Ind. Code § 28-13-6-1 — Indiana Code / Title 28 / Article 13 / Chapter 6 / Section 28-13-6-1
Shareholders' list; requisites and necessity; inspection and copying
Status: in_force

Sec. 1. (a) After fixing a record date for a meeting, a corporation shall prepare an alphabetical list of the names of all the corporation's shareholders who are entitled to notice of a shareholders' meeting. The list must:

(1) be arranged by voting group;

(2) be arranged by class or series of shares within each voting group; and

(3) show the address of and number of shares held by each shareholder.

(b) The shareholders' list must be available for inspection by any shareholder entitled to vote at the meeting, beginning five (5) business days before the date of the meeting for which the list was prepared and continuing through the meeting, at the corporation's principal office or at a place identified in the meeting notice in the city where the meeting will be held. A shareholder, or the shareholder's agent or attorney authorized in writing, is entitled on written demand to inspect and to copy the list, during regular business hours and at the shareholder's expense, during the period it is available for inspection if the following requirements are met:

(1) The shareholder's demand is made in good faith and for a proper purpose.

(2) The shareholder describes with reasonable particularity the shareholder's purpose and the records the shareholder desires to inspect.

(3) The records are directly connected with the shareholder's purpose.

(c) The corporation shall make the shareholders' list available at the meeting, and any shareholder, or the shareholder's agent or attorney authorized in writing, is entitled to inspect the list at any time during the meeting or any adjournment.

(d) If the corporation refuses to allow a shareholder, or the shareholder's agent or attorney authorized in writing, to inspect or copy the shareholders' list during the period specified in subsection (b), the circuit or superior court of the county where a corporation's principal office is located, on application of the shareholder, may order the inspection or copying.

(e) Refusal or failure to prepare or make available the shareholders' list does not affect the validity of action taken at the meeting.

(f) The use and distribution of any information acquired from inspection or copying the shareholders' list under the rights granted by this section are restricted solely to the proper purpose described with particularity under subsection (b).

(g) In addition to the inspection rights described in this section, a shareholder of a corporation is entitled to inspect and copy, during regular business hours at a reasonable location specified by the corporation, the record of shareholders, if the shareholder:

(1) meets the requirements of subsection (b); and

(2) gives the corporation written notice of the shareholder's demand at least five (5) business days before the date the shareholder wishes to inspect and copy the record.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-8-5-13.1 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-13.1
Change in control of licensee; application to department; time frame for department's decision; conditions for approval; duty of licensee to report transfer of securities; director's discretion to require new license
Status: in_force

Sec. 13.1. (a) As used in this section, "control" means possession of the power directly or indirectly to:

(1) direct or cause the direction of the management or policies of a licensee, whether through the beneficial ownership of voting securities, by contract, or otherwise; or

(2) vote at least twenty-five percent (25%) of the voting securities of a licensee, whether the voting rights are derived through the beneficial ownership of voting securities, by contract, or otherwise.

(b) An organization or an individual acting directly, indirectly, or through or in concert with one (1) or more other organizations or individuals may not acquire control of any licensee unless the department has received and approved an application for change in control. The department has not more than one hundred twenty (120) days after receipt of an application to issue a notice approving the proposed change in control. The application must contain the name and address of the organization, individual, or individuals who propose to acquire control and any other information required by the director.

(c) The period for approval under subsection (b) may be extended:

(1) in the discretion of the director for an additional thirty (30) days; and

(2) not more than two (2) additional times for not more than forty-five (45) days each time if:

(A) the director determines that the organization, individual, or individuals who propose to acquire control have not submitted substantial evidence of the qualifications described in subsection (d);

(B) the director determines that any material information submitted is substantially inaccurate; or

(C) the director has been unable to complete the investigation of the organization, individual, or individuals who propose to acquire control because of any delay caused by or the inadequate cooperation of the organization, individual, or individuals.

(d) The department shall issue a notice approving the application only after it is satisfied that both of the following apply:

(1) The organization, individual, or individuals who propose to acquire control are qualified by competence, experience, character, and financial responsibility to control and operate the licensee in a legal and proper manner.

(2) The interests of the owners and creditors of the licensee and the interests of the public generally will not be jeopardized by the proposed change in control.

(e) The director may determine, in the director's discretion, that subsection (b) does not apply to a transaction if the director determines that the direct or beneficial ownership of the licensee will not change as a result of the transaction.

(f) The president or other chief executive officer of a licensee shall report to the director any transfer or sale of securities of the licensee that results in direct or indirect ownership by a holder or an affiliated group of holders of at least ten percent (10%) of the outstanding securities of the licensee. The report required by this subsection must be made not later than ten (10) days after the transfer of the securities on the books of the licensee.

(g) Depending on the circumstances of the transaction, the director may reserve the right to require the organization, individual, or individuals who propose to acquire control of a licensee to apply for a new license under section 11 of this chapter, instead of acquiring control of the licensee under this section.

As added by P.L.89-2011, SEC.64. Amended by P.L.6-2012, SEC.199.
Ind. Code § 28-13-14-3 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-3
Proposal authorized
Status: in_force

Sec. 3. A corporation's board of directors may propose at least one (1) amendment to the articles of incorporation for submission to the shareholders.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-13-4-6 — Indiana Code / Title 28 / Article 13 / Chapter 4 / Section 28-13-4-6
Repealed
Status: repealed

As added by P.L.14-1992, SEC.163. Amended by P.L.262-1995, SEC.87; P.L.258-2003, SEC.27. Repealed by P.L.137-2014, SEC.40.
Ind. Code § 28-2-13-4 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-4
Automated teller machine
Status: in_force

Sec. 4. As used in this chapter, "automated teller machine" means unmanned electronic or mechanical equipment that performs routine banking transactions for the public.

As added by P.L.265-1985, SEC.3.
Ind. Code § 28-1-21.8-6 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-6
Stock savings bank conversion
Status: in_force

Sec. 6. As used in this chapter, "stock savings bank conversion" means the conversion of a savings association to a stock savings bank, including any of the following:

(1) A conversion in connection with the formation of a holding company.

(2) An acquisition involving an existing corporation.

(3) The merger with an existing financial institution.

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-1-12-6 — Indiana Code / Title 28 / Article 1 / Chapter 12 / Section 28-1-12-6
Liquidation preferences
Status: in_force

Sec. 6. Upon the liquidation of any bank or trust company or corporate fiduciary while it is acting as guardian, trustee, receiver, administrator, executor, commissioner, or assignee for the benefit of creditors the person or persons beneficially entitled to receive property or proceeds thereof held by it, or any successor fiduciary that may be appointed, shall have preference and priority in all assets of such bank or trust company or corporate fiduciary over its general creditors, for all uninvested money held by such bank or trust company or corporate fiduciary in the fiduciary capacities above named, to the extent that such money is commingled with its general assets or is not duly accounted for.

Formerly: Acts 1933, c.40, s.192; Acts 1937, c.33, s.25. As amended by P.L.262-1995, SEC.32.
Ind. Code § 28-8-4.1-701 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-701
Quarterly report of conditions; contents
Status: in_force

Sec. 701. (a) A licensee shall submit a report of condition not later than forty-five (45) days after the end of each calendar quarter, or within any extended time as the director may prescribe.

(b) A report of condition under this section must include the following:

(1) Financial information at the licensee level.

(2) Nationwide and state specific money transmission transaction information in every jurisdiction in the United States in which the licensee is licensed to engage in money transmission.

(3) A permissible investments report.

(4) Transaction destination country reporting for money received for transmission, if applicable.

(5) Any other information the director reasonably requires with respect to the licensee. The director:

(A) may use the NMLS for the submission of the report required by this section; and

(B) is authorized to change or update as necessary the requirements of this section to carry out the purposes of this chapter and maintain consistency with NMLS reporting.

(c) The information required by subsection (b)(4) must only be included in a report of condition submitted not later than forty-five (45) days after the end of the fourth calendar quarter.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-10-2-17 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-17
LIBOR replacement date; recommended benchmark replacement as benchmark replacement by operation of law
Status: in_force

Sec. 17. (a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, becomes the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and that either:

(1) contains no fallback provisions; 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.

(b) After the occurrence of a LIBOR discontinuance event, any fallback provisions in a contract, security, or instrument that provide for a benchmark replacement based on or involving:

(1) a poll, survey, or inquiries for quotes or information concerning interbank lending rates; or

(2) any:

(A) interest rate; or

(B) dividend rate;

based on LIBOR;

shall be disregarded as if not included in the contract, security, or instrument, and are considered void and without any force or effect.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-1-32-8.1 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-8.1
Conversion to federally chartered credit union; requirements; date of charter conversion
Status: in_force

Sec. 8.1. (a) A mutual savings association may convert into a federally chartered credit union by complying with the following requirements:

(1) The mutual savings association must prepare a conversion plan that provides the terms and conditions for the conversion of the mutual savings association into a federal credit union.

(2) The conversion plan must be adopted by not less than a majority of the board of directors of the mutual savings association.

(3) Unless the articles of incorporation require a greater or lesser vote, the conversion plan must be approved by not less than a majority of the total number of votes eligible to be cast at a regular or special meeting of the voting parties.

(4) If the conversion plan is approved by the voting parties under subdivision (3), the mutual savings association shall, not later than ninety (90) days after the plan is approved under subdivision (3), take all necessary actions to effect the conversion.

(5) Not later than ten (10) days after receipt of the federal charter, the credit union resulting from the charter conversion shall:

(A) file a copy of the federal charter with the department; and

(B) notify the secretary of state that the conversion is complete.

(b) Notwithstanding section 3 of this chapter, the converted federal credit union ceases to be a savings association upon the issuance of the federal charter, unless the federal charter provides for a different effective date for the conversion.

As added by P.L.213-2007, SEC.52; P.L.217-2007, SEC.50.
Ind. Code § 28-6.1-6-8 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-8
Accepting drafts for future payment; issuing letters of credit
Status: in_force

Sec. 8. A savings bank may accept for future payment drafts drawn upon the savings bank by its customers and may issue letters of credit with a specific expiration date authorizing the holders of the letters to draw drafts upon the savings bank or its correspondents at sight or on time.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-23-11 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-11
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.366. Repealed by Acts 1978, P.L.2, SEC.2824.
Ind. Code § 28-1-21.4-12 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-12
Conditions for approval
Status: in_force

Sec. 12. The department may not approve the conversion plan unless the department finds, after appropriate investigation or examination, all of the following:

(1) That the resulting stock savings association will operate in a safe, sound, and prudent manner.

(2) That the proposed charter conversion will not result in a stock savings association that has inadequate capital, unsatisfactory management, or poor earnings prospects.

(3) That the management or other principals of the savings association are qualified by character and financial responsibility to control and operate in a legal and proper manner the proposed stock savings association.

(4) That the interests of the depositors, the creditors, and the public generally will not be jeopardized by the proposed charter conversion.

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.55.
Ind. Code § 28-1-29-9.5 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-9.5
Prohibited acts; unauthorized practice of law; compensation prohibited
Status: in_force

Sec. 9.5. (a) A licensee may not, directly or indirectly, do any of the following:

(1) Misappropriate or misapply money held in trust.

(2) Exercise or attempt to exercise a power of attorney after a contract debtor has terminated an agreement.

(3) Initiate a transfer to or from a contract debtor's account at a bank or with another person unless the transfer is:

(A) a return of money to the contract debtor; or

(B) before the termination of an agreement, properly authorized by the agreement and this chapter, and for:

(i) payment to one (1) or more creditors under an agreement; or

(ii) payment of a fee.

(4) Offer a gift or bonus, premium, reward, or other compensation to a debtor for executing an agreement.

(5) Offer, pay, or give:

(A) a gift or bonus;

(B) a premium;

(C) a reward; or

(D) other compensation;

to a lead generator or another person for referring a prospective customer if the person making the referral has a financial interest in the outcome of debt management services provided to the customer.

(6) Receive a bonus, a commission, or other benefit for referring a debtor to a person.

(7) Structure a plan in a manner that would result in a negative amortization of any of a debtor's debts, unless a creditor that is owed a negatively amortizing debt agrees to refund or waive the finance charge upon payment of the principal amount of the debt.

(8) Compensate the licensee's employees on the basis of a formula that incorporates the number of debtors the employee induces to enter into agreements. It is not a violation of this subsection for a licensee to use the number of successfully completed debt management plans as a criterion for compensation for the licensee's employees.

(9) Settle a debt or lead a contract debtor to believe that a payment to a creditor is in settlement of a debt to the creditor unless, at the time of settlement, the contract debtor receives a certification by the creditor that the payment is in full settlement of the debt.

(10) Make a representation that:

(A) the licensee will furnish money to pay bills or prevent attachments;

(B) payment of a certain amount will permit satisfaction of a certain amount or range of indebtedness; or

(C) participation in a plan will or may prevent litigation, garnishment, attachment, repossession, foreclosure, eviction, or loss of employment.

(11) Misrepresent that the licensee is authorized or competent to furnish legal advice or perform legal services.

(12) Represent in the licensee's agreements, disclosures required by this chapter, advertisements, or Internet web site that the licensee is:

(A) a nonprofit entity unless the licensee is organized and properly operating as a nonprofit entity under the law of the state in which the entity was formed; or

(B) a tax exempt entity unless the entity has received certification of tax exempt status from the Internal Revenue Service and is properly operating as a nonprofit entity under the law of the state in which the entity was formed.

(13) Take a confession of judgment or power of attorney to confess judgment against a contract debtor.

(14) Employ an unfair, unconscionable, or deceptive act or practice, including the knowing omission of any material information.

(b) If a licensee furnishes debt management services to a debtor, the licensee may not, directly or indirectly, do any of the following:

(1) Purchase a debt or obligation of the debtor.

(2) Receive from or on behalf of the debtor:

(A) a promissory note or other negotiable instrument other than a check or a demand draft; or

(B) a postdated check or demand draft.

(3) Lend money or provide credit to the debtor.

(4) Obtain a mortgage or other security interest from any person in connection with the services provided to the debtor.

(5) Except as permitted by federal law, disclose the identity or identifying information of the debtor or the identity of the debtor's creditors, except:

(A) to the department, upon proper demand;

(B) to a creditor of the debtor, to the extent necessary to secure the cooperation of the creditor in a plan; or

(C) to the extent necessary to administer the plan.

(6) Charge the debtor for or provide credit or other insurance, coupons for goods or services, membership in a club, access to computers or the Internet, or any other matter not directly related to debt management services or educational services concerning personal finance.

(7) Furnish legal advice or perform legal services unless the person furnishing the advice or performing the services is licensed to practice law.

(c) This chapter does not authorize any person to engage in the practice of law.

(d) A licensee may not receive a gift, bonus, premium, reward, or other compensation, directly or indirectly, for advising, arranging, or assisting a debtor in connection with obtaining an extension of credit or other service from a lender or service provider.

As added by P.L.35-2010, SEC.132. Amended by P.L.216-2013, SEC.31; P.L.69-2018, SEC.49.
Ind. Code § 28-1-9-16 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-16
Certificate of incorporators or articles of dissolution; approval by secretary of state; filing; certificate of dissolution
Status: in_force

Sec. 16. Upon presentation of the certificate of the incorporators, as provided in section 1 of this chapter, or of the articles of dissolution and proof of publication, as provided in section 14 of this chapter, the secretary of state, if he finds that it or they conform to law, shall endorse his approval upon each of the triplicate copies of the certificate or articles, as the case may be, and, when all fees shall have been paid as required by law, shall file one (1) copy of the certificate or articles and the accompanying proof of publication in his office, and shall issue a certificate of dissolution to the corporation, and shall return the certificate of dissolution to the corporation, together with two (2) copies of the certificate of the incorporators or articles of dissolution, as the case may be, bearing the endorsement of his approval.

Formerly: Acts 1933, c.40, s.157. As amended by P.L.263-1985, SEC.48.
Ind. Code § 28-9-3-3 — Indiana Code / Title 28 / Article 9 / Chapter 3 / Section 28-9-3-3
Adverse claim by one who is not a money judgment creditor of a depositor; accountability of depository financial institution; actions required of adverse claimant
Status: in_force

Sec. 3. (a) This section applies to an adverse claimant who is not a money judgment creditor of a depositor.

(b) A depository financial institution may not be held accountable to an adverse claimant for funds in a deposit account that are claimed by the adverse claimant unless the adverse claimant:

(1) serves on the depository financial institution written verified notice of the adverse claim stating in detail:

(A) the nature of the adverse claim, including the facts from which the adverse claim arose;

(B) that an action has been instituted in a court having jurisdiction in Indiana, or will be instituted within three (3) working days after receipt by the depository financial institution of the notice; and

(C) that the action instituted will include all persons known by the adverse claimant to have a claim against or an interest in the deposit account;

(2) serves on the depository financial institution notice of an adverse claim with a restraining order, an injunction, or another legal process that:

(A) directs the depository financial institution to place a hold on or otherwise restrict withdrawals from a deposit account;

(B) is issued or appears to be issued by a court having jurisdiction as a result of an action in which the depositor, the depository financial institution, and all persons who are known to the depository financial institution as having an interest in the deposit account are parties; and

(C) is accompanied by a court order providing for the recovery and collection by the depository financial institution of all costs and expenses, including attorney's fees, that have been or may be incurred by the depository financial institution as a result of the action; or

(3) furnishes to the depository financial institution, in form and with sureties acceptable to the depository financial institution, a bond indemnifying the depository financial institution from payment of damages, costs and expenses, and attorney's fees incurred by the depository financial institution as a result of the:

(A) payment by the depository financial institution of the adverse claim;

(B) dishonor by the depository financial institution of any instructions from, or orders by, a depositor; or

(C) dishonor by the depository financial institution of other duties imposed upon the depository financial institution by contract or law.

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-6.1-10-8.5 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-8.5
Purchase of speculative securities or securities not rated by a generally recognized security rating service
Status: in_force

Sec. 8.5. (a) A savings bank may not purchase for its own account any bond, note, or other evidence of indebtedness that is commonly designated as a security that is speculative in character or that has speculative characteristics. For the purposes of this subsection, a security is speculative or has speculative characteristics if at the time of purchase the security:

(1) is rated below the first four (4) rating classes by a generally recognized security rating service;

(2) is in default; or

(3) is otherwise considered speculative by the director.

(b) A savings bank may purchase for its own account a security that is not rated by a generally recognized security rating service if:

(1) the savings bank at the time of purchase obtains financial information that is adequate to document the investment quality of the security; and

(2) the security is not otherwise considered speculative by the director.

As added by P.L.176-1996, SEC.20. Amended by P.L.89-2011, SEC.46.
Ind. Code § 28-6.1-3-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-1
Application of chapter
Status: in_force

Sec. 1. This chapter applies only to a savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-2-13-20.5 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-20.5
Branch; establishment through transaction with savings association
Status: in_force

Sec. 20.5. Notwithstanding any other provision of this title, upon receipt of approval by the department and all required federal regulatory approvals, a state bank is entitled to establish a branch through a transaction with a savings association (as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813(b)), if the transaction otherwise complies with this chapter.

