Retirement plan proceed loans.

Authors: Senator Lonnie Randolph

Digest

Defines a "retirement plan proceed loan" as a loan or an extension of credit that is: (1) offered to an Indiana consumer; and (2) secured by the consumer's interest in, or right to, all or part of the proceeds of any pension or other retirement plan of which the consumer is a participant, beneficiary, or member. Prohibits a person from: (1) making or offering to make a retirement plan proceed loan; (2) brokering or offering to broker a retirement plan proceed loan; or (3) advertising, marketing, or soliciting retirement plan proceed loans in Indiana. Provides that a violation of these provisions is a deceptive act that is: (1) actionable by the aggrieved consumer and the attorney general under; and (2) subject to the penalties and remedies set forth in; the deceptive consumer sales act.