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  • February 18, 2020 11:15 AM | Anonymous member (Administrator)

    STATEHOUSE SUMMARY

    This past week marked the first full week of committee hearings during the “second half” of the 2020 legislative session. The IMBA saw legislative activity on several bills of importance, including committee action on HB 1109 to which the IMBA testified in support. Legislative committees have two weeks to move bills that were assigned from the first half of session. Bills that passed the Senate are now in the House and vice versa. The IMBA will continue to monitor bills as they are scheduled for committee hearings and will monitor amendments that are filed to make additional changes.


    BILLS TO WATCH

    SB 327 – Reporting of Consumer Loans by Unlicensed Lenders

    Sen. Andy Zay (R-Huntington)
    Rep. Martin Carbaugh (R-Fort Wayne)


    Why it matters
    The bill requires the reporting of base-level consumer loan information to a private reporting agency approved by the Department of Financial Institutions under Chapter 7 (the payday lending section of the code). There is currently only one vendor approved by the department under Chapter 7. The requirement would apply to all lenders, both domiciled in state and out-of-state. Per IMBA conversations about the bill, this was an unintended consequence of the drafting of the bill. The IMBA was concerned about the new burdens this bill placed on lenders. Sen. Zay worked with the IMBA to clarify that the bill does not apply to depositories.

    Latest action
    The bill has been scheduled for a hearing in the House Financial Institutions Committee on Feb. 18.


    SB 395 – Uniform Consumer Credit Code

    Sen. Eric Bassler (R-Washington)
    Rep. Woody Burton (R-Whiteland)


    Why it matters
    This bill originated from recommendations made by the Financial Institutions Study Committee last summer. The IMBA provided suggested changes to the Uniform Consumer Credit Code for purposes of reforming the antiquated uniform law. However, the bill was amended in the Senate Insurance and Financial Institutions Committee with several significant changes. Most notably, the bill still attempts to fix the problematic refundable calculation of the prepaid/origination fee by establishing a flat origination fee/prepaid finance charge of no more than $75 for a consumer loan under $2,000, $150 for a consumer loan between $2,000 and $4,000, and $250 for a consumer loan over $4,000. The bill also raised the state usury rate from 25% to 36% but was amended to keep the rate at 25%. The bill was amended to remove several provisions about which the IMBA expressed concern, but still contains several items that are in need of additional work. The IMBA is continuing to work on addressing those issues.

    Latest action
    The bill has been scheduled for a hearing in the House Financial Institution Committee on Feb. 18.


    SB 408 – Various Tax Matters

    Sen. Travis Holdman (R-Markle)

    Rep. Tim Brown (R-Crawfordsville)


    Why It Matters

    The bill is the annual Department of Revenue legislation and makes various changes to Indiana’s tax code. Notably, the bill clarifies the treatment of factored receivables under the FIT. The IMBA monitors this bill every session for changes to Indiana’s tax code as it relates to financial institutions.

    Latest Action

    The bill has been referred to the House Ways and Means Committee and is awaiting a hearing.



    HB 1109 – Telephone Solicitation and Consumer Credit
    Rep. Matt Lehman (R-Berne)

    Sen. Greg Walker (R-Columbus)


    Why it matters
    The IMBA supports HB 1109 as this legislation fixes two issues from the passage of last session’s HEA 1123 and HEA 1668. HEA 1123 inadvertently expanded the registration requirement for telephone solicitation to any business in the state of Indiana using the telephone to solicit business. The registration requirement is burdensome and comes with private right of action if not implemented properly. The IMBA sought this clarification to ensure financial institutions are not required to register with the attorney general’s office.

    Additionally, the IMBA worked with lawmakers to amend HB 1109 to fix the issue lenders are dealing with when trying to pull a credit report on a customer and are returned an error message because of misinformation. HEA 1668, which passed in 2019, changed this process and took away the ability from lenders to do their own customer due diligence.

    Latest Action

    The bill was heard in the Senate Utilities Committee on Feb. 13 and was voted out unanimously.

  • February 11, 2020 11:42 AM | Anonymous member (Administrator)

    STATEHOUSE SUMMARY

    This past week marked both second and third reading deadlines for all bills. This means that any bill that did not receive a committee vote prior and/or failed to move from third reading last week is considered dead for purposes of legislative tracking. This week marks the beginning of the second half of session and the IMBA will continue to work on several legislative action items.


    BILLS TO WATCH

    SB 327 – Reporting of Consumer Loans by Unlicensed Lenders

    Sen. Andy Zay (R-Huntington)

    Why it matters
    The bill requires the reporting of base-level consumer loan information to a private reporting agency approved by the Department of Financial Institutions under Chapter 7 (the payday lending section of the code). There is currently only one vendor approved by the department under Chapter 7. The requirement would apply to all lenders, both domiciled in state and out-of-state. Per IMBA conversations about the bill, this was an unintended consequence of the drafting of the bill. The IMBA was concerned about the new burdens this bill placed on lenders. Sen. Zay worked with the IMBA to clarify that the bill does not apply to depositories.

    Latest action
    The bill passed the Senate by a vote of 47-2 on third reading and is now eligible for consideration by the House.


    SB 395 – Uniform Consumer Credit Code

    Sen. Eric Bassler (R-Washington)

    Why it matters
    This bill originated from recommendations made by the Financial Institutions Study Committee last summer. The IMBA provided suggested changes to the Uniform Consumer Credit Code for purposes of reforming the antiquated uniform law. However, the bill was amended in the Senate Insurance and Financial Institutions Committee with several significant changes. Most notably, the bill still attempts to fix the problematic refundable calculation of the prepaid/origination fee by establishing a flat origination fee/prepaid finance charge of no more than $75 for a consumer loan under $2,000, $150 for a consumer loan between $2,000 and $4,000, and $250 for a consumer loan over $4,000. The bill also raised the state usury rate from 25% to 36% but was amended to keep the rate at 25%. The bill was amended to remove several provisions about which the IMBA expressed concern, but still contains several items that are in need of additional work. The IMBA is continuing to work on addressing those issues.

    Latest action
    The bill passed the Senate by a vote of 40-9 on third reading and is now eligible for consideration by the House.


