Indiana Senate Bill 452 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 3-0)
Status: Passed on May 4 2023 - 100% progression
Action: 2023-05-04 - Public Law 197
Text: Latest bill text (Enrolled) [PDF]

Consumer credit and financial institutions. Provides that a reference to federal law in: (1) the first lien mortgage lending act (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, 2022 (rather than December 31, 2021, under current law). Amends as follows a provision in the act that authorizes a federal savings bank to voluntarily register with the department of financial institutions (department) for the purpose of sponsoring licensed mortgage loan originators under certain circumstances: (1) Authorizes any person (rather than just a federal savings bank) that meets the requirements set forth in the provision to sponsor one or more licensed mortgage loan originators. (2) Eliminates a requirement that a sponsored individual must sell, solicit, or negotiate insurance under an exclusive written agreement for a licensed insurance company that is a subsidiary of a company that also owns or controls the federal savings bank. (3) Provides that a sponsored individual must be engaged solely as a third party loan processor or underwriter. Specifies certain requirements that a person must comply with in order to sponsor an individual under these provisions. Makes conforming amendments to: (1) the act; and (2) related provisions in the UCCC concerning subordinate lien mortgage transactions. Requires a state chartered credit union (credit union) to maintain capital consistent with the safety and soundness necessary to support the risk in the credit union's activities. Provides that the National Credit Union Administration's: (1) prompt corrective action; and (2) risk based net worth; regulations apply to all credit unions. Requires a credit union that is classified as adequately capitalized or lower to increase the dollar amount of its net worth on a quarterly basis by an amount equal to at least 0.1% of the credit union's total assets until the credit union is classified as well capitalized. Sets forth different: (1) mandatory supervisory requirements or restrictions; and (2) discretionary supervisory requirements or restrictions (to be imposed by the director of the department); with respect to a credit union, depending on the credit union's classification as undercapitalized, significantly undercapitalized, or critically undercapitalized. Directs the department to use specified statutory authority to adopt emergency rules not later than June 30, 2024, to amend the department's 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.

Consumer credit and financial institutions.

Sen. Eric Bassler [R]

Sen. Mike Gaskill [R]

Rep. Mike Speedy [R]

2023-04-27 - House - House - Rules Suspended. Conference Committee Report 1 (Y: 93 N: 2 NV: 1 Abs: 4) [PASS]
2023-04-27 - Senate - Senate - Rules Suspended. Conference Committee Report 1 (Y: 41 N: 7 NV: 2 Abs: 0) [PASS]
2023-04-19 - Senate - Senate - Concurrence failed for lack of constitutional majority (Y: 19 N: 22 NV: 7 Abs: 2) [FAIL]
2023-04-10 - House - House - Third reading (Y: 96 N: 1 NV: 1 Abs: 2) [PASS]
2023-02-09 - Senate - Senate - Third reading (Y: 49 N: 0 NV: 0 Abs: 1) [PASS]

Date	Chamber	Action
2023-05-04	Senate	Public Law 197
2023-05-04	Senate	Signed by the Governor
2023-05-01	House	Signed by the Speaker
2023-04-28	Senate	Signed by the President of the Senate
2023-04-28	Senate	Signed by the President Pro Tempore
2023-04-27	House	Rules Suspended. Conference Committee Report 1: adopted by the House; Roll Call 547: yeas 93, nays 2
2023-04-27	Senate	Rules Suspended. Conference Committee Report 1: adopted by the Senate; Roll Call 518: yeas 41, nays 7
2023-04-27	House	CCR # 1 filed in the House
2023-04-27	Senate	CCR # 1 filed in the Senate
2023-04-26	House	Representative Heaton added as conferee
2023-04-26	House	Representative Speedy removed as conferee
2023-04-24	Senate	Senate advisors appointed: Gaskill and Taylor G
2023-04-24	Senate	Senate conferees appointed: Bassler and Qaddoura
2023-04-20	House	House advisors appointed: Slager, Pierce K and Moseley
2023-04-20	House	House conferees appointed: Speedy and Miller K
2023-04-20	Senate	Senate dissented from House amendments
2023-04-20	Senate	Motion to dissent filed
2023-04-20	Senate	Concurrence withdrawn
2023-04-19	Senate	Concurrence failed for lack of constitutional majority; Roll Call 459: yeas 19, nays 22
2023-04-18	Senate	Motion to concur filed
2023-04-11	House	Returned to the Senate with amendments
2023-04-10	House	Third reading: passed; Roll Call 378: yeas 96, nays 1
2023-04-06	House	Second reading: ordered engrossed
2023-04-03	House	Committee report: amend do pass, adopted
2023-02-28	House	First reading: referred to Committee on Financial Institutions
2023-02-10	Senate	Referred to the House
2023-02-09	Senate	House sponsor: Representative Speedy
2023-02-09	Senate	Third reading: passed; Roll Call 94: yeas 49, nays 0
2023-02-06	Senate	Senator Gaskill added as second author
2023-02-06	Senate	Second reading: ordered engrossed
2023-02-02	Senate	Committee report: do pass, adopted
2023-01-19	Senate	First reading: referred to Committee on Insurance and Financial Institutions
2023-01-19	Senate	Authored by Senator Bassler

Type	Source
Summary	https://iga.in.gov/legislative/2023/bills/senate/452/details
Text	https://iga.in.gov/legislative/2023/bills/senate/452/#1.INTR
Text	https://iga.in.gov/legislative/2023/bills/senate/452/#2.COMS
Text	https://iga.in.gov/legislative/2023/bills/senate/452/#3.COMH
Text	https://iga.in.gov/legislative/2023/bills/senate/452/#4.ENRH
Roll Call	https://iga.in.gov/legislative/2023/bills/senate/452/#S94
Roll Call	https://iga.in.gov/legislative/2023/bills/senate/452/#H378
Roll Call	https://iga.in.gov/legislative/2023/bills/senate/452/#S459
Roll Call	https://iga.in.gov/legislative/2023/bills/senate/452/#S518
Roll Call	https://iga.in.gov/legislative/2023/bills/senate/452/#H547