As added by P.L.33-1991, SEC.26. Amended by P.L.42-1993, SEC.62; P.L.11-1998, SEC.6; P.L.35-2010, SEC.142.
Ind. Code § 28-8-4.1-1203 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1203
Persons licensed to engage in money transmission before January 1, 2024; amendment of authorized delegate contracts; authorized delegate's duty to comply
Status: in_force

Sec. 1203. (a) A person licensed in Indiana to engage in the business of money transmission under IC 28-8-4 (before its repeal on January 1, 2024) is not subject to the provisions of this chapter, to the extent that the provisions of this chapter:

(1) conflict with IC 28-8-4 (before its repeal on January 1, 2024); or

(2) establish new requirements not imposed under IC 28-8-4 (before its repeal on January 1, 2024);

until after December 31, 2023.

(b) Notwithstanding subsection (a), a person licensed in Indiana to engage in the business of money transmission under IC 28-8-4 (before its repeal on January 1, 2024) shall be required to amend its authorized delegated contracts so that such contracts comply with this chapter only with respect to contracts entered into or amended after December 31, 2023.

(c) Nothing in this section shall be construed as limiting an authorized delegate's obligations to operate in full compliance with this chapter, as required by section 801(c) of this chapter, after December 31, 2023.

As added by P.L.198-2023, SEC.4. Amended by P.L.1-2025, SEC.221.
Ind. Code § 28-6.2-1-22 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-22
"Stock issuance plan" defined
Status: in_force

Sec. 22. "Stock issuance plan" means a plan submitted under IC 28-6.2-3 providing for the issuance of stock by a savings bank subsidiary of a mutual holding company.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.1-3-8 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-8
Presidents; officers and agents
Status: in_force

Sec. 8. (a) The trustees of the savings bank shall elect from among the trustees a president.

(b) The trustees may choose from among the trustees, or otherwise, other officers or agents the trustees consider necessary to conduct the business of the savings bank.

(c) The officers and agents hold their offices at the pleasure of the board and until their successors are chosen and qualified.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-8-4.1-1205 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1205
Person on tax warrant list; issuance or renewal of license prohibited; notice of release of warrant
Status: in_force

Sec. 1205. If the department of state revenue notifies the department that a person is on the most recent tax warrant list, the department shall not issue or renew the person's license until:

(1) the person provides to the department a statement from the department of state revenue that the person's tax warrant has been satisfied; or

(2) the department receives a notice from the commissioner of the department of state revenue under IC 6-8.1-8-2(k).

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-6.1-9-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-5
Limits on total loans and extensions of credit to one borrower; loans and extensions not fully secured; loans and extensions fully secured; derivative transactions
Status: in_force

Sec. 5. (a) The total loans and extensions of credit by a savings bank to a person outstanding at one (1) time and not fully secured, as determined in a manner consistent with subsection (b), by collateral having a market value at least equal to the amount of the loan or extension of credit may not exceed fifteen percent (15%) of the unimpaired capital and unimpaired surplus of the savings bank.

(b) The total loans and extensions of credit by a savings bank to a person outstanding at one (1) time and fully secured by readily marketable collateral having a market value, as determined by reliable and continuously available price quotations, at least equal to the amount of the funds outstanding may not exceed ten percent (10%) of the unimpaired capital and unimpaired surplus of the savings bank. The limitation in this subsection is separate from and in addition to the limitation contained in subsection (a).

(c) The total loans and extensions of credit by a savings bank includes any credit exposure to a person arising from a derivative transaction (as defined in 12 U.S.C. 84(b)(3)) between the savings bank and the person.

As added by P.L.42-1993, SEC.72. Amended by P.L.27-2012, SEC.86.
Ind. Code § 28-5-1-6.3 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-6.3
Request to exercise rights and privileges granted to national banks; appeal
Status: in_force

Sec. 6.3. (a) As used in this section, "rights and privileges" means the power:

(1) to:

(A) create;

(B) deliver;

(C) acquire; or

(D) sell;

a product, a service, or an investment that is available to or offered by; or

(2) to engage in mergers, consolidations, reorganizations, or other activities or to exercise other powers authorized for;

national banks domiciled in Indiana.

(b) An industrial loan and investment company that intends to exercise any rights and privileges that are:

(1) granted to national banks; but

(2) not authorized for industrial loan and investment companies under the Indiana Code (except for this section) or any rule adopted under the Indiana Code;

shall submit a letter to the department describing in detail the requested rights and privileges granted to national banks that the company intends to exercise. If available, copies of relevant federal law, regulations, and interpretive letters must be attached to the letter submitted by the company.

(c) The department shall promptly notify the requesting company of the department's receipt of the letter submitted under subsection (b). Except as provided in subsection (e), the company may exercise the requested rights and privileges sixty (60) days after the date on which the department receives the letter unless otherwise notified by the department.

(d) The department may deny the requested rights and privileges if the department finds that:

(1) national banks domiciled in Indiana do not possess the requested rights and privileges;

(2) the exercise of the requested rights and privileges by the company would adversely affect the safety and soundness of the company;

(3) the exercise of the requested rights and privileges by the company would result in an unacceptable curtailment of consumer protection; or

(4) the failure of the department to approve the requested rights and privileges will not result in a competitive disadvantage to the company.

(e) The sixty (60) day period referred to in subsection (c) may be extended by the department based on a determination that the company's letter raised issues requiring additional information or additional time for analysis. If the sixty (60) day period is extended under this subsection, the company may exercise the requested rights and privileges only if the company receives prior written approval from the department. However:

(1) the department must:

(A) approve or deny the requested rights and privileges; or

(B) convene a hearing;

not later than sixty (60) days after the department receives the company's letter; and

(2) if a hearing is convened, the department must approve or deny the requested rights and privileges not later than sixty (60) days after the hearing is concluded.

(f) The exercise of rights and privileges by a company in compliance with and in the manner authorized by this section is not a violation of any provision of the Indiana Code or rules adopted under IC 4-22-2.

(g) If a company receives approval to exercise the requested rights and privileges granted to national banks domiciled in Indiana, the department shall determine by order whether all industrial loan and investment companies may exercise the same rights and privileges. In making the determination required by this subsection, the department must ensure that the exercise of the rights and privileges by all industrial loan and investment companies will not:

(1) adversely affect their safety and soundness; or

(2) unduly constrain Indiana consumer protection provisions.

(h) If the department denies the request of a company under this section to exercise any rights and privileges that are granted to national banks, the company may appeal the decision of the department to the circuit court, superior court, or probate court with jurisdiction in the county in which the principal office of the company is located. In an appeal under this section, the court shall determine the matter de novo.

As added by P.L.194-1997, SEC.4. Amended by P.L.213-2007, SEC.58; P.L.217-2007, SEC.56; P.L.35-2010, SEC.143; P.L.84-2016, SEC.123.
Ind. Code § 28-1-31-8 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-8
Approval of plan of charter conversion
Status: in_force

Sec. 8. (a) The department may approve or disapprove the plan of charter conversion filed under section 7 of this chapter.

(b) Solicitation of the votes of voting parties may occur before receipt of the approval of the department.

(c) The department may not approve the plan of charter conversion unless the department finds, after appropriate investigation or examination, and without the requirement of a public hearing, that the following requirements have been fulfilled:

(1) The resulting commercial bank will operate in a safe, sound, and prudent manner.

(2) The proposed charter conversion will not result in a commercial bank that has inadequate capital, unsatisfactory management, or poor earnings prospects.

(3) The management or other principals of the out-of-state financial institution are qualified by character and financial responsibility to control and operate in a legal and proper manner the commercial bank proposed to be formed as a result of the charter conversion.

(4) The interests of the depositors, the creditors, and the public generally will not be jeopardized by the proposed charter conversion.

As added by P.L.1-2006, SEC.490.
Ind. Code § 28-2-14-9 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-9
Repealed
Status: repealed

As added by P.L.265-1985, SEC.4. Repealed by P.L.33-1991, SEC.57.
Ind. Code § 28-6.1-17-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 17 / Section 28-6.1-17-2
Law governing procedure and parties
Status: in_force

Sec. 2. IC 28-1-3.1 governs the following:

(1) The authority and the procedures under which the department administers the liquidation of a savings bank under this chapter.

(2) The respective rights, powers, privileges, duties, and liabilities of the department, the savings bank, and all interested parties.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-6-22.5 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-22.5
Profit or commission on sales or purchases; necessity of specific authorization; surcharge
Status: in_force

Sec. 22.5. (a) Except for interest at the legal rate on a loan or advancement, a savings bank may not, directly or indirectly, receive a profit or commission from the sale to or purchase from an estate, a guardianship, or a trust of which the savings bank is the fiduciary unless the profit or commission is authorized by agreement with the creator of the trust or a court with jurisdiction over the estate, guardianship, or trust.

(b) A savings bank that receives a profit or commission in violation of subsection (a) shall be surcharged an amount equal to the profit or commission. In addition, a court with jurisdiction over the estate, guardianship, or trust may remove the savings bank as the fiduciary.

As added by P.L.192-2003, SEC.5.
Ind. Code § 28-7-1-23 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-23
Loans to members; purposes; repayment plans; direct deposit
Status: in_force

Sec. 23. (a) A credit union may make loans to its members for such purposes and upon such security as the bylaws provide, and as the credit committee or loan officer shall approve.

(b) A member may receive a loan for crops in installments.

(c) A borrower may repay the whole loan or any part of a loan on any day on which the credit union is open.

(d) A credit union may offer payroll deduction for:

(1) the repayment of loans; and

(2) deposits into the accounts of members.

(e) A credit union may offer direct deposit.

Formerly: Acts 1961, c.182, s.23; Acts 1969, c.133, s.6; Acts 1974, P.L.130, SEC.6. As amended by P.L.270-1983, SEC.7; P.L.263-1995, SEC.20.
Ind. Code § 28-7-5-12 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-12
Repealed
Status: repealed

Formerly: Acts 1935, c.195, s.12. As amended by P.L.263-1985, SEC.189. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-8-4.1-101 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-101
Citation as Money Transmission Modernization Act
Status: in_force

Sec. 101. This chapter shall be known as and may be cited as the Money Transmission Modernization Act.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-11-1-2 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-2
Administration of Title 28
Status: in_force

Sec. 2. The department shall administer this title.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-2-17-7 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-7
"Control" defined
Status: in_force

Sec. 7. As used in this chapter, "control" shall be construed consistently with the provisions of 12 U.S.C. 1841(a)(2).

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-5-1-15 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-15
Authority of department; examination of affiliates; examination of vendors
Status: in_force

Sec. 15. (a) The department shall have charge of the organization, supervision, regulation, examination, and liquidation of all industrial loan and investment companies to which this chapter is applicable, to the same extent and in the same manner as is provided for financial institutions in IC 28-1 and IC 28-11, and for such purpose any company to which this chapter is applicable shall be deemed to be and shall be a financial institution within the meaning of the term as used in IC 28-1-2, IC 28-1-3.1, and IC 28-11. The department shall be subject to the same limitations with reference to the disclosure of information as is provided in IC 28-11-3-3.

(b) In conducting an examination of an industrial loan and investment company, the department shall include an examination of the affairs of all the industrial loan and investment company's affiliates necessary to disclose fully:

(1) the relations between the industrial loan and investment company and its affiliates; and

(2) the effect of the relations described in subdivision (1) upon the affairs of the industrial loan and investment company.

In conducting the examination of an affiliate of an industrial loan and investment company, the department has the same powers to examine the affiliate as the department has to examine the affairs of the industrial loan and investment company under this section.

(c) If an industrial loan and investment company contracts with an outside vendor to provide a service that would otherwise be undertaken internally by the industrial loan and investment company and be subject to the department's routine examination procedures, the person that provides the service to the industrial loan and investment company shall, at the request of the director, submit to an examination by the department. If the director determines that an examination under this subsection is necessary or desirable, the examination may be made at the expense of the person to be examined. If the person to be examined under this subsection refuses to permit the examination to be made, the director may order any industrial loan and investment company that receives services from the person refusing the examination to:

(1) discontinue receiving one (1) or more services from the person; or

(2) otherwise cease conducting business with the person.

Formerly: Acts 1935, c.181, s.15. As amended by P.L.263-1985, SEC.153; P.L.33-1991, SEC.47; P.L.213-2007, SEC.61; P.L.217-2007, SEC.59; P.L.35-2010, SEC.144.
Ind. Code § 28-2-16-9 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-9
"Foreign bank holding company" defined
Status: in_force

Sec. 9. As used in this chapter, "foreign bank holding company" means a bank holding company that has its principal place of business in a state other than Indiana.

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-6.2-2-1 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-1
Procedures for reorganization
Status: in_force

Sec. 1. A mutual savings bank may, upon application to and approval by the department, reorganize as a mutual holding company by:

(1) organizing one (1) or more subsidiary stock savings banks, the ownership of which shall be evidenced by shares of stock to be owned by the reorganizing parent savings bank and transferring a substantial portion of its assets and all of the insured deposits and part or all of its other liabilities to one (1) or more subsidiary savings banks; or

(2) organizing a first tier subsidiary stock savings bank and causing that subsidiary to organize a second tier subsidiary stock savings bank and transferring, by merger of the reorganizing savings bank with the second tier subsidiary, a substantial portion of its assets, all of its insured deposits and part or all of its other liabilities to the resulting savings bank at which time the first tier subsidiary stock savings bank becomes a mutual holding company.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-1-7-23 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-23
Effect of merger or consolidation upon letters of administration or letters testamentary
Status: in_force

Sec. 23. Nothing done in connection with the consolidation or merger of any two (2) or more banks, banks of discount and deposit, trust companies, savings banks, corporate fiduciaries, or building and loan associations shall be deemed to be or to effect a renunciation or revocation of any letters of administration or letters testamentary, pertaining to such relation, nor a removal or resignation from any such executorship or trusteeship or any other fiduciary relationship.

Formerly: Acts 1933, c.40, s.136. As amended by P.L.122-1994, SEC.58; P.L.262-1995, SEC.12.
Ind. Code § 28-1-13-1 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-1
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.195; Acts 1935, c.5, s.32; Acts 1965, c.356, s.12. As amended by P.L.265-1983, SEC.1. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-1-33-14 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-14
Branches
Status: in_force

Sec. 14. A credit union created by charter conversion may retain all branches lawfully established.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-13-14-2 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-2
Adoption without shareholder approval
Status: in_force

Sec. 2. Unless the articles of incorporation provide otherwise, a corporation's board of directors may adopt at least one (1) amendment to the corporation's articles of incorporation without shareholder action to:

(1) extend the duration of the corporation if the corporation was incorporated at a time when limited duration was required by law;

(2) delete the names and addresses of the initial directors;

(3) change each issued and unissued authorized share of an outstanding class into a greater number of whole shares and fractional shares if the corporation has only shares of that class outstanding;

(4) reduce the number of authorized shares solely as the result of a cancellation of treasury shares; or

(5) make any other change expressly permitted by this article to be made without shareholder action.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-8-4.1-507 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-507
Department's authority to suspend or revoke license; obligation to meet tangible net worth, surety bond, and permissible investment requirements
Status: in_force

Sec. 507. (a) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the department may suspend or revoke the licensee's license in accordance with the procedures established by this chapter or other applicable state law for such suspension or revocation.

(b) An applicant for a money transmission license must demonstrate that it meets or will meet, and a money transmission licensee must at all times meet, the requirements set forth in sections 1001, 1002, and 1003 of this chapter.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-11-1-7 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-7
Salary; expenses
Status: in_force

Sec. 7. (a) Each member who is not a state officer or employee is entitled to receive an annual salary of four thousand dollars ($4,000).

(b) Each member is entitled to receive actual and necessary travel and other expenses incurred in the performance of the member's duties.

As added by P.L.33-1991, SEC.56. Amended by P.L.10-2006, SEC.71 and P.L.57-2006, SEC.71.
Ind. Code § 28-1-29-8.3 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-8.3
Fees and charges; plan, written agreement, and payment to creditor required; set up fee; monthly service fee; close-out fee; department approval for additional charges; returned payment charge; fees not considered debt
Status: in_force

Sec. 8.3. (a) Except as otherwise permitted by this section, a licensee may not:

(1) impose, directly or indirectly, a fee or other charge on a debtor; or

(2) receive money from or on behalf of a debtor for debt management services.

(b) A licensee may not impose charges or receive payment for debt management services until:

(1) the licensee and the debtor have agreed upon a plan and have signed an agreement that complies with sections 8 and 9.5 of this chapter; and

(2) at least one (1) payment has been made to a creditor under the plan.

All creditors must be notified of the debtor's and licensee's relationship.

(c) If a debtor assents to a plan, the licensee may charge the following:

(1) A set up fee of not more than fifty dollars ($50) for consultation, obtaining a credit report, and setting up an account. Acceptance of a plan payment by a creditor constitutes agreement by the creditor to the plan. A set up fee under this subdivision may not be collected until the debtor, or the licensee on behalf of the debtor, has made at least one (1) payment to a creditor under the plan.

(2) Subject to subsection (d), a monthly service fee of the lesser of the following:

(A) Not more than fifteen percent (15%) of the amount the licensee receives from the contract debtor for payment to the contract debtor's creditors during the applicable month. However, if the amount calculated under this clause is less than five dollars ($5) for a particular month, the licensee may charge a monthly service fee of five dollars ($5) for that month.

(B) Seventy-five dollars ($75).

The monthly service fee under this subdivision may be charged for any one (1) month or part of a month. The amount of a set up fee under subdivision (1) may not be included in the calculation of the monthly service fee.

(d) Upon cancellation by a contract debtor or termination of payments by a contract debtor, a licensee may withhold for the licensee's own benefit not more than one hundred dollars ($100), which may be accrued as a close-out fee.

(e) A licensee may not charge a contract debtor more than one (1) set up fee or one (1) close-out fee unless the contract debtor leaves the services of the licensee for more than six (6) months.

(f) With respect to any additional charge not specifically provided for in this section, the licensee must submit a written explanation of the charge to the department indicating how the charge would be assessed and the value or benefit conferred on the contract debtor in connection with the charge. Supporting documents may be required by the department. The department shall determine whether the charge:

(1) would be imposed in relation to some benefit conferred on the consumer; and

(2) is reasonable in relation to the benefit conferred.

An additional charge is not permitted unless approved by the department.

(g) For purposes of this chapter, the terms of an agreement commence on the date on which the agreement is made.

(h) A licensee may assess a charge of not more than twenty-five dollars ($25) for each returned payment by a bank or other depository institution of a dishonored check, electronic funds transfer, negotiable order of withdrawal, or share draft issued by the contract debtor.

