First Regular Session of the 124th General Assembly (2025)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional
provision adopted), the text of the new provision will appear in this style type. Also, the
word NEW will appear in that style type in the introductory clause of each SECTION that adds
a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
between statutes enacted by the 2024 Regular Session of the General Assembly.
SENATE ENROLLED ACT No. 464
AN ACT to amend the Indiana Code concerning financial
institutions.
Be it enacted by the General Assembly of the State of Indiana:
SECTION 1. IC 24-4.4-1-102, AS AMENDED BY P.L.30-2024,
SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 102. (1) This article shall be liberally construed
and applied to promote its underlying purposes and policies.
(2) The underlying purposes and policies of this article are:
(a) to permit and encourage the development of fair and
economically sound first lien mortgage lending practices; and
(b) to conform the regulation of first lien mortgage lending
practices to applicable state and federal laws, rules, regulations,
policies, and guidance.
(3) A reference to a requirement imposed by this article includes
reference to a related rule of the department adopted under this article.
(4) A reference to a federal law in this article is a reference to the
law as in effect December 31, 2023. 2024.
SECTION 2. IC 24-4.5-1-102, AS AMENDED BY P.L.30-2024,
SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 102. (1) This article shall be liberally construed
and applied to promote its underlying purposes and policies.
(2) The underlying purposes and policies of this article are:
(a) to simplify, clarify, and modernize the law governing retail
installment sales, consumer credit, small loans, and usury;
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(b) to provide rate ceilings to assure an adequate supply of credit
to consumers;
(c) to further consumer understanding of the terms of credit
transactions and to foster competition among suppliers of
consumer credit so that consumers may obtain credit at
reasonable cost;
(d) to protect consumer buyers, lessees, and borrowers against
unfair practices by some suppliers of consumer credit, having due
regard for the interests of legitimate and scrupulous creditors;
(e) to permit and encourage the development of fair and
economically sound consumer credit practices;
(f) to conform the regulation of consumer credit transactions to
the policies of the Consumer Credit Protection Act (15 U.S.C.
1601 et seq.) and to applicable state and federal laws, rules,
regulations, policies, and guidance; and
(g) to make uniform the law, including administrative rules,
among the various jurisdictions.
(3) A reference to a requirement imposed by this article includes
reference to a related rule or guidance of the department adopted
pursuant to this article.
(4) A reference to a federal law in this article is a reference to the
law as in effect December 31, 2023. 2024.
(5) This article applies to a transaction if the director determines
that the transaction:
(a) is in substance a disguised consumer credit transaction; or
(b) involves the application of subterfuge for the purpose of
avoiding this article.
A determination by the director under this subsection must be in
writing and shall be delivered to all parties to the transaction.
IC 4-21.5-3 applies to a determination made under this subsection.
(6) The authority of this article remains in effect, whether a licensee,
an individual, or a person subject to this article acts or claims to act
under any licensing or registration law of this state, or claims to act
without such authority.
(7) A violation of a state or federal law, regulation, or rule
applicable to consumer credit transactions is a violation of this article.
(8) The department may enforce penalty provisions set forth in 15
U.S.C. 1640 for violations of disclosure requirements applicable to
mortgage transactions.
SECTION 3. IC 24-4.5-3-107, AS AMENDED BY P.L.145-2008,
SECTION 25, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 107. Definitions: "Lender"; "Precomputed";
SEA 464 — CC 2 3
"Principal" ) (1) Except as otherwise provided, "lender" means a
person regularly engaged in making consumer loans. The term includes
an assignee of the lender's right to payment but use of the term does not
in itself impose on an assignee any obligation of the lender with respect
to events occurring before the assignment.
(2) A loan, refinancing, or consolidation is "precomputed" if the
debt is expressed as a sum comprising the principal and the amount of
the loan finance charge computed in advance.
(3) "Principal" of a loan means the total of:
(a) the net amount paid to, receivable by, or paid or payable for
the account of the debtor;
(b) the amount of any discount excluded from the loan finance
charge (subsection (2) of IC 24-4.5-3-109); and
(c) to the extent that payment is deferred:
(i) amounts actually paid or to be paid by the lender for
registration, certificate of title, or license fees if not included
in (a); and
(ii) additional charges permitted by this chapter (IC
24-4.5-3-202).