    HB 1021 – Liens

    Rep. Jerry Torr (R-Carmel)

    Why it matters

    The bill would allow a person to discharge a mechanic’s lien directly with the recorder’s office without first filing in a court of record. A person may discharge a mechanic's lien by filing an indemnification, payment or cash bond with the recorder's office in an amount equal to at least 150% of the lien or $7,500, whichever is greater. By removing the requirement to file a lawsuit to satisfy a mechanic’s lien, the likelihood of a lien being satisfied is much greater which is a positive change for lenders if they have a borrower with property that is subject to the mechanic’s lien.

    Latest action

    The bill passed the House by a vote of 60-33 on third reading and is now eligible for consideration by the Senate.


    HB 1191 – Land Contracts

    Rep. Ed Clere (R-New Albany)

    Why it matters

    The bill aims to place greater regulations on land contracts for purposes of businesses that engage in more than four land contracts at once. Exempted from the application of these new regulations are depository institutions, first lien mortgage lenders and subsidiaries of a first lien mortgage lender.

    Latest action

    The bill passed the House by a vote of 84-9 on third reading and is now eligible for consideration by the Senate.


    HB 1353 – Financial Institutions and Consumer Credit

    Rep. Woody Burton (R-Whiteland)

    Why it matters

    The IMBA supports HB 1353, which is the annual bill from the Department of Financial Institutions. Every year, the DFI has an agency bill that cleans up portions of the code that it identifies as needing to be updated. The IMBA has reviewed the bill and supports the changes. There is one section of the bill that the IMBA sought clarification to fix the issue of which delinquency charge may be assessed. Last session the permissible delinquency charge was set in statute at $25 through the passage of HEA 1136. There was some confusion within contracts whether the delinquency share should be $25 or the former indexed rate according to the Consumer Price Index. The IMBA worked with legislators to clarify this inconsistency.

    Latest action

    The bill passed the House by a vote of 92-0 on third reading and is now eligible for consideration by the Senate.

  • February 06, 2020 10:53 AM | Anonymous member (Administrator)

    STATEHOUSE SUMMARY

    This past week marked the final week for committees to vote on bills due to the legislative calendar’s deadlines for committee activity. Those deadlines were last Tuesday for the House and Thursday for the Senate. This week will mark both second and third reading deadlines for all bills. This means that any bill that did not receive a committee vote last week and/or fails to move from third reading this week is considered dead for purposes of legislative tracking. Despite the short timeline provided, there are a number of bills moving through the process. The IMBA will be monitoring second reading amendments to notable bills this week and will be preparing to continue the work on several legislative action items during the second half of session, which will resume Feb. 10.


    BILLS TO WATCH

    SB 43 – Fraud Consolidation

    Sen. Michael Young (R-Indianapolis)

    Why it matters

    SB 43 attempts to consolidate the entire criminal fraud statute in the Indiana code. The IMBA is monitoring the bill as it consolidates crimes against a financial institution. To date, the IMBA has no concerns with SB 43.

    Latest action

    The bill was heard in the Senate Corrections and Criminal Law Committee on Jan. 28. It is now eligible for second reading amendments.


    SB 327 – Reporting of Consumer Loans by Unlicensed Lenders

    Sen. Andy Zay (R-Huntington)

    Why it matters
    The bill requires the reporting of base-level consumer loan information to a private reporting agency approved by the Department of Financial Institutions under Chapter 7 (the payday lending section of the code). There is currently only one vendor approved by the department under Chapter 7. The requirement would apply to all lenders, both domiciled in state and out-of-state. Per IMBA conversations about the bill, this was an unintended consequence of the drafting of the bill. The IMBA was concerned about the new burdens this bill placed on lenders. Sen. Zay worked with the IMBA to clarify that the bill does not apply to depositories.

    Latest action
    This bill was heard in the Senate Insurance and Financial Institutions Committee on Jan. 22 and held. The bill was amended in the committee on Jan. 29 to address the IMBA’s concerns.


    SB 350 - Central Indiana Regional Development Authority

    Sen. Travis Holdman (R-Markle) 

    Why it matters

    This bill authorizes counties and municipalities within the Indianapolis metropolitan area to establish a Central Indiana Regional Development Authority Pilot that will sunset on July 1, 2025. It requires counties and municipalities that wish to establish the development authority to adopt substantially similar resolutions to adopt a preliminary strategic economic development plan. The bill creates a development authority fund to be established and to be used for purposes of economic development. The IMBA is monitoring the broad powers granted to the board and the financing structure that is currently permitted under the bill.

    Latest action

    The bill was amended in the Senate Tax and Fiscal Committee on Jan. 28. It has moved from second reading to third reading and is currently awaiting a final vote by the Senate.


    SB 395 – Uniform Consumer Credit Code

    Sen. Eric Bassler (R-Washington)

    Why it matters
    This bill originated from recommendations made by the Financial Institutions Study Committee last summer. The IMBA provided suggested changes to the Uniform Consumer Credit Code for purposes of reforming the antiquated uniform law. However, the bill was amended in the Senate Insurance and Financial Institutions Committee with several significant changes. Most notably, the bill still attempts to fix the problematic refundable calculation of the prepaid/origination fee by establishing a flat origination fee / prepaid finance charge of no more than $75 for a consumer loan under $2,000, $150 for a consumer loan between $2,000 and $4,000, and $250 for a consumer loan over $4,000. The bill also raised the state usury rate from 25% to 36% but was amended to keep the rate at 25%. The bill was amended to remove several concerning provisions expressed by the IMBA but still contains several items that are in need of additional work. The IMBA is continuing to work on addressing those issues.

    Latest action
    This bill was heard in the Senate Insurance and Financial Institutions Committee on Jan. 22 and held. The bill was amended in the committee on Jan. 29 with a substantial amendment restructuring a number of provisions in the original draft.


