Indiana Senate Bill 235 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 10 2023 - 25% progression, died in committee
Action: 2023-01-10 - First reading: referred to Committee on Insurance and Financial Institutions
Pending: Senate Insurance & Financial Institutions Committee
Text: Latest bill text (Introduced) [PDF]

Finance charge 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, 2023; and (2) is not secured by: (A) an interest in land; or (B) personal property used or expected to be used as the principal dwelling of the debtor; a supervised lender may contract for and receive a loan finance charge not exceeding 36% per year on the unpaid balances of the principal. Retains the current blended loan finance charge (in which different rates apply to different ranges of the unpaid balances of the principal) for the following: (1) A supervised loan entered into before July 1, 2023. (2) A supervised loan that is secured by: (A) an interest in land; or (B) personal property used or expected to be used as the principal dwelling of the debtor; regardless of when the supervised loan is entered into. 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 on the department's website, on an annual basis, a report that contains specified information concerning supervised loans made after June 30, 2023, 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.

Finance charge for supervised loans.

Sen. Andy Zay [R]

Date	Chamber	Action
2023-01-10	Senate	First reading: referred to Committee on Insurance and Financial Institutions
2023-01-10	Senate	Authored by Senator Zay

Type	Source
Summary	https://iga.in.gov/legislative/2023/bills/senate/235/details
Text	https://iga.in.gov/legislative/2023/bills/senate/235/#1.INTR