(i) Any fee charged by the licensee to the debtor under this section for services rendered by the licensee, other than the fees described under subsection (e), is not considered a debt owed by the debtor to the licensee.

As added by P.L.35-2010, SEC.128. Amended by P.L.89-2011, SEC.42; P.L.6-2012, SEC.194; P.L.27-2012, SEC.74; P.L.216-2013, SEC.27; P.L.186-2015, SEC.34; P.L.69-2018, SEC.48.
Ind. Code § 28-6.1-6-16 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-16
Receiving personal property for deposit
Status: in_force

Sec. 16. (a) A savings bank may do the following:

(1) Receive upon deposit for safekeeping or in escrow, money, bonds, mortgages, jewelry, plate, stock, securities, valuable papers of any kind, and other personal property.

(2) Lease receptacles for safe deposits of personal property.

(b) The savings bank may prescribe terms and conditions not inconsistent with this section for the receiving or leasing authorized by subsection (a).

(c) A savings bank or any of the savings bank's assets are not liable for the value of any property received by the savings bank under the power conferred by this section or for damages for the loss, theft, or misappropriation of the property.

(d) A savings bank may procure and carry insurance for the benefit of the owners of property received by the savings bank under the power conferred by this section.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-21.8-9 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-9
Conversion procedures
Status: in_force

Sec. 9. (a) The department shall prescribe procedures for stock savings bank conversions.

(b) The procedures prescribed by the department must include the following:

(1) The savings association must prepare and submit a conversion plan to the department that provides the terms and conditions of the stock savings bank conversion as required by the department. The resulting stock savings bank is not required to register its stock under the Securities and Exchange Act of 1934 (15 U.S.C. 77b et seq.) unless required by other applicable laws or regulations. A conversion plan is sufficient if it complies with the requirements of the primary federal regulator. In case of a stock savings bank conversion by a mutual savings association, the conversion plan must specify the manner of distribution of stock in conformance with the primary federal regulator's regulations unless otherwise provided in this chapter.

(2) The conversion plan must be adopted by not less than a majority of the board of directors of the savings association.

(3) Upon approval of the conversion plan by the board of directors of the savings association, the conversion plan and a certified copy of the resolution of the board of directors approving the conversion plan must be submitted to the department for approval.

(4) The conversion plan must be conditioned on the approval of not less than a majority of the total number of votes eligible to be cast at a regular or special meeting of the voting parties. In obtaining the approval of the conversion plan by the voting parties, the converting savings association shall provide to the voting parties the information regarding the conversion plan required by the department. In determining the information that must be provided, the department shall give due consideration to the requirements of the primary federal regulator's regulations relating to proxy statements governed by Section 14 of the Security and Exchange Act of 1934 (15 U.S.C. 78n).

(5) The savings association shall provide to the department additional relevant information requested by the department regarding the conversion plan.

(c) Voting parties have the voting rights provided by the bylaws or charter of the converting savings association.

As added by P.L.42-1993, SEC.43. Amended by P.L.27-2012, SEC.67.
Ind. Code § 28-8-6-201 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-201
Definitions
Status: in_force

Sec. 201. The following definitions apply throughout this chapter:

(1) "Consumer" means an individual who:

(A) resides in Indiana, as may be determined by a provider on the basis of the:

(i) mailing address; or

(ii) state of residence;

provided by the individual; or

(B) requests proceeds in Indiana, as may be determined by a provider by using any legal, readily available commercial means to determine the location from which the individual requests proceeds.

(2) "Consumer directed wage access services" means the business by a provider of delivering to a consumer access to earned but unpaid income based on:

(A) the consumer's representations of; and

(B) the provider's reasonable determination of;

the consumer's earned but unpaid income.

(3) "Control" means any of the following:

(A) The power to vote, directly or indirectly, at least twenty-five percent (25%) of the outstanding voting shares or voting interests of a licensee or of a person in control of a licensee.

(B) The power to elect or appoint a majority of key individuals or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a person in control of a licensee.

(C) The power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or of a person in control of a licensee. For purposes of this clause, a person is presumed to exercise a controlling influence if the person holds the power to vote, directly or indirectly, at least ten percent (10%) of the outstanding voting shares or voting interests of a licensee or of a person in control of a licensee, subject to the person's right to rebut the presumption if the person is a passive investor.

For purposes of this subdivision, the percentage of a person controlled by any other person is determined by aggregating the other person's interest with the interest of any other immediate family member of that person, including the person's spouse, parents, children, siblings, mothers-in-law and fathers-in-law, sons-in-law and daughters-in-law, and any other person who shares the person's home.

(4) "Department" refers to the members of the department of financial institutions.

(5) "Director" refers to the director of the department appointed under IC 28-11-2-1.

(6) "Earned but unpaid income", with respect to a consumer, means salary, wages, compensation, or other income that:

(A) the consumer represents, and a provider reasonably determines, has been earned by, or has accrued to the benefit of, the consumer in exchange for the consumer's provision of services to an employer or on behalf of an employer, including the provision of services by the consumer:

(i) on an hourly, project based, piecework, or other basis; and

(ii) regardless of whether the consumer is an employee of the employer or acts as an independent contractor with respect to the employer; but

(B) has not, at the time of payment of proceeds to the consumer by the provider, been paid to the consumer by the employer.

(7) "Earned wage access services" includes the following:

(A) Consumer directed wage access services.

(B) Employer integrated wage access services.

The term does not include a small loan.

(8) "Employer" means a person that employs a consumer or that is contractually obligated to pay a consumer earned but unpaid income. The term does not include:

(A) a customer of the person; or

(B) any other person whose obligation to make a payment of salary, wages, compensation, or other income to a consumer is not based on the provision of services by the consumer for or on behalf of that person.

(9) "Employer integrated wage access services" means the business by a provider of delivering to a consumer access to earned but unpaid income on the basis of:

(A) employment;

(B) income; or

(C) attendance;

data obtained directly or indirectly from an employer.

(10) "Federally insured depository financial institution" means:

(A) a bank;

(B) a credit union;

(C) a savings and loan association;

(D) a trust company;

(E) a corporate fiduciary;

(F) a savings association;

(G) a savings bank;

(H) an industrial bank; or

(I) an industrial loan company;

that is organized under the law of the United States or any state of the United States and that has federally or privately insured deposits as permitted by state or federal law.

(11) "Fee" includes the following, however denominated:

(A) An amount charged by a provider for:

(i) expedited delivery; or

(ii) other delivery;

of proceeds to a consumer.

(B) A subscription or membership fee imposed by a provider for a bona fide group of services that include earned wage access services.

(C) An amount that:

(i) is paid by an employer to a provider on a consumer's behalf; and

(ii) entitles the consumer to receive proceeds at reduced or no cost to the consumer.

The term does not include a voluntary tip, gratuity, or donation paid to a provider.

(12) "Individual" means a natural person.

(13) "Key individual" means an individual ultimately responsible for establishing or directing policies and procedures of a licensee, such as an executive officer, manager, director, or trustee.

(14) "Licensee" means a person licensed under this chapter.

(15) "NMLSR" means the Nationwide Multistate Licensing System and Registry:

(A) developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators; and

(B) owned and operated by the State Regulatory Registry, LLC, or by any successor or affiliated entity;

for the licensing and registry of persons in financial services industries.

(16) "Outstanding proceeds" means proceeds that:

(A) have been paid to a consumer by a provider; and

(B) have not yet been repaid to the provider.

(17) "Passive investor" means a person that:

(A) does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees, or other persons exercising managerial authority over a person in control of a licensee;

(B) is not employed by and does not have any managerial duties with respect to the licensee or a person in control of the licensee;

(C) does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of the licensee or a person in control of the licensee; and

(D) either:

(i) attests to as facts the characteristics of passivity set forth in clauses (A) through (C), in a form and by a medium prescribed by the director; or

(ii) commits to the characteristics of passivity set forth in clauses (A) through (C) in a written document.

(18) "Person" means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other corporate entity, as so identified by the director.

(19) "Proceeds" means a payment that:

(A) is made to a consumer by a provider; and

(B) is based on earned but unpaid income.

(20) "Provider" means a person in the business of offering and providing earned wage access services to consumers. The term does not include the following:

(A) A service provider that is not contractually obligated to fund proceeds delivered as part of the earned wage access services, such as a payroll service provider that verifies a consumer's available earnings.

(B) An employer that offers a portion of salary, wages, compensation, or other income directly to its employees or independent contractors before the normally scheduled pay date.

(C) An entity that offers or provides earned wage access services and reports a consumer's payment or nonpayment of either outstanding proceeds of the earned wage access services or fees, voluntary tips, gratuities, or other donations in connection with the earned wage access services to a consumer reporting agency (as defined in the Federal Fair Credit Reporting Act (15 U.S.C. 1681 et seq.)).

(21) "Small loan" has the meaning set forth in IC 37-3-2-10.

As added by P.L.222-2025, SEC.5. Amended by P.L.115-2026, SEC.64.
Ind. Code § 28-1-21.8-5 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-5
Stock savings bank
Status: in_force

Sec. 5. As used in this chapter, "stock savings bank" means a savings bank owned by holders of capital stock and formed by conversion under this chapter.

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-13-12-3 — Indiana Code / Title 28 / Article 13 / Chapter 12 / Section 28-13-12-3
Resignation of officer; notice; effective date; removal of officer; replacement of chief executive officer
Status: in_force

Sec. 3. (a) An officer may resign at any time by delivering notice:

(1) to the board of directors, its chairman, or the secretary of the corporation; or

(2) if the articles of incorporation or bylaws so provide, to another designated officer.

(b) A resignation is effective when the notice is delivered unless the notice specifies a later effective date. If a resignation is made effective at a later date and the corporation accepts the future effective date, the corporation's board of directors may fill the pending vacancy before the effective date if the board of directors provides that the successor does not take office until the effective date.

(c) A board of directors may remove any officer at any time with or without cause.

(d) An officer who appoints another officer or assistant officer may remove the appointed officer or assistant officer at any time with or without cause.

(e) If a corporation replaces the chief executive officer of the corporation, the corporation shall give the department written notice of the replacement not later than thirty (30) days after the chief executive officer is replaced.

As added by P.L.14-1992, SEC.163. Amended by P.L.35-2010, SEC.204.
Ind. Code § 28-10-1-2 — Indiana Code / Title 28 / Article 10 / Chapter 1 / Section 28-10-1-2
Applicability of definitions
Status: in_force

Sec. 2. The definitions in IC 28-1-1-3 apply in the following statutes:

(1) This article.

(2) IC 28-11.

(3) IC 28-12.

(4) IC 28-13.

(5) IC 28-14.

As added by P.L.14-1992, SEC.160. Amended by P.L.262-1995, SEC.70.
Ind. Code § 28-13-6-2 — Indiana Code / Title 28 / Article 13 / Chapter 6 / Section 28-13-6-2
Voting of shares
Status: in_force

Sec. 2. (a) Except as provided in subsections (b), (c), (d), and (e) or unless the articles of incorporation provide otherwise, each outstanding share, regardless of class, is entitled to one (1) vote on each matter voted on at a shareholders' meeting.

(b) Absent special circumstances, the shares of a corporation are not entitled to vote if the shares are owned, directly or indirectly, by a second corporation, domestic or foreign, and the corporation owns, directly or indirectly, a majority of the shares entitled to vote for directors of the second corporation.

(c) Subsection (b) does not limit the power of a corporation to vote any shares, including its own shares, held by the corporation in or for an employee benefit plan or in any other fiduciary capacity.

(d) Redeemable shares are not entitled to vote after notice of redemption is mailed to the holders and a sum sufficient to redeem the shares has been deposited with a corporation, trust company, or other financial institution under an irrevocable obligation to pay the holders the redemption price on surrender of the shares.

(e) A mutual savings association or mutual savings bank may establish the rights of its voting parties in its articles of incorporation or articles of conversion.

(f) A member or a shareholder of a mutual savings bank or a mutual savings association that has not established the rights of its voting parties under subsection (e) is entitled at a members' or shareholders' meeting to cast one (1) vote for each one hundred dollars ($100) or fraction of one hundred dollars ($100) of the total amount paid on all deposits in the member's name or all shares standing in the shareholder's name on the books of the mutual savings bank or mutual savings association. Each borrowing member is entitled to cast one (1) vote as a borrower. A person may not, except as proxy, cast more than fifty (50) votes at an election held by the mutual savings bank or mutual savings association.

As added by P.L.14-1992, SEC.163. Amended by P.L.42-1993, SEC.94; P.L.176-1996, SEC.29; P.L.192-1997, SEC.27; P.L.79-1998, SEC.90; P.L.215-1999, SEC.9.
Ind. Code § 28-3-4-2 — Indiana Code / Title 28 / Article 3 / Chapter 4 / Section 28-3-4-2
Amendment of articles as to corporate duration
Status: in_force

Sec. 2. Any bank or trust company organized under any statute of this state may amend its articles of incorporation in the manner prescribed in IC 28-13-14. Any bank or trust company electing to amend its articles of incorporation in such manner may, among other things, provide that such bank or trust company may continue as a corporation, under its corporate name, for the period limited in its articles of incorporation as amended, or, if the period is not so limited therein, then perpetually.

Formerly: Acts 1941, c.166, s.2. As amended by P.L.263-1985, SEC.134; P.L.14-1992, SEC.111.
Ind. Code § 28-6.2-2-10 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-10
Identical deposit accounts
Status: in_force

Sec. 10. Each person who holds a deposit account in a reorganizing savings bank or any acquiree savings bank immediately before the reorganization shall receive, upon consummation of the reorganization, without payment, an identical deposit account in the resulting savings bank or the acquiree savings bank.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.1-3-12 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-12
Increasing number of trustees
Status: in_force

Sec. 12. (a) Subject to section 3 of this chapter, the board of a savings bank may, by resolution incorporated in the bylaws of the savings bank, increase the number of trustees.

(b) The board may adopt a resolution under subsection (a) at any time.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-14-1-9 — Indiana Code / Title 28 / Article 14 / Chapter 1 / Section 28-14-1-9
"Subsidiary"
Status: in_force

Sec. 9. "Subsidiary" means a foreign or domestic corporation or a limited liability company in which a corporate fiduciary has more than a fifty percent (50%) ownership.

As added by P.L.215-1999, SEC.11.
Ind. Code § 28-14-5-8 — Indiana Code / Title 28 / Article 14 / Chapter 5 / Section 28-14-5-8
Investment in casualty insurance company
Status: in_force

Sec. 8. (a) Notwithstanding any other provision of this article, a corporate fiduciary may invest in a casualty insurance company organized solely for the purpose of insuring:

(1) banks;

(2) corporate fiduciaries;

(3) trust companies; and

(4) bank holding companies and their officers and directors;

from and against liabilities, including those covered by bankers' blanket bonds and director and officer liability insurance and other public liability insurance.

(b) Investments made under subsection (a) must take the form of:

(1) the purchase for the corporate fiduciary's own account of:

(A) shares of stock of the casualty insurance company; or

(B) shares of stock of an association of banks organized for the purpose of funding the casualty insurance company; or

(2) loans to an association of banks referred to in subdivision (1)(B).

(c) The total investment of a corporate fiduciary under subsection (a) may not exceed five percent (5%) of the capital and surplus of the corporate fiduciary.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-6.1-12-7 — Indiana Code / Title 28 / Article 6.1 / Chapter 12 / Section 28-6.1-12-7
Actions against savings banks
Status: in_force

Sec. 7. (a) A person, company, bank, or bank holding company that may be or has been injured by reason of any conduct that constitutes or will constitute a violation of this chapter by a savings bank may sue the savings bank to enjoin the conduct or for damages, together with the costs of suit, including reasonable attorney's fees.

(b) The department may sue to enjoin any conduct that constitutes or will constitute a violation of this chapter, or to require divestiture of any bank acquired or branch established in violation of this chapter.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-7-1 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-1
"Corporation", "shareholder"; authority to merge or consolidate; transactions involving savings banks; merger or consolidation of corporation and affiliate
Status: in_force

Sec. 1. (a) As used in this chapter, "corporation" means:

(1) a bank;

(2) a trust company;

(3) a corporate fiduciary;

(4) a savings bank organized, reorganized, or formed as a result of a conversion after December 31, 1992;

(5) a savings association; or

(6) an industrial loan and investment company that maintains federal deposit insurance.

(b) As used in this chapter, "shareholder", with respect to a:

(1) mutual savings bank; or

(2) mutual savings association;

refers to a member of the mutual savings bank or mutual savings association.

(c) Any two (2) or more corporations that are organized or reorganized under the laws of any state (as defined in IC 28-2-17-19) or of the United States may merge into one (1) of such corporations, or may consolidate into a new corporation, to be organized under IC 28-12, by complying with the provisions of this chapter.

(d) A savings bank organized before January 1, 1993, may under section 25 of this chapter merge, consolidate, or join together with a bank or trust company. Except as provided in section 25 of this chapter, all other provisions of this chapter apply to the merger, consolidation, or joining together.

(e) A corporation organized or reorganized under the laws of a state (as defined in IC 28-2-17-19) or of the United States may merge or consolidate with one (1) or more of its affiliates (as defined in IC 28-1-18.2-1) by complying with all the provisions of this chapter. In effecting a merger or consolidation between a corporation and an affiliate, this chapter applies as if the affiliate were a corporation except that a noncorporation survivor of a merger or consolidation does not retain powers of the corporation.

Formerly: Acts 1933, c.40, s.114; Acts 1935, c.5, s.23. As amended by P.L.263-1983, SEC.1; P.L.122-1994, SEC.42; P.L.262-1995, SEC.9; P.L.171-1996, SEC.3; P.L.192-1997, SEC.2; P.L.79-1998, SEC.36; P.L.35-2010, SEC.112; P.L.27-2012, SEC.38; P.L.13-2013, SEC.71.
Ind. Code § 28-15-1-9.8 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-9.8
"Primary federal regulator"
Status: in_force

Sec. 9.8. "Primary federal regulator" means the federal agency primarily responsible for the regulation of:

(1) savings associations; or

(2) savings association holding companies;

organized under the laws of any state or the United States.

As added by P.L.27-2012, SEC.110.
Ind. Code § 28-7-5-27 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-27
Repealed
Status: repealed

Formerly: Acts 1935, c.195, s.26. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-6.1-10-15 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-15
Purchase records
Status: in_force

Sec. 15. A savings bank that purchases a security for its own account shall maintain sufficient records of the security to allow the security to be properly identified by the department for examination purposes.