The term does not include any loan proceeds held as security for
the loan.
SECTION 4. IC 24-4.5-3-209, AS AMENDED BY P.L.85-2020,
SECTION 14, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 209. Right to Prepay - (1) Subject to the
provisions on rebate upon prepayment (section 210 of this chapter), the
debtor may prepay in full the unpaid balance of a consumer loan,
refinancing, or consolidation at any time without penalty. With respect
to a consumer loan that is primarily secured by an interest in land, a
lender may contract for a penalty for prepayment of the loan in full, not
to exceed two percent (2%) of any amount prepaid within sixty (60)
days of the date of the prepayment in full, after deducting all refunds
and rebates as of the date of the prepayment. However, the penalty may
not be imposed:
(a) if the loan is refinanced or consolidated with the same
creditor;
(b) for prepayment by proceeds of any insurance or acceleration
after default; or
(c) after three (3) years from the contract date.
For purposes of this section, the collection of the amount of any
conditionally waived closing costs (as allowed under section 202(d) of
this chapter) by a creditor, as stipulated in the loan agreement, at the
time of prepayment in full does not constitute a prepayment penalty
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and is not subject to the limitations set forth in this subsection.
(2) At the time of prepayment of a consumer loan not subject to the
provisions of rebate upon prepayment (section 210 of this chapter), the
total finance charge, including the prepaid finance charge but
excluding the nonrefundable prepaid finance charge allowed under
section 201(9) or section 508(8) of this chapter, as applicable, may
not exceed the maximum charge allowed under this chapter for the
period the loan was in effect. For the purposes of determining
compliance with this subsection, the total finance charge does not
include the following:
(a) The nonrefundable prepaid finance charge allowed under
section 201(9) or section 508(8) of this chapter, as applicable.
(b) The debtor paid mortgage broker fee, if any, paid to a person
who does not control, is not controlled by, or is not under
common control with, the creditor holding the loan at the time a
consumer loan is prepaid.
(3) The creditor or mortgage servicer shall provide, in writing, an
accurate payoff amount for the consumer loan to the debtor within
seven (7) business days (excluding legal public holidays, Saturdays,
and Sundays) after the creditor or mortgage servicer receives the
debtor's written request for the accurate consumer loan payoff amount.
A payoff statement provided by a creditor or mortgage servicer under
this subsection must show the date the statement was prepared and
itemize the unpaid principal balance and each fee, charge, or other sum
included within the payoff amount. A creditor or mortgage servicer
who fails to provide the accurate consumer loan payoff amount is liable
for:
(a) one hundred dollars ($100) if an accurate consumer loan
payoff amount is not provided by the creditor or mortgage
servicer within seven (7) business days (excluding legal public
holidays, Saturdays, and Sundays) after the creditor or mortgage
servicer receives the debtor's first written request; and
(b) the greater of:
(i) one hundred dollars ($100); or
(ii) the loan finance charge that accrues on the loan from the
date the creditor or mortgage servicer receives the first written
request until the date on which the accurate consumer loan
payoff amount is provided;
if an accurate consumer loan payoff amount is not provided by the
creditor or mortgage servicer within seven (7) business days
(excluding legal public holidays, Saturdays, and Sundays) after
the creditor or mortgage servicer receives the debtor's second
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written request, and the creditor or mortgage servicer failed to
comply with subdivision (a).
A liability under this subsection is an excess charge under
IC 24-4.5-5-202.
