Menu
Log in



Indiana State Legislative Update March 3, 2021

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


Comments

  • December 29, 2021 3:53 AM | Antoniocip
    Charles IL 34187 First State Bank February 25, 2011 10347 San Luis Trust Bank, FSB San Luis Obispo CA 34783 First California Bank February 18, 2011 10346 Charter Oak Bank Napa CA 57855 Bank of Marin February 18, 2011 10343 Citizens Bank of Effingham Springfield GA 34601 Heritage Bank of the South February 18, 2011 10344 Habersham Bank Clarkesville GA 151 SCBT National Association February 18, 2011 10345 Canyon National Bank Palm Springs CA 34692 Pacific Premier Bank February 11, 2011 10340 Badger State Bank Cassville WI 13272 Royal Bank February 11, 2011 10339 Peoples State Bank Hamtramck MI 14939 First Michigan Bank February 11, 2011 10341 Sunshine State Community Bank Port Orange FL 35478 Premier American Bank, N.A.
    Link  •  Reply
  • December 30, 2021 1:50 PM | Antoniocip
    Operations COVID-19 Update - A Note From Jake 55 - April 1, 2021 COVID-19 Update - A Note From Jake 54 - March 26, 2021 COVID-19 Update - A Note From Jake 53 - March 19, 2021 COVID-19 Update - A Note From Jake 52 - March 12, 2021 COVID-19 Update - A Note From Jake 51 - March 5, 2021 COVID-19 Update - A Note From Jake 50 - February 26, 2021 COVID-19 Update - A Note From Jake 49 - February 19, 2021 COVID-19 Update - A Note From Jake 48 - February 12, 2021 COVID-19 Update - A Note From Jake 47 - February 5, 2021 COVID-19 Update - A Note From Jake 46 - January 29, 2021 COVID-19 Update - A Note From Jake 45 - January 22, 2021 COVID-19 Update - A Note From Jake 44 - January 15, 2021 COVID-19 Update - A Note From Jake 43 - January 8, 2021 COVID-19 Update - A Note From Jake 42 - December 31, 2020 COVID-19 Update - A Note From Jake 41 - December 23, 2020 COVID-19 Update - A Note From Jake 40 - December 18, 2020 COVID-19 Update - A Note From Jake 39 - December 11, 2020 COVID-19 Update - A Note From Jake 38 - December 4, 2020 COVID-19 Update - A Note From Jake 37 - November 25, 2020 COVID-19 Update - A Note From Jake 36 - November 20, 2020 COVID-19 Update - A Note From Jake 35 - November 13, 2020 COVID-19 Update - A Note From Jake 34 - November 6, 2020 COVID-19 Update - A Note From Jake 33 - October 30, 2020 COVID-19 Update - A Note From Jake 32 - October 23, 2020 COVID-19 Update - A Note From Jake 31 - October 16, 2020 COVID-19 Update - A Note From Jake 30 - October 9, 2020 COVID-19 Update - A Note From Jake 29 - October 2, 2020 COVID-19 Update - A Note From Jake 28 - September 25, 2020 COVID-19 Update - A Note From Jake 27 - September 18, 2020 COVID-19 Update - A Note From Jake 26 - September 11, 2020 COVID-19 Update - A Note From Jake 25 - September 4, 2020 COVID-19 Update - A Note From Jake 24 - August 28, 2020 COVID-19 Update - A Note From Jake 23 - August 21, 2020 COVID-19 Update - A Note From Jake 22 - August 14, 2020 COVID-19 Update - A Note From Jake 21 - August 7, 2020 COVID-19 Update - A Note From Jake 20 - July 31, 2020 COVID-19 Update - A Note From Jake 19 - July 24, 2020 COVID-19 Update - A Note From Jake 18 - July 17, 2020 Indiana Rental Assistance Portal now open! Much of this is through supplemental funding awarded directly to IHCDA from the Coronavirus Aid, Relief, and Economic Security CARES Act.
    Link  •  Reply


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