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 email@example.com.
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HB1055 LIENS. (TORR J) Permits a person to discharge a mechanic's lien by filing an indemnification or payment bond with the recorder's office in an amount equal to at least 150% of the lien. Requires the surety responsible for issuing an indemnification or payment bond to: (1) be authorized to do business in Indiana; and (2) be rated at least "A-" by at least one nationally recognized investment rating service. Specifies certain requirements concerning the recording of an indemnification or payment bond. Repeals the current statute concerning the filing of an undertaking to discharge a lien. Urges the legislative council to assign to the appropriate interim study committee (committee) the topic of judgment liens. Provides that if the topic of judgment liens is assigned to the appropriate committee, the following topics will be addressed by the committee: (1) The feasability of developing, preparing, and implementing, before January 1, 2021, a plan, protocol, or Internet based system concerning judgments and pending cases. (2) The feasibility of providing, before January 1, 2021, all necessary training and education to clerks of court regarding any plan, protocol, or Internet based system concerning judgments or pending cases. (3) Any other issue or topic relevant to the development and implementation of any plan, protocol, or Internet based system concerning judgments or pending cases. Makes conforming amendments.
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 loans to permit a lender to contract for and receive a transaction fee for a revolving loan account that may not exceed the greater of: (A) 2% of the amount of the transaction; or (B) $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 statute 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 conforming amendments by: (1) amending the definition of "buyer" in the Indiana statute; (2) repealing the definition of "debt settlement services" from the statute; and (3) amending a definitions section in the statute governing debt management companies. Provides that it is a deceptive act for a credit services organization to fail to disclose the credit service organization's contact information on all communications to consumers, data furnishers, creditors, and credit reporting agencies. Specifies that a person that receives a communication from a credit services organization that does not include the credit services organization's contact information 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.