Ind. Code § 28-8-4.1-402 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-402
Confidential information; reporting violations and complaints to the NMLS; director's authority to use the NMLS; information or material subject to privilege or confidentiality; release of information
Status: in_force

Sec. 402. (a) Except as provided in subsection (b), the following are confidential:

(1) All information or reports obtained by the department from an applicant, licensee, or authorized delegate.

(2) All information contained in or related to an examination, investigation, operating report, or condition report prepared by, on behalf of, or for the use of the department.

(3) Financial statements, balance sheets, or authorized delegate information.

(b) Subject to the confidentiality provisions contained in IC 5-14-3 and this section, the director may regularly report significant or recurring violations of this chapter to the NMLS.

(c) Subject to the confidentiality provisions contained in IC 5-14-3 and this section, the director may report complaints received regarding licensees to the NMLS.

(d) The director's authority to use the NMLS under this chapter is subject to the following:

(1) Information stored in the NMLS is subject to the confidentiality provisions of IC 5-14-3 and this section. A person may not:

(A) obtain information from the NMLS, unless the person is authorized to do so by statute;

(B) initiate any civil action based on information obtained from the NMLS if the information is not otherwise available to the person under any other state law; or

(C) initiate any civil action based on information obtained from the NMLS if the person could not have initiated the action based on information otherwise available to the person under any other state law.

(2) Documents, materials, and other forms of information in the control or possession of the NMLS that are confidential under this section and that are:

(A) furnished by the director, the director's designee, or a licensee; or

(B) otherwise obtained by the NMLS;

are confidential and privileged by law and are not subject to inspection under IC 5-14-3, subject to subpoena, subject to discovery, or admissible in evidence in any civil action. However, the director may use the documents, materials, or other information available to the director in furtherance of any action brought in connection with the director's duties under this chapter.

(3) Disclosure of documents, materials, and information:

(A) to the director; or

(B) by the director;

under this subsection does not result in a waiver of any applicable privilege or claim of confidentiality with respect to the documents, materials, or information.

(4) Information provided to the NMLS is subject to IC 4-1-11.

(5) This subsection does not limit or impair a person's right to:

(A) obtain information;

(B) use information as evidence in a civil action or proceeding; or

(C) use information to initiate a civil action or proceeding;

if the information may be obtained from the director or the director's designee under any law.

(6) The requirements under any federal law or IC 5-14-3 regarding the privacy or confidentiality of any information or material provided to the NMLS, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to the information or material, continue to apply to the information or material after the information or material has been disclosed to the NMLS. The information and material may be shared with all state and federal regulatory officials with financial services industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or IC 5-14-3.

(7) Information or material that is subject to a privilege or confidentiality under subdivision (6) is not subject to:

(A) disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

(B) subpoena, discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privileged information or material held by the NMLS, the person to whom the information or material pertains waives, in whole or in part, in the discretion of the person, that privilege.

(e) Notwithstanding any other provision of law, all information or reports obtained by the director from an applicant, a licensee, or an authorized delegate, whether obtained through reports, applications, examination, audits, investigation, or otherwise, including:

(1) all information contained in or related to:

(A) examination;

(B) investigation;

(C) operation; or

(D) condition;

reports prepared by, on behalf of, or for the use of the director; or

(2) financial statements, balance sheets, or authorized delegate information;

are confidential and may not be disclosed or distributed outside the department by the director or any officer or employee of the department, except as provided in subsection (b).

(f) The director may provide for the release of information to representatives of:

(1) financial institution and money services business supervisory agencies;

(2) law enforcement agencies; or

(3) prosecutorial agencies or offices;

of a state (as defined in IC 28-2-17-19), the United States, or a foreign country. An agency or office that receives information from the director under this subsection shall maintain the confidentiality of the information as described in IC 28-1-2-30.

(g) This section does not prohibit the director from releasing to the public a list of persons licensed under this chapter or from releasing aggregated financial data with respect to such licensees.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-15-8-2 — Indiana Code / Title 28 / Article 15 / Chapter 8 / Section 28-15-8-2
Loans on security of certain property interests
Status: in_force

Sec. 2. (a) Subject to such additional limitations as the department may prescribe, savings associations may make loans on the security of any of the following:

(1) Real estate.

