SB 464: Financial institutions and consumer credit.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Provides that a reference to federal law in: (1) the First Lien Mortgage Lending Act; (2) the Uniform Consumer Credit Code (UCCC); or (3) the Indiana Code title governing financial institutions; is a reference to the law as in effect December 31, 2024 (rather than December 31, 2023, under current law). Amends the definition of "principal" for purposes of the UCCC provisions governing consumer loans to specify that the term does not include any loan proceeds held as security for the loan. Makes a technical change to the Indiana Code provision governing the prepayment of consumer loans to incorporate a cross reference to the Indiana Code provision setting forth the authorized nonrefundable prepaid finance charge for supervised loans. (Current law references only the authorized nonrefundable prepaid finance charge for consumer loans other than supervised loans.) Amends the definition of "consumer transaction" for purposes of the deceptive consumer sales act (act) to include the provision of a product or service to a: (1) state law enforcement agency; or (2) local law enforcement agency; in Indiana. Amends the definition of "supplier" for purposes of the act to include an entity that provides a product or service to a state or local law enforcement agency in Indiana. Provides that an action that arises from a transaction involving: (1) a state law enforcement agency may be brought and enforced only by the attorney general; and (2) a local law enforcement agency may be brought and enforced only by an attorney acting on behalf of the local law enforcement agency involved in the transaction, unless the local unit of government served by the local law enforcement agency requests the attorney general to bring and enforce an action on behalf of the local unit. Amends the Indiana Code provision governing audit requirements for credit unions to provide that department of financial institutions may establish by policy or rule accounting and auditing standards necessary to define the audit requirements.

Sponsors

Sponsors by party (alphabetical): Democratic 1 · Republican 4

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. May 6, 2025Public Law 206
2. May 6, 2025Signed by the Governor
3. April 29, 2025Signed by the President of the Senate
4. April 25, 2025Signed by the Speaker
5. April 24, 2025CCR # 2 filed in the Senate
6. April 24, 2025Motion to withdraw CCR #1: prevailed
7. April 24, 2025Motion to Rescind CCR #1: adopted voice vote
8. April 24, 2025CCR # 2 filed in the House
9. April 24, 2025Signed by the President Pro Tempore
10. April 24, 2025Rules Suspended. Conference Committee Report 2: adopted by the House; Roll Call 562: yeas 85, nays 0
11. April 24, 2025Rules Suspended. Conference Committee Report 2: adopted by the Senate; Roll Call 520: yeas 48, nays 1
12. April 23, 2025Rules Suspended. Conference Committee Report 1: adopted by the House; Roll Call 527: yeas 91, nays 0

Showing 12 most recent of 35 actions. Full history