Fabio
96 lines
8.4 KiB
Markdown
96 lines
8.4 KiB
Markdown
---
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type: "Bill"
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title: "Replacement of the London Interbank Offered Rate."
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description: "Adds provisions to the title in the Indiana Code concerning financial institutions to provide for the replacement, by operation of law, of the United States Dollar LIBOR as the benchmark index for any contract, security, or instrument, with a recommended benchmark replacement that is based on the secured overnight financing rate (SOFR). Sets forth certain events that serve to trigger the replacement of LIBOR with the recommended benchmark replacement. Specifies that such replacement by operation of law applies with respect to a contract, security, or instrument that either: (1) contains no fallback provisions setting forth a methodology or procedure for determining a benchmark replacement; or (2) contains fallback provisions that result in a benchmark replacement that: (A) is not a recommended benchmark replacement; and (B) is based in any way on any LIBOR value. Provides that if a recommended benchmark replacement becomes the benchmark replacement for any contract, security, or instrument, any applicable benchmark replacement conforming changes become an integral part of the contract, security, or instrument by operation of law. Provides that the bill's provisions do not alter or impair contracts, securities, or instruments that contain certain provisions. Provides that the selection or use of a recommended benchmark replacement as a benchmark replacement for a contract, security, or instrument: (1) constitutes a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR; and (2) does not: (A) impair or affect certain rights and performance obligations under; (B) constitute a breach of; or (C) void or nullify; the contract, security, or instrument. Provides that a person is not liable for damages, and is not subject to any claim for equitable relief, in connection with: (1) the selection or use of a recommended benchmark replacement; or (2) the determination, implementation, or performance of benchmark replacement conforming changes; with respect to any contract, security, or instrument. Makes a cross reference to this immunity provision in the chapter of the Indiana Code that lists statutes outside of Title 34 of the Indiana Code that confer civil immunity."
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jurisdiction: "us/states/in"
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legislature: "Indiana General Assembly"
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session: "2022"
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identifier: "SB 371"
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citation: "Indiana SB 371 (2022)"
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classification: ["bill"]
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subjects: ["FINANCIAL INSTITUTIONS", "LOANS"]
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status: "enacted"
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primary_sponsors: ["Andy Zay", "Kyle Walker", "Martin Carbaugh"]
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version_count: 4
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action_count: 26
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vote_count: 1
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first_action: "2022-01-11"
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last_action: "2022-03-10"
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source: "openstates"
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source_identifier: "ocd-bill/cd609efa-0505-44a6-b78a-9a348e7e912d"
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source_url: "http://iga.in.gov/legislative/2022/bills/senate/371"
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source_hash: "0c38fd5e7cc35bb7b7a7a72cb6df9e3deb7926a8908db281d3f9efed146ef1ca"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-in"]
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---
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# Indiana SB 371 (2022) — Replacement of the London Interbank Offered Rate.