(4) As used in this subsection, "mortgage transaction" means a
consumer loan in which a mortgage or a land contract (or another
consensual security interest equivalent to a mortgage or a land contract)
that constitutes a lien is created or retained against land upon which
there is constructed or intended to be constructed a dwelling that is or
will be used by the debtor primarily for personal, family, or household
purposes. This subsection applies to a mortgage transaction with
respect to which any installment or minimum payment due is
delinquent for at least sixty (60) days. The creditor, servicer, or the
creditor's agent shall acknowledge a written offer made in connection
with a proposed short sale not later than five (5) business days
(excluding legal public holidays, Saturdays, and Sundays) after the date
of the offer if the offer complies with the requirements for a qualified
written request set forth in 12 U.S.C. 2605(e)(1)(B). The creditor,
servicer, or creditor's agent is required to acknowledge a written offer
made in connection with a proposed short sale from a third party acting
on behalf of the debtor only if the debtor has provided written
authorization for the creditor, servicer, or creditor's agent to do so. Not
later than thirty (30) business days (excluding legal public holidays,
Saturdays, and Sundays) after receipt of an offer under this subsection,
the creditor, servicer, or creditor's agent shall respond to the offer with
an acceptance or a rejection of the offer. The thirty (30) day period
described in this subsection may be extended for not more than fifteen
(15) business days (excluding legal public holidays, Saturdays, and
Sundays) if, before the end of the thirty (30) day period, the creditor,
the servicer, or the creditor's agent notifies the debtor of the extension
and the reason the extension is needed. Payment accepted by a creditor,
servicer, or creditor's agent in connection with a short sale constitutes
payment in full satisfaction of the mortgage transaction unless the
creditor, servicer, or creditor's agent obtains:
(a) the following statement: "The debtor remains liable for any
amount still owed under the mortgage transaction."; or
(b) a statement substantially similar to the statement set forth in
subdivision (a);
acknowledged by the initials or signature of the debtor, on or before the
date on which the short sale payment is accepted. As used in this
subsection, "short sale" means a transaction in which the property that
is the subject of a mortgage transaction is sold for an amount that is
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less than the amount of the debtor's outstanding obligation under the
mortgage transaction. A creditor or mortgage servicer that fails to
respond to an offer within the time prescribed by this subsection is
liable in accordance with 12 U.S.C. 2605(f) in any action brought
under that section.
(5) This section is not intended to provide the owner of real estate
subject to the issuance of process under a judgment or decree of
foreclosure any protection or defense against a deficiency judgment for
purposes of the borrower protections from liability that must be
disclosed under 12 CFR 1026.38(p)(3) on the form required by 12 CFR
1026.38 ("Closing Disclosures" form under the Amendments to the
2013 Integrated Mortgage Disclosures Rule Under the Real Estate
Settlement Procedures Act (Regulation X) and the Truth In Lending
Act (Regulation Z) and the 2013 Loan Originator Rule Under the Truth
in Lending Act (Regulation Z)).
SECTION 5. IC 24-5-0.5-2, AS AMENDED BY P.L.280-2019,
SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 2. (a) As used in this chapter:
(1) "Consumer transaction" means a sale, lease, assignment,
award by chance, or other disposition of an item of personal
property, real property, a service, or an intangible, except
securities and policies or contracts of insurance issued by
corporations authorized to transact an insurance business under
the laws of the state of Indiana, with or without an extension of
credit, to a person for purposes that are primarily personal,
familial, charitable, agricultural, or household, or a solicitation to
supply any of these things. However, the term includes the
following:
(A) A transfer of structured settlement payment rights under
IC 34-50-2.
(B) An unsolicited advertisement sent to a person by telephone
facsimile machine offering a sale, lease, assignment, award by
chance, or other disposition of an item of personal property,
real property, a service, or an intangible.
(C) The collection of or attempt to collect a debt by a debt
collector.
(D) The provision of a product or service to a:
(i) state law enforcement agency; or
(ii) local law enforcement agency;
in Indiana.
(2) "Person" means an individual, corporation, the state of Indiana
or its subdivisions or agencies, business trust, estate, trust,
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partnership, association, nonprofit corporation or organization, or
cooperative or any other legal entity.
(3) "Supplier" means the following:
(A) A seller, lessor, assignor, or other person who regularly
engages in or solicits consumer transactions, including
soliciting a consumer transaction by using a telephone
facsimile machine to transmit an unsolicited advertisement.
The term includes a manufacturer, a wholesaler, or a retailer,
or, in a consumer transaction described in subdivision
(1)(D), an entity that provides a product or service to a
state law enforcement agency or local law enforcement
agency in Indiana, whether or not the person deals directly
with the consumer.
