republic-os/legislation/us/states/in/2022/sb-383.md

---
type: "Bill"
title: "Financial institutions and consumer credit."
description: "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, 2021 (versus December 31, 2020, under current law). Amends the provisions in the UCCC governing authorized finance charges for consumer loans (other than supervised loans) and for supervised loans to specify that: (1) the entire section governing finance charges for consumer loans (other than supervised loans) does not apply to supervised loans; and (2) the loan finance charge for a supervised loan must be: (A) contracted for between the lender and the debtor; and (B) calculated by applying a rate not exceeding the authorized rate to unpaid balances of the principal. Amends provisions in the UCCC concerning permitted additional charges for guaranteed asset protection (GAP) agreements for: (1) consumer credit sales; and (2) consumer loans; to specify that the average retail value for a used motor vehicle that is the subject of a GAP agreement is to be determined by using a third party valuation service provider customarily relied upon in the used motor vehicle commercial market (versus by using the National Automobile Dealers Association average retail value, under current law). Amends the Indiana Code section concerning the department's duties of confidentiality with respect to certain information concerning financial institutions to specify that those duties apply to all regulated entities licensed or registered with the department. Specifies that the required fidelity coverage for credit unions: (1) applies to those directors, officers, and employees of the credit union who have access to money or bonds of the credit union; and (2) must be approved annually by the credit union's board of directors as to the amount and form. Amends the statute governing money transmitters to: (1) provide that a \"payment instrument\" does not include a \"stored value account\"; and (2) remove the definition of \"stored value account\". Changes references to a \"federal savings and loan association\" to a \"federal savings association\" for purposes of the statute concerning mergers, consolidations, and conversions involving federal savings associations and savings associations chartered in Indiana, to specify that a federal savings association may convert into a savings association chartered in Indiana."
jurisdiction: "us/states/in"
legislature: "Indiana General Assembly"
session: "2022"
identifier: "SB 383"
citation: "Indiana SB 383 (2022)"
classification: ["bill"]
subjects: ["FINANCIAL INSTITUTIONS", "LOANS", "MOTOR VEHICLES", "Dealers and Manufacturers"]
status: "enacted"
primary_sponsors: ["Andy Zay", "Eric Bassler", "Martin Carbaugh"]
version_count: 5
action_count: 19
vote_count: 1
first_action: "2022-01-11"
last_action: "2022-03-07"
source: "openstates"
source_identifier: "ocd-bill/3b3b0d87-239c-45c9-8a86-e858e7fa7b0a"
source_url: "http://iga.in.gov/legislative/2022/bills/senate/383"
source_hash: "4f8513bcddb085284a856282ee4f77a80273f970cfd8d29aa6adaed235f21bd7"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-in"]
---

# Indiana SB 383 (2022) — Financial institutions and consumer credit.

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, 2021 (versus December 31, 2020, under current law). Amends the provisions in the UCCC governing authorized finance charges for consumer loans (other than supervised loans) and for supervised loans to specify that: (1) the entire section governing finance charges for consumer loans (other than supervised loans) does not apply to supervised loans; and (2) the loan finance charge for a supervised loan must be: (A) contracted for between the lender and the debtor; and (B) calculated by applying a rate not exceeding the authorized rate to unpaid balances of the principal. Amends provisions in the UCCC concerning permitted additional charges for guaranteed asset protection (GAP) agreements for: (1) consumer credit sales; and (2) consumer loans; to specify that the average retail value for a used motor vehicle that is the subject of a GAP agreement is to be determined by using a third party valuation service provider customarily relied upon in the used motor vehicle commercial market (versus by using the National Automobile Dealers Association average retail value, under current law). Amends the Indiana Code section concerning the department's duties of confidentiality with respect to certain information concerning financial institutions to specify that those duties apply to all regulated entities licensed or registered with the department. Specifies that the required fidelity coverage for credit unions: (1) applies to those directors, officers, and employees of the credit union who have access to money or bonds of the credit union; and (2) must be approved annually by the credit union's board of directors as to the amount and form. Amends the statute governing money transmitters to: (1) provide that a "payment instrument" does not include a "stored value account"; and (2) remove the definition of "stored value account". Changes references to a "federal savings and loan association" to a "federal savings association" for purposes of the statute concerning mergers, consolidations, and conversions involving federal savings associations and savings associations chartered in Indiana, to specify that a federal savings association may convert into a savings association chartered in Indiana.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Engrossed Senate Bill (S)** (committee substitute) — [source](http://in-proxy.openstates.org/2022/bills/SB0383/versions/SB0383.03.ENGS)
2. **Enrolled Senate Bill (S)** (committee substitute) — [source](http://in-proxy.openstates.org/2022/bills/SB0383/versions/SB0383.05.ENRH)
3. **Introduced Senate Bill (S)** (committee substitute) — [source](http://in-proxy.openstates.org/2022/bills/SB0383/versions/SB0383.01.INTR)
4. **Senate Bill (H)** (committee substitute) — [source](http://in-proxy.openstates.org/2022/bills/SB0383/versions/SB0383.04.COMH)
5. **Senate Bill (S)** (committee substitute) — [source](http://in-proxy.openstates.org/2022/bills/SB0383/versions/SB0383.02.COMS)

## Votes

- SB 383 - Carbaugh - 3rd Reading — **95–0** (pass) · lower

## Sponsors

- Andy Zay — primary (person)
- Eric Bassler — primary (person)
- Martin Carbaugh — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2022-01-11** Authored by Senator Bassler
- **2022-01-11** First reading: referred to Committee on Insurance and Financial Institutions `reading-1, referral-committee`
- **2022-01-20** Committee report: do pass, adopted `committee-passage`
- **2022-01-31** Senator Zay added as second author
- **2022-01-31** Amendment #1 (Bassler) prevailed; voice vote `amendment-failure, amendment-passage`
- **2022-01-31** Second reading: amended, ordered engrossed `reading-2`
- **2022-02-01** Third reading: passed; Roll Call 186: yeas 49, nays 0 `passage, reading-3`
- **2022-02-01** House sponsor: Representative Carbaugh
- **2022-02-02** Referred to the House
- **2022-02-08** First reading: referred to Committee on Financial Institutions and Insurance `reading-1, referral-committee`
- **2022-02-15** Committee report: do pass, adopted `committee-passage`
- **2022-02-17** Second reading: ordered engrossed `reading-2`
- **2022-02-21** Third reading: passed; Roll Call 214: yeas 95, nays 0 `passage, reading-3`
- **2022-02-22** Returned to the Senate without amendments
- **2022-03-01** Signed by the Speaker
- **2022-03-01** Signed by the President Pro Tempore
- **2022-03-07** Signed by the President of the Senate
- **2022-03-07** Public Law 29
- **2022-03-07** Signed by the Governor `executive-signature`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/3b3b0d87-239c-45c9-8a86-e858e7fa7b0a`. Confidence: reported (aggregated from official Indiana legislature records).