Indiana State Legislative Update January 21, 2022

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


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