As added by P.L.176-1996, SEC.21.
Ind. Code § 28-12-3-2 — Indiana Code / Title 28 / Article 12 / Chapter 3 / Section 28-12-3-2
Same or confusingly similar name prohibited
Status: in_force

Sec. 2. The corporate name of the proposed corporation may not be the same as, or confusingly similar to, the name of any other corporation then existing under the laws of Indiana or authorized to transact business in Indiana.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-15-1-8 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-8
"Member"
Status: in_force

Sec. 8. "Member" means:

(1) any depositor in a deposit association or owner of a share account in a share account association; and

(2) unless otherwise provided by the articles of incorporation, any debtor.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-8-5-5 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-5
Repealed
Status: repealed

As added by P.L.42-1993, SEC.86. Repealed by P.L.89-2011, SEC.78.
Ind. Code § 28-15-14-2 — Indiana Code / Title 28 / Article 15 / Chapter 14 / Section 28-15-14-2
Filing requirements
Status: in_force

Sec. 2. (a) If a savings association:

(1) merges with;

(2) consolidates with; or

(3) is converted into;

a federal savings association, the savings association shall file with the secretary of state three (3) copies of a certificate executed by a duly constituted federal authority showing the merger, consolidation, or conversion.

(b) Upon the payment of the fees prescribed by law, the secretary of state shall:

(1) note the filing upon each of the copies;

(2) retain one (1) copy in the secretary's office; and

(3) return two (2) copies to the association.

(c) One (1) of the copies returned to a savings association under subsection (b) shall be filed by the savings association with the department and the other copy shall be filed with the recorder of the county in which the principal office of the savings association is located.

(d) Upon completion of the filings required by this section, the savings association ceases to be a corporation under Indiana law, except as provided in section 4 of this chapter.

As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.17.
Ind. Code § 28-1-23-13 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-13
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.368. Repealed by Acts 1978, P.L.2, SEC.2824.
Ind. Code § 28-1-11-12 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-12
Federal reserve system and federal deposit insurance corporation membership; federal securities
Status: in_force

Sec. 12. Every bank or trust company shall have power:

(1) to purchase and hold for the purpose of becoming a member of the federal reserve system:

(A) so much of the capital stock of a federal reserve bank as shall qualify it for membership, pursuant to the Federal Reserve Act (12 U.S.C. 221 et seq.); and

(B) so much of the capital stock of the Federal Deposit Insurance Corporation as will qualify it for membership, pursuant to the Federal Deposit Insurance Act (12 U.S.C. 1811 through 1833e);

(2) to do anything necessary or appropriate to acquire and maintain insurance of its deposits in accordance with the provisions of any federal law in force on or after July 1, 1933;

(3) to become a member of the federal reserve system; and

(4) to have and exercise all powers, not in conflict with the laws of this state, which are conferred upon any such member by the Federal Reserve Act. With the express approval of the department, and except as otherwise provided in this chapter, any bank or trust company shall have the power to purchase and hold shares of the capital stock, bonds, notes, debentures, or any other securities or obligations issued at any time by any agency or instrumentality of the federal government. After July 1, 1933, no bank or trust company shall purchase the capital stock of any joint stock land bank organized pursuant to 12 U.S.C. 2001 through 2279aa-14 and hold the stock so purchased in an amount in excess of ten percent (10%) of the capital and surplus of such bank or trust company.

Formerly: Acts 1933, c.40, s.181; Acts 1935, c.5, s.28; Acts 1937, c.33, s.19. As amended by P.L.263-1985, SEC.61; P.L.8-1991, SEC.12; P.L.42-1993, SEC.28; P.L.213-2007, SEC.41; P.L.217-2007, SEC.39.
Ind. Code § 28-7-5-13.1 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-13.1
Failure to file renewal form or pay renewal fee; revocation or suspension of license
Status: in_force

Sec. 13.1. (a) A license issued by the department under this chapter may be revoked or suspended by the department if the licensee fails to:

(1) file any renewal form required by the department; or

(2) pay any license renewal fee described under section 11 of this chapter;

not later than sixty (60) days after the due date.

(b) A person whose license is revoked or suspended under this section may:

(1) pay all delinquent fees and apply for reinstatement of the person's license; or

(2) appeal the revocation or suspension to the department for an administrative review under IC 4-21.5-3.

Pending the decision resulting from a hearing under IC 4-21.5-3 concerning a license revocation or suspension, the license remains in force.

As added by P.L.176-1996, SEC.23. Amended by P.L.10-2006, SEC.44 and P.L.57-2006, SEC.44; P.L.89-2011, SEC.54.
Ind. Code § 28-10-2-5 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-5
"Calculating person"
Status: in_force

Sec. 5. (a) As used in this chapter, "calculating person", with respect to a particular contract, security, or instrument, means any person responsible for calculating or determining any valuation, payment, or other measurement based on a benchmark.

(b) The term includes the determining person for a particular contract, security, or instrument.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-1-33-1 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-1
"Charter conversion"
Status: in_force

Sec. 1. As used in this chapter, "charter conversion" means the conversion of a mutual savings bank into a credit union under this chapter.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-13-10-5 — Indiana Code / Title 28 / Article 13 / Chapter 10 / Section 28-13-10-5
Quorum of board; effect of majority vote; presumption of assent to action taken; right of dissent or abstention
Status: in_force

Sec. 5. (a) Unless the articles of incorporation or bylaws require a greater number, a quorum of a board of directors consists of:

(1) a majority of the fixed number of directors if the corporation has a fixed board size; or

(2) a majority of the number of directors prescribed under IC 28-13-9-3(b).

(b) If a quorum is present when a vote is taken, the affirmative vote of a majority of directors present is the act of the board of directors unless a greater number is required by the articles of incorporation or bylaws.

(c) A director who is present at a meeting of the board of directors or a committee of the board of directors when corporate action is taken is considered to have assented to the action taken unless:

(1) the director objects at the beginning of the meeting or promptly upon the director's arrival to holding the meeting or transacting business at the meeting;

(2) the director's dissent or abstention from the action taken is entered in the minutes of the meeting; or

(3) the director delivers written notice of the director's dissent or abstention to the presiding officer of the meeting before the meeting's adjournment or to the secretary of the corporation immediately after adjournment of the meeting.

(d) The right of dissent or abstention is not available to a director who votes in favor of the action taken.

As added by P.L.14-1992, SEC.163. Amended by P.L.42-1993, SEC.95.
Ind. Code § 28-9-1-1 — Indiana Code / Title 28 / Article 9 / Chapter 1 / Section 28-9-1-1
Application of article
Status: in_force

Sec. 1. This article does not apply to income withholding under IC 31-16-15.

As added by P.L.258-1989, SEC.2. Amended by P.L.1-1997, SEC.117.
Ind. Code § 28-6.1-14-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 14 / Section 28-6.1-14-2
Conversion; approval of department
Status: in_force

Sec. 2. A stock savings bank may convert into a state bank or a savings association with the approval of the department.

As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.74.
Ind. Code § 28-10-1-1 — Indiana Code / Title 28 / Article 10 / Chapter 1 / Section 28-10-1-1
References to federal laws or regulations
Status: in_force

Sec. 1. A reference to a federal law or federal regulation in this title is a reference to the law or regulation as in effect December 31, 2024.

As added by P.L.33-1991, SEC.55. Amended by P.L.14-1992, SEC.159; P.L.42-1993, SEC.88; P.L.122-1994, SEC.106; P.L.262-1995, SEC.69; P.L.176-1996, SEC.27; P.L.192-1997, SEC.23; P.L.11-1998, SEC.20; P.L.215-1999, SEC.7; P.L.23-2000, SEC.10; P.L.63-2001, SEC.22 and P.L.134-2001, SEC.24; P.L.82-2002, SEC.2; P.L.192-2003, SEC.6 and P.L.258-2003, SEC.18; P.L.73-2004, SEC.40; P.L.141-2005, SEC.19; P.L.10-2006, SEC.67 and P.L.57-2006, SEC.67; P.L.213-2007, SEC.90; P.L.217-2007, SEC.88; P.L.90-2008, SEC.66; P.L.182-2009(ss), SEC.372; P.L.35-2010, SEC.192; P.L.89-2011, SEC.68; P.L.27-2012, SEC.106; P.L.216-2013, SEC.65; P.L.137-2014, SEC.38; P.L.186-2015, SEC.50; P.L.73-2016, SEC.28; P.L.159-2017, SEC.52; P.L.69-2018, SEC.68; P.L.176-2019, SEC.63; P.L.129-2020, SEC.23; P.L.54-2021, SEC.5; P.L.29-2022, SEC.13; P.L.197-2023, SEC.19; P.L.30-2024, SEC.5; P.L.206-2025, SEC.8.
Ind. Code § 28-7-5-39 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-39
Confidentiality of records; exceptions; safeguarding of personal records; release of information to supervisory agencies
Status: in_force

Sec. 39. (a) Records and information generated by licensees in the course of their business are confidential under IC 5-14-3-4.

(b) A law enforcement or prosecutorial official may obtain or receive records and information described in subsection (a) relating to pawnbroking transactions for use in the official law enforcement purpose of investigating crime.

(c) Law enforcement officials may disclose the name and address of the pawnbroker to an adverse claimant in the case of a dispute over ownership of property in possession of the pawnbroker.

(d) A person licensed or required to be licensed under this chapter is subject to IC 28-1-2-30.5 with respect to any records maintained by the person.

(e) The director may provide for the release of information under this chapter to representatives of state, federal, or foreign:

(1) financial institution; or

(2) money services business;

supervisory agencies.

As added by P.L.163-2001, SEC.7. Amended by P.L.90-2008, SEC.55.
Ind. Code § 28-8-5-18.3 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-18.3
Repealed
Status: repealed

As added by P.L.10-2006, SEC.64 and P.L.57-2006, SEC.64. Repealed by P.L.159-2017, SEC.51.
Ind. Code § 28-2-14-14 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-14
Findings of fact
Status: in_force

Sec. 14. If the department accepts an application for processing under section 12 of this chapter, the department shall issue an order approving or disapproving the acquisition. The department shall include its findings of fact in the order. If the department holds a hearing under section 13 of this chapter, the findings of fact must include a finding that the terms and conditions of the acquisition and of the issuance and exchange of stock of the applicant for the stock of the bank or bank holding company proposed to be acquired are or are not fair and reasonable to the shareholders of the bank or bank holding company proposed to be acquired.

As added by P.L.265-1985, SEC.4.
Ind. Code § 28-12-6-1 — Indiana Code / Title 28 / Article 12 / Chapter 6 / Section 28-12-6-1
Beginning of corporate existence; delayed effective date
Status: in_force

Sec. 1. Unless a delayed effective date is specified, the corporate existence of the corporation begins when the articles of incorporation bearing the approval stamp of the department are filed with the secretary of state.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-8-4.1-601 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-601
Acquiring control of licensee; application to department; time frame for approval or denial; conditions for approval; applicant subject to multistate licensing process; written notice of denial; exempt persons and transactions; advance determination of control status
Status: in_force

Sec. 601. (a) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the department before acquiring control. An individual:

(1) is not considered to acquire control of a licensee; and

(2) is not subject to the acquisition of control provisions set forth in this chapter;

when that individual becomes a key individual in the ordinary course of business.

(b) A person, or group of persons acting in concert, seeking to acquire control of a licensee shall, in cooperation with the licensee, submit:

(1) an application in a form and by a medium prescribed by the director; and

(2) a nonrefundable fee, as determined by the department, with the request for approval.

(c) Upon request, the director may permit a licensee or:

(1) the person; or

(2) group of persons acting in concert;

seeking to acquire control of the licensee, to submit some or all information required in an application under subsection (b)(1) without using the NMLS.

(d) The application required under subsection (b)(1) shall include information required by section 504 of this chapter for any new key individuals that have not previously completed the requirements of section 504 of this chapter for a licensee.

(e) Subject to subsection (f), when an application for acquisition of control appears to include all the items, and to address all the matters, that are required for an application for change in control, as determined by the director, the application is considered complete, and the director shall promptly notify the applicant, in a record, of the date on which the application is determined to be complete, and:

(1) the department shall approve or deny the application not later than sixty (60) days after the completion date, as determined in accordance with this subsection; or

(2) if the application is not approved or denied not later than sixty (60) days after the completion date:

(A) the application is considered approved; and

(B) the person, or group of persons acting in concert, seeking to acquire control of the licensee are not prohibited from acquiring control.

However, the director may for good cause extend the sixty (60) day period described in this subsection.

(f) A determination by the director that an application is complete and is accepted for processing means only that the application, on its face, appears to:

(1) include all of the items; and

(2) address all of the matters;

that are required for an application for acquisition of control under this chapter, and is not an assessment of the substance of the application or of the sufficiency of the information provided.

(g) When an application is filed and considered complete under subsection (e), the director shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the person, or group of persons acting in concert, seeking to acquire control. The department shall approve an acquisition of control under this section if the department finds that all of the following conditions have been met:

(1) The requirements set forth in subsections (b) and (d) have been met, as applicable.

(2) Both the:

(A) financial condition and responsibility, financial and business experience, competence, character, and general fitness of the person, or group of persons acting in concert, seeking to acquire control; and

(B) competence, experience, character, and general fitness of the key individuals and persons that would be in control of the licensee after the acquisition of control;

indicate that it is in the interest of the public to permit the person, or group of persons acting in concert, to control the licensee.

(h) If an applicant avails itself or is otherwise subject to a multistate licensing process:

(1) the director may accept the investigation results of a lead investigative state for the purpose of subsection (g) if the lead investigative state has sufficient staffing, expertise, and minimum standards; or

(2) if Indiana is a lead investigative state, the director may investigate the applicant pursuant to subsection (g) and to the time frames established by agreement through the multistate licensing process.

(i) The department shall issue a formal written notice of the denial of an application to acquire control not later than thirty (30) days after the decision to deny the application. The department shall set forth in the notice of denial the specific reasons for the denial of the application. An applicant whose application is denied by the department under this subsection may appeal the denial to the department for an administrative review under IC 4-21.5-3.

(j) The requirements of subsections (a) and (b) do not apply to any of the following:

(1) A person that acts as a proxy for the sole purpose of voting at a designated meeting of the:

(A) shareholders;

(B) holders of voting shares; or

(C) voting interests;

of a licensee or a person in control of a licensee.

(2) A person that acquires control of a licensee as a conservator or as an officer appointed by a court of competent jurisdiction or by operation of law.

(3) A person that is exempt under section 301(7) of this chapter.

(4) A person that the director determines is not subject to subsection (a) based on the public interest.

(5) A public offering of securities of a licensee or of a person in control of a licensee.

(6) An internal reorganization of a person in control of the license if the ultimate person in control of the licensee remains the same.

(k) A person described in subsection (j)(2), (j)(3), (j)(5), or (j)(6), in cooperation with the licensee, shall notify the director not later than fifteen (15) days after the acquisition of control.

(l) The requirements of subsections (a) and (b) do not apply to a person that has complied with, and received approval to engage in money transmission under, this chapter or that was identified as a person in control in a prior application filed with and approved by the department or by an MSB accredited state pursuant to a multistate licensing process, if all of the following apply:

(1) The person has not:

(A) had a license revoked or suspended; or

(B) controlled a licensee that has had a license revoked or suspended while the person was in control of the licensee;

in the most recent five (5) years.

(2) If the person is a licensee, the person is well managed and has received at least a satisfactory rating for compliance at its most recent examination by an MSB accredited state, if a rating was given.

(3) The licensee to be acquired is projected to meet the requirements of sections 1001, 1002, and 1003 of this chapter after the acquisition of control is completed, and if the person acquiring control is a licensee, that licensee is also projected to meet the requirements of sections 1001, 1002, and 1003 of this chapter after the acquisition of control is completed.

(4) The licensee to be acquired will not implement any material changes to its business plan as a result of the acquisition of control, and if the person acquiring control is a licensee, the person acquiring also will not implement any material changes to its business plan as a licensee as a result of the acquisition of control.

(5) The person provides notice of the acquisition in cooperation with the licensee and attests to meeting the requirements set forth in subdivisions (1) through (4) in a form and by a medium prescribed by the director.

If the notice described in subdivision (5) is not disapproved within thirty (30) days after the date on which the notice is determined to be complete by the director, the notice is considered approved.

(m) Before filing an application for approval to acquire control of a licensee, a person may request in writing a determination from the director as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the director determines that the person would not be a person in control of a licensee, the proposed person and transaction is not subject to the requirements of subsections (a) and (b).

(n) If a multistate licensing process includes a determination described in subsection (m), and an applicant avails itself or is otherwise subject to the multistate licensing process:

(1) the director may accept the control determination of a lead investigative state with sufficient staffing, expertise, and minimum standards for the purpose of subsection (m); or

(2) if Indiana is a lead investigative state, the director may investigate the applicant pursuant to subsection (m) and to the time frames established by agreement through the multistate licensing process.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-30-2 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-2
"Mutual bank" defined
Status: in_force

Sec. 2. As used in this chapter, "mutual bank" means a mutual savings bank governed by IC 28-6.1.

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-6.1-7-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-6
Purchasing, taking, holding, and disposing of incorporated joint stock land bank notes and mortgages
Status: in_force

Sec. 6. (a) A savings bank may purchase, take, hold, and dispose of notes and mortgages securing the notes, made to any incorporated joint stock land bank if not less than ninety-nine percent (99%) of the stock of the joint stock land bank is owned by the savings bank at the time the notes or mortgages are acquired by the savings bank.

(b) Upon dissolution of the joint stock land bank, or at any stage in the process of the dissolution, a savings bank then owning not less than ninety-nine percent (99%) of the stock of the joint stock land bank may take, hold, and dispose of notes, mortgages, or other assets of the joint stock land bank of any nature, including real estate, wherever located, that the joint stock land bank assigns, transfers, conveys, or otherwise makes over to the savings bank by way of final or partial distribution of the joint stock land bank's assets to the joint stock land bank's stockholders upon the dissolution or in connection with the process of the dissolution.

(c) An Indiana law:

(1) prescribing the nature, amount, location, or form of security;

(2) requiring security upon which loans or advances of credit may be made;

(3) prescribing or limiting interest rates upon loans or advances of credit;

(4) prescribing or limiting the period for which loans or advances of credit may be made;

(5) prescribing any ratio between the amount of a loan and the appraised value of the security for the loan; or

(6) requiring periodic reductions of the principal of a loan;

does not apply to loans, notes, mortgages, real estate, or other assets subject to this section.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-25-3 — Indiana Code / Title 28 / Article 1 / Chapter 25 / Section 28-1-25-3
Rules
Status: in_force

Sec. 3. To permit and encourage financial institutions and investment type industrial loan and investment companies of this state to make loans secured or guaranteed or upon which there is a commitment or agreement to take over or purchase in whole or part by the United States or an agency thereof, as described in section 1 of this chapter, on terms, provisions, and conditions equal to those applicable from time to time to national banking associations and to federal savings and loan associations, as the case may be, the department of financial institutions is hereby authorized and empowered to supplement sections 1 and 2 of this chapter by making and promulgating rules with respect to the nature, priority, amount, location, or form of security for such loans prescribing or limiting the period for which such loans or advances for credit may be made, prescribing any ratio between the amount of such loans and the appraised value of security, and requiring periodical reduction of the principal of any loan which any such financial institution of this state may make. Such rules shall not restrict the provisions of sections 1 and 2 of this chapter.