    SB 407 – Consumer Credit Transactions

    Sen. Greg Walker (R-Columbus)

    Why it matters

    The IMBA has concerns with SB 407 as it would require all lenders doing business in Indiana to adhere to the Uniform Consumer Credit Code whether or not they are domiciled in Indiana. Currently, national banks are governed by federal laws specific to consumer loans, and the IMBA is concerned that this bill would have unintended consequences of requiring them to adhere to the UCCC. Additionally, the bill prohibits a lender from assessing the authorized nonrefundable prepaid finance charge on the second or any subsequent refinancing of a consumer loan made to a borrower by the lender. Finally, the bill was amended in committee with language that permitted the DFI to evaluate and ultimately regulate affiliate relationships of Indiana-based banks. The IMBA is concerned about the new burdens this bill places on lenders and is working to address those concerns.

    Latest action

    The bill was heard in the Senate Insurance and Financial Institutions Committee on Jan. 29 but was held due to a number of concerns expressed by the committee members.


    SB 444 – Public Deposits With Credit Unions

    Sen. Chip Perfect (R-Lawrenceburg)

    Why it matters

    The IMBA is opposed to this legislation. A proposal of increasing the cap to 25% was suggested as a possible change to the bill. The IMBA discussed this approach internally and, due to much concern, remains opposed to the legislative proposal.


    Latest action

    The bill was assigned to the Senate Tax and Fiscal Policy Committee and will not receive a hearing.

  • January 28, 2020 2:33 PM | Anonymous member (Administrator)

    STATEHOUSE SUMMARY

    There are only a few days left for committees to consider bills before the committee report deadline. Committee work will conclude for the first half of session on Thursday. For a bill to be eligible for consideration by the General Assembly, it will have to pass committee by this deadline. This week sets up the remainder of session and narrows the scope of legislation that will be eligible for consideration in 2020.


    BILLS TO WATCH

    SB 100 – Nonconforming Structures

    Sen. Blake Doriot (R-Syracuse)

    Why it matters
    The IMBA supports SB 100, which allows a parcel owner to reconstruct, repair, or renovate the nonconforming structure if the reconstruction, repairment, or renovation meets certain requirements. Because of the change in zoning laws, structures must conform to new standards after a casualty loss, which puts both the owner and the lien holder at additional risk.

    Latest action
    The bill passed the Senate by a vote of 47-0 and is now eligible for consideration by the House.


    SB 327 – Reporting of Consumer Loans by Unlicensed Lenders

    Sen. Andy Zay (R-Huntington)

    Why it matters

    The bill requires the reporting of base level consumer loan information to a private reporting agency approved by the Department of Financial Institutions under Chapter 7 (the payday lending section of the code). There is currently only one vendor approved by the department under Chapter 7. The requirement would apply to all lenders, both domiciled in state and out-of-state. Per IMBA conversations about the bill, this is an unintended consequence of the drafting of the bill. The IMBA is concerned about the new burdens this bill places on lenders and is working to address those concerns.

    Latest action

    This bill was heard in the Senate Insurance and Financial Institutions Committee on Jan. 22 and will be heard again Wednesday to consider amendments and for a committee vote.


    SB 395 – Uniform Consumer Credit Code

    Sen. Eric Bassler (R-Washington)

    Why it matters

    This bill originated from recommendations made by the Financial Institutions Study Committee last summer. The IMBA provided suggested changes UCCC for purposes of reforming the antiquated uniform law. The bill incorporates three recommendations from the IMBA. Most notably, the bill attempts to fix the problematic refundable calculation of the prepaid/origination fee. The bill also raises the state usury rate from 25% to 36%. The bill does have several sections that are concerning, and the IMBA Legislative Team is currently working with lawmakers to address those issues.

    Latest action

    This bill was heard in the Senate Insurance and Financial Institutions Committee on Jan. 22 and will be heard again Wednesday to consider amendments and for a committee vote.


    SB 407 – Consumer Credit Transactions

    Sen. Greg Walker (R-Columbus)

    Why it matters

    The IMBA has concerns with SB 407 as it would require all lenders doing business in Indiana to adhere to the Uniform Consumer Credit Code whether or not they are domiciled in Indiana. Currently, national banks are governed by federal laws specific to consumer loans, and the IMBA is concerned that this bill would have unintended consequences of requiring them to adhere to the UCCC. Additionally, the bill prohibits a lender from assessing the authorized nonrefundable prepaid finance charge on the second or any subsequent refinancing of a consumer loan made to a borrower by the lender. The IMBA is concerned about the new burdens this bill places on lenders and is working to address those concerns.

    Latest action

    The bill was assigned to the Senate Insurance and Financial Institutions Committee and is scheduled for a hearing on Jan. 29.


    HB 1109 – Telephone Solicitation and Consumer Credit
    Rep. Matt Lehman (R-Berne)

    Why it matters

    The IMBA supports HB 1109 as this legislation fixes two issues from the passage of last session’s HEA 1123 and HEA 1668. HEA 1123 inadvertently expanded the registration requirement for telephone solicitation to any business in the state of Indiana using the telephone to solicit business. The registration requirement is burdensome and comes with private right of action if not implemented properly. The IMBA sought this clarification to ensure financial institutions are not required to register with the attorney general’s office.

    Additionally, the IMBA worked with lawmakers to amend HB 1109 to fix the issue lenders are dealing with when trying to pull a credit report on a customer and are returned an error message because of misinformation. HEA 1668, which passed in 2019, changed this process and took away the ability from lenders to do their own customer due diligence.

    Latest action

    The bill passed the House by a vote of 95-0 and is now eligible for consideration by the Senate.


    HB 1154 – Septic System Inspection Before Property Transfer
    Rep. Mike Aylesworth (R-Hebron)

    Why it matters

    HB 1154 would require a septic system to be inspected and mitigated to certain standards before a transfer of deed can be executed. The IMBA has concerns with HB 1154 because of the potential for property transfers to be delayed or halted outright because of this additional regulation. Buyers have the option of inspecting septic and well systems currently, should they choose.

    Latest action

    The bill was assigned to the House Environmental Affairs Committee and has not been scheduled for a hearing.

  • January 24, 2020 1:42 PM | Anonymous member (Administrator)

    STATEHOUSE SUMMARY

    The second week of the 2020 Indiana General Assembly has been a busy one. Committee work is in full swing as lawmakers work quickly to schedule hearings and debate bills of importance. The IMBA testified in support of HB 1109 as amended last week in the House Utilities, Energy and Telecommunications Committee. This week brings an abbreviated work week due to session not meeting on Monday in observance of MLK Day. Of note are Financial Institutions Committee hearings in both the House and Senate.