(B) A debt collector.
(4) "Subject of a consumer transaction" means the personal
property, real property, services, or intangibles offered or
furnished in a consumer transaction.
(5) "Cure" as applied to a deceptive act, means either:
(A) to offer in writing to adjust or modify the consumer
transaction to which the act relates to conform to the
reasonable expectations of the consumer generated by such
deceptive act and to perform such offer if accepted by the
consumer; or
(B) to offer in writing to rescind such consumer transaction
and to perform such offer if accepted by the consumer.
The term includes an offer in writing of one (1) or more items of
value, including monetary compensation, that the supplier
delivers to a consumer or a representative of the consumer if
accepted by the consumer.
(6) "Offer to cure" as applied to a deceptive act is a cure that:
(A) is reasonably calculated to remedy a loss claimed by the
consumer; and
(B) includes a minimum additional amount that is the greater
of:
(i) ten percent (10%) of the value of the remedy under
clause (A), but not more than four thousand dollars
($4,000); or
(ii) five hundred dollars ($500);
as compensation for attorney's fees, expenses, and other costs
that a consumer may incur in relation to the deceptive act.
(7) "Uncured deceptive act" means a deceptive act:
(A) with respect to which a consumer who has been damaged
SEA 464 — CC 2 8
by such act has given notice to the supplier under section 5(a)
of this chapter; and
(B) either:
(i) no offer to cure has been made to such consumer within
thirty (30) days after such notice; or
(ii) the act has not been cured as to such consumer within a
reasonable time after the consumer's acceptance of the offer
to cure.
(8) "Incurable deceptive act" means a deceptive act done by a
supplier as part of a scheme, artifice, or device with intent to
defraud or mislead. The term includes a failure of a transferee of
structured settlement payment rights to timely provide a true and
complete disclosure statement to a payee as provided under
IC 34-50-2 in connection with a direct or indirect transfer of
structured settlement payment rights.
(9) "Senior consumer" means an individual who is at least sixty
(60) years of age.
(10) "Telephone facsimile machine" means equipment that has
the capacity to transcribe text or images, or both, from:
(A) paper into an electronic signal and to transmit that signal
over a regular telephone line; or
(B) an electronic signal received over a regular telephone line
onto paper.
(11) "Unsolicited advertisement" means material advertising the
commercial availability or quality of:
(A) property;
(B) goods; or
(C) services;
that is transmitted to a person without the person's prior express
invitation or permission, in writing or otherwise.
(12) "Debt" has the meaning set forth in 15 U.S.C. 1692(a)(5).
(13) "Debt collector" has the meaning set forth in 15 U.S.C.
1692(a)(6). The term does not include a person admitted to the
practice of law in Indiana if the person is acting within the course
and scope of the person's practice as an attorney. The term
includes a debt buyer (as defined in IC 24-5-15.5).
(b) As used in section 3(b)(15) and 3(b)(16) of this chapter:
(1) "Directory assistance" means the disclosure of telephone
number information in connection with an identified telephone
service subscriber by means of a live operator or automated
service.
(2) "Local telephone directory" refers to a telephone classified
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advertising directory or the business section of a telephone
directory that is distributed by a telephone company or directory
publisher to subscribers located in the local exchanges contained
in the directory. The term includes a directory that includes
listings of more than one (1) telephone company.
(3) "Local telephone number" refers to a telephone number that
has the three (3) number prefix used by the provider of telephone
service for telephones physically located within the area covered
by the local telephone directory in which the number is listed. The
term does not include long distance numbers or 800-, 888-, or
900- exchange numbers listed in a local telephone directory.
SECTION 6. IC 24-5-0.5-4, AS AMENDED BY P.L.118-2024,
SECTION 32, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 4. (a) A person relying upon an uncured or
incurable deceptive act may bring an action for the damages actually
suffered as a consumer as a result of the deceptive act or five hundred
dollars ($500), whichever is greater. The court may increase damages
for a willful deceptive act in an amount that does not exceed the greater
of:
(1) three (3) times the actual damages of the consumer suffering
the loss; or
(2) one thousand dollars ($1,000).