Formerly: Acts 1945, c.47, s.3. As amended by P.L.263-1985, SEC.106.
Ind. Code § 28-15-10-9 — Indiana Code / Title 28 / Article 15 / Chapter 10 / Section 28-15-10-9
Applications for acquisitions; required filings
Status: in_force

Sec. 9. (a) If federal law requires a savings association or savings association holding company to submit an application to a federal agency before an acquisition under this chapter, the savings association or savings association holding company must comply with federal law and file with the department:

(1) a copy of all papers filed with the federal agency; and

(2) when issued, a copy of the approval or other action taken by the federal agency regarding the application.

(b) For purposes of an acquisition under this chapter, compliance with federal law requiring the submission and approval of a permit authorizing the acquisition constitutes compliance with the requirements of this chapter.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-11-3-2 — Indiana Code / Title 28 / Article 11 / Chapter 3 / Section 28-11-3-2
Visitorial powers
Status: in_force

Sec. 2. The department has visitorial powers with respect to any financial institution for the purpose of maintaining the safety and soundness of the financial institution.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-1-20.1-4 — Indiana Code / Title 28 / Article 1 / Chapter 20.1 / Section 28-1-20.1-4
"Depository financial institution"
Status: in_force

Sec. 4. As used in this chapter, "depository financial institution" has the meaning set forth in IC 28-9-2-6.

As added by P.L.88-2024, SEC.1.
Ind. Code § 28-2-18-7 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-7
"Branch" defined
Status: in_force

Sec. 7. As used in this chapter, "branch" has the meaning set forth in IC 28-2-13-7.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-1-21.8-8 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-8
Conversion to stock savings banks
Status: in_force

Sec. 8. With the approval of the department, a stock savings association may convert to a stock savings bank under this chapter.

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-8-4.1-1003 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1003
Permissible investments; statutory trust
Status: in_force

Sec. 1003. (a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of the licensee's outstanding money transmission obligations.

(b) Except for permissible investments set forth in section 1004(a) of this chapter, the department, with respect to any licensee, may by rule or order limit the extent to which a specific investment maintained by a licensee within a class of permissible investments may be considered a permissible investment, if the specific investment represents undue risk to customers, not reflected in the market value of investments.

(c) Permissible investments, even if commingled with other assets of the licensee, are held in trust for the benefit of the purchasers and holders of the licensee's outstanding money transmission obligations in the event of:

(1) insolvency of the licensee;

(2) the filing of a petition by or against the licensee under the federal Bankruptcy Code (11 U.S.C. 101-110) for bankruptcy or reorganization;

(3) the filing of a petition by or against the licensee for receivership;

(4) the commencement of any other judicial or administrative proceeding for the dissolution or reorganization of the licensee; or

(5) an action against the licensee by a creditor who is not a beneficiary of the statutory trust established by this subsection.

The permissible investments impressed with a trust under this subsection are not subject to attachment, levy of execution, or sequestration by order of any court, except for a beneficiary of the statutory trust established by this subsection.

(d) Upon the establishment of a statutory trust in accordance with subsection (c) or when any funds are drawn on a letter of credit pursuant to section 1004(a)(4) of this chapter, the director shall notify the applicable regulator of each state in which the licensee is licensed to engage in money transmission, if any, of the establishment of the trust or the funds drawn on the letter of credit, as applicable. The notice required by this subsection is considered satisfied if performed pursuant to a multistate agreement or through the NMLS. Funds drawn on a letter of credit, and any other permissible investments held in trust for the benefit of the purchasers and holders of the licensee's outstanding money transmission obligations, are considered held in trust for the benefit of those purchasers and holders on a pro rata and equitable basis in accordance with statutes pursuant to which permissible investments are required to be held in Indiana, and in other states, as applicable. Any statutory trust established under this section is terminated upon extinguishment of all of the licensee's outstanding money transmission obligations.

(e) The department by rule or by order may allow other types of investments that the department determines are of sufficient liquidity and quality to be a permissible investment. The department may participate in efforts with other state regulators to determine that other types of investments are of sufficient liquidity and quality to be a permissible investment.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-14-3-24 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-24
Credit union service organizations
Status: in_force

Sec. 24. Notwithstanding any other law, a credit union or a group of credit unions may establish a credit union service organization that is a corporate fiduciary.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-13-6-3 — Indiana Code / Title 28 / Article 13 / Chapter 6 / Section 28-13-6-3
Proxy voting
Status: in_force

Sec. 3. (a) A shareholder may vote the shareholder's shares in person or by proxy.

(b) A shareholder may appoint a proxy to vote or otherwise act for the shareholder by signing an appointment form, either personally or by the shareholder's attorney-in-fact.

(c) An appointment of a proxy is effective when received by the secretary or other officer or agent authorized to tabulate votes. An appointment is valid for eleven (11) months unless a shorter or longer period is expressly provided in the appointment form.

(d) An appointment of a proxy is revocable by the shareholder unless the appointment form conspicuously states that the appointment form is irrevocable and the appointment is coupled with an interest. Appointments coupled with an interest include the appointment of the following:

(1) A pledgee.

(2) A person who purchased or agreed to purchase the shares.

(3) A creditor of the corporation who extended the corporation credit under terms requiring the appointment.

(4) An employee of the corporation whose employment contract requires the appointment.

(5) A party to a voting agreement created under IC 28-13-7-2.

(e) The death or incapacity of the shareholder appointing a proxy does not affect the right of the corporation to accept the proxy's authority unless notice of the death or incapacity is received by the secretary or other officer or agent authorized to tabulate votes before the proxy exercises the proxy's authority under the appointment.

(f) An appointment made irrevocable under subsection (d) is revoked when the interest with which it is coupled is extinguished.

(g) A transferee for value of shares subject to an irrevocable appointment may revoke the appointment if:

(1) the transferee did not know of the appointment's existence when the transferee acquired the shares; and

(2) the existence of the irrevocable appointment was not noted conspicuously on the certificate representing the shares or on the information statement for shares without certificates.

(h) Subject to section 5 of this chapter and to any express limitation on the proxy's authority appearing on the face of the appointment form, a corporation is entitled to accept the proxy's vote or other action as that of the shareholder making the appointment.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-2-16-8 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-8
"Deposits" defined
Status: in_force

Sec. 8. As used in this chapter, "deposits" has the meaning set forth in IC 28-2-14-8.

As added by P.L.279-1987, SEC.9. Amended by P.L.33-1991, SEC.40.
Ind. Code § 28-6.1-18-9 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-9
Dismissal of liquidation and dissolution actions
Status: in_force

Sec. 9. (a) If after hearing the matter, the court determines that it will not be in the best interest of the depositors and other creditors of the savings bank that the savings bank liquidate its affairs and dissolve, the court shall enter an order:

(1) directing the department to return the business and property of the savings bank to the board; and

(2) dismissing the action.

(b) If an order is issued under subsection (a):

(1) the savings bank shall continue to operate as though the proceedings had never begun; and

(2) all costs of the proceedings to the date of the entry of the order shall be paid by the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-23.2-4 — Indiana Code / Title 28 / Article 1 / Chapter 23.2 / Section 28-1-23.2-4
"Qualified account"
Status: in_force

Sec. 4. (a) As used in this chapter, "qualified account", for purposes of a prize linked savings program, means:

(1) a savings account;

(2) a time deposit; or

(3) a savings program;

that is offered by an eligible depository financial institution to an eligible individual.

(b) The term includes:

(1) an account described in subsection (a) that is a share account; and

(2) an account described in subsection (a) in which an eligible individual has an interest:

(A) individually; or

(B) jointly with another eligible individual.

As added by P.L.135-2014, SEC.3.
Ind. Code § 28-6.2-3-5 — Indiana Code / Title 28 / Article 6.2 / Chapter 3 / Section 28-6.2-3-5
Purchase of stock through loaned funds
Status: in_force

Sec. 5. A savings bank shall not offer or sell any stock to any person or corporation whose purchase would be financed by funds loaned to the person or corporation by the savings bank or any of its affiliates, unless that borrowing is approved by the department.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-15-1-12 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-12
"Share account"
Status: in_force

Sec. 12. "Share account" in a share account association organized and existing before January 1, 1997, has the same meaning as a deposit account.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-7-5-2 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-2
Definitions
Status: in_force

Sec. 2. In this chapter, unless the context otherwise requires:

"Director" refers to the director of the department.

"Pawn" means lending money on the deposit or pledge of personal property, or purchasing personal property on the condition of selling the property back again at a stipulated price, with the condition indicated verbally, in a written agreement, or in any other form indicating that the seller may repurchase the personal property sold. For purposes of this chapter, "personal property" does not include general intangibles, accounts (including deposit accounts), chattel paper, commercial tort claims, documents, instruments, investment property, letter-of-credit rights, letters of credit, money, or oil, gas, or other minerals before extraction.

"Pawnbroker" means any person, partnership, association, limited liability company, or corporation that engages in the pawn business.

"Pledge" means personal property deposited with a pawnbroker as security for a loan.

"Pledger" means the person who delivers personal property into the possession of a pawnbroker as security for a loan. However, if the person delivering the personal property into the possession of the pawnbroker discloses that the person is acting for another, "pledger" means the disclosed principal.

"Department" means the department of financial institutions.

"Person" means any individual, limited liability company, sole proprietorship, partnership, trust, joint venture, corporation, unincorporated organization, or other form of entity, however organized.

"Month" means a period extending from a given date in one (1) calendar month to the like date in the succeeding calendar month or, if there is no such like date, then to the last day of the succeeding calendar month. For purposes of this chapter, each month is considered to have thirty (30) days.

Formerly: Acts 1935, c.195, s.2. As amended by P.L.263-1985, SEC.183; P.L.14-1992, SEC.131; P.L.42-1993, SEC.74; P.L.258-2003, SEC.11; P.L.10-2006, SEC.38 and P.L.57-2006, SEC.38; P.L.90-2008, SEC.47; P.L.137-2014, SEC.29.
Ind. Code § 28-5-1-22 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-22
Violations
Status: in_force

Sec. 22. A person who violates a provision of this chapter for which there is no other penalty provided commits a Class C infraction.

Formerly: Acts 1935, c.181, s.21. As amended by Acts 1978, P.L.2, SEC.2818.
Ind. Code § 28-12-11-1.5 — Indiana Code / Title 28 / Article 12 / Chapter 11 / Section 28-12-11-1.5
Minimum capital
Status: in_force

Sec. 1.5. (a) A corporate fiduciary must have at least the minimum capital necessary for the safe and sound operation of the corporate fiduciary.

(b) For the purposes of this section, the department shall determine the minimum capital that is necessary for the safe and sound operation of a corporate fiduciary.

As added by P.L.262-1995, SEC.83.
Ind. Code § 28-13-3-3 — Indiana Code / Title 28 / Article 13 / Chapter 3 / Section 28-13-3-3
Acquisition of own shares by corporation; reduction of authorized shares; contents of articles; treasury shares; unlawful reduction of shares producing insolvency
Status: in_force

Sec. 3. (a) A corporation may acquire its own shares pursuant to an adopted resolution that is submitted to and approved by the director prior to such acquisition of shares. Unless a resolution of the board of directors or the corporation's articles of incorporation provide otherwise, shares so acquired constitute authorized but unissued shares.

(b) If the board resolution or articles of incorporation prohibit the reissue of acquired shares, the number of authorized shares is reduced by the number of shares acquired, effective upon amendment of the articles of incorporation.

(c) Articles of amendment for purposes of subsections (b) and (f):

(1) may be adopted by the board of directors without shareholder action;

(2) shall be delivered to the director of the department for approval or disapproval; and

(3) if approved by the director of the department, shall be delivered to the secretary of state for filing by the director of the department.

(d) The articles filed with the secretary of state must state the following:

(1) The name of the corporation.

(2) The reduction in the number of authorized shares, itemized by class and series.

(3) The action resulting in the reduction and a copy of the board resolution authorizing the action.

(4) The total number of authorized shares, itemized by class and series, remaining after reduction of the shares.

(e) A corporation has authority to use, hold, acquire, cancel, and dispose of treasury shares.

(f) Unless the board of directors adopts an amendment to the corporation's articles of incorporation to reduce the number of authorized shares, as provided in subsection (c), treasury shares of the corporation that are canceled shall be treated as authorized but unissued shares. Such shares may be canceled by the adoption of a board resolution stating that the shares are to be canceled. The resolution shall be submitted to and approved by the director.

(g) A reduction of the issued and outstanding shares of capital stock of a corporation that renders the corporation insolvent is not lawful.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-30-1 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-1
"Credit union" defined
Status: in_force

Sec. 1. As used in this chapter, "credit union" has the meaning set forth in IC 28-7-1-0.5.

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-1-29-4.6 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-4.6
Repealed
Status: repealed

As added by Acts 1981, P.L.256, SEC.2. Amended by P.L.42-1993, SEC.51. Repealed by P.L.196-1996, SEC.5.
Ind. Code § 28-1-20-7 — Indiana Code / Title 28 / Article 1 / Chapter 20 / Section 28-1-20-7
Associations of banks and trust companies; authority to join
Status: in_force

Sec. 7. With the consent and approval of the department, any bank or trust company may become associated with any organization or association of banks and trust companies, whether state or national, or both, if such organization or association is formed pursuant to federal legislation which confers on banks or trust companies in this state the privilege of participating in such organization or association, and the purposes thereof are not inconsistent with any law of this state.

Formerly: Acts 1933, c.40, s.249.
Ind. Code § 28-15-10-4 — Indiana Code / Title 28 / Article 15 / Chapter 10 / Section 28-15-10-4
"Indiana savings association holding company" defined
Status: in_force

Sec. 4. As used in this chapter, "Indiana savings association holding company" means a savings association holding company whose principal place of business is located in Indiana.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-7-1-36 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-36
ATM ownership
Status: in_force

Sec. 36. An automated teller machine (ATM) may be owned or operated individually by any credit union or jointly on a cost sharing or fee basis.

As added by P.L.192-1997, SEC.22.
Ind. Code § 28-6.1-2-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 2 / Section 28-6.1-2-6
Savings bank
Status: in_force

Sec. 6. "Savings bank" means any of the following:

(1) A financial institution organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993.

(2) A financial institution formed as the result of a conversion under IC 28-1-21.7, IC 28-1-21.8, or IC 28-1-21.9.

(3) A stock savings bank incorporated under IC 28-12.

As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994, SEC.95.
Ind. Code § 28-6.2-1-14 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-14
"Parent" defined
Status: in_force

Sec. 14. "Parent", when describing the relationship between two (2) companies, means the company that controls the other company, either directly or indirectly, through one (1) or more subsidiaries.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-13-14-9 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-9
Adoption before issuance of shares
Status: in_force

Sec. 9. If a corporation has not yet issued shares:

(1) its board of directors; or

(2) if a board of directors has not been selected, the incorporators;

may adopt at least one (1) amendment to the corporation's articles of incorporation.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-8-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 8 / Section 28-6.1-8-1
Application of article
Status: in_force

Sec. 1. A savings bank may invest the money in the savings bank only as provided in this article.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-23-14 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-14
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.369; Acts 1945, c.348, s.26. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-1-9-8 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-8
Petition of liquidating agent; statement of debts and liabilities; recommendations as to claims; suspension of creditor's right of action on claims
Status: in_force

Sec. 8. Within sixty (60) days after such dissolution has been authorized by the shareholders, the agent shall file with the clerk of the circuit, superior or probate court of the county in which such corporation has its principal place of business, a verified petition, in duplicate, which shall contain a complete statement of all debts and liabilities of such corporation, whether to creditors or shareholders setting forth the name and address of each creditor, and/or shareholder and the nature and amount of each claim, as disclosed by the books of such corporation, or otherwise coming to the knowledge of such agent, together with the recommendations of such agent as to the allowance or disallowance of such claims, but in making such recommendations, such agent shall not determine or recommend any preferences or priorities as to any claim or claims. The agent shall also file one (1) copy of such petition in the office of the department and retain one (1) copy thereof at the principal office of the corporation for inspection by creditors, shareholders or other persons interested. Upon the filing of such petition the same shall be docketed as a cause of action upon the records of the court wherein such petition is filed and thereupon such court shall be vested with exclusive jurisdiction to hear and determine all issues and matters pertaining to or connected with the allowance, disallowance and payment of claims against such corporation. No creditor or other person shall have any claim or any right to bring an action in any court upon any claim or to assert any right against such corporation after such dissolution has been authorized by the shareholders and before the date fixed for the filing of such petition with the clerk of such court.

Formerly: Acts 1933, c.40, s.149.
Ind. Code § 28-13-11-9 — Indiana Code / Title 28 / Article 13 / Chapter 11 / Section 28-13-11-9
Conflict of interest transactions; direct or indirect interest of director; nonvoidability by corporation; voting for authorization, approval, or ratification
Status: in_force

Sec. 9. (a) A conflict of interest transaction is a transaction with the corporation in which a director of the corporation has a direct or indirect interest. Unless otherwise provided under federal or state laws, regulations, or rules, a conflict of interest transaction is not voidable by the corporation solely because of the director's interest in the transaction if any one (1) of the following is true:

(1) The material facts of the transaction and the director's interest were disclosed or known to the board of directors or a committee of the board of directors and the board of directors or committee authorized, approved, or ratified the transaction.

(2) The material facts of the transaction and the director's interest were disclosed or known to the shareholders entitled to vote and they authorized, approved, or ratified the transaction.

(3) The transaction was fair to the corporation.

(b) For purposes of subsection (a), a director of the corporation has an indirect interest in a transaction if:

(1) another entity in which the director has a material financial interest or in which the director is a general partner is a party to the transaction; or

(2) another entity of which the director is a director, an officer, or a trustee is a party to the transaction and the transaction is, or is required to be, considered by the board of directors of the corporation.

(c) For purposes of subsection (a)(1), a conflict of interest transaction is authorized, approved, or ratified if the transaction receives the affirmative vote of a majority of the directors on the board of directors or on the committee who have no direct or indirect interest in the transaction, but a transaction may not be authorized, approved, or ratified under this section by a single director. If a majority of the directors who have no direct or indirect interest in the transaction vote to authorize, approve, or ratify the transaction, a quorum is present for the purpose of taking action under this section. The presence of, or a vote cast by, a director with a direct or indirect interest in the transaction does not affect the validity of any action taken under subsection (a)(1) if the transaction is otherwise authorized, approved, or ratified as provided in that subsection.