(2) A leasehold or subleasehold interests.

(3) An assignment or transfer of stock certificates or other evidence of the borrower's ownership interest in a corporation formed for the cooperative ownership of real estate.

(b) A savings association may make loans secured by real estate in compliance with 12 U.S.C. 1828(O) as implemented by 12 CFR 365.

(c) Real estate appraisals shall be performed concerning loans authorized by this section in compliance with 12 CFR 323.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-2-17-16 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-16
"Out-of-state bank" defined
Status: in_force

Sec. 16. As used in this chapter, "out-of-state bank" means a bank whose home state is a state other than Indiana.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-6.1-14-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 14 / Section 28-6.1-14-5
Rights and obligations upon conversion
Status: in_force

Sec. 5. Upon conversion, the new state bank or new savings association:

(1) has all the rights, privileges, immunities, and powers of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15;

(2) is subject to all the duties, restrictions, penalties, and liabilities of a bank organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15; and

(3) is governed by IC 28-13.

As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.75.
Ind. Code § 28-8-5-15 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-15
License renewal; application; fee; changes and events concerning licensees or applicants; notice to department required
Status: in_force

Sec. 15. (a) To remain in force, a license must be renewed not later than December 31 of each year, beginning with the year following the date of issuance, as set forth in section 14 of this chapter. A licensee may renew a license issued under this chapter by filing a renewal application as prescribed by the director of the department. The department shall prescribe a form for the renewal application. To be accepted for processing, a renewal application must be accompanied by:

(1) the license renewal fee described in subsection (b); and

(2) all information and documents requested by the director of the department.

(b) A licensee that seeks to renew a license issued under this chapter shall pay to the department not later than December 31 of each year a fee fixed by the department under IC 28-11-3-5 as a renewal fee. The department may fix a daily late fee under IC 28-11-3-5 for a:

(1) renewal license application; or

(2) renewal fee;

that is received by the department after December 31.

(c) A person that is licensed under this chapter, or a person that seeks a license or a renewal of a license under this chapter in accordance with this section and sections 11 and 12 of this chapter, shall notify the department not later than thirty (30) days after any of the following occurs:

(1) The person has a change in name, address, or principals.

(2) The person opens a new branch, closes an existing branch, or relocates an existing branch.

(3) The person files for bankruptcy or reorganization.

(4) The person is notified by a state or governmental authority that the person is subject to revocation or suspension proceedings with respect to the person's activities related to the business of cashing checks or the provision of other financial services.

(5) An individual described in section 12(b)(1) of this chapter has been convicted of a felony involving fraud, deceit, or misrepresentation under the laws of Indiana or any other jurisdiction.

As added by P.L.42-1993, SEC.86. Amended by P.L.35-2010, SEC.187; P.L.89-2011, SEC.65; P.L.137-2014, SEC.36; P.L.69-2018, SEC.67; P.L.129-2020, SEC.22.
Ind. Code § 28-8-5-10 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-10
Resolutions for administration of chapter
Status: in_force

Sec. 10. The department may make regulations and establish policies and guidelines by resolution for the administration of this chapter.

As added by P.L.42-1993, SEC.86.
Ind. Code § 28-6.1-9-14 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-14
Application of federal regulations
Status: in_force

Sec. 14. The department may apply the provisions of 12 CFR 32 in the application and administration of this chapter.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-7-1-20.1 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-20.1
Issuance of shares; joint tenancy; deposits, investments, and withdrawals by minors
Status: in_force

Sec. 20.1. (a) Shares may be issued as the bylaws provide. The provisions of IC 28-1-20-6 apply to loans to any borrower and shall inure to the benefit of the credit union. Shares may be issued in a joint tenancy with right of survivorship, but no joint tenant shall be permitted to vote, obtain loans, or hold office, unless the tenant is a member.

(b) A credit union may issue shares to and receive deposits from a minor. The minor may withdraw the deposits or shares and any dividends or interest on the deposits or shares. A deposit, investment in a share, or withdrawal under this subsection by a minor is valid and enforceable. The minor is considered an adult with respect to the deposit, investment, or withdrawal.