    BILLS TO WATCH

    HB 1109 – Telephone Solicitation and Consumer Credit

    Rep. Matt Lehman (R-Berne)


    Why it matters
    The IMBA supports HB 1109, as this legislation fixes the issue from last session’s passage of HEA 1123. That bill inadvertently expanded the registration requirement for telephone solicitation to any business in the state of Indiana using the telephone to solicit business. The registration requirement is burdensome and comes with private right of action if not implemented properly. The IMBA is seeking a clarification in HB 1109 to ensure financial institutions are not required to register with the attorney general’s office.

    IMBA-Supported Committee Amendment: The IMBA worked with lawmakers to draft an amendment that fixed the issue lenders are dealing with when trying to pull a credit report on a customer and receiving an error message because of misinformation. HEA 1668, which passed in 2019, changed this process and took away lenders’ ability to do their own customer due diligence. The amendment would repeal HEA 1668 and reinstate the process that was working previously. The amendment was adopted in committee and now resides in the bill.

    Latest action
    The bill passed the House Utilities, Energy and Telecommunications Committee as amended 11-0 and is currently eligible for 2nd reading amendments.

    Learn more about HB 1109


    HB 1154 – Septic System Inspection Before Property Transfer

    Rep. Mike Aylesworth (R-Hebron)


    Why it matters
    HB 1154 would require a septic system to be inspected and mitigated to certain standards before a transfer of deed can be executed. The IMBA has concerns with HB 1154 because of the potential for property transfers to be delayed or halted outright because of this additional regulation. Buyers have the option of inspecting septic and well systems currently, should they choose.

    Latest action
    The bill was assigned to the House Environmental Affairs Committee and has not been scheduled for a hearing.

    Learn more about HB 1154


    SB 50 – Various Trust and Probate Issues

    Sen. Aaron Freeman (R-Indianapolis)


    Why it matters
    SB 50 was refined and crafted during the interim study committee process last summer through committee deliberation and testimony from various industries. The IMBA Legislative Team worked to keep out of the bill a harmful forced foreclosure proposal that would require a mortgage holder to file a foreclosure on a property in probate if the heir to the property requested it. SB 50 also includes provisions that amend the legacy trust statute that was passed into law during the 2019 legislative session. The amendments clarify that only the lender that relied upon the assets listed on a financial statement when extending credit are able to proceed against those assets in the event of a default. Other changes include various changes to trust and probate laws concerning proof of title affidavits, small estate affidavits, execution of a trust by a third party, silent trusts and nonjudicial settlements of accounts.

    Latest action
    The bill passed the Senate Judiciary Committee as amended 8-0 and is currently eligible for 2nd reading amendments.

    Learn more about SB 50


    SB 100 – Nonconforming Structures

    Sen. Blake Doriot (R-Syracuse)


    Why it matters
    The IMBA supports SB 100 which allows a parcel owner to reconstruct, repair, or renovate the nonconforming structure if the reconstruction, repair, or renovation meets certain requirements. Because of the change in zoning laws, structures must conform to new standards after a casualty loss which puts both the owner and the lien holder at additional risk.

    Latest action
    The bill passed Senate Local Government Committee as amended by a vote of 10-0 and is currently eligible for 2nd reading amendments.

    Learn more about SB 100

  • January 13, 2020 12:41 PM | Anonymous member (Administrator)

    STATEHOUSE SUMMARY

    The first week of the 2020 Indiana legislative session is in the books! The legislature set the pace in the first week as this short session begins to take shape with the goal of adjourning early, potentially by March 11. With such a short timeline in sight, expect the legislature to move at a hectic pace. Topics that the legislature focused on most last week were education, healthcare and how the state should spend the extra tax revenue that was revealed in the most recent revenue forecast. The list of bills filed for 2020 is growing, and the IMBA Legislative Team continues to review them as they become available. Stay tuned as more bills important to the industry are released this week, to be highlighted in IMBA Insighter.


    BILLS TO WATCH

    HB 1085 – Delinquent Sewer Fees
    Rep. Jim Pressel (R-Rolling Prairie)

    Why it matters

    The IMBA supports HB 1085 which requires notice to the first-lien mortgage holder of a property when sewer fees become 60 days delinquent in order for a sewer lien to be attached. In years past the IMBA asked for notification to the lien holder (current law only requires notifying the owner of a property when sewer fees become 60 days delinquent) when sewer fees become delinquent because of the priority status sewer liens have over first-lien mortgages. This change would allow a lender to intervene when a sewer lien is attached in an effort to keep a property from going to tax sale.

    Latest action

    The bill is scheduled for a hearing in the House Judiciary Committee on Jan. 13.


    HB 1109 – Registration of Telemarketers
    Rep. Matt Lehman (R-Berne)

    Why it matters

    This legislation fixes the issue from the passage of last session’s HEA 1123. That bill inadvertently expanded the registration requirement for telephone solicitation to any business in the state of Indiana using the telephone to solicit business. The registration requirement is burdensome and comes with private right of action if not done properly. The IMBA is seeking a clarification in HB 1109 to ensure financial institutions are not required to register with the attorney general’s office.

    Latest action

    The bill has been assigned to the House Utilities, Energy and Telecommunications Committee and is currently awaiting a hearing.


    HB 1239 – Territorial Application of the UCCC

    Rep. Chris Chyung (D-Dyer)


    Why it matters

    This legislation appears to be aimed at lenders and financial institutions that are located out-of-state, but have a lending presence within Indiana. The legislation is attempting to apply the UCCC and its restrictions to all loans made in Indiana. This would be unconstitutional. The IMBA is opposed to further expansion of the UCCC.

    Latest action

    This bill has been assigned to the House Financial Institutions Committee and has not been scheduled for a hearing.