(d) For purposes of subsection (a)(2), shares owned by or voted under the control of a director who has a direct or indirect interest in the transaction, and shares owned by or voted under the control of an entity described in subsection (b), may be counted in a vote of shareholders to determine whether to authorize, approve, or ratify a conflict of interest transaction.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-31-11 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-11
Retention of branches
Status: in_force

Sec. 11. A commercial bank created by charter conversion may retain all branches lawfully established.

As added by P.L.1-2006, SEC.490.
Ind. Code § 28-5-2-1 — Indiana Code / Title 28 / Article 5 / Chapter 2 / Section 28-5-2-1
Repealed
Status: repealed

Formerly: Acts 1953, c.61, s.1. Repealed by Acts 1976, P.L.123, SEC.3.
Ind. Code § 28-6.1-19-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-2
Disposition
Status: in_force

Sec. 2. As used in this chapter, "disposition" includes a sale, a lease, an exchange, or other disposition.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.2-7-3 — Indiana Code / Title 28 / Article 6.2 / Chapter 7 / Section 28-6.2-7-3
Applicability of IC 28-11-3
Status: in_force

Sec. 3. IC 28-11-3 applies to a mutual holding company in the same manner it applies to a savings bank.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-14-7-6 — Indiana Code / Title 28 / Article 14 / Chapter 7 / Section 28-14-7-6
Administration of common trust funds
Status: in_force

Sec. 6. A corporate fiduciary that administers common trust funds is subject to 12 CFR 9.18.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-5-10 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-10
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.98; Acts 1935, c.5, s.18; Acts 1971, P.L.394, SEC.25. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-2-14-7 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-7
Department
Status: in_force

Sec. 7. As used in this chapter, "department" refers to the department of financial institutions created under IC 28-11-1-1.

As added by P.L.265-1985, SEC.4. Amended by P.L.33-1991, SEC.29.
Ind. Code § 28-7-5-23 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-23
Redemption by mail; compliance with local ordinance or law concerning pledge retention
Status: in_force

Sec. 23. (a) Except as provided in subsection (b), when a ticket, instead of being presented in person, is sent to the pawnbroker by mail, accompanied with a money order for the total amount due and a reasonable fee for shipping and handling, the pawnbroker may securely pack and forward the pledge to the pledger in accordance with the remitter's instructions. If the remittance is insufficient to cover the amount due, the pawnbroker shall either notify the remitter of the amount of the deficiency or send the pledge subject to the payment of shipping charges by the consignee. The pawnbroker's liability for the pledge shall cease upon delivery of the pledge to the carrier or his agent.

(b) If a local ordinance or other law requires the retention of the pledge for a specific period, the pawnbroker shall comply with the local ordinance or other law if the retention period does not exceed ten (10) days.

Formerly: Acts 1935, c.195, s.23. As amended by P.L.14-1992, SEC.148; P.L.35-2010, SEC.178.
Ind. Code § 28-1-2-37 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-37
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.39; Acts 1971, P.L.394, SEC.16. Repealed by P.L.176-1996, SEC.35.
Ind. Code § 28-14-1-4 — Indiana Code / Title 28 / Article 14 / Chapter 1 / Section 28-14-1-4
"Corporate fiduciary"
Status: in_force

Sec. 4. "Corporate fiduciary" has the meaning set forth in IC 28-1-1-3.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-2-13-12 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-12
Control
Status: in_force

Sec. 12. As used in this chapter, "control" means directly or indirectly:

(1) to own, control, or hold, with power to vote, twenty-five percent (25%) or more of the voting shares of a bank or company;

(2) to control in any manner the election of a majority of the directors or trustees of a bank or company; or

(3) to exercise a controlling influence over the management or policies of a bank or company, as determined by the Board of Governors of the Federal Reserve System after notice and opportunity for hearing.

As added by P.L.265-1985, SEC.3.
Ind. Code § 28-6.2-5-3 — Indiana Code / Title 28 / Article 6.2 / Chapter 5 / Section 28-6.2-5-3
Pledging stock; notification; certification of transfer of proceeds
Status: in_force

Sec. 3. Within ten (10) days after any pledge of stock, a mutual holding company shall:

(1) notify the director in writing regarding the terms of the transaction, including the amount of principal and interest, the repayment terms, the maturity date, the nature and amount of collateral, and the terms governing seizure of the collateral; and

(2) include in the notice a certification that the proceeds of the loan have been transferred to the subsidiary savings bank whose stock has been pledged under section 2(a) of this chapter.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-7-2.5-4 — Indiana Code / Title 28 / Article 7 / Chapter 2.5 / Section 28-7-2.5-4
Reimbursement of department; administrative expenses
Status: in_force

Sec. 4. (a) A conservator appointed by the department under this chapter shall reimburse the department for all amounts expended by the department in connection with the conservatorship. Amounts reimbursed to the department under this subsection shall be paid from the assets of the credit union as administrative expenses. Upon approval of the department, the conservator shall pay all other administrative expenses of the conservatorship from the assets of the credit union.

(b) Administrative expenses described in this section constitute a first charge against the assets of the credit union. The conservator shall pay the administrative expenses in full before any:

(1) final distribution of the credit union's assets; or

(2) payment of dividends to members, depositors, and other creditors of the credit union.

As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
Ind. Code § 28-7-1-32 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-32
Repealed
Status: repealed

Formerly: Acts 1961, c.182, s.33. As amended by Acts 1976, P.L.124, SEC.1; P.L.88-1983, SEC.12. Repealed by P.L.347-1989(ss), SEC.24.
Ind. Code § 28-2-14-13 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-13
Request for hearing upon fairness of issuance and exchange of stock; hearing; issuance of securities
Status: in_force

Sec. 13. (a) At the time of the filing of an application with the department under section 12 of this chapter, the applicant may submit a written request asking the department to hold a hearing upon the fairness of the terms, conditions, and provisions of the proposed issuance and exchange of stock of the applicant for the stock of the bank or bank holding company proposed to be acquired. If a request is submitted under this subsection, the department may hold a public hearing upon the fairness of the exchange or upon any other matter with respect to the proposed acquisition. The shareholders of a bank or bank holding company proposed to be acquired and the shareholders of the applicant may appear and offer evidence at any public hearing at which the fairness of the exchange is to be determined. At least ten (10) days before the hearing, a person desiring to appear and offer testimony must give the department written notice of the person's intent to testify. The department may require the applicant to produce any additional information the department considers necessary for the hearing.

(b) Any public hearing held under this section must commence not less than thirty (30) days and not more than one hundred twenty (120) days after the date on which the department accepts the application for processing under section 12 of this chapter. The hearing shall be held at a place, date, and time specified by the department. The department may combine any hearing held under this section with a hearing held under section 12 of this chapter. The department may assign the task of conducting the hearing to a member or employee of the department. If the department decides to hold a public hearing under this section, it shall notify the applicant no later than thirty (30) days after the department's acceptance of an application for processing and at least twenty (20) days before the hearing. The applicant shall provide a written notice of the date, time, place, and purpose of the hearing to each bank that has an office in a county in which the bank proposed to be acquired, or a bank subsidiary of the bank holding company proposed to be acquired, has a principal office or branch. The bank or bank holding company proposed to be acquired shall transmit the written notice to its shareholders. The notice must also be published at least twenty (20) days before the date of the hearing in a newspaper of general circulation in each county in which is located the principal office or a branch of the bank proposed to be acquired or the principal office or a branch of a bank subsidiary of the bank holding company proposed to be acquired. The notice must contain any other provision as the department may require. The applicant shall pay all expenses of providing the notice, publication, court reporter fees, department expenses, appropriate department per diem expense, and hearing room fees, as determined by the department.

(c) The issuance of securities described in subsection (d) is a transaction exempted from the registration requirements of IC 23-19-3-1 if, at the time the applicant submits a written request to the department under subsection (a), the applicant also submits to the securities commissioner appointed under IC 23-19-6-1(a) a notice in writing of all terms of the transaction and if the securities commissioner does not disallow the exemption within the next five (5) full business days.

(d) Subsection (c) applies to any security issued in exchange for one (1) or more bona fide outstanding securities, claims, or property interests, or partly in that exchange and partly for cash, under terms and conditions approved by the department after a hearing held under this section.

As added by P.L.265-1985, SEC.4. Amended by P.L.122-1994, SEC.91; P.L.27-2007, SEC.29.
Ind. Code § 28-1-11-2.6 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-2.6
Repealed
Status: repealed

As added by P.L.262-1995, SEC.30. Amended by P.L.188-1997, SEC.5; P.L.79-1998, SEC.43. Repealed by P.L.130-2002, SEC.10.
Ind. Code § 28-1-8-6 — Indiana Code / Title 28 / Article 1 / Chapter 8 / Section 28-1-8-6
Purchase of assets; submission of resolution and application to department; factors for department's approval; exceptions to approval requirement
Status: in_force

Sec. 6. (a) Subject to the approval of the department, a corporation may purchase all or substantially all of the assets of one (1) or more other corporations that are organized or reorganized under the laws of any state (as defined in IC 28-2-17-19) or the United States.

(b) After the board of directors of a corporation agrees to purchase all or substantially all of the assets of one (1) or more corporations, the board resolution approving the purchase and an application in the form prescribed by the director of the department must be submitted for approval by the department.

(c) Subject to any approvals required under federal law, the department, in its discretion, may approve or disapprove an application and a board resolution submitted under subsection (b). In deciding whether to approve or disapprove the board resolution and application, the department shall consider the following factors:

(1) Whether the institutions subject to the proposed transaction are operated in a safe, sound, and prudent manner.

(2) Whether the financial condition of any institution subject to the proposed transaction will jeopardize the financial stability of any other institutions subject to the proposed transaction.

(3) Whether the proposed transaction under this chapter will result in an institution that has inadequate capital, unsatisfactory management, or poor earnings prospects.

(4) Whether the management or other principals of the institution that will result from the proposed transaction under this chapter are qualified by character and financial responsibility to control and operate in a legal and proper manner the resulting institution.

(5) Whether the public convenience and advantage will be served by the resulting institution after the proposed transaction.

(6) Whether the institutions subject to the proposed transaction under this chapter furnish all of the information the department requires in reaching the department's decision.

(7) If deposits are to be transferred as part of the proposed transaction, whether the resulting institution will maintain adequate federal deposit insurance or such other deposit insurance as approved by the director.

(d) The approval of the department of the purchase of all or substantially all of the assets of one (1) or more corporations is not required under this section if the resulting corporation is a corporation organized or reorganized under the laws of:

(1) a state (as defined in IC 28-2-17-19) other than Indiana; or

(2) the United States.

As added by P.L.171-1996, SEC.7. Amended by P.L.79-1998, SEC.41; P.L.27-2012, SEC.48.
Ind. Code § 28-13-12-5 — Indiana Code / Title 28 / Article 13 / Chapter 12 / Section 28-13-12-5
Adequate fiduciary coverage required
Status: in_force

Sec. 5. (a) Every corporation shall make provision for adequate fidelity coverage for all officers and employees having access to money or bonds of the corporation. The amount and form of fidelity coverage must be approved annually by the board of directors of the corporation. Coverage may be provided:

(1) in the form of a blanket fidelity bond issued by a corporate surety authorized to transact business in Indiana; or

(2) through the establishment of a separate reserve fund within the corporation for that purpose.

(b) If the corporation is a corporate fiduciary (as defined in IC 28-1-1-3), the corporation shall make provision for adequate fiduciary errors and omissions insurance coverage.

As added by P.L.14-1992, SEC.163. Amended by P.L.262-1995, SEC.89.
Ind. Code § 28-7-1-24 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-24
Regular reserve requirements; undivided profits account; financial statements; allowance for credit losses
Status: in_force

Sec. 24. (a) All entrance charges shall, after payment of the organization expenses, be known as reserve income, and shall be added to the regular reserve of the credit union. At the close of the dividend period, there shall be set apart to the regular reserve ten percent (10%) of gross income until the regular reserve shall equal seven and one-half percent (7 1/2%) of the total of outstanding loans, then five percent (5%) of gross income until the regular reserve shall equal ten percent (10%) of the total of outstanding loans. Whenever the regular reserve falls below ten percent (10%) or seven and one-half percent (7 1/2%) of the total of outstanding loans, it shall be replenished by regular contributions to maintain the reserve goals of seven and one-half percent (7 1/2%) or ten percent (10%). The regular reserve shall be held to meet contingencies and shall not be distributed to the members except upon dissolution of the credit union.

(b) A credit union may have an undivided profits account. The undivided profits account may be transferred to the regular reserve.

(c) The department may, by rule, revise the formula prescribed by this section. A revised formula must be prudent and must reasonably be expected to protect the credit unions.

(d) Financial statements of credit unions must provide for full and fair disclosure of all assets, liabilities, and members' equity, including such allowance for credit loss accounts necessary to present fairly the financial position, and all income and expenses necessary to present fairly the results of operation for the period concerned.

(e) The maintenance of the allowance for credit losses or other losses does not exempt a credit union from the requirement set forth in subsection (a). The totals of the regular reserve and the allowance for credit losses account shall be combined for determining the percentage of gross income to be transferred to the regular reserve.

(f) Loan and investment losses of a credit union must be charged against the corresponding loan or investment category of the allowance for credit losses. Adjustments to the allowance for credit losses shall be made before the distribution of any dividend so that the allowance for credit loss represents the value of loans and investments and anticipated losses resulting from:

(1) uncollectible loans, investments, notes, and contracts receivable, including any uncollectible accrued interest receivable thereon;

(2) assets acquired in liquidation of loans; and

(3) loans purchased from other credit unions.

(g) Adjustments to the allowance for credit losses must be recorded in the appropriate allowance for credit loss subcategory corresponding to the asset type being reserved against.

Formerly: Acts 1961, c.182, s.24; Acts 1969, c.133, s.7; Acts 1974, P.L.130, SEC.7. As amended by Acts 1977, P.L.294, SEC.12; P.L.164-1988, SEC.13; P.L.8-1991, SEC.31; P.L.1-1992, SEC.156; P.L.14-1992, SEC.127; P.L.228-1993, SEC.7; P.L.263-1995, SEC.21; P.L.192-1997, SEC.20; P.L.35-2010, SEC.163; P.L.186-2015, SEC.38; P.L.69-2018, SEC.56; P.L.30-2024, SEC.4.
Ind. Code § 28-6.1-13-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 13 / Section 28-6.1-13-3
Contents of statements
Status: in_force

Sec. 3. (a) The following items shall be shown in the statement of condition in detail and under appropriate headings, as of a day specified by the department in the department's notice:

(1) The resources and liabilities of the savings bank, and except as provided in subdivision (2), excluding from the resources and liabilities all property held in trust.

(2) The uninvested funds held in any fiduciary capacity. These uninvested funds shall be called "first lien trust funds".

(3) Other information required by rules of the department.

(b) The items enumerated in subsection (a)(2) shall be segregated from the statement of resources and liabilities of the savings bank under an appropriate title that will clearly designate the character and amount of the items.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-8-5-25 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-25
Violations
Status: in_force

Sec. 25. A licensee who violates the provisions of this chapter commits a Class A misdemeanor.

As added by P.L.42-1993, SEC.86.
Ind. Code § 28-15-10-2 — Indiana Code / Title 28 / Article 15 / Chapter 10 / Section 28-15-10-2
"Foreign savings association holding company" defined
Status: in_force

Sec. 2. As used in this chapter, "foreign savings association holding company" means a savings association holding company whose principal place of business is located outside Indiana.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-6.1-7-13 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-13
Paying interest and expenses
Status: in_force

Sec. 13. A savings bank may not pay:

(1) interest contracted for with a depositor; or

(2) other expenses incurred in operating the business of the savings bank;

except from current earnings or undivided profits without the approval of the department.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-2-17-6 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-6
"Branch" defined
Status: in_force

Sec. 6. As used in this chapter, "branch" has the meaning set forth in IC 28-2-13-7.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-6.2-1-23 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-23
"Stock savings bank" defined
Status: in_force

Sec. 23. "Stock savings bank" has the meaning set forth in IC 28-6.1-2-7.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-11-2-6 — Indiana Code / Title 28 / Article 11 / Chapter 2 / Section 28-11-2-6
Conflicts of interest; adoption of policies
Status: in_force

Sec. 6. (a) The department shall adopt policies defining conflicts of interest by the members, the director, and the employees of the department.

(b) The policies adopted under subsection (a) must include means by which conflicts of interest can be avoided.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-6.2-3-8 — Indiana Code / Title 28 / Article 6.2 / Chapter 3 / Section 28-6.2-3-8
Stock issuance plan; discretionary provisions
Status: in_force

Sec. 8. A stock issuance plan may provide the following:

(1) The offering may be commenced concurrently with or after the mailing of any proxy statements to the members of the reorganizing savings bank and any acquiree savings bank if the stock issuance is part of a reorganization plan. The offering may be concluded before the required membership votes if the offer and sale of the stock is conditioned upon the approval of the reorganization plan and issuance plan by the members of the reorganizing savings bank and any acquiree savings bank.

(2) Any stock not sold in the offering may be sold in any other manner provided in the stock issuance plan that is approved by the department in writing.

(3) Instead of shares of stock, the savings bank may issue and sell units of securities consisting of stock and long-term warrants or other equity securities, in which event any reference to stock in this chapter applies to units of equity securities unless the context otherwise specifies or requires.

(4) Purchases of stock by persons or entities acting in concert, or by associates, may not exceed a limit established under the terms of the stock issuance plan.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-1-21.9-7 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-7
Voting parties
Status: in_force

Sec. 7. As used in this chapter, "voting parties" means the:

(1) depositors; and

(2) borrowers;

of a savings bank.

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.40.
Ind. Code § 28-8-5-18 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-18
Record keeping; duty to safeguard personal records
Status: in_force

Sec. 18. (a) A licensee shall keep its books, accounts, and records satisfactory to the department for each transaction for at least three (3) years from the transaction date.

(b) A licensee shall keep its books, accounts, and records separate from those of any other type of business and in a manner that reflects the order of the licensee's transactions.

(c) A person licensed or required to be licensed under this chapter is subject to IC 28-1-2-30.5 with respect to any records maintained by the person.

As added by P.L.42-1993, SEC.86. Amended by P.L.90-2008, SEC.65.
Ind. Code § 28-1-33-10 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-10
Department approval
Status: in_force

Sec. 10. (a) The department may approve or disapprove the conversion plan filed under section 8 of this chapter.

(b) The department is not required to hold a hearing on the conversion plan.

(c) Solicitation of the votes of voting parties may occur before the mutual savings bank receives approval of the department if the director of the department has reviewed the proxy solicitation material and has notified the mutual savings bank in writing that the department does not object to use of the material.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-13-8-3 — Indiana Code / Title 28 / Article 13 / Chapter 8 / Section 28-13-8-3
Complaint requisites; stay pending corporate investigation
Status: in_force

Sec. 3. (a) A complaint in a proceeding brought in the right of a corporation must be verified and must allege with particularity:

(1) the demand made, if any, to obtain action by the board of directors; and

(2) either that the demand was refused or ignored, or why the shareholder did not make the demand.

