19 Hoosier Banker May 2016 The 2016 Indiana General Assembly concluded this year’s short session late in the evening on March 10, four days prior to the originally scheduled end date of March 14. The session’s conclusion brought to an end another successful session for the Indiana banking community. A total of 217 bills passed through the General Assembly this year, addressing several priorities, including the issues of road funding and curtailing the methamphetamine epidemic. Bills that passed that are of particular interest to banking include: a fix to a discrepancy with the new TRID form regarding how state law should be interpreted on protections from deficiency judgements; a bill that will be a significant deterrent to the destruction of properties in foreclosure; and a clarification of state law as it relates to federal rule on when a lender must use a licensed appraiser for the evaluation of certain properties. The Indiana Bankers Association would like to thank the many bankers who demonstrated grassroots support of industry issues, and to our state legislators, who work diligently on behalf of Hoosiers. Additionally IBA appreciates those bankers and legislators who participated in the IBA Legislative Briefing and Reception in January and the Future Leadership Division Day at the Statehouse in February. Following is a summary of legislative bills pertaining to banking: BILLS PASSED HB 1087 – Bureau of Motor Vehicles Omnibus Bill Rep. Ed Soliday, R-Valparaiso Sen. Carlin Yoder, R-Middlebury Bill summary: This bill relocates and modifies the following after expiration or repeal: IC 9-14 (Bureau of Motor Vehicles), IC 9-15 (Bureau of Motor Vehicles Commission), IC 9-16 (License Branches), IC 9-18 (Registration), IC 9-24-6 (Commercial Driver’s License), IC 9-29 (Fees) (other than IC 9-29-17 (Fees Under IC 9-32)). The bill also establishes limits for convenience fees charged by full-service and partial-services providers. It changes distributions of various fees imposed by the Bureau of Motor Vehicles (BMV). It also replaces chauffeur’s and public passenger chauffeur’s licenses with forhire endorsements. The bill establishes refund procedures for fees imposed by the BMV. This bill amends provisions related to the closing of public railroad crossings. The bill codifies proposed rules of the Indiana Department of Transportation concerning unobstructed views at public rail-highway grade crossings. The bill also excludes certain vehicles from inspections required for a certificate of title if certain conditions are satisfied. It provides for proof of ownership of a salvage vehicle by electronic signature on certain documents. The bill imposes conditions on the recovery of a vehicle license cost recovery fee by a rental company. It also amends provisions related to the movement and sale of manufactured and mobile homes. The bill additionally makes conforming amendments and technical corrections. Details: The bill was amended in the Senate to include language from the mobile home industry addressing an inadvertent change to the abandoned mobile home statute from last session. The existing language mandated that the certificate of title remain for the life of the mobile home, regardless of whether the property was affixed to real estate. The IBA sought a change that appropriately terminated the certificate of title once the mobile home was turned into real estate. HB 1127 – Civil Proceeding Advance Payment Transactions Rep. Matt Lehman, R-Berne Sen. Randy Head, R-Logansport Bill summary: This bill has the following provisions: (1) defines a “civil proceeding advance payment transaction,” or “CPAP transaction,” as a nonrecourse transaction in which a person (CPAP provider) provides to a consumer claimant in a civil proceeding a funded amount, the repayment of which is: (a) required only if the consumer claimant prevails in the civil proceeding; and (b) sourced from the proceeds of the civil proceeding; (2) permits a CPAP provider to charge: (a) a fee not exceeding an annual rate of 36 percent of the funded amount; (b) a servicing charge not exceeding an annual rate of 7 percent of the funded amount; and (c) a one-time document fee not exceeding: (i) $250 Bankers Experience Another Successful Legislative Year GR SPOTLIGHT About the Author Dax Denton is vice president-government relations of the Indiana Bankers Association. He can be reached at 317-917-8047, email: ddenton@indianabankers.org. Continued on page 20.
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