13 HќќѠіђџȱ юћјђџ ѝџіљ 2014 &RQWLQXHG RQ SDJH SB 332 – State and Local Investments – Sen. Travis Holdman, R- Markle, and Rep. Mark Messmer, R-Jasper What the bill does: The bill provides that investments in municipal securities must have a ȱęȱ¢ȱȱęȱ¢ȱȱ less. The bill permits the treasurer of state to invest with supranational issuers. (Current law limits the investment to the International Bank for Reconstruction and Redevelopment and to the African Development Bank.) It provides that a public depository may invest funds in the same investments and for the same terms that the treasurer of state may invest funds of the state. The bill amends the Indiana Code provision that allows the treasurer of state to lend certain securities if the agreement under which the securities are lent is collateralized to provide that: (1) cash; or (2) non-cash ǰȱȱȱȱȱęȱ by the custodian holding the noncash collateral, are acceptable forms of collateral. (Current law provides that cash or certain interest-bearing obligations of the federal government are acceptable forms of collateral.) What you need to know: The bill provides for an additional type of investment of public funds by banks. It allows public depositories to invest in the same funds/investments that the state treasurer is currently Ĵȱȱȱȱȱȱǯ SB 334 – Mortgage Lending – Sen. Greg Walker, R-Columbus, and Rep. Woody Burton, R-Whiteland What the bill does: The bill provides that a depository institution that is exempt from the Indiana statute concerning the licensing ȱȱȱęȬȱȱ transactions may voluntarily register with the Department of Financial Institutions (DFI) for the purpose of retaining and sponsoring, under an ¡ȱ Ĵȱǰȱȱ mortgage loan originators, if the depository institution does the following: % Must assume responsibility for and reasonably supervises the activities of the licensed loan originators; % Must comply with certain requirements under the statute concerning: registering with the Nationwide Mortgage Licensing System and Registry (NMLSR); maintaining a surety bond; Ĵȱȱȱȱ Dzȱ ȱęȱęȱȱ ȱ the DFI. The bill also requires cooperation with the DFI and provides access to records and documents, as required by the department in examining the activities of the licensed loan originators. The bill makes conforming amendments to similar provisions in the Uniform Consumer Credit Code concerning the licensing of creditors in subordinate-lien mortgage transactions. What you need to know: This bill was initiated by State Farm® Insurance. Under current Indiana law, because State Farm agents are independent contractors (rather than employees) of State Farm Bank, they must license themselves as both an individual mortgage loan originator and as a mortgage broker company. In order to shift the mortgage broker company requirements from the independent agents to the bank itself, State Farm Bank sought a legislative change that would allow it to register as an exempt company in Indiana for the purpose of providing the required sponsorship and for undertaking the associated obligations of the mortgage broker company requirements. Each agent involved with State Farm Bank mortgage products would still be required to obtain a mortgage loan originator license. Similar exempt company registration laws have been ȱȱŘŘȱǯȱ Ȃȱȱȱ this bill was neutral. HB 375 – Business Financing Arrangements – Sen. Travis Holdman, R- Markle, and Rep. Kathy Heuer, R-Columbia City What the bill does:ȱ ęȱ that the following are not securities ȱȱ ȱŘřDZȱǻŗǼȱȱȱ capital investment tax credit; (2) a ęȱȱȱ ȱȱ development corporation indicating ȱȱ¡¢ȱȱęȱȱ requirements of the corporation and is entitled to a venture capital ȱ¡ȱǯȱ ȱęȱ ȃȱȄȱȱȱ purposes of the Uniform Securities Act. It adds exemptions to the Uniform Securities Act for certain transactions. What you need to know: HB 375 allows for the use of the Internet for crowdfunding. The original bill held the escrow agent liable if the investment was not given to the proper recipient based upon the investment agreement. The IBA ȱ ȱȱȂȱĜǰȱ ȱ Ĝȱȱȱ ¢ȱȱ ȱ and the bill author to amend the bill to absolve the escrow agent of all liability. SB 393 – Study of Collateral Recovery Agencies – Sen. John Waterman, R-Shelburn, and Rep. Tom Washburne, R-Evansville What you need to know: This bill urges the Legislative Council to ȱȱȱ¢ȱĴȱȱ the 2014 legislative interim the topic of the statutory changes contained in SB 393-2014, as introduced, concerning regulation of collateral recovery agencies that engage in the business of locating, recovering or repossessing collateral on behalf of the legal owner of the collateral. What you need to know: The ȱǰȱȱǰȱĴȱ to regulate collateral recovery agencies this year. It was scaled back to the current version for discussion ȱȱȱ¢ȱĴǯȱ ȱ ȱȱĴȱȱȱȱ businesses through the consumer ȱȱȱȱ Ĝȱȱ ȱ ȱ Ĵ¢ȱ ǯȱ ȱ IBA will be monitoring this issue throughout the summer. HB 422 – Abandoned Housing – Sen. ȱ Ĵǰȱ Ȭȱ ǰȱȱ ǯȱ Ed Clere, R-New Albany
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