(b) Whether or not a demand for action was made, if the corporation commences an investigation of the charges made in the demand or complaint, including an investigation commenced under section 5 of this chapter, the court may stay any proceeding until the investigation is completed.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-13-1-2 — Indiana Code / Title 28 / Article 13 / Chapter 1 / Section 28-13-1-2
Voting right; rights to assets on dissolution
Status: in_force

Sec. 2. The articles of incorporation must authorize the following:

(1) At least one (1) class of shares that together have unlimited voting rights.

(2) At least one (1) class of shares, which may be the same class or classes as those with voting rights, that together are entitled to receive the net assets of the corporation upon dissolution.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-2-1 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-1
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.4; Acts 1945, c.348, s.2. As amended by P.L.263-1985, SEC.3. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-10-2-6 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-6
"Contract, security, or instrument"
Status: in_force

Sec. 6. As used in this chapter, "contract, security, or instrument" includes any:

(1) contract;

(2) agreement;

(3) mortgage;

(4) deed of trust;

(5) lease;

(6) instrument; or

(7) other obligation or security, whether representing debt or equity, and including any interest in a corporation, partnership, or limited liability company.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-11-4-8 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-8
Final order; time in effect
Status: in_force

Sec. 8. (a) A final order issued under this chapter is effective:

(1) on the date specified in the order; or

(2) ten (10) days after service of the order, if an effective date is not specified in the order.

A final order issued upon consent under section 7(e) of this chapter is effective at the time specified in the order.

(b) A final order remains effective and enforceable as provided in the order.

(c) The department or a reviewing court may stay, modify, or vacate a final order.

As added by P.L.33-1991, SEC.56. Amended by P.L.89-2011, SEC.70.
Ind. Code § 28-1-7-13 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-13
Shareholders' votes on consolidation agreements
Status: in_force

Sec. 13. The agreement of consolidation shall be submitted to a vote of the shareholders of each corporation and shall be adopted upon receiving the same affirmative votes, and the adoption shall be followed by the same notice to shareholders as is prescribed in sections 3, 5, and 6 of this chapter, as if the consolidation were a merger.

Formerly: Acts 1933, c.40, s.126. As amended by P.L.263-1985, SEC.32; P.L.122-1994, SEC.52; P.L.90-2008, SEC.24.
Ind. Code § 28-13-2-9 — Indiana Code / Title 28 / Article 13 / Chapter 2 / Section 28-13-2-9
Expenses payable from consideration received for shares
Status: in_force

Sec. 9. A corporation may pay the expenses of:

(1) selling or underwriting the corporation's shares; and

(2) organizing or reorganizing the corporation;

from the consideration received for shares.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-2-13-25 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-25
Availability of deposited funds for customer withdrawal
Status: in_force

Sec. 25. This chapter does not affect any federal or state statutory requirements for a bank to make deposited funds available for withdrawal to its customers within designated time periods.

As added by P.L.164-1988, SEC.5.
Ind. Code § 28-13-13-11 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-11
Court ordered indemnification; determination
Status: in_force

Sec. 11. Unless a corporation's articles of incorporation provide otherwise, a director of the corporation who is a party to a proceeding may apply for indemnification to the court conducting the proceeding or to another court of competent jurisdiction. On receipt of an application, the court after giving any notice the court considers necessary may order indemnification if the court determines:

(1) the director is entitled to mandatory indemnification under section 9 of this chapter, in which case the court shall also order the corporation to pay the director's reasonable expenses incurred to obtain court-ordered indemnification; or

(2) the director is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not the director met the standard of conduct set forth in section 8 of this chapter.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-14-5-4 — Indiana Code / Title 28 / Article 14 / Chapter 5 / Section 28-14-5-4
Purchase for own account and sale of investment securities
Status: in_force

Sec. 4. (a) A corporate fiduciary may purchase for its own account and sell investment securities under the limitations and restrictions the department prescribes by rule or policy. However, the total amount of the investment securities of any one (1) obligor or maker purchased or held by a corporate fiduciary for its own account shall not at any time exceed ten percent (10%) of the amount of the total equity capital of the corporate fiduciary.

(b) The limitations imposed by subsection (a) do not apply to:

(1) the direct or indirect obligations of the United States; or

(2) the direct obligations of:

(A) a United States territory or insular possession;

(B) the state of Indiana; or

(C) any municipal corporation or taxing district in Indiana.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-6.2-1-8 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-8
"Default" defined
Status: in_force

Sec. 8. As used in this chapter, "default" means any adjudication or other official determination of a court or other public authority under which a conservator, receiver, or other legal custodian is appointed for a mutual holding company or savings bank subsidiary of a mutual holding company.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-15-11-12 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-12
Regulation of graduated payment mortgage loans
Status: in_force

Sec. 12. (a) Graduated payment mortgage (GPM) loans are subject to the following:

(1) Interest only may be paid for five (5) years, or increases in mortgage payments may be made for periods of not more than ten (10) years within the following maximum rates of increase:

(A) Seven and one-half percent (7.5%) annually for five (5) years or less.

(B) Six and one-half percent (6.5%) annually for six (6) years.

(C) Five and one-half percent (5.5%) annually for seven (7) years.

(D) Four and one-half percent (4.5%) annually for eight (8) years.

(E) Three and one-half percent (3.5%) annually for nine (9) years.

(F) Three percent (3%) annually for ten (10) years.

(2) Payment amounts may be changed annually only after one (1) year following the first regular loan payment.

(b) The borrower may convert a GPM loan into a standard mortgage loan with the same interest rate and maturity if the borrower is qualified under the normal underwriting standards of the savings association. A savings association may not assess penalties for any conversion.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-2-16-3 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-3
"Bank holding company" defined
Status: in_force

Sec. 3. (a) As used in this chapter, "bank holding company" means any company that controls one (1) or more banks.

(b) For the purposes of this chapter:

(1) a company is not a bank holding company by virtue of its ownership or control of shares in a fiduciary capacity, unless the shares are held for the benefit of the shareholders of the company;

(2) a company is not a bank holding company by virtue of its ownership or control of shares that are acquired by the company in connection with its underwriting of securities and that are held only for a period of time as will permit the sale of the shares on a reasonable basis;

(3) a company formed for the sole purpose of participating in a proxy solicitation is not a bank holding company by virtue of its control of voting rights of shares acquired in the course of the solicitation; and

(4) a company is not a bank holding company by virtue of its ownership or control of shares acquired in securing or collecting a debt previously contracted in good faith, until two (2) years after the date of acquisition.

The department may extend, from time to time but for not more than one (1) year at a time, the two (2) year period referred to in subdivision (4), but the extensions may not, in the aggregate, exceed three (3) years.

(c) For the purposes of this chapter, any successor to a bank holding company is a bank holding company from the date the predecessor company became a bank holding company.

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-13-5-9 — Indiana Code / Title 28 / Article 13 / Chapter 5 / Section 28-13-5-9
Adjournment of annual or special shareholders' meeting; notice
Status: in_force

Sec. 9. Unless the bylaws require otherwise, if an annual or special shareholders' meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time, or place if the new date, time, or place is announced at the meeting before adjournment. If a new record date for the adjourned meeting is or must be fixed under section 11 of this chapter, notice of the adjourned meeting must be given under this section to persons who are shareholders as of the new record date.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-2-33 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-33
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.35; Acts 1935, c.5, s.5; Acts 1937, c.33, s.3; Acts 1941, c.223, s.2; Acts 1945, c.348, s.22; Acts 1949, c.164, s.2; Acts 1955, c.94, s.1; Acts 1957, c.214, s.1; Acts 1961, c.153, s.1; Acts 1967, c.260, s.5; Acts 1971, P.L.366, SEC.10(1); Acts 1972, P.L.192, SEC.1. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-1-7.5-5 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-5
Public hearing; requisites; procedures
Status: in_force

Sec. 5. (a) At the time of the filing of a plan of exchange with the department, the bank, trust company, corporate fiduciary, or stock savings bank may submit a written request asking the department to hold a hearing on the matter. If such a request is submitted, the department shall hold a public hearing upon the fairness of the terms, conditions, and provisions of the plan of exchange and the proposed issuance and exchange of stock of the holding company for the stock of the bank, trust company, corporate fiduciary, or stock savings bank. In addition, the department may on its own motion hold such a public hearing. The shareholders of the bank, the trust company, the corporate fiduciary, and the holding company and any other interested party may appear and become a party to the proceeding at any public hearing at which the fairness of the exchange is to be determined. The department shall require the bank, trust company, corporate fiduciary, or stock savings bank and the holding company to produce such evidence as the director considers necessary to the hearing.

(b) The department shall commence any public hearing held under this section not less than thirty (30) days and not more than one hundred twenty (120) days after the date on which the plan of exchange is filed with the department. The hearing shall be held at such place, date, and time as the department shall specify. The hearing may be held by any member or members of the department, by the director of the department, by a deputy director of the department, by the supervisor of the department's division of banks and trust companies, or by any employee of the department designated by the members of the department. At least ten (10) days before the hearing, the applicant shall publish notice of the hearing in a newspaper of general circulation in the county or counties where the principal offices of the bank, trust company, corporate fiduciary, or stock savings bank and the holding company are located and in the county where the hearing will be held. Written notice of the hearing shall be mailed at least ten (10) days before the hearing by the bank, trust company, corporate fiduciary, or stock savings bank and by the holding company to all of their respective shareholders. All expenses of publication, court reporter fees, department expenses, and hearing room fees shall be paid by:

(1) the bank, trust company, corporate fiduciary, or stock savings bank;

(2) the holding company; or

(3) both;

as specified in the plan of exchange.

(c) Except as otherwise provided in this section, the hearing and the determination made by the department are subject to IC 4-21.5-3.

As added by P.L.238-1983, SEC.10. Amended by P.L.7-1987, SEC.158; P.L.14-1992, SEC.74; P.L.122-1994, SEC.64; P.L.262-1995, SEC.17.
Ind. Code § 28-2-13-1 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-1
Acquired bank
Status: in_force

Sec. 1. As used in this chapter, "acquired bank" means:

(1) any nonsurviving bank in a merger or consolidation of banks; or

(2) any bank that:

(A) sells all or substantially all of its assets; and

(B) subsequently dissolves as a result of the transaction.

As added by P.L.265-1985, SEC.3. Amended by P.L.171-1996, SEC.29.
Ind. Code § 28-14-3-21 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-21
Appointment by court having jurisdiction; power to renounce appointment
Status: in_force

Sec. 21. A court or an officer of a court having jurisdiction to:

(1) grant letters of guardianship;

(2) appoint a trustee, guardian, receiver, or committee of the estate of a person;

(3) appoint a committee, trustee, or receiver in insolvency or bankruptcy proceedings, or in any other proceeding or action, under state or federal law; or

(4) make any other fiduciary appointment provided for in this article;

may appoint a corporate fiduciary. However, the corporate fiduciary is not required to accept the appointment.

As added by P.L.262-1995, SEC.90. Amended by P.L.11-2023, SEC.92.
Ind. Code § 28-1-7-12 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-12
Consolidation; submission of resolutions and joint agreement to department; approval or disapproval
Status: in_force

Sec. 12. (a) After the resolution approving a joint agreement of consolidation has been adopted by the board of directors of each of the corporations, the resolutions and joint agreement shall be submitted to the department. The department may, in its discretion, approve or disapprove the resolutions and joint agreement.

(b) In deciding whether to approve or disapprove a transaction under this chapter, the department shall consider the following factors:

(1) Whether the institution resulting from the proposed transaction will be operated in a safe, sound, and prudent manner.

(2) Whether the financial condition of any institution subject to the proposed transaction will jeopardize the financial stability of any other institutions subject to the proposed transaction.

(3) Whether the proposed transaction under this chapter will result in an institution that has inadequate capital, unsatisfactory management, or poor earnings prospects.

(4) Whether the management or other principals of the institution that will result from the proposed transaction under this chapter are qualified by character and financial responsibility to control and operate in a legal and proper manner the resulting institution.

(5) Whether the public convenience and advantage will be served by the resulting institution after the proposed transaction.

(6) Whether the institutions subject to the proposed transaction under this chapter furnish all the information the department requires in reaching the department's decision.

Formerly: Acts 1933, c.40, s.125; Acts 1945, c.348, s.24. As amended by P.L.263-1985, SEC.31; P.L.14-1992, SEC.70; P.L.122-1994, SEC.51; P.L.171-1996, SEC.5; P.L.90-2008, SEC.23; P.L.73-2016, SEC.16.
Ind. Code § 28-1-22-19 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-19
Effect of amended certificate of admission
Status: in_force

Sec. 19. A foreign corporation that has been issued an amended certificate of admission by the secretary of state shall have authority to transact in this state the business set forth in the certificate.

Formerly: Acts 1933, c.40, s.342. As amended by P.L.263-1985, SEC.92; P.L.171-1996, SEC.22; P.L.11-1998, SEC.4.
Ind. Code § 28-1-23-4 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-4
Trust business of national banks; duty to furnish information concerning obligation secured by real estate; noncompliance
Status: reserved

Sec. 4. (a) Any national bank located within this state may accept and execute trusts of any kind which may be committed or transferred to it, subject to the same restrictions as are imposed on state banks or trust companies under IC 28-1-11 through IC 28-1-20.

(b) Any financial institution acting as trustee, mortgagee, or in any capacity under any mortgage or stock agreement, wherein and by virtue of which notes, bonds, preferred stock or other obligations, secured by real estate, have been sold or rediscounted by such financial institution shall, upon demand of the owner of such real estate or upon demand of any holder of any such note, bond, preferred stock or other obligation for information concerning such mortgage, note, bond, preferred stock or other obligation, immediately furnish all such information to the owner or holder of such bond, note, preferred stock or other obligation or to the owner of such mortgaged real estate.

(c) A person who fails to comply with this section commits a Class C infraction.

Formerly: Acts 1933, c.40, s.354. As amended by Acts 1978, P.L.2, SEC.2813.
Ind. Code § 28-1-2-23.5 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-23.5
Acquisition of control of stock savings banks
Status: in_force

Sec. 23.5. This title does not prohibit the acquisition of control of one (1) or more stock savings banks by a bank holding company, a corporation, an individual, or individuals acting in concert with one (1) or more individuals if the acquisition is in compliance with section 23 of this chapter.

As added by P.L.42-1993, SEC.22.
Ind. Code § 28-7-1-19.4 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-19.4
Classification as critically undercapitalized; mandatory supervisory requirements and restrictions; discretionary supervisory actions
Status: in_force

Sec. 19.4. (a) A credit union that is classified as critically undercapitalized must do the following:

(1) Increase the credit union's net worth in accordance with section 19.1 of this chapter.

(2) Submit a net worth restoration plan to the director at the time and in the manner specified by the director.

(3) Beginning sixty (60) days after the effective date of the credit union's classification as critically undercapitalized, not pay the principal of or interest on the credit union's subordinated debt (as defined in 12 CFR 702.402). Unpaid interest shall continue to accrue under the terms of the related subordinated debt note (as defined in 12 CFR 702.402), to the extent permitted by law.

(4) Not permit the credit union's total assets to increase, except as permitted by the director and the credit union's share insurer.

(5) Beginning on the effective date of the credit union's classification as critically undercapitalized, not increase the total dollar amount of member business loans (including loans outstanding and unused commitments to lend) above the total dollar amount of member business loans (including loans outstanding and unused commitments to lend) as of the end of the preceding quarter.

(b) Subject to the applicable procedures for issuing, reviewing, and enforcing directives under this chapter, the director may, by directive, take one (1) or more of the following actions with respect to a critically undercapitalized credit union (or with respect to a director, officer, or employee of such a credit union) if the director determines that the action is necessary to carry out the purposes of section 19(b) of this chapter:

(1) Prohibit the credit union from, directly or indirectly:

(A) acquiring any interest in any business entity or financial institution;

(B) establishing or acquiring any additional branch office; or

(C) engaging in any new line of business;

except as permitted by the director and the credit union's share insurer.

(2) Restrict the credit union's transactions with a credit union service organization, or require the credit union to reduce or divest the credit union's ownership interest in a credit union service organization.

(3) Restrict the dividend rates that the credit union pays on shares, as determined by the director and the credit union's share insurer.

(4) Prohibit any growth in the credit union's assets, or in a category of assets, or require the credit union to reduce the credit union's assets or a category of the credit union's assets.

(5) Require the credit union or the credit union's credit union service organization to alter, reduce, or terminate any activity that poses excessive risk to the credit union, as determined by the director.

(6) Prohibit the credit union from accepting all or certain nonmember deposits, as specified by the director.

(7) Order a new election of the credit union's board of directors.

(8) Require the credit union to dismiss from office one (1) or more directors or senior executive officers. A dismissal under this subdivision shall not be construed to be a formal administrative action for removal.

(9) Require the credit union to employ qualified senior executive officers, who, if the director and the credit union's share insurer so specify, shall be subject to the approval of the director.

(10) Limit the compensation of one (1) or more senior executive officers of the credit union to that officer's average rate of compensation (excluding bonuses and profit sharing) during the four (4) calendar quarters preceding the effective date of the credit union's classification as critically undercapitalized, and prohibit the payment of a bonus or profit share to the officer. If the director exercises the discretionary supervisory authority authorized by this subdivision, the director may permit the credit union to compensate a senior executive officer without the limitations described in this subdivision, or with less stringent limitations than those described in this subdivision, with the prior written approval of the director and the credit union's share insurer.

(11) Beginning sixty (60) days after the effective date of the credit union's classification as critically undercapitalized, prohibit payments of principal, dividends, or interest on the credit union's grandfathered secondary capital (as defined in 12 CFR 702.402). Unpaid dividends or interest shall continue to accrue under the terms of the account, to the extent permitted by law.

(12) Require the credit union to obtain the prior written approval of the director and the credit union's share insurer before the credit union does any of the following:

(A) Enter into any material transaction not within the scope of an approved net worth restoration plan or an approved revised business plan, as applicable.

(B) Extend credit for transactions determined to be highly leveraged by the director.

(C) Amend the credit union's charter or bylaws, except to the extent necessary to comply with any law, regulation, or order.

(D) Make any material change in accounting methods.

(E) Pay dividends or interest on new share accounts at a rate exceeding the prevailing rates of interest on insured deposits in the credit union's relevant market area.

(13) Restrict or require any other action by the credit union, to the extent the director and the credit union's share insurer determine that the restriction or requirement will carry out the purposes of section 19(b) of this chapter better than any of the restrictions or requirements set forth in subdivisions (1) through (12).

(14) Require the credit union to merge with another financial institution if one (1) or more grounds exist for placing the credit union into conservatorship or into liquidation.

