17 HќќѠіђџȱ юћјђџ ѝџіљ 2014 develop or distribute a credit score for a consumer, if the credit score is based on a methodology in which ȱȱȱȱ¢ȱěȱ by certain designated credit inquiries made with respect to the consumer. Furthermore it provided that a creditor may not use as a negative ȱDZȱǻŗǼȱȱȱȂȱ creditworthiness, credit standing or credit capacity; or (2) determining a Ȃȱ¢ȱȱȱȱȱ terms or costs of any credit extended to a consumer — any designated credit inquiries made to a consumer reporting agency with respect to the consumer. It provided that a creditor may not use as a factor in: (1) evaluating a Ȃȱ ǰȱȱ standing or credit capacity; or (2) ȱȱȂȱ¢ȱ for credit or the terms or costs of any credit extended to a consumer — any credit score generated for the consumer, if the credit score is based on a methodology in which the credit ȱȱ¢ȱěȱ¢ȱ¢ȱ designated credit inquiries made with respect to the consumer. The bill provided that any employee at a bank that violates these provisions commits a deceptive act ȱȱȱȱȱȱȱ forth in the statute concerning deceptive consumer sales. What you need to know: The bill essentially prohibited a lender from utilizing a credit score that incorporates credit inquiries as a part of the score calculation through making the use of it a deceptive act. Unfortunately the bill did not take into account that lenders do not generally create credit scores and are only reliant upon them for accurate information ȱȱȱȱȱ Ȃȱ risk. This bill would have had disas- ȱȱȱȱȱ Ȃȱ ęȱȱȱȱ ȱȱȱ passed. The IBA was opposed to any prohibition on a lender for utilizing a credit score with a credit inquiry. HB 1157 – Open-Market PACE program – ǯȱ ȱ ǰȱ Ȭ - anapolis What the bill proposed: The bill authorized the legislative body of a local governmental unit to designate an area as a clean energy improve- ȱęȱȱȱ£ȱ ęȱȱȱęȱȱ energy improvements, including reduced water consumption and waste water discharges, through assessments. It required the Utility Regulatory Commission to adopt rules to establish technical guidelines to assist ȱȱȱȱȂȱ program. What you need to know: Rep. Forestal, the bill author, approached the IBA last summer to work with him to craft an agreeable bill. The IBA was insistent on the protection ȱȱȂȱȱǯȱ ȱȱ from previous sessions created a local government superior lien to that of the lender. The Hoosier Environmental Council, the group largely behind the origination of this legislation, continues to push for a superior lien to the lenders. Forestal worked with the IBA and other interested parties ȱȱȱȂȱȱȱ ȱȱȱȱęȱǯȱ ȱ a result, the IBA was neutral on the legislation. HB 1255 – Local Government Investments – Rep. John Price, R-Greenwood What the bill proposed: The bill provided the state treasurer the authority to establish a program that permits political subdivisions to invest public deposits in a highyield savings account at an approved ȱ¢ȱȱĴȱȱ public depository receiving the deposit to redeposit the money in other ¢ȱȱęȱ- tions located in the United States. What you need to know: This bill was initiated by State Treasurer Richard Mourdock. It was intended to provide local governments the ability to seek a higher yield on their deposits, if available. The IBA had strong concerns about the language &RQWLQXHG RQ SDJH
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