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 6953 NOTE PREPARED: Apr 12, 2021
BILL NUMBER: SB 370 BILL AMENDED: Mar 9, 2021
SUBJECT: Limitation on Actions Concerning Deposit Accounts.
FIRST AUTHOR: Sen. Zay BILL STATUS: Enrolled
FIRST SPONSOR: Rep. Carbaugh
FUNDS AFFECTED: X GENERAL IMPACT: State & Local
X DEDICATED
FEDERAL
Summary of Legislation: The bill amends the statute concerning the statute of limitations for actions upon
promissory notes, bills of exchange, or other written contracts for the payment of money to include actions
upon deposit accounts. It specifies that the bill's provisions are intended to be a restatement of the law and
not a substantive change in the law and as such shall be applied with respect to deposit accounts executed
during the applicable time frames set forth in the statute.
Effective Date: Upon passage.
Explanation of State Expenditures:
Explanation of State Revenues:. The amendments to the statute of limitation clauses in the bill could result
in reduced number of court cases. If less civil actions occur and court fees are not collected, revenue to the
state General Fund may decrease. A portion of the fee revenue is transferred to the Indiana Bar Foundation,
and one fee is deposited into the State User Fee Fund.
Explanation of Local Expenditures: The bill’s provisions may decrease the caseload of the court to the
extent less civil actions are filed. It is unknown how many civil actions will not be filed beyond the
current caseload. The fiscal impact is indeterminable.
Explanation of Local Revenues: As a result of amending the statute of limitations if less civil actions occur
and court fees are not collected, local governments would receive less revenue from both a portion of the
civil costs fee and other fees that would be collected.
State Agencies Affected:
SB 370 1
Local Agencies Affected: Trial courts, city and town courts.
Information Sources:
Fiscal Analyst: Randhir Jha, 317-232-9556.
SB 370 2