LEGISLATIVE SERVICES AGENCY
OFFICE OF FISCAL AND MANAGEMENT ANALYSIS
200 W. Washington St., Suite 301
Indianapolis, IN 46204
(317) 233-0696
iga.in.gov
FISCAL IMPACT STATEMENT
LS 6371 NOTE PREPARED: Mar 1, 2024
BILL NUMBER: SB 220 BILL AMENDED: Jan 18, 2024
SUBJECT: Financial Institutions and Consumer Credit.
FIRST AUTHOR: Sen. Bassler BILL STATUS: Enrolled
FIRST SPONSOR: Rep. Speedy
FUNDS AFFECTED: GENERAL IMPACT: State
XDEDICATED
FEDERAL
Summary of Legislation: This bill provides that a reference to federal law in: (1) the first lien mortgage
lending act; (2) the Uniform Consumer Credit Code; or (3) the Indiana Code title governing financial
institutions; is a reference to the law as in effect December 31, 2023 (rather than December 31, 2022, under
current law).
The bill amends Indiana Code provisions concerning accounting practices for credit unions to reflect a new
accounting standard that replaces the allowance for loan and lease losses accounting methodology with the
allowance for credit losses methodology, as required by the Financial Accounting Standards Board.
The bill also establishes a new chapter in the Indiana Code article containing general provisions with respect
to financial institutions to require corporations (defined as certain financial institutions organized or
reorganized under Indiana law) to notify the director of the Department of Financial Institutions of a
reportable cyber incident or notification in accordance with the same procedures required by the corporation's
federal supervisory authority or federal insurer.
Effective Date: July 1, 2024.
Explanation of State Expenditures: The Department of Financial Institutions (DFI) would see a short term
increase in workload to amend some internal regulatory processes. In addition, the DFI’s director would
receive notifications from corporations via email, telephone, or other method if there is a security breach.
The bill’s requirements are within the agency’s routine administrative functions and should be able to be
implemented with no additional appropriations, assuming near customary agency staffing and resource levels.
SB 220 1 Explanation of State Revenues:
Explanation of Local Expenditures:
Explanation of Local Revenues:
State Agencies Affected: Department of Financial Institutions.
Local Agencies Affected:
Information Sources:
Fiscal Analyst: Nate Bodnar, 317-234-9476.
SB 220 2