issue falls under general employment, the IMBA was monitoring the bill due to its impact on members.

    What happened

    The bill did not receive a hearing in the House.


    HB 1411 – Consumer Loan Finance Charges
    Author: Rep. Jeff Ellington, R-Bloomington

    Bill summary

    This bill makes the following changes to the Uniform Consumer Credit Code: (1) provides that for a consumer loan, a lender may contract for a loan finance charge not exceeding 36% per year, in the case of a loan agreement entered into after June 30, 2021 (versus a loan finance charge not exceeding 25% in the case of a loan agreement entered into before July 1, 2021, and in the case of any consumer loan under current law); (2) amends the definition of “supervised loan” to provide that the term applies only to specified consumer loans for which a loan agreement is entered into before July 1, 2021); (3) amends the provisions concerning the permitted loan finance charge for supervised loans to provide that the provisions apply only to a loan agreement (or to an agreement for the refinancing or consolidation of a loan) that is entered before July 1, 2021; (4) specifies that if a supervised loan entered into by a lender and a debtor before July 1, 2021, is paid in full by a new loan from the same lender after June 30, 2021, the new loan is not considered a supervised loan and is subject to provisions on the permitted loan finance charge for consumer loans. The bill also makes conforming changes to provisions in the Indiana Code that reference the permitted finance charge for supervised loans.

    Why it matters

    Provides that for a consumer loan, a lender may contract for a loan finance charge not exceeding 36% per year, in the case of a loan agreement entered into after June 30, 2021 (versus a loan finance charge not exceeding 25%, in the case of a loan agreement entered into before July 1, 2021, and in the case of any consumer loan under current law). The IMBA was neutral on the bill.

    What happened

    The bill did not receive a hearing in the House.

  • May 03, 2021 12:17 PM | Wendy Bayley (Administrator)

    Indiana General Assembly Recesses for 2021

    Legislation That Passed the 2021 Indiana General Assembly - Continued

    HEA 1056 – Recording Requirements

    Author: Rep. Jerry Torr, R-Carmel

    Senate Sponsor: Sen. Liz Brown, R-Fort Wayne

    Bill summary

    This bill amends the requirements for instruments and conveyances to be recorded. The bill adds instances in which an instrument is considered validly recorded for purposes of providing constructive notice. It also defines certain terms.

    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.

    What happened

    The bill passed the General Assembly and was signed by the governor.


    HEA 1255 – Probate and Property Matters

    Author: Rep. John Young, R-Franklin

    Senate Sponsor: Sen. Aaron Freeman, R-Indianapolis

    Bill summary

    This bill has the following provisions:

    Wills: The bill provides that a testator may execute a will in two or more counterparts. It specifies certain requirements for a will executed in two or more counterparts. It provides that a self-proving clause may be incorporated into or affixed to a will. It specifies certain requirements for self-proving clauses and wills. It specifies that certain photographic, video and audio evidence may be used as evidence with respect to the execution of a will. It exempts a will from the need for a recertification or a re-execution in certain instances. It specifies certain requirements concerning the execution of an electronic will. It allows an attorney or paralegal to supervise the execution of an electronic will. It exempts electronic wills from the need for recertification or re-execution in certain instances. It specifies that certain photographic, video and audio evidence may be used as evidence with respect to the execution of an electronic will. It also specifies certain requirements concerning the execution of a power of attorney.

    Powers of Attorney: The bill allows a power of attorney to be executed in two or more counterparts. It specifies certain requirements for the execution of a power of attorney in two or more counterparts. It allows a self-proving clause to be incorporated into or affixed to a power of attorney. It specifies certain requirements for self-proving clauses incorporated into or affixed to a power of attorney. It specifies that certain photographic, video and audio evidence may be used as evidence with respect to the execution of a power of attorney. Electronic Power of Attorney: The bill provides that an electronically signed and notarized electronic power of attorney is valid if the electronic power of attorney complies with certain specified requirements. It also specifies certain requirements for attesting witnesses involved in the execution of a power of attorney or an electronic power of attorney. It allows a self-proving clause to be incorporated into or affixed to a power of attorney.

    Trusts/Conveyances/Instruments: The bill specifies that certain photographic, video and audio evidence may be used as evidence with respect to the execution of an electronic power of attorney. It provides that certain persons are ineligible to sign certain trust instruments. It requires certain transfer on death conveyances to occur in the presence of a disinterested witness. It repeals certain provisions concerning mortgages, conveyances and other written instruments that are executed in a foreign country. It repeals certain provisions concerning the affixing of a private seal or ink scroll on certain conveyances involving land or interests in land. It specifies certain requirements concerning land conveyances performed by attorneys in fact. It requires certain notarial acts to accompany the recording of certain conveyances. It requires an English translation for certain instruments, acknowledgments and proofs when the original document is not in English. It repeals a provision concerning the recording of a conveyance, mortgage or other instrument in a county other than the county where the conveyance, mortgage or other instrument is required to be recorded. It repeals a provision concerning the recording of a conveyance that is acknowledged outside Indiana but within the United States. It specifies: (1) certain prerequisites; and (2) a certain form; for the recording of certain instruments. It repeals a provision concerning the receipt of an acknowledgment by a public officer. It specifies that an instrument’s acknowledgment or proof is incomplete when an instrument does not include an accompanying certificate. It provides that the transcript of an instrument that is recorded without a certificate cannot be read into or received as evidence. It also specifies requirements concerning electronic recording of certain instruments concerning real property.

