Indiana State Legislative Update April 5, 2021

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



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