As added by P.L.197-2023, SEC.18.
Ind. Code § 28-1-7.5-1 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-1
"Holding company" defined
Status: in_force

Sec. 1. (a) As used in this chapter, "holding company" refers to a corporation that:

(1) is attempting to acquire all the outstanding shares of a bank, trust company, corporate fiduciary, or stock savings bank under this chapter; or

(2) has completed such an acquisition;

depending upon the context in which the term is used.

(b) As used in this chapter, "stock savings bank" has the meaning set forth in IC 28-6.1-2-7.

As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.60; P.L.262-1995, SEC.13.
Ind. Code § 28-12-10-4 — Indiana Code / Title 28 / Article 12 / Chapter 10 / Section 28-12-10-4
Extraordinary event preventing quorum; continuation of emergency
Status: in_force

Sec. 4. An emergency exists for purposes of this chapter if an extraordinary event prevents a quorum of the corporation's directors from assembling in time to deal with the business for which the meeting has been or is to be called.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-3-2-1 — Indiana Code / Title 28 / Article 3 / Chapter 2 / Section 28-3-2-1
Authority to convert, merge, or consolidate
Status: in_force

Sec. 1. (a) Subject to the applicable provisions of IC 28-2-13 or IC 28-2-17, any bank or trust company may convert into or merge or consolidate with a national banking association. Nothing contained in this chapter or in any other law of this state shall be construed to require the approval of any officer, department, or agency of this state as a condition to the right of any bank or trust company to convert into or merge or consolidate with a national banking association. Subject to the applicable provisions of IC 28-2-13 or IC 28-2-17, upon approval by the department of financial institutions any national banking association may convert into or merge or consolidate with a resulting bank or trust company (as defined in IC 28-1-1-3). Approval shall be granted if the department of financial institutions determines by examination of the converting, merging, or consolidating institutions, or otherwise, that the resulting bank or trust company meets the standards as to location, condition of assets, capital structure, and quality of management required of banks and trust companies by IC 28-11-5 or IC 28-2.

(b) A savings bank may merge, consolidate, or join together with a national banking association under section 10 of this chapter.

Formerly: Acts 1953, c.69, s.1. As amended by P.L.263-1983, SEC.3; P.L.36-1987, SEC.18; P.L.171-1996, SEC.38.
Ind. Code § 28-1-12-1 — Indiana Code / Title 28 / Article 1 / Chapter 12 / Section 28-1-12-1
Authority to serve as fiduciary
Status: in_force

Sec. 1. (a) Any court or officer thereof having jurisdiction to grant letters of guardianship, to appoint a trustee, guardian, receiver, or committee of the estate of any person, to appoint a committee or trustee or a receiver in insolvency or bankruptcy proceedings, or in any other proceeding or action, under state or federal law, or to make any other fiduciary appointment contemplated and provided for in IC 28-1-11, may appoint any bank or trust company qualified under subsection (b) as such fiduciary. However, the bank or trust company is not required to accept the appointment.

(b) A bank or trust company is qualified to act as a fiduciary under subsection (a) if the bank or trust company is:

(1) organized under the provisions of IC 28;

(2) a national bank authorized to act as a fiduciary and that bank either:

(A) has its principal place of business in Indiana; or

(B) has its principal place of business in a state or territory of the United States, including the District of Columbia, that grants authority to serve in similar fiduciary capacities to banks and trust companies organized and doing business under the laws of Indiana; or

(3) organized and doing trust company business under the laws of a state or territory described in subdivision (2)(B).

(c) This section shall be construed to permit a bank or trust company that is organized and doing business under the laws of any state, territory, or district other than Indiana, including a national bank or national trust company doing business in any other state, to establish in Indiana, subject to the approval of the department, a place of business or agency for the conduct of business as a fiduciary if the law of the state, territory, or district in which the bank or trust company is located would allow an Indiana bank or trust company to establish a place of business or agency in that state, territory, or district for the conduct of business as a fiduciary.

Formerly: Acts 1933, c.40, s.183. As amended by Acts 1980, P.L.175, SEC.1; P.L.42-1993, SEC.29; P.L.122-1994, SEC.79.
Ind. Code § 28-1-11-3 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-3
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.172; Acts 1935, c.5, s.25; Acts 1937, c.33, s.17; Acts 1943, c.88, s.1; Acts 1959, c.268, s.1; Acts 1967, c.295, s.2; Acts 1969, c.280, s.3; Acts 1971, P.L.394, SEC.27; Acts 1972, P.L.194, SEC.1. As amended by Acts 1979, P.L.258, SEC.1; Acts 1979, P.L.259, SEC.1. Repealed by Acts 1980, P.L.40, SEC.8.
Ind. Code § 28-15-12-1 — Indiana Code / Title 28 / Article 15 / Chapter 12 / Section 28-15-12-1
Mutual savings association; member entitled to one vote
Status: in_force

Sec. 1. (a) In a mutual savings association, each member is entitled at every members' meeting to cast one (1) vote for each:

(1) one hundred dollars ($100); or

(2) fraction of one hundred dollars ($100);

of the total amount paid in on all share or deposit accounts standing in the member's name on the books of the mutual savings association.

(b) Each borrowing member of a mutual savings association who is not a depositor or owner of a share account is entitled at a members' meeting to cast one (1) vote, if the articles of incorporation of the mutual savings association provide the borrowing member the right to vote.

(c) A member of a mutual savings association may not, except as proxy, cast more than fifty (50) votes at an election held by the mutual savings association.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-10-2-9 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-9
"LIBOR"
Status: in_force

Sec. 9. (a) As used in this chapter, "LIBOR" means United States Dollar LIBOR (formerly known as the London Interbank Offered Rate), as administered by Intercontinental Exchange Benchmark Administration Limited (or by any predecessor or successor entity), that is used in making any calculation or determination under a particular contract, security or instrument.

(b) The term includes any:

(1) predecessor or successor of LIBOR; and

(2) tenor of LIBOR.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-6.1-18-10 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-10
Approval of liquidation and dissolution proceedings
Status: in_force

Sec. 10. If after hearing the matter, the court determines that it will be in the best interests of the depositors and other creditors of the savings bank to liquidate its affairs and dissolve, the liquidation may proceed.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-10-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-2
Total equity capital
Status: in_force

Sec. 2. As used in this section, "total equity capital" means unimpaired capital stock, unimpaired surplus, unimpaired retained earnings, subordinated debt that has been approved by state or federal regulatory agencies, and one hundred percent (100%) of loan reserves.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-10-8 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-8
Purchase and sale of collateralized mortgage obligations
Status: in_force

Sec. 8. (a) Subject to subsection (b), a savings bank may purchase for its own account and sell obligations, commonly known as collateralized mortgage obligations, that are eligible for purchase and sale by national banking associations.

(b) A savings bank may purchase for its own account and sell the obligations only to the extent that a national banking association can purchase and sell those obligations.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-2-16-6 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-6
"Control" defined
Status: in_force

Sec. 6. As used in this chapter, "control" means directly or indirectly:

(1) to own, control, or hold, with power to vote, twenty-five percent (25%) or more of the voting shares of a bank or company;

(2) to control in any manner the election of a majority of the directors or trustees of a bank or company; or

(3) to exercise a controlling influence over the management or policies of a bank or company, as determined by the Board of Governors of the Federal Reserve System after notice and opportunity for hearing.

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-1-3.1-16 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-16
Articles of dissolution; contents; Federal Deposit Insurance Corporation as receiver; authority of department to act
Status: in_force

Sec. 16. (a) When the proceedings described in this chapter have been completed, the receiver shall execute and file, in the manner provided in this section, articles of dissolution, setting forth the following information:

(1) The name of the financial institution.

(2) The place where its principal office is located.

(3) The names and addresses of the directors and officers of the financial institution at the time when the liquidation proceedings were begun.

(4) A brief summary of the aggregate amount of general claims finally allowed against the financial institution, the aggregate amount of claims allowed as preferred, and the aggregate amount of all other claims against the financial institution, together with a statement of the aggregate payments made on each of the groups of claims and with a reference to:

(A) the orders of the receiver or the receivership court authorizing those payments; and

(B) the current reports wherein a report of the payments so ordered is made;

as of the date of the taking possession of the financial institution by the department.

(5) A brief summary of the aggregate amount of payments made to the shareholders of the financial institution, whether of money or other property, and a reference to the orders of the receiver or the receivership court authorizing the payments and to the current reports wherein the report of the payment is made.

(b) If the Federal Deposit Insurance Corporation is the receiver, the following apply:

(1) Compliance with this section is not required.

(2) The department:

(A) may file the articles of dissolution; and

(B) may take all actions necessary to complete the dissolution of the financial institution.

As added by P.L.141-1984, SEC.2. Amended by P.L.35-2010, SEC.109.
Ind. Code § 28-7-1-17.5 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-17.5
Signature limits
Status: in_force

Sec. 17.5. The credit committee or loan officer may approve a line of credit, which shall establish a signature limit. Advances in excess of the signature limit shall be permitted if security is pledged to guarantee that amount in excess of the signature limit. Advances may be granted to each member within the limits of such extension of credit. Where a line of credit has been approved, no additional loan application or statement of purpose is required, provided the aggregate unsecured obligation does not exceed the signature limit.

As added by Acts 1977, P.L.294, SEC.10. Amended by P.L.263-1995, SEC.15.
Ind. Code § 28-7-1-19.3 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-19.3
Classification as significantly undercapitalized or lower; mandatory supervisory requirements and restrictions; discretionary supervisory actions; conservatorship or liquidation
Status: in_force

Sec. 19.3. (a) A credit union that is classified as significantly undercapitalized or lower must do the following:

(1) Increase the credit union's net worth in accordance with section 19.1 of this chapter.

(2) Submit a net worth restoration plan to the director at the time and in the manner specified by the director.

(3) Beginning on the effective date of the credit union's classification as significantly undercapitalized or lower, not permit the credit union's assets to increase beyond the credit union's assets as of the end of the preceding quarter except as permitted under section 19.2(a)(3)(A) or 19.2(a)(3)(B) of this chapter.

(4) Beginning on the effective date of the credit union's classification as significantly undercapitalized or lower, not increase the total dollar amount of member business loans (including loans outstanding and unused commitments to lend) above the total dollar amount of member business loans (including loans outstanding and unused commitments to lend) as of the end of the preceding quarter.

(b) Subject to the applicable procedures for issuing, reviewing, and enforcing directives under this chapter, the director may, by directive, take one (1) or more of the following actions with respect to a significantly undercapitalized credit union (or with respect to a director, officer, or employee of such a credit union) if the director determines that the action is necessary to carry out the purposes of section 19(b) of this chapter:

(1) Prohibit the credit union from, directly or indirectly:

(A) acquiring any interest in any business entity or financial institution;

(B) establishing or acquiring any additional branch office; or

(C) engaging in any new line of business;

except as permitted by the director and the credit union's share insurer.

(2) Restrict the credit union's transactions with a credit union service organization, or require the credit union to reduce or divest the credit union's ownership interest in a credit union service organization.

(3) Restrict the dividend rates that the credit union pays on shares, as determined by the director and the credit union's share insurer.

(4) Prohibit any growth in the credit union's assets, or in a category of assets, or require the credit union to reduce the credit union's assets or a category of the credit union's assets.

(5) Require the credit union or the credit union's credit union service organization to alter, reduce, or terminate any activity that poses excessive risk to the credit union, as determined by the director.

(6) Prohibit the credit union from accepting all or certain nonmember deposits, as specified by the director.

(7) Order a new election of the credit union's board of directors.

(8) Require the credit union to dismiss from office one (1) or more directors or senior executive officers. A dismissal under this subdivision shall not be construed to be a formal administrative action for removal.

(9) Require the credit union to employ qualified senior executive officers, who, if the director and the credit union's share insurer so specify, shall be subject to the approval of the director and the credit union's share insurer.

(10) Limit the compensation of one (1) or more senior executive officers of the credit union to that officer's average rate of compensation (excluding bonuses and profit sharing) during the four (4) calendar quarters preceding the effective date of the credit union's classification as significantly undercapitalized or lower, and prohibit the payment of a bonus or profit share to the officer. If the director exercises the discretionary supervisory authority authorized by this subdivision, the director may permit the credit union to compensate a senior executive officer without the limitations described in this subdivision, or with less stringent limitations than those described in this subdivision, with the prior written approval of the director and the credit union's share insurer.

(11) Restrict or require any other action by the credit union, to the extent the director and the credit union's share insurer determine that the restriction or requirement will carry out the purposes of section 19(b) of this chapter better than any of the restrictions or requirements set forth in subdivisions (1) through (10).

(12) Require the credit union to merge with another financial institution if one (1) or more grounds exist for placing the credit union into conservatorship or into liquidation.

(c) Notwithstanding any other mandatory or discretionary supervisory requirements or restrictions set forth in this section, if a credit union is classified as significantly undercapitalized or lower (including by reclassification in accordance with 12 CFR 702.102(b)), the director and the credit union's share insurer may place the credit union into conservatorship or into liquidation if the credit union has no reasonable prospect of becoming well capitalized, as determined by the director.

As added by P.L.197-2023, SEC.17.
Ind. Code § 28-1-21.6-4 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-4
"Effective time of the charter conversion"
Status: in_force

Sec. 4. As used in this chapter, "effective time of the charter conversion" means:

(1) the date that articles of conversion are filed with the Indiana secretary of state; or

(2) the date designated in the articles of conversion.

As added by P.L.147-1990, SEC.2. Amended by P.L.122-1994, SEC.82.
Ind. Code § 28-8-5-3 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-3
Consideration
Status: in_force

Sec. 3. As used in this chapter, "consideration" includes a premium charged for the sale of goods or services in excess of the cash price of the sale of such goods or services.

As added by P.L.42-1993, SEC.86.
Ind. Code § 28-6.2-3-3 — Indiana Code / Title 28 / Article 6.2 / Chapter 3 / Section 28-6.2-3-3
Representations regarding price of stock
Status: in_force

Sec. 3. No representations may be made in any manner in connection with the offer or sale of any stock issued under this chapter that:

(1) the price, price range, or any other pricing information related to a stock issuance has been approved by the department;

(2) the stock has been approved by the department; or

(3) the department has endorsed the accuracy or adequacy of any securities offering or sales documents disseminated in connection with the stock.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-2-18-1 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-1
Purpose of chapter
Status: in_force

Sec. 1. It is the intent of this chapter to permit interstate branching under Sections 102 and 103 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (P.L. 103-328) in accordance with the provisions set forth in this chapter.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-14-5-1 — Indiana Code / Title 28 / Article 14 / Chapter 5 / Section 28-14-5-1
"Total equity capital"
Status: in_force

Sec. 1. As used in this chapter, "total equity capital" means unimpaired capital stock, unimpaired surplus, unimpaired undivided profits, and subordinated debt.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-7.5-10 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-10
Plan of exchange; consummation by operation of law; effect
Status: in_force

Sec. 10. At the time that the plan of exchange becomes effective:

(1) each shareholder ceases to be a shareholder of the bank, trust company, corporate fiduciary, or stock savings bank;

(2) the ownership of all shares of the issued and outstanding common stock of the bank, trust company, corporate fiduciary, or stock savings bank (except shares for which payment of value is required to be made under section 8 of this chapter) vest in the holding company automatically without any physical transfer or deposit of certificates representing those shares;

(3) the articles of incorporation of the holding company are amended to the extent that any provisions of those articles are restated in the plan of exchange;

(4) the holding company becomes the sole holder of the common stock of the bank, trust company, corporate fiduciary, or stock savings bank and has all of the rights, privileges, immunities and powers, and (except as otherwise provided in this chapter) is subject to all of the duties and liabilities, of a shareholder of a bank, trust company, corporate fiduciary, or stock savings bank; and

(5) depending upon which option is provided for in the plan of exchange, certificates representing shares of common stock of the bank and trust company or corporate fiduciary (except shares for which payment of value is required to be made under section 8 of this chapter) become certificates representing either shares of the issued and outstanding common stock of the holding company, or the right to receive shares of stock issued by the holding company upon such terms as are specified in the plan of exchange.

As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.69; P.L.262-1995, SEC.22.
Ind. Code § 28-14-5-3 — Indiana Code / Title 28 / Article 14 / Chapter 5 / Section 28-14-5-3
Underwriting or guarantee of issue of securities
Status: in_force

Sec. 3. A corporate fiduciary may not underwrite or guarantee all or any part of an issue of securities other than obligations issued or guaranteed by or on behalf of:

(1) the state;

(2) a political subdivision of the state; or

(3) an agency or instrumentality of the state.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-7-2.5-2 — Indiana Code / Title 28 / Article 7 / Chapter 2.5 / Section 28-7-2.5-2
Application of definitions
Status: in_force

Sec. 2. Except as otherwise provided, the definitions in IC 28-7-1 apply throughout this chapter.

As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
Ind. Code § 28-15-9-2 — Indiana Code / Title 28 / Article 15 / Chapter 9 / Section 28-15-9-2
Notice of establishment or acquisition of or new activity through service corporation
Status: in_force

Sec. 2. A savings association shall notify the department:

(1) not less than thirty (30) days before the establishment or acquisition of any service corporation; and

(2) not less than thirty (30) days before the commencement of any new activity through a service corporation.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-1-21.4-13 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-13
Powers and duties at effective time of conversion
Status: in_force

Sec. 13. At the effective time of the charter conversion, the resulting stock savings association:

(1) possesses all of the rights, privileges, immunities, and powers of a stock savings association;

(2) unless otherwise provided in this chapter, is subject to all of the statutes, regulations, duties, restrictions, obligations, and liabilities of a stock savings association;

(3) succeeds by operation of law to all rights and property of the converting savings association; and

(4) is subject to all debts, obligations, and liabilities of the converting savings association as if the stock savings association had incurred the debts and liabilities.

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.56.
Ind. Code § 28-8-4.1-506 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-506
Annual license renewal; fee; term of renewal; renewal report; director's use of the NMLS
Status: in_force

Sec. 506. (a) A license under this chapter shall be renewed annually as follows:

(1) An annual renewal fee, as set by the department, shall be paid not later than December 31 of each year.

(2) The renewal term is for a period of one (1) year and:

(A) begins on January 1 of each year after the initial license term; and

(B) expires on December 31 of the year the renewal term begins.

(b) A licensee shall submit a renewal report with the renewal fee, in a form and by a medium prescribed by the director. The renewal report must state or contain a description of each material change in the information submitted by the licensee in its original license application, if such change has not been previously reported to the department.

(c) The director may grant an extension of the renewal date for good cause.

(d) The director may use the NMLS to process license renewals, as long as the functionality of the NMLS for such purpose is consistent with this section.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-2-14 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-14
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.17; Acts 1941, c.35, s.6; Acts 1945, c.348, s.12; Acts 1971, P.L.394, SEC.11. Repealed by P.L.33-1991, SEC.58.