Except as provided in subsection (k), the court may award reasonable
attorney's fees to the party that prevails in an action under this
subsection. This subsection does not apply to a consumer transaction
in real property, including a claim or action involving a construction
defect (as defined in IC 32-27-3-1(5)) brought against a construction
professional (as defined in IC 32-27-3-1(4)), except for purchases of
time shares and camping club memberships. This subsection does not
apply with respect to a deceptive act described in section 3(b)(20) of
this chapter. This subsection also does not apply to a violation of
IC 24-4.7, IC 24-5-12, IC 24-5-14, or IC 24-5-14.5. Actual damages
awarded to a person under this section have priority over any civil
penalty imposed under this chapter.
(b) Any person who is entitled to bring an action under subsection
(a) on the person's own behalf against a supplier for damages for a
deceptive act may bring a class action against such supplier on behalf
of any class of persons of which that person is a member and which has
been damaged by such deceptive act, subject to and under the Indiana
Rules of Trial Procedure governing class actions, except as herein
expressly provided. Except as provided in subsection (k), the court may
award reasonable attorney's fees to the party that prevails in a class
SEA 464 — CC 2 10
action under this subsection, provided that such fee shall be determined
by the amount of time reasonably expended by the attorney and not by
the amount of the judgment, although the contingency of the fee may
be considered. Except in the case of an extension of time granted by the
attorney general under IC 24-10-2-2(b) in an action subject to IC 24-10,
any money or other property recovered in a class action under this
subsection which cannot, with due diligence, be restored to consumers
within one (1) year after the judgment becomes final shall be returned
to the party depositing the same. This subsection does not apply to a
consumer transaction in real property, except for purchases of time
shares and camping club memberships. This subsection does not apply
with respect to a deceptive act described in section 3(b)(20) of this
chapter. Actual damages awarded to a class have priority over any civil
penalty imposed under this chapter.
(c) The attorney general may bring an action to enjoin a an unfair,
abusive, or deceptive act, omission, or practice in connection with
a consumer transaction, including a deceptive act described in section
3(b)(20) of this chapter, notwithstanding subsections (a) and (b).
However, the attorney general may seek to enjoin patterns of incurable
deceptive acts with respect to consumer transactions in real property.
In addition, the court may:
(1) issue an injunction;
(2) order the supplier to make payment of the money unlawfully
received from the aggrieved consumers to be held in escrow for
distribution to aggrieved consumers;
(3) for a knowing violation against a senior consumer, increase
the amount of restitution ordered under subdivision (2) in any
amount up to three (3) times the amount of damages incurred or
value of property or assets lost;
(4) order the supplier to pay to the state the reasonable costs of
the attorney general's investigation and prosecution, expert fees,
and court fees related to the action;
(5) provide for the appointment of a receiver; and
(6) order the department of state revenue to suspend the supplier's
registered retail merchant certificate, subject to the requirements
and prohibitions contained in IC 6-2.5-8-7(a)(5), if the court finds
that a violation of this chapter involved the sale or solicited sale
of a synthetic drug (as defined in IC 35-31.5-2-321), a synthetic
drug lookalike substance (as defined in IC 35-31.5-2-321.5
(repealed)) (before July 1, 2019), a controlled substance analog
(as defined in IC 35-48-1-9.3), or a substance represented to be a
controlled substance (as described in IC 35-48-4-4.6).
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(d) In an action under subsection (a), (b), or (c), or (n) the court
may void or limit the application of contracts or clauses resulting from
deceptive acts and order restitution to be paid to aggrieved consumers.
(e) In any action under subsection (a) or (b), upon the filing of the
complaint or on the appearance of any defendant, claimant, or any
other party, or at any later time, the trial court, the supreme court, or the
court of appeals may require the plaintiff, defendant, claimant, or any
other party or parties to give security, or additional security, in such
sum as the court shall direct to pay all costs, expenses, and
disbursements that shall be awarded against that party or which that
party may be directed to pay by any interlocutory order by the final
judgment or on appeal.
