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STATEHOUSE SUMMARY
The Indiana General Assembly has entered the final week of committee hearings on bills in the chamber of origin. Building on this timeline, lawmakers have until early next week in both the House and Senate to hold a final vote on bills from the chamber of origin. If a bill has not been passed out of the full chamber by these deadlines, it is generally considered “dead.” This marks the “half-way” point of the 2023 legislative session. The IMBA Government Relation team will continue to review amendments to legislation made over the course of this week and seek necessary changes to any problematic language that arises. To view the IMBA’s complete bill track list for the 2023 Indiana Legislative Session, click here.
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BILLS TO WATCH
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SB 452 – Consumer Credit and Financial Institutions
Sen. Eric Bassler (R-Davies, Greene, Knox, Martin, Owen & Sullivan counties)
What you need to know
The IMBA is in SUPPORT of the bill. This is the annual DFI update bill aligning Indiana Code with federal law. It also amends the statute to ensure compliance with the Federal SAFE Act. The bill also updates the Indiana statute to ensure non-NCUA insured credit unions comply with recent risk-based capital standards. It also directs the DFI to use specified statutory authority to adopt emergency rules not later than June 30, 2024, to amend the DFI rule concerning mortgage lenders and originators in order to: (1) conform the rule to the bill’s provisions concerning the sponsorship of licensed mortgage loan originators to engage solely as a third party loan processor or underwriter; and (2) establish a rule to allow certain persons to sponsor one or more mortgage loan originators, who are not employees of the sponsoring person, to perform mortgage loan originator activities exclusively for the sponsoring person under certain prescribed conditions.
Latest action
The bill passed the Senate on third reading 49 – 0. The bill now awaits consideration by the House.
Learn more about SB 452
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SB 261 – Economic Development Districts
Author: Sen. Brian Buchanan (R-Boone, Clinton, Hendricks & Montgomery counties)
What you need to know
The bill establishes a concept of economic improvement districts where the designated properties may approve the application of a special assessment that would be used to establish bonds for payment of broad economic development projects. The special assessment originally had priority over a lender's interest. The IMBA ensured that a lender's interest/lien remained a priority. The current bill reflects this change; however, the IMBA still has concerns regarding the broad scope of what the bonds can be used for, and the transferability of the property remains. Due to this, the IMBA is OPPOSED to the legislation.
Latest action
The bill was heard in the Senate Committee on Tax and Fiscal Policy on February 21, but no vote was taken.
Learn more about SB 261
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SB 242 – DNR Best Floodplain Mapping Data
Sen. Jean Leising (R-Decatur, Fayette, Franklin, Jennings, Ripley, Rush & Shelby counties)
What you need to know
The IMBA is NEUTRAL on this bill and monitoring its progress. The bill is in response to the Department of Natural Resources' adoption of new floodplain maps that are more protective and expansive than FEMA’s maps.
Latest action
The bill passed the Senate on third reading 40 - 5. It now awaits consideration by the House.
Learn more about SB 242
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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. The bill author 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
The bill passed the Senate on third reading 49 – 0. It now awaits consideration by the House.
Learn more about SB 5
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MEET THE INDIANA GENERAL ASSEMBLY
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