STATEHOUSE—Rep. Woody Burton’s (R-Whiteland) legislation concerning financial institutions and consumer credit was signed into law Tuesday by Governor Mitch Daniels. House Enrolled Act (HEA) 1239 updates and aligns various provisions of the Department of Financial Institution (DFI) and Indiana law in compliance with certain federal financial mandates. Specifically, HEA 1239 allows the DFI to conduct investigations before a corporation acquires control of a fiduciary institution. Additionally, HEA 1239 allows credit unions to purchase and hold life insurance policies at the DFI’s determination, while also establishing a procedure for revoking licenses held by pawnbrokers, money transmitters and check cashers. “This legislation is an annual effort to ensure that the DFI is conforming to federal mandates,” said Rep. Burton. “I’m pleased it was able to pass through the General Assembly so quickly during this short session. It guarantees that Indiana law concerning financial institutions and consumer credit is up-to-date.” Certain provisions of HEA 1239 go into effect immediately, while the legislation will take effect fully on January 1, 2013. -30- |