(f) Any person who violates the terms of an injunction issued under
subsection (c) or (n) shall forfeit and pay to the state a civil penalty of
not more than fifteen thousand dollars ($15,000) per violation. For the
purposes of this section, the court issuing an injunction shall retain
jurisdiction, the cause shall be continued, and the attorney general
acting in the name of the state may petition for recovery of civil
penalties. Whenever the court determines that an injunction issued
under subsection (c) or (n) has been violated, the court shall award
reasonable costs to the state.
(g) If a court finds any person has knowingly violated section 3 or
10 of this chapter, other than section 3(b)(19), 3(b)(20), or 3(b)(40) of
this chapter, the attorney general, in an action pursuant to subsection
(c), may recover from the person on behalf of the state a civil penalty
of a fine not exceeding five thousand dollars ($5,000) per violation.
(h) If a court finds that a person has violated section 3(b)(19) of this
chapter, the attorney general, in an action under subsection (c), may
recover from the person on behalf of the state a civil penalty as follows:
(1) For a knowing or intentional violation, one thousand five
hundred dollars ($1,500).
(2) For a violation other than a knowing or intentional violation,
five hundred dollars ($500).
A civil penalty recovered under this subsection shall be deposited in
the consumer protection division telephone solicitation fund
established by IC 24-4.7-3-6 to be used for the administration and
enforcement of section 3(b)(19) of this chapter.
(i) A senior consumer relying upon an uncured or incurable
deceptive act, including an act related to hypnotism, may bring an
action to recover treble damages, if appropriate.
(j) An offer to cure is:
(1) not admissible as evidence in a proceeding initiated under this
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section unless the offer to cure is delivered by a supplier to the
consumer or a representative of the consumer before the supplier
files the supplier's initial response to a complaint; and
(2) only admissible as evidence in a proceeding initiated under
this section to prove that a supplier is not liable for attorney's fees
under subsection (k).
If the offer to cure is timely delivered by the supplier, the supplier may
submit the offer to cure as evidence to prove in the proceeding in
accordance with the Indiana Rules of Trial Procedure that the supplier
made an offer to cure.
(k) A supplier may not be held liable for the attorney's fees and
court costs of the consumer that are incurred following the timely
delivery of an offer to cure as described in subsection (j) unless the
actual damages awarded, not including attorney's fees and costs, exceed
the value of the offer to cure.
(l) If a court finds that a person has knowingly violated section
3(b)(20) of this chapter, the attorney general, in an action under
subsection (c), may recover from the person on behalf of the state a
civil penalty not exceeding one thousand dollars ($1,000) per
consumer. In determining the amount of the civil penalty in any action
by the attorney general under this subsection, the court shall consider,
among other relevant factors, the frequency and persistence of
noncompliance by the debt collector, the nature of the noncompliance,
and the extent to which the noncompliance was intentional. A person
may not be held liable in any action by the attorney general for a
violation of section 3(b)(20) of this chapter if the person shows by a
preponderance of evidence that the violation was not intentional and
resulted from a bona fide error, notwithstanding the maintenance of
procedures reasonably adapted to avoid the error. A person may not be
held liable in any action for a violation of this chapter for contacting a
person other than the debtor, if the contact is made in compliance with
the Fair Debt Collection Practices Act.
(m) If a court finds that a person has knowingly or intentionally
violated section 3(b)(40) of this chapter, the attorney general, in an
action under subsection (c), may recover from the person on behalf of
the state a civil penalty in accordance with IC 24-5-14.5-12(b). As
specified in IC 24-5-14.5-12(b), a civil penalty recovered under
IC 24-5-14.5-12(b) shall be deposited in the consumer protection
division telephone solicitation fund established by IC 24-4.7-3-6 to be
used for the administration and enforcement of IC 24-5-14.5. In
addition to the recovery of a civil penalty in accordance with
IC 24-5-14.5-12(b), the attorney general may also recover reasonable
SEA 464 — CC 2 13
attorney fees and court costs from the person on behalf of the state.
Those funds shall also be deposited in the consumer protection division
telephone solicitation fund established by IC 24-4.7-3-6.
