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.
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.
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.
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.
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