Indiana State Legislative Update January 27, 2022

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 


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