STATEHOUSE SUMMARY
Lawmakers entered the final stretch of committee hearings for the 2022 session. Last week marked a busy period of legislative activity as committees packed in meetings to beat the looming deadlines awaiting this week. All House Committee work must be concluded by Tuesday, Feb. 22, and all Senate Committee work must be concluded by Thursday, Feb. 24. The third reading deadline for the House is Feb. 28, and the Senate deadline is Mar. 1.
Several bills that the IMBA is monitoring experienced significant changes in committee last week. Notably, the Senate removed many of the concerning provisions in the employer vaccine bill, HB 1001. The Senate also removed almost the entirety of HB 1002, the House’s $1 billion tax cut bill, in the Senate Tax and Fiscal Committee. In addition, the Department of Financial Institution’s (DFI) annual bill, the IMBA-supported federal tax credit bill and a bill on virtual currency all experienced committee work last week.
BILLS TO WATCH
SB 358 – Personal Information and Social Media Policies
Sen. Liz Brown (R – District 15)
What you need to know
As drafted, this would place new burdensome requirements on all Indiana financial institutions for the management of customer data. The bill’s author worked with the IMBA to find a solution to industry concerns. The current version of the bill exempts institutions from the bill that are regulated under the Graham-Leach-Bliley Act data protection standards.
Latest action
The bill passed the House Commerce, Small Business and Economic Development Committee on Feb. 15. It is now eligible for second reading amendments.
Learn more about SB 358
HB 1351 – Disclosure or Notification of Data Breach
Rep. Martin Carbaugh (R – District 81)
What you need to know
This bill adds a requirement that disclosure or notice must occur not more than 45 days after the discovery of a breach to the existing data breach Indiana statute. Financial institutions are currently exempted from the existing statute regarding data breaches under Indiana code. The IMBA is neutral on this proposal.
Latest action
The bill passed the Senate Commerce and Technology Committee meeting on Feb. 17. It is now eligible for second reading amendments.
Learn more about HB 1351
HB 1048 - Sheriff's Sale in Mortgage Foreclosure Action
Rep. Sean Eberhart (R-District 57)
What you need to know
The bill raises the amount that a sheriff can charge for administrative fees from $200 to $300. The fee was originally set at $500. The increase tracks inflation as the fee was set at $200 in 2005. The IMBA is neutral on the fee increase as long as the increase tracks inflationary increases. The bill was also amended to include language that prohibited certain buyers from bidding at sheriff sales if they are delinquent on taxes or fall under other provisions. The language was pulled from the tax sale statute. The IMBA included an amendment that would remove the foreclosing lender from falling under the prohibited statutes.
Latest action
The bill was heard in the Senate Local Government Committee on Feb. 10. It was voted out of committee as amended. It has been reassigned to the Senate Tax and Fiscal Committee and is scheduled for a hearing on Feb. 22.
Learn more about HB 1048
HB 1001 – Administrative Authority
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 placed new requirements on employers that mandate vaccinations as a condition of employment. The IMBA was concerned about the impact and costs these new requirements will have on financial institutions. The Senate Health and Provider Services Committee removed all the concerning provisions related to employers including exemptions, adverse action against employers and cost of testing.
Latest action
The bill passed the Senate Health and Provider Services committee 8-2 as amended. It is now eligible for second reading amendments.
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 Senate Tax and Fiscal Committee removed almost all tax reduction provisions in committee last week and is now awaiting amendments.
Latest action
The bill heard in the Senate Tax and Fiscal Committee on Feb. 15 with proposed amendments. The bill is rescheduled for another hearing on Feb 22.
Learn more about HB 1002
SB 383 – Financial Institutions and Consumer Credit
Sen. Eric Bassler (R-District 39)
What you need to know
This is the annual DFI omnibus bill. The bill makes several changes to Indiana statute related to financial institutions. The IMBA has reviewed the bill and has no concerns.
Latest action
The bill was heard in the House Financial Institutions Committee on Feb. 15 and passed out of committee 11-0. The bill now awaits second reading amendments.
Learn more about SB 383
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