As added by Acts 1977, P.L.294, SEC.11. Amended by P.L.263-1995, SEC.18; P.L.35-2010, SEC.161.
Ind. Code § 28-1-21.7-5 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-5
Repealed
Status: repealed

As added by P.L.147-1990, SEC.3. Repealed by P.L.27-2012, SEC.61.
Ind. Code § 28-1-7-20 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-20
Recording articles of merger or consolidation
Status: in_force

Sec. 20. The surviving or new corporation resulting from a merger or consolidation shall, within ten (10) days after such merger or consolidation becomes effective, file for record one (1) of the copies of the articles of merger or consolidation bearing the endorsement of the approval of the secretary of state, or a copy of such agreement and endorsement certified by the secretary of state, in the office of the recorder of each county in which the principal office of any of the corporations that are parties to the agreement is located.

Formerly: Acts 1933, c.40, s.133. As amended by P.L.263-1985, SEC.36; P.L.14-1992, SEC.71; P.L.122-1994, SEC.56.
Ind. Code § 28-1-9-12 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-12
Authority to borrow
Status: in_force

Sec. 12. After the authorization of the dissolution of such corporation, the board of directors is hereby authorized to borrow money and to secure the payment thereof, in the same manner and to the extent that a receiver may borrow money and secure the payment thereof when any financial institution is in involuntary liquidation, as provided in IC 28-1-3.1-6.

Formerly: Acts 1933, c.40, s.153. As amended by P.L.263-1985, SEC.46.
Ind. Code § 28-13-13-10 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-10
Advancement of expenses before final disposition of proceeding; conditions; procedure
Status: in_force

Sec. 10. (a) A corporation may pay for or reimburse the reasonable expenses incurred by a director who is a party to a proceeding in advance of final disposition of the proceeding if:

(1) the director furnishes the corporation a written affirmation of the director's good faith belief that the director has met the standard of conduct described in section 8 of this chapter;

(2) the director furnishes the corporation a written undertaking, executed personally or on the director's behalf, to repay the advance if it is ultimately determined that the director did not meet the standard of conduct; and

(3) a determination is made that the facts then known to those making the determination would not preclude indemnification under this chapter.

(b) The undertaking required by subsection (a)(2) must be an unlimited general obligation of the director but need not be secured and may be accepted without reference to financial ability to make repayment.

(c) Determinations and authorizations of payments under this section shall be made in the manner specified in section 12 of this chapter.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-14-7.5-5 — Indiana Code / Title 28 / Article 14 / Chapter 7.5 / Section 28-14-7.5-5
Possession of books, records, and assets; conservation of assets; powers and obligations of conservator; rights of parties
Status: in_force

Sec. 5. (a) Under the direction of the department, a conservator appointed under this chapter shall:

(1) take possession of the books, records, and assets of the corporate fiduciary; and

(2) take any action necessary to conserve the assets of the corporate fiduciary pending:

(A) a liquidation under IC 28-1-3.1; or

(B) other disposition of the corporate fiduciary's business as provided by law.

(b) A conservator appointed under this chapter:

(1) has all the rights, powers, and privileges of a receiver appointed under IC 28-1-3.1, except the power to liquidate a corporate fiduciary; and

(2) is subject to those obligations and liabilities to which a receiver is subject, to the extent the obligations and liabilities are consistent with this chapter.

(c) Throughout the time a conservator is in possession of a corporate fiduciary under this chapter, the rights of all parties with respect to the corporate fiduciary are the same as if a receiver had been appointed under IC 28-1-3.1.

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
Ind. Code § 28-2-17-3 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-3
"Bank" defined
Status: in_force

Sec. 3. (a) Except as provided in subsection (b), as used in this chapter, "bank" has the meaning set forth in 12 U.S.C. 1813(h).

(b) Except as provided in subsection (c), the term "bank" does not include any foreign bank (as defined in 12 U.S.C. 3101(7)).

