Jake Teshka
- Republican
- Representative
- District 7
Author
Provides that under certain circumstances, a lender may contract for and receive a nonrefundable prepaid finance charge of 3% (instead of 2%, under current law) of the loan amount on a loan that is secured by an interest in land and is not made under a revolving loan account. Provides that under certain circumstances, a lender may contract for and receive a nonrefundable prepaid finance charge of 3% (instead of 2%, under current law) of the line of credit on a loan that is secured by an interest in land and is made under a revolving loan account. Provides that: (1) if a joint agreement of merger is approved by the department of financial institutions, any credit union whose existence will terminate as a result of the merger shall submit the joint agreement to a vote of its shareholders as directed by the resolution of the board of directors; and (2) a majority of shareholders voting may approve the joint agreement. Establishes within the Indiana Code a new chapter, to be known as the Indiana Earned Wage Access Act (Act), governing the offering and provision of earned wage access services to Indiana consumers. Provides that the Act is to be administered by the division of consumer credit within the department of financial institutions (department). Sets forth provisions that address the following: (1) Definitions of terms. (2) Exemptions from the Act's requirements. (3) The department's supervisory authority under the Act. (4) The licensing of providers of earned wage access services (providers). (5) The acquisition of control of a licensee. (6) Reporting and record keeping requirements for licensees. (7) Duties of providers under the Act. (8) Prohibited acts by providers. (9) The department's enforcement authority under the Act. (10) Criminal liability for certain prohibited acts. (11) Statutory construction of the Act's provisions. Makes conforming changes to sections of the Indiana Code codified outside the Act.
Public Law 222
Signed by the Governor
Signed by the President of the Senate
Signed by the Speaker
Signed by the President Pro Tempore
CCR # 1 filed in the House
Rules Suspended. Conference Committee Report 1: adopted by the House; Roll Call 530: yeas 67, nays 26
CCR # 1 filed in the Senate
Rules Suspended. Conference Committee Report 1: adopted by the Senate; Roll Call 500: yeas 44, nays 1
Senator Baldwin removed as advisor
Senator Baldwin added as conferee
Senator Qaddoura removed as conferee
Senate conferees appointed: Walker K and Qaddoura
Senate advisors appointed: Randolph Lonnie M and Baldwin
House dissented from Senate amendments
House conferees appointed: Teshka and Miller K
House advisors appointed: Lehman, Lucas, Lauer and Andrade
Returned to the House with amendments
Motion to dissent filed
Third reading: passed; Roll Call 431: yeas 48, nays 1
Second reading: ordered engrossed
Senator Randolph added as cosponsor
Senator Baldwin added as second sponsor
Committee report: amend do pass, adopted
First reading: referred to Committee on Insurance and Financial Institutions
Referred to the Senate
Third reading: passed; Roll Call 109: yeas 70, nays 18
Senate sponsor: Senator Walker K
Second reading: ordered engrossed
Committee report: amend do pass, adopted
Coauthored by Representatives Lehman and Miller K
Authored by Representative Teshka
First reading: referred to Committee on Financial Institutions
| Bill Text Versions | Format |
|---|---|
| Enrolled House Bill (H) | |
| House Bill (H) | |
| House Bill (S) | |
| Introduced House Bill (H) |
| Document | Format |
|---|---|
| Fiscal Note: HB1125.04.ENRS.FN001 |
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