Indiana House Bill 1174

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Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on January 8 2025 - 25% progression
Action: 2025-02-13 - Second reading: ordered engrossed
Text: Latest bill text (Comm Sub) [PDF]

Charges for supervised loans. Provides that for a supervised loan that is made under the Uniform Consumer Credit Code (UCCC) and that: (1) is entered into after June 30, 2025; (2) is not secured by an interest in land or by personal property used or expected to be used as the debtor's principal dwelling; and (3) has a principal amount that does not exceed $5,000; a lender may contract for and receive, in addition to the loan finance charge and any other permitted charges and fees, a monthly service fee that is based on the amount of principal originally contracted for, and must report the borrower's payments on the supervised loan to at least one consumer reporting agency that compiles and maintains files on consumers on a nationwide basis (as defined in 15 U.S.C. 1681a(p)) in accordance with the federal Fair Credit Reporting Act (15 U.S.C. 1681 et seq.). Provides that for a supervised loan that: (1) is entered into after June 30, 2025; (2) is not secured by an interest in land or by personal property used or expected to be used as the debtor's principal dwelling; (3) has a principal amount that is more than $5,000 but does not exceed $25,000; and (4) is for a term of at least six months; a lender may contract for and receive a loan finance charge not exceeding 36% per year on the unpaid balances of the principal. For a supervised loan that qualifies for the flat 36% annual finance charge (instead of the blended loan finance charge that applies to all other supervised loans), requires the lender to: (1) report the borrower's payments on the loan to at least one nationwide consumer reporting agency; and (2) offer to the borrower, at or before the consummation of the loan and at no cost to the borrower, a consumer credit education program provided by the lender or a third party provider. Provides that, based on information contained in annual composite reports filed with the department of financial institutions (department) by creditors required to be licensed under the UCCC, the department shall publish annually on the department's website a report that contains specified information concerning supervised loans made after June 30, 2025, by nondepository licensees during the reporting period covered by the composite reports. Makes conforming amendments to: (1) the UCCC; and (2) the statutes governing: (A) pawnbrokers; and (B) loansharking.

Charges for supervised loans.

Rep. Jake Teshka [R]

Rep. Christopher Judy [R]

Rep. Robert Heaton [R]

Date	Chamber	Action
2025-02-13	House	Second reading: ordered engrossed
2025-02-11	House	Committee report: amend do pass, adopted
2025-01-08	House	First reading: referred to Committee on Financial Institutions
2025-01-08	House	Authored by Representative Teshka
2025-01-08	House	Coauthored by Representatives Judy and Heaton

Type	Source
Summary	https://iga.in.gov/legislative/2025/bills/house/1174/details
Text	https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1174/HB1174.01.INTR.pdf
Text	https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1174/HB1174.02.COMH.pdf
Amendment	https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1174/committee-amendments/drafts/AM117401.pdf
Amendment	https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1174/committee-amendments/amendments/HB1174.01.INTR.AMH01.pdf
Amendment	https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1174/committee-amendments/drafts/AM117403.pdf
Amendment	https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1174/committee-amendments/amendments/HB1174.01.INTR.AMH03.pdf
Supplement	https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1174/fiscal-notes/HB1174.01.INTR.FN001.pdf
Supplement	https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1174/votesheets/HB1174.01.INTR.07.pdf
Supplement	https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1174/committee-reports/HB1174.01.INTR.CRH001.pdf
Supplement	https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1174/fiscal-notes/HB1174.02.COMH.FN001.pdf
Supplement	https://iga.in.gov/pdf-documents/124/2025/house/bills/HB1174/fiscal-notes/HB1174.02.COMH.FN002.pdf