HB 1049

  • Indiana House Bill
  • 2020 Regular Session
  • Introduced in House
  • Passed House Jan 21, 2020
  • Passed Senate Mar 03, 2020
  • Signed by Governor Mar 21, 2020

Business associations.

Bill Subjects

Franchises

Abstract

Amends the statute governing franchises as follows: (1) Specifies that the exemption from certain requirements of the statute that applies to a franchisor that sells no more than one franchise in any 24 month period applies with respect to the number of franchises sold by the franchisor in Indiana. (Current law does not specify where the franchise sales must have occurred in the 24 month period.) (2) Requires a person with a registered franchise to notify the securities commissioner (commissioner) of any material change in the information set forth in the person's required disclosure statement not later than 30 days after the occurrence of the event constituting the change, and sets forth specific events that constitute a material change. (3) Provides that the registration of a franchise with the commissioner is renewed at the time the registration would have expired unless the franchisor requests an earlier renewal date. (Current law does not allow for a franchisor to request an earlier renewal date.) (4) Provides that if a franchise registration form or registration renewal form is denied or withdrawn, the commissioner shall retain the amount of the fee submitted in connection with the form. (Current law provides that the commissioner shall retain $150 of the submitted fee.) Amends the statute governing continuing care contracts to provide that if a provider posts a letter of credit, negotiable securities, or a bond as an alternative to establishing an escrow account for the deposit of entrance fees, as otherwise required by the statute, the amount posted must be at least equal to the maximum amount of entrance fees reasonably anticipated by the provider to otherwise be subject to the escrow requirements. (Current law provides that the letter of credit, negotiable securities, or bond must be for an amount not to exceed the total amount of all entrance fees received by the provider before the date a resident is permitted to occupy a particular living unit.) Changes the term "interpretative" to "interpretive" in various provisions in the Indiana Uniform Securities Act (Act) with respect to opinions issued under the Act. Amends the statute concerning the licensing of collection agencies as follows: (1) Provides that the surety bond required to be submitted with a collection agency's original or renewal application for a collection agency license must be: (A) an electronic corporate surety bond that is: (i) filed by the applicant collection agency; (ii) satisfactory to the commissioner; and (iii) in an amount calculated to equal the sum of $5,000 for each of the collection agency's Indiana offices; and (B) filed through the Nationwide Multistate Licensing System. (2) Adds to the list of qualifications that apply to: (A) individual applicants for collection agency licenses; and (B) individual officers or members who actively manage collection activities for corporate or other applicants for collection agency licenses. (3) Specifies that the secretary of state shall issue forms and orders and adopt and enforce rules and regulations as advisable or necessary to carry out the statute. (Current law does not specify that the secretary of state shall issue forms and orders.) Makes technical corrections.

Bill Sponsors (6)

Votes


Actions


Mar 30, 2020

House

Public Law 152

Mar 21, 2020

Office of the Governor

Signed by the Governor

Mar 18, 2020

Senate

Signed by the President of the Senate

Mar 12, 2020

Senate

Signed by the President Pro Tempore

Mar 10, 2020

House

Signed by the Speaker

Mar 09, 2020

House

House concurred in Senate amendments; Roll Call 328: yeas 69, nays 0

Mar 05, 2020

House

Motion to concur filed

Mar 04, 2020

Senate

Returned to the House with amendments

Mar 03, 2020

Senate

Third reading: passed; Roll Call 278: yeas 50, nays 0

Feb 27, 2020

Senate

Second reading: ordered engrossed

Feb 25, 2020

Senate

Senator Raatz added as second sponsor

Feb 20, 2020

Senate

Committee report: amend do pass, adopted

Feb 05, 2020

Senate

First reading: referred to Committee on Judiciary

  • Reading-1
  • Referral-Committee
judiciary

Jan 22, 2020

House

Referred to the Senate

Jan 21, 2020

House

Senate sponsor: Senator Holdman

House

Third reading: passed; Roll Call 33: yeas 97, nays 0

Jan 16, 2020

House

Representatives Ellington and Hamilton added as coauthors

House

Second reading: ordered engrossed

Jan 14, 2020

House

Committee report: do pass, adopted

Jan 09, 2020

House

Representative Lehman added as coauthor

Jan 06, 2020

House

First reading: referred to Committee on Financial Institutions

  • Reading-1
  • Referral-Committee
financial institutions

House

Authored by Representative Heaton

Bill Text

Bill Text Versions Format
Introduced House Bill (H) PDF
House Bill (S) PDF
House Bill (H) PDF
Enrolled House Bill (H) PDF

Related Documents

Document Format
Fiscal Note: HB1049.04.ENRS.FN001 PDF
Fiscal Note: HB1049.03.COMS.FN001 PDF
Fiscal Note: HB1049.03.COMS.FN002 PDF
Fiscal Note: HB1049.03.COMS.FN003 PDF
Committee Report: HB1049.02.COMH.CRS001 PDF
Fiscal Note: HB1049.02.COMH.FN001 PDF
Fiscal Note: HB1049.02.COMH.FN002 PDF
Fiscal Note: HB1049.02.COMH.FN003 PDF
Committee Amendment: HB1049.02.COMH.AMS01 PDF
Committee Report: HB1049.01.INTR.CRH001 PDF
Fiscal Note: HB1049.01.INTR.FN001 PDF

Sources

Data on Open States is updated nightly from the official website of the Indiana General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.