Two pieces of legislation that State Rep. Woody Burton authored were passed out of the Indiana House of Representatives on Wednesday.
House Bill (HB) 1079, authored by Rep. Burton, creates a 20 year expiration date (instead of 10 years under current law) for mortgages or liens that were created before July 1, 2012 and do not show the due date of the last installment.
“Lenders had to unnecessarily review their loan files to figure out if their mortgages had the proper language. If the language wasn’t right, they had to file affidavits. This was done to protect the lien that was in existence. As a result, unnecessary costs were incurred to protect the existing liens,” said Rep. Burton.
HB 1079 passed the House with a 94-0 vote.
HB 1148, coauthored by Rep. Burton, changes the definition of normal retirement age in the public employees’ defined contribution plan. This reduces the minimum number of years required for participation in the plan from 10 to five years.
“HB 1148 was created from discussion we had this summer in the Pension Management Oversight Commission,” said Rep. Burton. “This bill will continue to allow us to practice the fiscal management needed to ensure a sound future for all Hoosiers.”
The bill also requires that a vested plan member, one with absolute right to the entire amount of money in the account, must be separated from employment for a minimum of 30 days before they can make a withdrawal.
HB 1148 passed the House with a 80-14 vote.
Both pieces of legislation will move to the Senate for further discussion and debate. To stay up-to-date on these bills and any other piece of legislation in the General Assembly, visit www.in.gov/legislative.
