IndianaEarned wage access services.
What it does
Provides that under certain circumstances, a lender may contract for and receive a nonrefundable prepaid finance charge of 3% (instead of 2%, under current law) of the loan amount on a loan that is secured by an interest in land and is not made under a revolving loan account. Provides that under certain circumstances, a lender may contract for and receive a nonrefundable prepaid finance charge of 3% (instead of 2%, under current law) of the line of credit on a loan that is secured by an interest in land and is made under a revolving loan account. Provides that: (1) if a joint agreement of merger is approved by the department of financial institutions, any credit union whose existence will terminate as a result of the merger shall submit the joint agreement to a vote of its shareholders as directed by the resolution of the board of directors; and (2) a majority of shareholders voting may approve the joint agreement.
More detail
Establishes within the Indiana Code a new chapter, to be known as the Indiana Earned Wage Access Act (Act), governing the offering and provision of earned wage access services to Indiana consumers. Provides that the Act is to be administered by the division of consumer credit within the department of financial institutions (department). Sets forth provisions that address the following: (1) Definitions of terms. (2) Exemptions from the Act's requirements. (3) The department's supervisory authority under the Act. (4) The licensing of providers of earned wage access services (providers). (5) The acquisition of control of a licensee. (6) Reporting and record keeping requirements for licensees. (7) Duties of providers under the Act. (8) Prohibited acts by providers. (9) The department's enforcement authority under the Act. (10) Criminal liability for certain prohibited acts. (11) Statutory construction of the Act's provisions. Makes conforming changes to sections of the Indiana Code codified outside the Act.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- May 6Signed by the Governor Mike BraunBecame Law
- May 6Public Law 222Major
- Apr 29Signed by the President of the SenateMajor
- Apr 24Signed by the SpeakerMajor
- Apr 24Signed by the President Pro TemporeMajor
- Apr 23Rules Suspended. Conference Committee Report 1: adopted by the Senate; Roll Call 500: yeas 44, nays 1
- Vote recorded HB 1125 - Walker K. Result: pass.Upper
- Vote recorded HB 1125 - Teshka. Result: pass.Lower
- Apr 23Rules Suspended. Conference Committee Report 1: adopted by the House; Roll Call 530: yeas 67, nays 26
- Apr 23CCR # 1 filed in the SenateMinor
- Apr 23CCR # 1 filed in the HouseMinor
- Apr 22Senator Qaddoura removed as conferee
- Apr 22Senator Baldwin added as conferee
- Apr 22Senator Baldwin removed as advisor
- Apr 17House conferees appointed: Teshka and Miller K
- Apr 17House advisors appointed: Lehman, Lucas, Lauer and Andrade
- Apr 17Senate advisors appointed: Randolph Lonnie M and Baldwin
- Apr 17Senate conferees appointed: Walker K and Qaddoura
- Apr 17House dissented from Senate amendments
- Apr 16Returned to the House with amendmentsMinor
- Apr 16Motion to dissent filedMinor
- Apr 15Third reading: passed; Roll Call 431: yeas 48, nays 1Passed Senate
- Vote recorded HB 1125 - Walker K - 3rd Reading. Result: pass.Upper
- Apr 14Second reading: ordered engrossedMinor
- Apr 10Senator Randolph added as cosponsor
- Apr 10Committee report: amend do pass, adoptedMinor
- Apr 10Senator Baldwin added as second sponsor
- Feb 20First reading: referred to Committee on Insurance and Financial InstitutionsMinor
- Feb 11Referred to the SenateMinor
- Feb 10Third reading: passed; Roll Call 109: yeas 70, nays 18Passed House
- Vote recorded HB 1125 - Teshka - 3rd Reading. Result: pass.Lower
- Feb 10Senate sponsor: Senator Walker K
- Feb 6Second reading: ordered engrossedMinor
- Feb 4Committee report: amend do pass, adoptedMinor
- Jan 8Coauthored by Representatives Lehman and Miller K
- Jan 8Authored by Representative Teshka
- Jan 8First reading: referred to Committee on Financial InstitutionsIntroduced