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Adds provisions to the title in the Indiana Code concerning financial institutions to provide for the replacement, by operation of law, of the United States Dollar LIBOR as the benchmark index for any contract, security, or instrument, with a recommended benchmark replacement that is based on the secured overnight financing rate (SOFR). Sets forth certain events that serve to trigger the replacement of LIBOR with the recommended benchmark replacement. Specifies that such replacement by operation of law applies with respect to a contract, security, or instrument that either: (1) contains no fallback provisions setting forth a methodology or procedure for determining a benchmark replacement; or (2) contains fallback provisions that result in a benchmark replacement that: (A) is not a recommended benchmark replacement; and (B) is based in any way on any LIBOR value. Provides that if a recommended benchmark replacement becomes the benchmark replacement for any contract, security, or instrument, any applicable benchmark replacement conforming changes become an integral part of the contract, security, or instrument by operation of law. Provides that the bill's provisions do not alter or impair contracts, securities, or instruments that contain certain provisions. Provides that the selection or use of a recommended benchmark replacement as a benchmark replacement for a contract, security, or instrument: (1) constitutes a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR; and (2) does not: (A) impair or affect certain rights and performance obligations under; (B) constitute a breach of; or (C) void or nullify; the contract, security, or instrument. Provides that a person is not liable for damages, and is not subject to any claim for equitable relief, in connection with: (1) the selection or use of a recommended benchmark replacement; or (2) the determination, implementation, or performance of benchmark replacement conforming changes; with respect to any contract, security, or instrument. Makes a cross reference to this immunity provision in the chapter of the Indiana Code that lists statutes outside of Title 34 of the Indiana Code that confer civil immunity.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Enrolled Senate Bill (S)** (committee substitute) — [source](http://in-proxy.openstates.org/2022/bills/SB0371/versions/SB0371.04.ENRH)
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2. **Introduced Senate Bill (S)** (committee substitute) — [source](http://in-proxy.openstates.org/2022/bills/SB0371/versions/SB0371.01.INTR)
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3. **Senate Bill (H)** (committee substitute) — [source](http://in-proxy.openstates.org/2022/bills/SB0371/versions/SB0371.03.COMH)
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4. **Senate Bill (S)** (committee substitute) — [source](http://in-proxy.openstates.org/2022/bills/SB0371/versions/SB0371.02.COMS)
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## Votes
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- SB 371 - Carbaugh - 3rd Reading — **95–0** (pass) · lower
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## Sponsors
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- Andy Zay — primary (person)
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- Kyle Walker — primary (person)
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- Martin Carbaugh — primary (person)
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- Eric Bassler — coauthor (person)
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- Eric Koch — coauthor (person)
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- Jack Sandlin — coauthor (person)
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- Jeff Ellington — cosponsor (person)
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- Lonnie Randolph — coauthor (person)
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- Matt Lehman — cosponsor (person)
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- Mike Bohacek — coauthor (person)
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- Scott Baldwin — coauthor (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2022-01-11** Authored by Senator Zay
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- **2022-01-11** First reading: referred to Committee on Insurance and Financial Institutions `reading-1, referral-committee`
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- **2022-01-20** Committee report: do pass, adopted `committee-passage`
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- **2022-01-24** Second reading: ordered engrossed `reading-2`
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- **2022-01-25** Third reading: passed; Roll Call 83: yeas 46, nays 0 `passage, reading-3`
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- **2022-01-25** House sponsor: Representative Carbaugh
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- **2022-01-25** Cosponsor: Representative Lehman
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- **2022-01-25** Senator Walker K added as second author
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- **2022-01-25** Senator Bohacek added as coauthor
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- **2022-01-25** Senator Baldwin added as coauthor
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- **2022-01-25** Senator Bassler added as coauthor
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- **2022-01-25** Senator Koch added as coauthor
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- **2022-01-25** Senator Randolph added as coauthor
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- **2022-01-25** Senator Sandlin added as coauthor
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- **2022-01-26** Referred to the House
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- **2022-02-01** First reading: referred to Committee on Financial Institutions and Insurance `reading-1, referral-committee`
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- **2022-02-08** Committee report: do pass, adopted `committee-passage`
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- **2022-02-10** Second reading: ordered engrossed `reading-2`
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- **2022-02-10** Representative Ellington added as cosponsor
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- **2022-02-14** Third reading: passed; Roll Call 178: yeas 95, nays 0 `passage, reading-3`
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- **2022-02-15** Returned to the Senate without amendments
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- **2022-02-21** Signed by the President Pro Tempore
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- **2022-02-24** Signed by the Speaker
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- **2022-03-09** Signed by the President of the Senate
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- **2022-03-10** Public Law 67
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- **2022-03-10** Signed by the Governor `executive-signature`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/cd609efa-0505-44a6-b78a-9a348e7e912d`. Confidence: reported (aggregated from official Indiana legislature records).
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