    SB 50 – Various Trust and Probate Issues

    Sen. Aaron Freeman (R-Indianapolis)

    Why it matters

    SB 50 was refined and crafted during the interim study committee process last summer through committee deliberation and testimony from various industries. The IMBA Legislative Team worked to keep out of the bill a harmful forced foreclosure proposal that would require a mortgage holder to file a foreclosure on a property in probate if the heir to the property requested it. SB 50 also includes provisions that amend the legacy trust statute that was passed into law during the 2019 legislative session. The amendments clarify that only the lender that relied upon the assets listed on a financial statement when extending credit are able to proceed against those assets in the event of a default. Other changes include various changes to trust and probate laws concerning proof of title affidavits, small estate affidavits, execution of a trust by a third party, silent trusts and nonjudicial settlements of accounts.


    Latest action

    The bill was heard in Senate Judiciary committee on Jan. 8 but was held for further amendments.


    SB 100 – Right to Restore or Reconstruct a Dwelling

    Sen. Blake Doriot (R-Syracuse)

    Why it matters

    The bill allows a person to restore or reconstruct a nonconforming residential single family dwelling within the dwelling's existing footprint, if the dwelling: (1) is nonconforming only as to lot size, setbacks, or any other dimensional requirements; (2) is a habitable dwelling assessed as residential property; and (3) has not been condemned.

    Latest action

    The bill was heard in Senate Local Government Committee but was held for further consideration.

  • April 05, 2019 1:14 PM | Anonymous

    STATEHOUSE SUMMARY

     Last week saw significant committee activity, as policymakers worked through bills to meet the looming deadline for all committee work to be completed. Depending on perspective, these final committee work weeks can be problematic or beneficial, as this is the last opportunity for wayward legislative changes to find bills still alive to be amended into. The deadline for committee reports is the coming week. The IMBA Legislative Team continues to scrutinize amendments for concerns, while advocating for bill changes that will positively impact the industry.

     

     BILLS OF IMPORTANCE

    Senate Bill 265 - Various Trust Matters

    Sen. Randy Head, R-Logansport / Rep. Greg Steuerwald, R-Avon

    Summary of legislation: Defines "designated representative," "judicial proceeding" and "non-judicial matter" for purposes of the trust code. Authorizes the establishment of legacy trusts. Prescribes the procedures for establishing a legacy trust and requirements for claims under a legacy trust. Provides that a court shall exercise jurisdiction over a legacy trust or a qualified disposition and adjudicate a case or controversy regarding the legacy trust, if the case or controversy is within the subject matter of the court. Adopts the Uniform Directed Trust Act, which allows for the terms of a trust to grant a person other than a trustee power over some aspect of the trust's administration. Provides that current law regarding the duties and liabilities of a trustee of a trust under the control of a third person applies to directions given to a trustee before July 1, 2019, by a person who has power under the terms of the trust to direct the trustee. Allows for the use of quiet trusts. Provides that an interested person may enter into a binding non-judicial settlement agreement with respect to trust matters. Provides for non-judicial account settlements.

    What you need to know: The IMBA has worked extensively with the authors to amend the bill to provide creditors with protections against trusts that would shield encumbered assets from creditors without notice. The bill to ensure that assets on a financial statement used in securing loans could not be shielded by the trust, and creditors would still have access to them in the event of a default. Notice is also provided to creditors when assets are placed into this self-settled trust.

    Latest action: The bill was heard in the House Judiciary Committee on March 11. The bill was held for potential amend and vote.

     House Bill 1600 - Study Committee on Protection of Senior Citizens

    Rep. Melanie Wright, D-Yorktown / Sen. Tim Lanane, D-Anderson

    Summary of Legislation: The bill urges the Legislative Council to assign to an appropriate interim study committee the task of studying certain issues concerning elder care.

    What you need to know: The IMBA has been monitoring the progress of the legislation. If the bill becomes law, the IMBA will monitor and potentially engage in the summer study committee, dependent on the direction of the discussion.

    Latest action: The bill passed the Senate 47-0 and now awaits signature by the governor.

     House Bill 1588 - Insurance Matters

    Rep. Martin Carbaugh, R-Fort Wayne / Sen. Eric Bassler, R-Washington

    Summary of Legislation: This bill has the following provisions: (1) Provides for cessation of the Political Subdivision Risk Management Commission, the Political Subdivision Risk Management Fund, and the Political Subdivision Catastrophic Liability Fund. (2) Repeals the law providing for availability of high-risk property coverage under the federal Urban Property Protection and Reinsurance Act of 1968. (3) Exempts flood insurance policies from the kinds of policies under which mine subsidence coverage must be made available. (4) Repeals the law concerning the small employer voluntary reinsurance program. (5) Urges the Legislative Council to assign to an interim study committee during the 2019 interim of the General Assembly the study of insurance data security.

    What you need to know: The title industry is attempting to amend language into HB 1588 that provides immunity against negligence or omission for any error made outside the contract for the title search or title policy.

    Latest action: The bill was heard in the Senate Insurance and Financial Institutions Committee last week and is rescheduled for an amendment and vote this week.

     

  • March 26, 2019 8:19 AM | Anonymous

    STATEHOUSE SUMMARY

     With the official transition from winter into spring, the Indiana General Assembly continues to work through the 2019 legislative session. With just over a month of session remaining and a few more weeks of committee meetings, the bills that have not yet been heard in the second half of session must be heard soon, or will fail to pass this year.

     There was recent legislative action on a few bills the IMBA Legislative Team has been working on since January, as indicated below:

      

     BILLS OF IMPORTANCE

     House Bill 1123 - Telephone Solicitation

    Rep. Jeff Ellington, R-Bloomington / Sen. Randy Head, R-Logansport

     Summary of legislation: This bill has the following provisions:

    Executive Officer: The bill defines "executive officer" for purposes of the telephone solicitation law. The bill also provides that an executive officer of a person that violates the telephone solicitation law commits a separate deceptive act actionable by the Consumer Protection Division.

     Rule Making: The bill requires the Consumer Protection Division of the Office of the Attorney General to amend its rules to allow businesses to be included in the quarterly listing of telephone numbers of persons that request not to be solicited by telephone.

    Expansion of Telephone Solicitation Fund: The bill also allows the division to use the Telephone Solicitation Fund to: (1) administer the statutes concerning: (A) the registration of telephone solicitors; and (B) the regulation of automatic dialing machines; and (2) reimburse county prosecutors for expenses incurred in extraditing violators of these and other state and federal statutes concerning telephone solicitations. (Current law provides that the fund may only be used to administer: the state's "do not call" statute; the federal statute concerning restrictions on the use of telephone equipment; and the state statute concerning misleading or inaccurate caller identification.)