(c) The term "bank" includes any foreign bank organized or reorganized under the laws of a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-5-1-4 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-4
Definitions; certificate of authority; branches; automated teller machines
Status: in_force

Sec. 4. (a) As used in this section:

"Automated teller facility" means electronic or mechanical equipment that performs routine transactions for the public at locations off premises of the principal office or branch office of a company that holds a certificate to engage in business under this chapter and that is authorized to issue, negotiate, and sell certificates of investment or indebtedness.

"Branch" means any office, agency, mobile unit, messenger service, or other place of business at which:

(1) deposits are received;

(2) negotiable or transferable instruments or orders, or similar instruments, are paid; or

(3) money is lent.

However, the term does not include the principal office of a company or an automated teller facility.

"Financial institution" has the same meaning as in IC 28-1-1-3.

(b) Any domestic corporation organized under the general corporation laws of Indiana may engage in business as an industrial loan and investment company subject to the limitations and restrictions set forth in this chapter. The department may issue a certificate authorizing a corporation to engage in business under this chapter after the department considers and investigates all the following:

(1) The financial standing and character of the incorporators, organizers, directors, principal shareholders, or controlling corporations.

(2) The character, qualifications, and experience of the officers and directors of the corporation.

(3) The future earnings prospects for the proposed corporation in the community in which the corporation will be located.

(4) The adequacy of the corporation's capital.

If the department determines any of the factors described in subdivisions (1) through (4) unfavorably, the department may not issue a certificate authorizing the corporation to engage in business under this chapter. Certificates issued under this section must state whether the corporation is authorized to accept deposits and, if not, must provide that the corporation may do business under this article only as restricted by section 21 of this chapter.

(c) Any company that is authorized to accept deposits and that holds a certificate to engage in business under this chapter is entitled to establish one (1) or more branches de novo and one (1) or more branches by acquisition in any location or locations within Indiana, at which any business of the company may be transacted to the same extent as at the principal office of the company.

(d) As a condition to the establishment and operation of a branch or branches under this section, the company must:

(1) obtain prior written approval of the department;

(2) operate each branch under the correct name of the company and its name must contain in addition the word "branch"; and

(3) demonstrate that the applicant company will have adequate capital, sound management, and adequate future earnings prospects after the establishment of the branch.

(e) The location of the principal office or any branch established under this section may be changed at any time when authorized by the board of directors of the company and approved by the department.

(f) Any company desiring to open or establish one (1) or more branches or change location of an existing branch or the principal office must file a written application therefor, in such form and containing such information as may be prescribed by the department. If the department determines that the requirements of subsection (d) have been satisfied, the department may in its discretion approve the application.

(g) A company is entitled to open or establish an automated teller facility in any location within Indiana or as permitted by the laws of the state in which the automated teller machine is to be located. An automated teller facility may be owned or operated individually by any company or jointly on a cost sharing or fee basis.

(h) A branch by acquisition may be established under this section only if done in compliance with applicable provisions of IC 28-1-7 or IC 28-1-8.

(i) A company that is authorized to accept deposits and that holds a certificate to engage in business under this chapter is entitled to establish one (1) or more branches de novo and one (1) or more branches by acquisition in any location outside Indiana. Any business of the company may be transacted at a branch established under this subsection to the same extent as at the principal office of the company, subject to IC 28-2-18-19.

Formerly: Acts 1935, c.181, s.4; Acts 1951, c.79, s.1; Acts 1967, c.45, s.1; Acts 1971, P.L.400, SEC.1; Acts 1973, P.L.284, SEC.1. As amended by P.L.141-1984, SEC.9; P.L.269-1985, SEC.1; P.L.270-1985, SEC.1; P.L.33-1991, SEC.46; P.L.171-1996, SEC.43; P.L.192-1997, SEC.11; P.L.141-2005, SEC.9; P.L.90-2008, SEC.36.
Ind. Code § 28-6.1-9-10 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-10
Loans or discounts on security and purchase or holding of bank's own capital stock
Status: in_force

Sec. 10. (a) A stock savings bank may not:

(1) make a loan or discount on the security of the shares of its own capital stock; or

(2) be the purchaser or holder of shares of its own capital stock;

unless the security or purchase is necessary to prevent loss under a debt previously contracted in good faith.