    County Recorders: The bill requires county recorders to implement specified functions concerning the: (1) acceptance; (2) receipt; (3) indexing; (4) storage; (5) archiving; and (6) transmittal; of electronically recorded instruments. It specifies certain requirements concerning the recording of a paper or tangible copy of an electronic instrument. It repeals a provision concerning the acknowledgment of certain instruments and the performance of certain notarial acts for a person serving in the armed forces, merchant marine or outside the United States in connection with a wartime activity. It repeals provisions concerning: (1) certain notarial acts; and (2) acknowledgments; and their respective uses as prima facie evidence. It repeals a provision concerning certain executed instruments and a failure to state the location of the instrument’s execution or any accompanying acknowledgment, if applicable. It provides that certain notarial acts are considered to have been performed in Indiana when certain specified criteria are met. It also requires a county recorder’s office to provide notice of office closures that last three or more days. It defines certain terms. It makes conforming amendments.

    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 sets forth new procedures for electronic execution of certain documents. The bill also places requirements on county government to accept and record electronic documents. County courthouses being closed during the pandemic presented challenges to the timely recording of documents.

    What happened
    The bill passed the General Assembly and was signed by the governor.


    HEA 1314 – Recorded Discriminatory Covenants

    Author: Rep. Jerry Torr, R-Carmel

    Senate Sponsor: Sen. Scott Baldwin, R-Noblesville

    Bill summary

    This bill permits a person to file a statement or notice that a recorded discriminatory covenant is invalid and unenforceable.

    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 supported this change in law.

    What happened
    The bill passed the General Assembly and was signed by the governor.


    Legislation That Died During the 2021 Indiana General Assembly

    SB 49 – Unlawful Viewpoint Discrimination

    Author: Sen. James Tomes, R-Wadesville

    Bill summary

    Provides that it is an unlawful, discriminatory practice for a financial institution or governmental entity to refuse to do business with, or otherwise discriminate against, a person because the person supports or is engaged in the lawful commerce of firearms, firearms accessories or ammunition. Provides an exemption with respect to certain practices engaged in by a financial institution for a legitimate business reason or to comply with the directive of a regulator. Provides for a civil cause of action for a person aggrieved by an unlawful discriminatory practice. Provides that the attorney general may bring a civil action in the name of the state against a person believed to be engaging in, or to have previously engaged in, an unlawful discriminatory practice. Provides that if the attorney general prevails in such an action, the attorney general shall recommend to the governor the discontinuation of state business relations with any person found to have engaged in an unlawful discriminatory practice.

    Why it matters

    SB 49 presents major issues for lenders. The bill essentially forces lenders to lend to certain businesses, unless they can prove legitimate business practices prevented them to, which is overly vague and unacceptable for the industry. The bill exposes lenders to significant liability for choosing not to lend to certain businesses, including attorney general enforcement and a civil cause of action. The IMBA opposed the bill.

    What happened

    The bill did not receive a hearing in the Senate.


    SB 74 – Workplace Immunization Prohibition

    Author: Sen. Dennis Kruse, R-Auburn

    Bill summary

    Prohibits an employer from requiring, as a condition of employment, an employee or prospective employee to receive any immunization if the immunization is medically contraindicated for the employee or if receiving the immunization is against the employee’s religious beliefs or conscience. Allows for a civil action against an employer for a violation.

    Why it matters

    There has been much discussion recently regarding whether businesses can lawfully require their employees to be vaccinated against COVID-19. The IMBA monitored this legislation, which received a committee hearing but did not move.

    What happened

    The bill was heard in the Senate Committee on Pensions and Labor but did not receive a vote.


    SB 86 – Corporate and Financial Institutions Tax Rate

    Author: Sen. Karen Tallian, D-Portage

    Bill summary

    Halts the phased changes to the corporate adjusted gross income tax rate at 5.25%. Halts the phased changes to the financial institutions tax rate at 6%.

    Why it matters

    The IMBA was strongly opposed to SB 86, as it would halt the continued gradual decrease in the Financial Institutions Tax rate that is on an eventual path to 4.9%.

    What happened

    The bill did not receive a hearing in the Senate.


    See: Indiana State Legislative Update May 3, 2021 -  Part 4


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