SENATE BILL No. 6
DIGEST OF INTRODUCED BILL
Citations Affected: IC 26-2-9.
Synopsis: Credit agreements. Specifies that for purposes of the law
governing credit agreements, a credit agreement includes an agreement
to: (1) amend or modify a credit agreement; (2) enter into a new credit
agreement; (3) forbear from exercising rights under a credit agreement;
or (4) grant an extension under a credit agreement. Makes a technical
correction. Repeals a provision made unnecessary by expanding the
definition of "credit agreement".
Effective: July 1, 2010.
January 5, 2010, read first time and referred to Committee on Insurance and Financial
Second Regular Session 116th General Assembly (2010)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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between statutes enacted by the 2009 Regular and Special Sessions of the General Assembly.
SENATE BILL No. 6
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 26-2-9-1; (10)IN0006.1.1. -->
SECTION 1. IC 26-2-9-1, AS AMENDED BY P.L.57-2006,
SECTION 25, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2010]: Sec. 1. (a) As used in this chapter, "credit agreement"
means an agreement to:
(1) lend or forbear repayment of money, goods, or things in
(2) otherwise extend credit; or
(3) make any other financial accommodation.
(b) The term includes an agreement to:
(1) amend or modify an agreement;
(2) enter into a new agreement;
(3) forbear from exercising rights under an agreement; or
(4) grant an extension under an agreement;
described in subsection (a).
SOURCE: IC 26-2-9-4; (10)IN0006.1.2. -->
SECTION 2. IC 26-2-9-4, AS AMENDED BY P.L.57-2006,
SECTION 26, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2010]: Sec. 4. (a) A debtor may assert:
(1) a claim for legal or equitable relief; or
(2) a defense
in to a claim;
arising from a credit agreement only if the credit agreement at issue
satisfies the requirements set forth in subsection (b).
(b) A debtor may assert a claim or defense under subsection (a) only
if the credit agreement at issue:
(1) is in writing;
(2) sets forth all material terms and conditions of the credit
agreement, including the loan amount, rate of interest, duration,
and security; and
(3) is signed by the creditor and the debtor.
SOURCE: IC 26-2-9-5; (10)IN0006.1.3. -->
SECTION 3. IC 26-2-9-5 IS REPEALED [EFFECTIVE JULY 1,