Hoosier Banker 21 notes, bills of exchange or other written contracts for the payment of money. The bill restates existing law, consistent with the ruling in Lang v. Straus 107 Ind. 94, 7 N.E. 763, 765 (1886), that a deposit account is a contract for the payment of money. Contracts for the payment of money are subject to a six-year statute of limitations as opposed to a 10-year statute of limitations for other written contracts. SB 370 is a priority bill for the IBA. • HB 1493 – Payment Card Network Interchange Fees, authored by Rep. Steve Bartels (R-Eckerty). This legislation, which would prohibit a payment processor from including the applicable tax rate in the calculation of network interchange fees, is extremely problematic for the financial services industry. The interchange fee is calculated and charged to pay for the costs to administer the transaction, maintain the infrastructure and offset costs incurred by card issuers for fraudulent transactions. After conversations with the IBA GR Team Litigation and investigations don’t have to be expensive black holes. Protect your business. Lower your stress level. Information Governance eDiscovery Document Review Expert Testimony Data Breach Analysis Breach 317.559.3577 info@proteusdiscovery.com You need a partner who has handled CFPB, SEC, and OCC investigations. about the negative impact of HB 1493, the bill author has withdrawn the legislation from consideration. • SB 400 – Statewide Electronic Lien and Title System, authored by Sen. Chris Garten (R-Charlestown). This bill requires the Bureau of Motor Vehicles to implement a statewide electronic lien and title system to process: (a) vehicle titles, (b) certificate of title data in which a lien is notated and (c) the notification, maintenance and release of security interests in vehicles; through electronic means instead of paper documents. The bill requires the use of this system for liens by July 2021 and for titles by July 2022 for all entities that are a part of the transaction, including lenders. The IBA supports the bill to modernize the lien and title system and to align Indiana with the nearly 30 states that are offering similar systems. Please check back for the next installment of this column for an update on how each bill fared. In the meantime, your GR Team remains committed to representing your needs to Indiana lawmakers throughout these challenging times. HB Donald P. Hileman has been named executive chairman of the board of directors of Premier Bank, Defiance, Ohio, effective March 31. He previously had served as CEO of the bank and Premier Financial Corp. since 2014, prior to which he was chief financial officer of Premier Financial Corp. and Premier Bank and CEO of First Insurance Group. Hileman has worked in the financial services industry for more than 40 years. Prior to joining Premier Financial Corp. in 2007, he was a corporate controller with Sky Financial Group Inc. and CFO of a community bank. HB FROM THE BOARD ROOM
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