(b) Stock that may be purchased or acquired under subsection (a) shall be sold or disposed of within six (6) months from the time of its purchase at public or private sale, unless otherwise ordered by the department.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-11-10 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-10
Service as fiduciary without bond; judicial control; requirement of security
Status: in_force

Sec. 10. Except as otherwise provided in this chapter, any bank or trust company shall have power to act in each and every fiduciary capacity permitted by the terms of this article, and as commissioner for the sale of real estate, without bond or other security, and administer oaths attested by the signature of its secretary or cashier and its seal wherever it is acting in any such fiduciary capacity and whenever an individual acting in the same capacity is authorized by law to administer oaths. The court having jurisdiction of the fiduciary at any time, whether before or after acceptance of any fiduciary appointment, may require a bond or other security, and upon failure of such corporation to give a bond or security as required, may remove such corporation and revoke its appointment. No bank or trust company shall pledge or deposit any of its assets as a condition to the exercise of any of its powers as a fiduciary.

Formerly: Acts 1933, c.40, s.179. As amended by P.L.263-1985, SEC.60.
Ind. Code § 28-8-5-13 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-13
Licenses not transferable or assignable
Status: in_force

Sec. 13. Except in a transaction approved under section 13.1 of this chapter, a license is not transferable or assignable.

As added by P.L.42-1993, SEC.86. Amended by P.L.89-2011, SEC.63.
Ind. Code § 28-8-4.1-1101 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1101
Revocation or suspension of license; order to show cause; findings by the department; entry of order; relinquishment of license; existing contractual obligations; emergency or temporary order
Status: in_force

Sec. 1101. (a) The director may issue to a licensee an order to show cause why the licensee's license should not be revoked or suspended for a period determined by the department.

(b) An order issued under subsection (a) must:

(1) include:

(A) a statement of the place, date, and time for a meeting with the department, which date may not be less than ten (10) days from the date of the order;

(B) a description of the action contemplated by the department; and

(C) a statement of the facts or conduct supporting the issuance of the order; and

(2) be accompanied by a notice stating that the licensee is entitled to:

(A) a reasonable opportunity to be heard; and

(B) show the licensee's compliance with all lawful requirements for retention of the license;

at the meeting described in subdivision (1)(A).

(c) After the meeting described in subsection (b)(1)(A), the department may revoke or suspend the license if the department finds that:

(1) the licensee has repeatedly and willfully violated:

(A) this chapter or any applicable rule, order, or guidance document adopted or issued by the department; or

(B) any other state or federal law, regulation, or rule applicable to the business of money transmission;

(2) the licensee does not meet the licensing qualifications set forth in this chapter;

(3) the licensee obtained the license for the benefit of, or on behalf of, a person who does not qualify for the license;

(4) the licensee knowingly or intentionally made material misrepresentations to, or concealed material information from, the department;

(5) the licensee did not cooperate with an examination or investigation by the director;

(6) the licensee engaged in fraud, intentional misrepresentation, or gross negligence;

(7) an authorized delegate has been convicted of a violation of a state or federal money laundering statute, or has violated a rule adopted or an order issued under this chapter, as a result of the licensee's willful misconduct or willful ignorance of the situation;

(8) the competence, experience, character, or general fitness of the licensee, an authorized delegate of the licensee, a person in control of the licensee, a key individual with respect to the licensee, or a responsible person of an authorized delegate of the licensee indicates that it is not in the public interest to permit the person to provide money transmission;

(9) the licensee has engaged in an unsafe or unsound practice;

(10) the licensee is insolvent, has suspended payment of its obligations, or has made a general assignment for the benefit of its creditors;

(11) the licensee has not removed an authorized delegate after the department has issued and served upon the licensee a final order that included a finding that the authorized delegate has violated this chapter; or

(12) facts or conditions exist that, had they existed at the time the licensee applied for the license, would have been grounds for the department to deny the issuance of the license.

(d) In determining whether a licensee is engaging in an unsafe or unsound practice, the director may consider the size and condition of the licensee's money transmission, the magnitude of the loss, the gravity of the violation of this chapter, and the previous conduct of the person involved.

