Bill updates financial institution and consumer credit statutes
Submitted photo: Sen. Chip Perfect, left, joined Gov. Eric Holcomb when he signed House Bill 1397.
A bill sponsored by State Sen. Chip Perfect, R-Lawrenceburg, to update various financial institution and consumer credit statutes was recently ceremonially signed into law by Gov. Eric Holcomb.
House Enrolled Act 1397 updates certain laws regarding first-lien mortgage lenders, those licensed under the Uniform Consumer Credit Code, rental purchase agreements, debt management companies, banks, savings banks, credit unions, pawnbrokers, money transmitters and check cashers.
“This law demonstrates the Department of Financial Institutions’ ongoing commitment to modernize the statutes and guidelines governing how financial institutions operate in Indiana. HEA 1397 is a good first step in our update process, and I look forward to working with DFI to continue this effort in the future,” said Perfect.
HEA 1397 took effect Sunday, July 1.