(n) An action that arises from, or otherwise involves, an unfair,
abusive, or deceptive act, omission, or practice in connection with
a consumer transaction described in section 2(a)(1)(D)(i) of this
chapter may be brought and enforced only by the attorney general
under this subsection. An action that arises from, or otherwise
involves, an unfair, abusive, or deceptive act, omission, or practice
in connection with a consumer transaction described in section
2(a)(1)(D)(ii) of this chapter may be brought and enforced only by
an attorney acting on behalf of the local law enforcement agency
involved in the transaction, unless the local unit of government
served by the local law enforcement agency requests the attorney
general to bring and enforce an action under this subsection on
behalf of the local unit. In addition, the court may:
(1) issue an injunction;
(2) order the supplier to make payment of the money
unlawfully received from the aggrieved consumers to be held
in escrow for distribution to aggrieved consumers; or
(3) order the supplier to pay to:
(A) the attorney acting on behalf of the local law
enforcement agency; or
(B) the attorney general for the state;
as applicable, the reasonable costs of the attorney's or the
attorney general's investigation and prosecution, expert fees,
and court fees related to the action.
The time for bringing an action under subsection (c), as set forth
in section 5(b) of this chapter, applies to an action brought under
this subsection.
SECTION 7. IC 28-7-1-18, AS AMENDED BY P.L.186-2015,
SECTION 37, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 18. (a) The supervisory committee shall cause the
share and loan accounts of the members to be verified with the records
of the treasurer at least each biennium. A verification under this
subsection shall be performed using one (1) of the following methods:
(1) A verification of one hundred percent (100%) of the share and
loan accounts of all members.
(2) A verification of share and loan accounts in accordance with
the requirements of the National Credit Union Administration set
forth in 12 CFR 715.8.
(b) The supervisory committee shall supervise the acts of the board
SEA 464 — CC 2 14
of directors, credit committee, and officers.
(c) By a majority vote, the supervisory committee may call a
meeting of the shareholders to consider any violation of this chapter,
or of the bylaws, or of any practice of the credit union which, in the
opinion of the committee is unsafe and unauthorized.
(d) The supervisory committee shall fill vacancies in its own
number until the next annual meeting of the members.
(e) At the close of the audit period, The supervisory committee of
each credit union shall one (1) time each calendar year make or
cause to be made a thorough audit of the credit union for each audit
period and shall make a full report to the directors. The audit report
shall be issued not later than one hundred twenty (120) days following
the close of the audit period. Tapes, work papers, schedules, and
evidence of verification of accounts shall be retained until the next
examination by the department. and shall provide a full report of the
audit to the credit union's directors. If a credit union has assets of
at least five million dollars ($5,000,000), the audit required by this
subsection must be performed by an outside certified public
accountant. A credit union's board of directors shall submit the
audit report and a complete statement of the condition of the credit
union to the department. The department may require additional
information in connection with an audit performed under this
subsection. The department may require at any time an audit to be
performed upon any credit union by an outside certified public
accountant if the department questions the safety and soundness of
the credit union. A summary of the any audit report or statement of
condition prepared under this subsection shall be read at the annual
meeting of the credit union and shall be filed and preserved with the
records of the credit union. The department may establish by policy
or rule the accounting and auditing standards necessary to define
the audit requirements set forth in this section.
(f) A credit union with assets of at least five million dollars
($5,000,000) shall have an annual audit performed by an outside
professional accounting firm. The department may require a
professional outside audit to be performed upon any credit union if the
department questions the safety and soundness of the credit union.
(g) (f) Minutes of every meeting of the supervisory committee shall
be kept and maintained.
SECTION 8. IC 28-10-1-1, AS AMENDED BY P.L.30-2024,
SECTION 5, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2025]: Sec. 1. A reference to a federal law or federal
regulation in this title is a reference to the law or regulation as in effect
SEA 464 — CC 2 15
December 31, 2023. 2024.
SEA 464 — CC 2 President of the Senate
President Pro Tempore
Speaker of the House of Representatives
Governor of the State of Indiana
Date: Time:
SEA 464 — CC 2