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Committee reviews bill to consolidate Indiana's consumer-finance rules; industry seeks transition relief
Summary
The Senate Insurance and Financial Institutions committee heard testimony on Senate Bill 169, a reorganization of consumer-finance statutes intended to improve readability. The Indiana Bankers Association said it is neutral but urged the committee to address effective-date and contract-validity issues; the committee plans amendments and a vote next week.
The Senate Insurance and Financial Institutions committee heard testimony on Senate Bill 169, a consolidation of existing consumer-transaction provisions in Indiana Code. The committee chair described the measure as a reorganization intended to improve the code's readability and said it is not intended to change substantive law.
The bill's author explained the measure pulls related definitions and provisions into a single title to make the law easier for practitioners and consumers to navigate, and said any apparent substantive changes should be treated as scrivener's errors. The chair emphasized the bill…
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