16 HќќѠіђџȱ юћјђџ ѝџіљȱ2014 ¢ȱęȱȱȱěȱ and conduct a prize-linked savings program that: (1) is associated with ȱȱȱęȱȱȱ ęȱęȱȱěȱ ¢ȱȱȱ¢ȱęȱ DzȱȱǻŘǼȱěȱȱ- dividuals one or more chances to win ęȱ£ǯ ȱ ȱȱęȱȱȱ that a prize-linked saving program must meet. It provides that a prizelinked savings program must allow an eligible individual to obtain an entry to win a prize only by doing either or both of the following: (1) ȱȱȱęȱ ȱȱȱęȱǰȱȱǻŘǼȱ ȱȱȱȱȱęȱ ęȱǯȱ ȱȱȱ that a prize-linked savings program must be approved by: (1) the director of the Department of Financial Institutions (DFI), and (2) the eligible ¢ȱęȱȂȱ ȱȱDzȱȱȱȱěȱ or promoted to eligible individuals. The bill permits the DFI to: (1) adopt rules, policies or guidance, and (2) exercise certain enforcement powers; with respect to the conduct of prize-linked savings programs by ȱ¢ȱęȱ- ǯȱ ȱęȱȱ ȱ ȱ provisions concerning charity gaming, promotional gifts and contests, and criminal gambling do not apply to a prize-linked savings program ȱȱěȱȱȱ¢DZȱǻŗǼȱȱ ȱęȱȱȱȱ new provisions; or (2) a federal credit union if the prize-linked savings program is conducted by the federal credit union in the same manner as a prize-linked savings program under the new provisions. What you need to know: This legislation has passed in a hand- ȱȱǯȱ ȱȂȱȱȱȱ Ĵȱȱȱȱ ȱ are unbanked. Current Indiana law already permits credit unions to run these programs. Few credit unions in Indiana currently are operating programs. National banks are prohibited by federal rule from running ĝȱǯȱ ȱ ȱȱȱ ȱęȱȱȱȱ of the legislation. HB 1245 – Various Financial Institu- ȱ ĴȱȮ Rep. Bob Heaton, RTerre Haute, and Sen. Travis Holdman, R-Markle What you need to know: The bill makes various changes to the ȱDZȱęȱ- tions, debt management companies, ǰȱ¢ȱĴǰȱ check cashers, persons licensed under the Uniform Consumer Credit Code, ęȬȱȱȱȱȱ purchase agreements. It repeals a provision that provides that all debts ȱȱȱęȱǰȱ and on which interest is past due for a period of six months, are bad debts unless, in the opinion of the Department of Financial Institutions, the debts are well-secured. What you need to know: This is the annual Department of Financial Institutions bill. It mostly consists of technical corrections language. The exceptions are the removal of a statute requiring bad debts past ¡ȱȱȱȱȱěȱȱ a change in the emergency branch ȱȱȱȱȱȱę- ǯȱ ȱȱȱȱȱȱ threshold for security requirements on small dollar loans (under $4,000). The IBA is supportive of the bill as drafted. %LOOV RI &RQFHUQ 7KDW 'LG 1RW 3DVV SB 66 – State-Assisted Retirement Plan – Sen. Greg Walker, R-Columbus What the bill proposed: The bill established a state-assisted retirement plan for purposes of encouraging Indiana residents to increase their rate of savings and to build assets for the use of a participant or the partici- Ȃȱęȱȱȱȱ ȱȂȱǯ The bill established the Indiana Retirement Savings Board (Board), ȱȱęȱȱȱ by the governor, the treasurer of ȱȱȱȱȱȱ Ĝȱȱ Management and Budget. The bill provided that the Board select an administrator and oversee the plan. The bill provided that an employer may participate in the plan, only ȱȱ¢ȱȱȱěȱȱ employees a pension or retirement system of any kind. It provided that participation in the plan be voluntary for eligible employers and employees, ȱĴȱȬ¢ȱ- viduals to participate in the plan. The bill provided that the plan may not be construed as a debt, a liability or an obligation of the state, and that the state would not guarantee amounts deposited into an account or investment returns earned by an account. The bill also provided a tax credit, not to exceed $250, for payroll contributions to the plan made by a participant who had not previously participated in a pension or retirement plan of any kind. What you need to know: The IBA had strong concerns about this bill relating to the creation of a direct ȱȱęȱȱ products that many member banks ¢ȱěǯȱ ȱ ȱȱ that currently there are many retirement products available in the private marketplace to address needs of consumers looking to start retirement accounts. The bill had been brought forward by the AARP and the Service ¢ȱ ȱ . State Treasurer Richard Mourdock also had endorsed this bill. The IBA was opposed to the bill as drafted. SB 175 - Credit Score Disclosures and Credit Inquiries – Sen. Patricia ǰȱ Ȭ What the bill proposed: This bill provided that, upon receiving a Ȃȱȱȱȱȱǰȱ a consumer reporting agency should provide the consumer a notice that ȱȱęȱ- tion, including not more than four ¢ȱȱȱ¢ȱěȱ ȱȂȱȱǰȱȱȱ ȱȱȱȱȱěȱ ȱȂȱȱǯ The bill also provided that a consumer reporting agency may not Continued from page 14.
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