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Indiana State Legislative Update January 2023

January 24, 2023 12:35 PM | Wendy Bayley (Administrator)

STATEHOUSE SUMMARY

The General Assembly is officially back with a flurry of committee hearings being hosted last week and this coming week. Committee chairs have been busy prioritizing bills to be heard in committee over the coming weeks. This week brings committee activity on several significant bills the IMBA is engaged in, including bills dealing with ESG related investments, local government funding for infrastructure projects and a credit card processing bill that may have significant unintended consequences. The IMBA GR team has been reviewing bills and prioritizing which issues need the most attention as we move through the first few weeks of session. To view the IMBA’s complete bill track list for the 2023 Indiana Legislative Session, click here.


    BILLS TO WATCH

    SB 35 – Financial Literacy

    Sen. Mike Gaskill (R- Madison County)

    What you need to know

    The bill requires that beginning with the class of 2027, each student attending a state accredited high school must complete a course on financial literacy to graduate.

    Latest action

    The bill was heard in the Senate Education Committee on Jan. 18. It is awaiting further committee action.

    Learn more about SB 35


    SB 5 – Consumer Data Protection

    Sen. Liz Brown (R- Allen County)

    What you need to know

    The bill establishes consumer data protection laws in Indiana. Currently, the bill exempts institutions regulated under the Graham-Leach-Bliley Act (GLBA) data protection standards. Sen. Brown worked with the IMBA to ensure that the industry's concerns regarding data protection were included in this bill by adding the GLBA exemption.

    Latest action

    This bill was assigned to the Senate Commerce and Technology Committee.

    Learn more about SB 5


    HB 1021- Escrow Transactions

    Rep. Jerry Torr (R- Hamilton County)

    What you need to know

    This bill adds real-time electronic payments to the “good funds” statute. Providing another alternative to good funds under Indiana law. The IMBA SUPPORTS this bill.

    Latest action

    The bill was assigned to the House Insurance Committee.

    Learn more about HB 1021


    HB 1005 – Housing

    Rep. Doug Miller (R-Elkhart County)

    What you need to know

    The bill comes from the legislature’s Housing Taskforce, which took place this interim. It would establish the Residential Housing Infrastructure Assistance Program and Residential Housing Infrastructure Assistance Revolving Fund, allowing municipalities to apply for loans through the Indiana Finance Authority for infrastructure projects related to residential housing development.

    Latest action

    The bill was assigned to the House Government and Regulatory Reform Committee.

    Learn more about HB 1005 


    FOLLOW ALONG...

    The IMBA Government Relations Team monitors hundreds of bills throughout the legislative process and has compiled a list of current state legislative proposals that could potentially impact Indiana’s banking industry. Click here for a complete list of bills that the IMBA Government Relations Team is tracking in the 2023 Indiana General Assembly.

    Get to know the Indiana General Assembly by visiting https://iga.in.gov.

    • View Indiana House of Representatives Legislative District Maps

    • View Indiana Senate Legislative District Maps


    Contact Us:

    @ Indiana Mortgage Bankers Association

    19359 Alpine Drive

    Lawrenceburg, IN  47025

    Office: (812) 537-1003

    Email: ExecDir@IndianaMBA.org

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