    What you need know: The IMBA worked with the author to amend the legislation in the House to provide an exemption for existing customer relationships of financial institutions from the Do Not Call statute. This exemption will allow financial institutions to call existing customers to offer products better suited for their needs. The IMBA SUPPORTS the exemption language in the bill.

    Latest action: The bill passed the Senate Utilities Committee on March 21 by a vote of 10-0 and is now eligible for second reading amendments.

      

    House Bill 1347 - Municipally Owned Utilities

    Rep. Woody Burton, R-Whiteland / Sen. Jack Sandlin, R-Indianapolis

     Summary of legislation: The bill provides that all rates, charges, and other fees for services rendered by a municipally owned utility to property occupied by someone other than the owner are payable by the person occupying the property if the account or other customer or billing records maintained by the utility for the property indicate that: (1) the property is occupied by someone other than the owner; and (2) the person occupying the property is responsible for paying the rates, charges, and fees. Provides that rates, charges, and fees assessed by a municipally owned utility with respect to property occupied by someone other than the owner do not constitute a lien against the property. Specifies that these provisions do not: (1) prohibit a municipal legislative body from imposing any requirement to: (a) ensure payment by; or (b) the creditworthiness of; the person occupying the property; or (2) abrogate or limit the authority of the owner of a multi-unit building to engage in electrical submetering. Establishes a process for establishing a policy review committee (committee) for a municipally owned utility that has properly withdrawn from the jurisdiction of the utility regulatory commission. Provides that a committee may be established if a specified number of the registered voters of the municipality file a petition with the utility's board. Provides that the petition must set forth procedures by which the committee is authorized to do the following: (1) Receive complaints from customers concerning the utility's rules and policies, rates and charges, and service quality. (2) Attempt to negotiate a resolution with the utility's board with respect to complaints received. (3) Seek mediation to be overseen by the office of the attorney general with respect to complaints that are not resolved through negotiations. Authorizes the attorney general to adopt rules to implement these provisions.

    What you need to know: The IMBA is supportive of the legislation and the language prohibiting liens on non-owner occupied property by a municipally owned utility. Local governments continue to seek priority lien status for various services, following the same structure that already exists for priority sewer liens. The bill was amended in the House to require municipalities to notify lienholders of sewer bill delinquencies after 60 days, or municipalities would not be able to attached sewer liens on the properties.

    Latest action: The bill passed the Senate Utilities Committee on March 21 by a vote of 8-2 and is now eligible for second reading amendments.

     

    Senate Bill 380 - Supported Decision-Making

    Sen. Eric Koch, R-Bedford / Rep. Wendy McNamara, R-Evansville

     Summary of legislation: This bill requires that a person who files a petition for the appointment of a guardian for an incapacitated person or minor must inform the court what less-restrictive alternatives were considered or implemented and, if less restrictive alternatives were not considered or implemented, the reason for the failure to consider or implement less-restrictive alternatives. It also provides for the use of supported decision-making agreements for adults who need support and accommodations in making, communicating and effectuating decisions.

     What you need to know: The IMBA worked with lawmakers to amend the bill in the Senate to ensure that a person who serves as a supported decision-maker will not have access to the financial records of an individual without prior authorization.

     Latest action: The bill passed the House Judiciary Committee on March 18 by a vote of 12-0 and is now eligible for second reading amendments.

     

  • March 06, 2019 11:45 AM | Anonymous

    STATEHOUSE SUMMARY

    The Indiana General Assembly reached its halfway point early last week. The House finished all first-half legislative work on Monday, while the Senate finished its first-half work by Tuesday evening. Of the 1,349 bills that were filed by both the House and Senate combined, 213 Senate bills and 196 House bills survive, having received affirmative third reading votes. These bills now move from to the opposite chamber for review, debate and possible alteration. House and Senate committees have over five weeks to hear bills that have been sent to their respective committees from the chamber of origin.

    The IMBA Legislative Team worked to ensure that several bills did not receive committee hearings, due to concerns with the approach of the legislation. The IMBA also worked to amend multiple bills during the first half of session, ensuring that they were in acceptable condition if they were to move through the legislative process. Many of those bills are still alive. In addition, there are several bills/language the IMBA is supporting, including bills that: change the current installment rule under the Uniform Consumer Credit Code; change the Do Not Call list; and address municipal utility lien issues, among other topics.

    The following summary highlights recent notable changes to several bills the IMBA is following through the process.

      BILLS OF IMPORTANCE

    Senate Bill 104 - Small Loan Finance Charges

    Author: Sen. Greg Walker, R-Columbus

     Summary: Changes the current incremental finance charge limits that apply to a small loan to a maximum annual rate. Prohibits making, or taking other actions with respect to, a small loan with a greater rate or amount of interest, or other fees and charges, than allowed under the statute governing small loans. Prohibits a credit services organization from providing certain functions with respect to a small loan and makes a violation a deceptive act.

     What you need to know: The bill would have placed an APR cap of 36% on the small dollar loan (payday) product allowable under the Uniform Consumer Credit Code, which would effectively drive the payday lending product from the Indiana market.

    Latest action: The bill failed to pass the Senate by a vote of 22-27.

