20 Hoosier Banker June 2015 Continued from page 18. language was moved into a summer study committee. Amended into the bill is language that clarifies that the General Assembly’s jurisdiction over lending practices includes jurisdiction over foreclosures – i.e. creates a state preemption of any local ordinance that pertains to foreclosures. The original effective date of the preemption language was July 1, 2015. However, due to a potential ordinance by the Indianapolis City Council to be enacted before July 1, the IBA successfully lobbied for an effective date change in the state budget. (See HB 1001, page 16.) The resulting effective date of the preemption is “upon passage,” and the bill was signed by the governor on May 6. SB 436 – State and Local Taxation Sen. Brandt Hershman, R-Buck Creek Rep. Timothy Brown, R-Crawfordville Bill summary: Addresses consolidated returns, personal property notices, small taxpayer exemption on personal property, outdoor sign valuation, soil productivity factors, farmland base rate, agricultural land classification, reclassification of real property, residential excess land, appeal rights for assessments, certified technology parks, assessment methods of real property of big box retail buildings, homestead deductions, maximum levies, excise surtax, property tax refunds, property tax disclosure forms and fire territories. Creates a study committee topic for alternative means of agricultural land assessment. Details: The legislature tackled the issue of how to assess all business properties for property tax purposes in response to a recent court case that changed the current methodology most assessors were using. The House and the Senate had dramatically different directions in how they thought the legislature should address the issue, with one version specifying banks as businesses that would be assessed under a new structure, thereby possibly increasing property taxes on bank branches throughout the state. The final version of SB 436 took out the reference to banks and creates a more even structure for property assessment. SB 447 – Management of Funeral Trust Accounts Sen. Travis Holdman, R-Markle Rep. Thomas Washburne, R-Evansville Bill summary: Provides that the bank, trust company, savings association or credit union that receives the payments made by the settlor of a funeral trust may enter into a contract under which the settlor’s account will be managed by a third party. Requires that the third party be an investment adviser registered with the U.S. Securities and Exchange Commission or with the Indiana securities commissioner. Requires an investment adviser managing a funeral trust settlor’s account to comply with the Indiana Uniform Prudent Investor Act. TODD ANDRITSCH tandritsch@equiasalliance.com 11416 Forest Knoll Circle Fishers, IN 46037 Tel: 317.517.5000 www.equiasalliance.com Equias Alliance helps banks in Indiana, and across the country, meet their financial goals, manage benefit liabilities and enhance shareholder value with a custom designed BOLI program. Todd and the team at Equias Alliance want to be your source for strategic benefit and BOLI solutions. In Indiana, The Checkered Flag for BOLI is Todd Andritsch! The American Bankers Association (through its subsidiary, the Corporation for American Banking) has endorsed services provided by Equias Alliance. Todd Andritsch is a registered representative of and securities are offered through ProEquities, Inc., a Registered Broker/Dealer, and member FINRA and SIPC Equias Alliance LLC is independent of ProEquities, Inc. ©2015 Equias Alliance EA-Ad-03-2015-Indiana-HP-03ab.indd 1 3/6/15 2:00 PM
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