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Bill Watch, Feb. 12, 2019: Current Commercial Law Legislation of Note - Commercial & Bankruptcy Law News

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Commercial & Bankruptcy Law News


Posted on: Feb 12, 2019

The IndyBar Legislative Committee is currently monitoring the following commercial law related legislation. IndyBar members can request that the Legislative Committee track specific legislation by contacting committee chair Mindy Westrick at mindy.westrick@faegrebd.com.

Click here to view the full Bill Watch reports.

HB1055    JUDGMENT LIENS. (TORR J) Provides that additional identifying information must be included when recording a judgment lien. Provides that a judgment lien is extinguished when certain items are recorded with the office of the county recorder in the county where the judgment lien was recorded.

HB1136    UNIFORM CONSUMER CREDIT CODE. (BURTON W) Makes the following changes to the Uniform Consumer Credit Code (UCCC): (1) Amends the provisions authorizing specified additional charges for consumer credit sales and consumer loans to: (A) permit a seller or a lender, as applicable, to contract for and receive a charge not to exceed $10 for procuring a credit report; and (B) in the case of a revolving loan account, permit a lender to contract for and receive a transaction fee that may not exceed the greater of: (i) 2% of the amount of the transaction; or (ii) $10. (Current law authorizes the lender to charge a transaction fee in the lesser of these two amounts.) (2) Replaces the authorized $5 delinquency charge (subject to indexing by the department of financial institutions) for consumer credit sales and consumer loans with a nonindexed delinquency charge of: (A) $5, if installments are due every 14 days or less; (B) $25, if installments are due every 15 days or more; or (C) $25, in the case of a single installment due at least 30 days after the sale or loan is made. (3) Specifies that a creditor may not charge or collect a delinquency charge on a payment that: (A) is paid within 10 days after its scheduled due date; and (B) is otherwise a full payment of the payment due for the applicable installment period; if the only delinquency with respect to a consumer credit sale or a consumer loan is attributable to a delinquency charge for an earlier installment. Urges the legislative council to assign to an interim study committee, for study during the 2019 interim, the topic of revisions to the UCCC. Sets forth issues for consideration by an interim study committee assigned this topic.

HB1137    CREDIT SERVICES ORGANIZATIONS. (BURTON W) Amends the definition of "credit services organization" for purposes of the Indiana Code provisions governing credit services organizations to more closely align the definition with the definition of "credit repair organization" set forth in the federal Credit Repair Organizations Act. Makes a conforming amendment to the definition of "buyer" in the Indiana statute. Requires a credit services organization to do the following with respect to communications made by the credit services organization after June 30, 2019: (1) Include the complete name and address of the credit services organization on all communications. (2) Include a statement identifying itself as a credit services organization on all communications. Specifies that a person that receives a communication that is made in violation of these requirements may bring a cause of action to recover damages under the statute.

SB441    INTEREST ON JUDGMENTS FOR MONEY. (FORD J) Provides that the payment of interest on judgments for money shall be paid at the following rate if there was no contract between the parties to the suit, or if a rate of interest was not agreed upon in the original contract sued upon: (1) An annual rate of 8%, with respect to the accrual of interest before July 1, 2019, on any part of a judgment that is paid before July 1, 2019. (2) The lesser of: (A) 8%; or (B) the applicable adjusted rate of interest calculated by the department of state revenue for the nonpayment of taxes as of the date of payment of the interest on the judgment; with respect to the accrual of interest after June 30, 2019, on any part of a judgment that is unpaid after June 30, 2019, even if the judgment was rendered before July 1, 2019.​

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