     Senate Bill 613 - Installment Small Loans

    Author: Sen. Andy Zay, R-Huntington

     Summary: Makes the following changes to the Uniform Consumer Credit Code (UCCC): (1) Repeals a provision specifying a reference base index for use by the Department of Financial Institutions (department) in adjusting specified dollar amounts designated as subject to change throughout the UCCC. (2) Replaces: (A) the tiered credit service charge authorized for consumer credit sales; and (B) the 25% loan finance charge authorized for consumer loans; with a flat charge of 36% per year on the unpaid balances. (3) Increases the: (A) minimum credit service charge for consumer credit sales; and (B) minimum loan finance charge for consumer loans; from $30 (subject to indexing) to $50 (not subject to indexing). (4) Eliminates indexing of the authorized $5 delinquency charge for consumer credit sales and consumer loans. (5) Provides that a seller in a consumer credit sale may take a security interest in goods sold if the debt secured is at least $1,500 (not subject to indexing), versus $300 (subject to indexing) in current law. (6) Changes the authorized nonrefundable prepaid finance charge for consumer loans not secured by an interest in land from $50 to $150. (7) Provides that if a consumer loan is paid in full by a new loan from the same lender: (A) less than 61 days (versus three months under current law) after the date of the prior loan, the lender may not charge a new nonrefundable prepaid finance charge; or (B) more than 60 days after the date of the prior loan, the lender may charge a new $150 prepaid finance charge. (8) Specifies that the prohibition in current law against a lender assessing more than two nonrefundable prepaid finance charges to the same debtor applies if the new loans are used to pay a previous loan from the lender. (9) Repeals: (A) the definition of "supervised loan"; and (B) the provision establishing the authorized loan finance charge for supervised loans. Makes conforming amendments throughout the UCCC and the Indiana Code. (10) Provides that for a consumer loan: (A) with a loan finance charge greater than 25%; and (B) in which the principal is $4,000 or less (not subject to indexing); a lender may not contract for an interest in land as security. (Current law prohibits a lender from contracting for an interest in land as security if the loan principal is $4,000 or less (subject to indexing) without regard to the loan's finance charge.) (11) Provides that consumer loans having a loan finance charge exceeding 25% and in which the principal is $4,000 or less are payable over a period of not more than: (A) 37 months if the principal is more than $1,100 (versus $300, subject to indexing, in current law) but not more than $4,000; or (B) 25 months if the principal is $1,100 (versus $300, subject to indexing, in current law) or less. (Current law specifies these maximum loan terms for loans with a principal amount of $4,000 or less (subject to indexing) without regard to the loan's finance charge.) (12) Provides that a creditor in a consumer loan transaction may not contract for or receive a separate charge for property casualty insurance unless the amount financed exclusive of charges for the insurance is at least $1,000 (versus $300, subject to indexing, in current law), and the value of the property is at least $1,000 (versus $300, subject to indexing, in current law). Authorizes a lender that is licensed by the department to make small loans under the UCCC to make unsecured consumer installment loans under the same license. Defines an "unsecured consumer installment loan" as a loan: (1) with a principal amount that is: (A) more than $605 and not more than $1,500; and (B) payable in three or more substantially equal periodic payments; and (2) in which the lender holds one or more checks of the borrower for a specific period, or is authorized to debit the borrower's account on one or more occasions for a specific period, before the lender deposits the check or debits the account. Requires that the loan term for an unsecured consumer installment loan be at least six months but not more than 12 months. Provides for the following with respect to unsecured consumer installment loans: (1) An authorized finance charge and monthly maintenance fee. (2) An annual fee assessed on lenders of $1,000 per license and $1,000 per Indiana branch location, for financial education programs. Prohibits: (1) the renewal of an unsecured consumer installment loan; and (2) a borrower from having: (A) a small loan and an unsecured consumer installment loan; or (B) more than one unsecured consumer installment loan; outstanding at the same time. Establishes requirements for the licensure and conduct of persons issuing small dollar loans. Defines "small dollar loan" as a loan with a maximum loan amount of $4,000 and a term of at least 180 days. Provides that with respect to a small dollar loan, a lender may contract for a loan finance charge of not more than 99%. Specifies that a "rate," for purposes of the loan-sharking statute, includes a nonrefundable prepaid finance charge.

     What you need to know: The bill makes significant changes to UCCC related to the payday lending industry and general consumer finance related matters. SB 613 was amended in the Senate Commerce and Technology Committee to include the full bill version of SB 587. This new broad consumer finance bill includes: language that creates a new payday lending product; language that eliminates the tiered interest rate calculation applying a flat 36%; and language that increases origination fees to $150 on consumer loans under the broader UCCC, among other changes. The IMBA is monitoring the bill closely.

    Latest action: The bill passed the Senate by a vote of 26-23.

     House Bill 1495 - Real Estate Land Contracts

    Author: Rep. Vanessa Summers, D-Indianapolis

    Summary of legislation: This bill defines "principal dwelling land contract" (contract) as a land contract for the sale of real property: (1) designed for the occupancy of one to four families; and (2) that will be occupied by the buyer as the buyer's principal dwelling. The bill provides that the seller under a contract must provide the buyer with an FHA appraisal of the property, a description of any liens encumbering the property, and make certain other disclosures to the buyer at least 10 days before the contract is executed. It requires a contract to provide for the payment of preexisting liens, and specifies that all preexisting liens must be satisfied by the end of the contract term. The bill also prohibits penalties or additional charges for prepayment, and requires the buyer to record the contract within 30 days of execution. This bill requires the Indiana Real Estate Commission (commission), in consultation with the Department of Financial Institutions (DFI), to adopt a standard contract form and standard disclosure forms, and requires a seller to use these forms after December 31, 2019. It requires a contract to include a notice informing the buyer of certain protections for contract transactions under Indiana law, and requires a seller to provide a similar disclosure in the event of a default by the buyer. The bill specifies that the seller must provide the buyer with an annual statement of account. It establishes remedies for violations. The bill requires the commission, in consultation with the DFI, to adopt rules to implement the new provisions. The bill also provides that a buyer who has completed the buyer's obligations under the contract is entitled to the homestead deduction regardless of whether the seller has conveyed title.

    What you need to know: The IMBA was concerned about the unintended impact on lenders with this legislation. The IMBA sought an amendment to exempt financial institutions from the application of the bill. The amendment was adopted in committee.

    Latest action: The bill passed the House by a vote of 82-14.

  • February 28, 2019 1:05 PM | Anonymous

    STATEHOUSE SUMMARY

    With only a few days left before the official halfway point of the 2019 legislative session, all bills that would be eligible to be considered for the second half of session needed to pass on third reading in their chambers of origin by last Tuesday. This week of session marks a pivotal one for interested parties at the Statehouse.

