Provides that a reference to federal law in: (1) the First Lien Mortgage Lending Act; (2) the Uniform Consumer Credit Code (UCCC); or (3) the Indiana Code title governing financial institutions; is a reference to the law as in effect December 31, 2024 (rather than December 31, 2023, under current law). Amends the definition of "principal" for purposes of the UCCC provisions governing consumer loans to specify that the term does not include any loan proceeds held as security for the loan. Makes a technical change to the Indiana Code provision governing the prepayment of consumer loans to incorporate a cross reference to the Indiana Code provision setting forth the authorized nonrefundable prepaid finance charge for supervised loans. (Current law references only the authorized nonrefundable prepaid finance charge for consumer loans other than supervised loans.) Amends the Indiana Code provision governing audit requirements for credit unions to provide that department of financial institutions may establish by policy or rule accounting and auditing standards necessary to define the audit requirements.

Statutes affected:
Introduced Senate Bill (S): 24-4.4-1-102, 24-4.5-1-102, 24-4.5-3-107, 24-4.5-3-209, 28-7-1-18, 28-10-1-1
Senate Bill (S): 24-4.4-1-102, 24-4.5-1-102, 24-4.5-3-107, 24-4.5-3-209, 28-7-1-18, 28-10-1-1