Makes the following changes to the Uniform Consumer Credit Code: (1) Provides that for a consumer loan, a lender may contract for a loan finance charge not exceeding 36% per year, in the case of a loan agreement entered into after June 30, 2021 (versus a loan finance charge not exceeding 25%, in the case of a loan agreement entered into before July 1, 2021, and in the case of any consumer loan under current law). (2) Amends the definition of "supervised loan" to provide that the term applies only to specified consumer loans for which a loan agreement is entered into before July 1, 2021. (3) Amends the provisions concerning the permitted loan finance charge for supervised loans to provide that the provisions apply only to a loan agreement (or to an agreement for the refinancing or consolidation of a loan) that is entered into before July 1, 2021. (4) Specifies that if a supervised loan entered into by a lender and a debtor before July 1, 2021, is paid in full by a new loan from the same lender after June 30, 2021, the new loan is not considered a supervised loan and is subject to provisions on the permitted loan finance charge for consumer loans. Makes conforming changes to provisions in the Indiana Code that reference the permitted finance charge for supervised loans.
Sponsored bills
Provides that a candidate for the certified public accountant examination (exam) may not apply for or take the exam prior to meeting certain education requirements. Provides an exception to the application restriction if a candidate applies up to 60 days prior to the candidate's completion of the education requirements. Provides the Indiana board of accountancy (board) may cancel an exam score if a candidate fails to meet certain requirements. Provides that a candidate must attain a grade of at least 75 on the exam. Provides that a candidate may take the required exam sections individually and in any order and that credit for a passed section shall be valid for 18 months. Provides that a candidate must pass all exam sections within a rolling 18 month period and if a candidate does not do so, credit for any section passed outside of the rolling 18 month period expires and the exam section must be retaken. Provides that a candidate shall retain credit for exam sections passed as a candidate of another state if applicable. Provides that a candidate is considered to have passed the exam once the candidate simultaneously holds credit for each passed section. Provides that the board may extend a term of credit validity under certain circumstances. Provides that the board shall notify eligible candidates of the time, place, and procedures for the exam, or that a candidate shall independently contact the board, the board's designee, or a test center operator to schedule the time, place, and procedures for the exam at an approved site. Provides that these requirements expire on July 1, 2021. Requires the agency to adopt rules to implement the provisions in the bill. Voids certain sections of the Indiana Administrative Code.
Amends the law requiring telemarketers to register with the office of the attorney general (registration law) as follows: (1) Provides that a seller is not subject to the registration law solely because the seller makes or will make a solicitation in a telephone call that is exempt from the Do Not Call statute. (2) Restores conditions removed by P.L.242-2019 that limit application of the registration law to sellers that make certain types of solicitations. (3) Provides that a solicitation occurs for purposes of the registration law only in a telephone call made by a seller. (4) Removes the requirement that a seller must provide in the seller's registration statement information as to whether the seller (or any officer, director, trustee, general partner, manager, principal, executive, or representative of the seller) has been: (A) held liable in certain civil actions; (B) convicted of certain crimes during the most recent seven years; or (C) declared bankrupt during the most recent seven years. Repeals from the statute governing consumer sales the chapter that sets forth certain requirements for a consumer reporting agency that uses a Social Security number as a factor in determining whether a file maintained by the consumer reporting agency matches the identity of an individual who is the subject of a credit inquiry.
Authorizes the Indiana department of transportation (INDOT) commissioner to declare an emergency when a part of the state highway system has been damaged to the extent it is unusable by the traveling public or unsafe to use. (Under current law, the governor must declare such an emergency. Current law permits INDOT to award a contract for repairs by soliciting bids from at least three prequalified persons without use of the formal bidding process.) Repeals a provision that permits a contract to be awarded under such circumstances only if three bids are received and the lowest bid does not exceed the engineer's estimate to repair by more than 10%.
Amends the statute governing franchises as follows: (1) Specifies that the exemption from certain requirements of the statute that applies to a franchisor that sells no more than one franchise in any 24 month period applies with respect to the number of franchises sold by the franchisor in Indiana. (Current law does not specify where the franchise sales must have occurred in the 24 month period.) (2) Requires a person with a registered franchise to notify the securities commissioner (commissioner) of any material change in the information set forth in the person's required disclosure statement not later than 30 days after the occurrence of the event constituting the change, and sets forth specific events that constitute a material change. (3) Provides that the registration of a franchise with the commissioner is renewed at the time the registration would have expired unless the franchisor requests an earlier renewal date. (Current law does not allow for a franchisor to request an earlier renewal date.) (4) Provides that if a franchise registration form or registration renewal form is denied or withdrawn, the commissioner shall retain the amount of the fee submitted in connection with the form. (Current law provides that the commissioner shall retain $150 of the submitted fee.) Amends the statute governing continuing care contracts to provide that if a provider posts a letter of credit, negotiable securities, or a bond as an alternative to establishing an escrow account for the deposit of entrance fees, as otherwise required by the statute, the amount posted must be at least equal to the maximum amount of entrance fees reasonably anticipated by the provider to otherwise be subject to the escrow requirements. (Current law provides that the letter of credit, negotiable securities, or bond must be for an amount not to exceed the total amount of all entrance fees received by the provider before the date a resident is permitted to occupy a particular living unit.) Changes the term "interpretative" to "interpretive" in various provisions in the Indiana Uniform Securities Act (Act) with respect to opinions issued under the Act. Amends the statute concerning the licensing of collection agencies as follows: (1) Provides that the surety bond required to be submitted with a collection agency's original or renewal application for a collection agency license must be: (A) an electronic corporate surety bond that is: (i) filed by the applicant collection agency; (ii) satisfactory to the commissioner; and (iii) in an amount calculated to equal the sum of $5,000 for each of the collection agency's Indiana offices; and (B) filed through the Nationwide Multistate Licensing System. (2) Adds to the list of qualifications that apply to: (A) individual applicants for collection agency licenses; and (B) individual officers or members who actively manage collection activities for corporate or other applicants for collection agency licenses. (3) Specifies that the secretary of state shall issue forms and orders and adopt and enforce rules and regulations as advisable or necessary to carry out the statute. (Current law does not specify that the secretary of state shall issue forms and orders.) Makes technical corrections.
Congratulating the Loogootee High School girls basketball team.
A CONCURRENT RESOLUTION congratulating the Linton-Stockton High School girls basketball team for its Class 2A IHSAA championship win.
Urging the pursuit of policy that increases organ donor supply.
A CONCURRENT RESOLUTION recognizing dyslexia in Hoosier youth.
A CONCURRENT RESOLUTION urging the United States Forest Service to establish an off-road vehicles (ORVs) trail system.