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House Bill 1010


House Bill 1010

ARCHIVE (2000)

Latest Information

 

DIGEST OF HB1010 (Updated February 29, 2000 10:58 AM - DI 84)


Financial institutions and consumer credit. Provides that in the Indiana law based on the Uniform Consumer Credit Code, a reference to a federal law is a reference to the federal law in effect December 31, 1999. Specifies that the maximum rate of interest may not be exceeded upon prepayment for the period a credit sale or loan was in effect for a simple interest transaction that includes prepaid credit service charges or finance charges. Requires a creditor to provide accurate payoff information to the debtor. Specifies that a person may not regularly engage in the business of making consumer loans unless the person is a supervised financial institution or is licensed by the department of financial institutions. Specifies that the three month window to operate without an approved license to make consumer loans applies only to lenders taking assignment of mortgages. Defines mortgage servicer. Adds mortgage servicer to creditor penalty provisions concerning a failure to provide accurate payoff information. Provides that a penalty for a creditor or mortgage servicer who fails to provide accurate payoff information to a debtor is an excess charge under the Uniform Consumer Credit Code. Allows the department of financial institutions to obtain a criminal record history from certain license applicants. Provides that in the Indiana financial institutions law, a reference to a federal law or federal regulation is a reference to the federal law or regulation in effect January 1, 2000. Allows a bank officer to serve as a notary public.
Current Status:
 Law Enacted
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