    The IMBA legislative team will be closely monitoring a couple of key pieces of legislation this week, with sights set toward the second half of session. Following are some notable bills:

    BILLS OF IMPORTANCE

    House Bill 1055 - Liens

    Rep. Jerry Torr, R-Carmel

    Summary of legislation: 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. Provides that the filing or deposit of a bond discharges the liability of a person served by a lien claimant not less than 30 days after the filing or deposit of a bond. Provides that a contractor or subcontractor may adjudicate the adequacy of a bond in certain instances. Provides that the liability of a person served by a lien claimant may not be discharged while the adequacy of a bond is being adjudicated. 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 feasibility 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.

    What you need to know: The bill as proposed at the beginning of session made some significant changes to the way judgment liens were recorded, which the IMBA opposed. The amended bill sends the topic of judgement liens to a summer study committee to study further changes to statutes governing judgment liens. The IMBA supports a study of the matter rather than the original language in the bill.HB 1055 also puts into place a new mechanism for discharging a mechanic's lien.

    Latest action: The bill passed the House Judiciary Committee by a vote of 10-0 and now awaits a vote by the entire House on third reading.

     

    House Bill 1137 - Credit Services Organizations

    Rep. Woody Burton, R-Whiteland

    Summary of legislation: 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.

    What you need to know: This bill is identical to a bill from last year's session that died in the House. The original version of the bill had removed existing exemptions for lenders related to compliance with this statute. The IMBA worked to reinstate the exemptions removed in last year's legislation. The bill was heard in committee a second time last week and amended to add language to the deceptive acts list that requires credit services organizations to include their contact information on all communications to various parties.

    Latest action: The bill passed the House Financial Institutions Committee by a vote of 5-4 and now awaits a vote by the full House on third reading.

     

    House Bill 1625 - Housing Cost Information

    Rep. Edward Clere, R-New Albany

    Summary of legislation: Amends the statute concerning state rulemaking procedures to provide that if a state agency intends to adopt a rule that may increase or decrease the costs of housing in Indiana, the agency shall prepare a housing impact analysis (analysis) for the rule. Provides that: (1) the full text of the analysis must be published in the Indiana Register; and (2) the rule must be referenced in the required newspaper notice of the rule; under state rulemaking procedures. Requires a county or a municipality to prepare an analysis if a proposed regulation may increase or decrease the cost of housing in the county or municipality. Requires the analysis to be submitted to the members of the legislative body not less than 30 days before the legislative body considers the regulation. Sets forth the required information for an analysis prepared by a state agency or by a county or municipality. Requires the Indiana housing and community development authority (authority) to prepare a comprehensive five-year state housing strategy plan (plan). Sets forth required elements of the plan. Requires the authority to: (1) annually update the plan; and (2) submit the plan to the governor and the legislative council before October 1 of each year. Requires a municipality to annually prepare a housing fee report. Requires the municipality to post the report on the municipality's internet website (or on the county's internet website if the municipality does not maintain an internet website). Provides that a municipality may not impose any housing related fee that is not: (1) included in the fee report; or (2) posted on internet website the municipality's internet website.

    What you need to know:The IMBA amended the bill to remove the requirement for local units to determine how financial considerations, such as interest rates and loan principal, might be impacted by local ordinances, since local units of government are not equipped to decide these issues.

    Latest action: The bill passed the House by a vote of 52-47.

     

    House Bill 1495 - Principal Dwelling Land Contracts

    Rep. Vanessa Summers, D-Indianapolis

    Summary of legislation: Principal dwelling land contracts. Defines "principal dwelling land contract" (contract) as a land contract for the sale of real property: (1) designed for the occupancy of one to four families; and (2) that is or will be occupied by the buyer as the buyer's principal dwelling. Provides that the seller under a contract must provide the buyer with the following at least 10 days before the contract is executed: (1) An FHA appraisal of the property. (2) A record of any liens encumbering the property. (3) A residential real estate disclosure form. (4) A lead-based paint disclosure form for real property constructed before 1978. (5) The annual percentage rate of the contract as determined under the federal Truth in Lending Act. (6) A statement of the buyer's potential legal rights. Sets forth disclosures that must be included in a contract. Requires all preexisting liens on the property to be satisfied by the seller by the end of the contract term. Provides that a contract must permit a buyer to pay the balance owed and receive the deed at any time. Prohibits prepayment penalties or additional charges for an early payoff. Provides a three-day cancellation period for both the buyer and seller. Requires the seller to record the contract within 30 days of execution. Allows the seller and the buyer to transfer their respective interests in the contract to other parties, subject to certain conditions. Requires the seller to provide the buyer with an annual

    What you need to know: The IMBA amended the bill to ensure that these new regulations for land contracts aimed at the "rent to own" industry did not place additional burdens on the banking industry to the extent that they provide land contracts.

    Latest action:

    The bill passed the House Financial Institutions Committee by a vote of 8-0 and will now be considered by the entire House.

     

    Senate Bill 265 - Various Trust Matters

    Sen. Randall Head, R-Logansport

    Summary of legislation: Defines "designated representative," "judicial proceeding" and "nonjudicial matter" for purposes of the trust code. Authorizes the establishment of legacy trusts. Prescribes the procedures for establishing a legacy trust and requirements for claims under a legacy trust. Provides that a court shall exercise jurisdiction over a legacy trust or a qualified disposition and adjudicate a case or controversy regarding the legacy trust, if the case or controversy is within the subject matter of the court. Adopts the Uniform Directed Trust Act, which allows for the terms of a trust to grant a person other than a trustee power over some aspect of the trust's administration. Provides that current law regarding the duties and liabilities of a trustee of a trust under the control of a third person applies to directions given to a trustee before July 1, 2019, by a person who has power under the terms of the trust to direct the trustee. Allows for the use of quiet trusts. Provides that an interested person may enter into a binding nonjudicial settlement agreement with respect to trust matters. Provides for nonjudicial account settlements.

    What you need to know: The IMBA has worked extensively with Sen. Head to amend the bill to provide creditors with protections against trusts that would shield encumbered assets from creditors without notice. The bill ensures that assets on a financial statement used in securing loans could not be shielded by the trust, and creditors would still have access to them in the event of a default. Notice is also provided to creditors when assets are placed into this self-settled trust.

    Latest action: SB 265 passed out of Senate Judiciary Committee by a vote of 6-4 and now will be considered by the full Senate.

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