(e) Whenever the department revokes or suspends a license, the department shall enter an order to that effect and notify the licensee of:

(1) the revocation or suspension;

(2) if a suspension has been ordered, the duration of the suspension;

(3) the procedure for appealing the revocation or suspension under IC 4-21.5-3-6; and

(4) any other terms and conditions that apply to the revocation or suspension.

Not later than five (5) days after the entry of the order, the department shall deliver to the licensee a copy of the order and the findings supporting the order.

(f) Any person holding a license to engage in the business of money transmission may relinquish the license by notifying the department in writing of the relinquishment. However, a relinquishment under this subsection does not affect the person's liability for acts previously committed and coming within the scope of this chapter.

(g) If the director determines it to be in the public interest, the director may pursue the revocation of a license of a licensee that has relinquished the license under subsection (f).

(h) If a person's license is revoked, suspended, or relinquished, the revocation, suspension, or relinquishment does not impair or affect any obligation owed by any person under any existing lawful contract.

(i) If the director has just cause to believe an emergency exists from which it is necessary to protect the interests of the public, the director may proceed with the revocation of a license through an emergency or another temporary order.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-22-1 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-1
Necessity of certificate of admission
Status: in_force

Sec. 1. (a) Any bank, savings bank, trust company, corporate fiduciary, credit union, industrial loan and investment company, or savings association that:

(1) is organized under the laws of:

(A) any other state (as defined in IC 28-2-17-19);

(B) the United States; or

(C) any other country;

(2) is not domiciled in Indiana; and

(3) is referred to in this chapter as a corporation or foreign corporation;

shall, before transacting business in this state, obtain a certificate of admission to this state from the department, which must be filed with the secretary of state. A corporation may not do business in Indiana unless a certificate of admission is issued to the corporation by the department.

(b) The activities listed in IC 23-0.5-5-5(a) do not constitute transacting business within the meaning of subsection (a). For the purposes of this section, the list of activities set forth in IC 23-0.5-5-5(a) is not exhaustive.

(c) Isolated business transactions that are not regular, systematic, or continuing do not constitute the transaction of business under subsection (a).

Formerly: Acts 1933, c.40, s.324. As amended by P.L.263-1985, SEC.84; P.L.262-1995, SEC.49; P.L.171-1996, SEC.8; P.L.192-1997, SEC.5; P.L.213-2007, SEC.43; P.L.217-2007, SEC.41; P.L.118-2017, SEC.123.
Ind. Code § 28-1-7.5-14 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-14
Acquisition under other lawful procedures unaffected
Status: in_force

Sec. 14. This chapter does not prohibit the acquisition by a holding company of shares of stock of a bank, trust company, corporate fiduciary, or stock savings bank under any other procedure that may be authorized by law, under voluntary exchange, or under an agreement with shareholders.

As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.72; P.L.262-1995, SEC.25.
Ind. Code § 28-1-29-18 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-18
Delegation of duties; liability of licensee; violations by lead generators
Status: in_force

Sec. 18. (a) If a licensee delegates any of the licensee's duties or obligations under an agreement or this chapter to another person, including an independent contractor or a lead generator, the licensee is liable for any conduct of the person which, if done by the licensee, would violate the agreement or this chapter.

(b) A lead generator or another person that:

(1) provides services to or for a licensee; and

(2) violates this chapter;

commits a deceptive act that is actionable under IC 24-5-0.5 and subject to the penalties of IC 24-5-0.5.

As added by P.L.35-2010, SEC.140. Amended by P.L.216-2013, SEC.32.
Ind. Code § 28-7-1-39 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-39
Limits on loans to members; exceptions; prohibition against accepting compensation for procuring loan; exception for bona fide employment or compensation agreements; deadline for compliance
Status: in_force

Sec. 39. (a) As used in this section, "loans and extensions of credit" includes all direct or indirect advances of funds made to a member on the basis of:

(1) an obligation of the member to repay the funds; or

(2) a pledge of specific property by or on behalf of the member and from which the funds advanced are repayable.

The term includes any contractual liability of a credit union to advance funds to or on behalf of a member, to the extent specified by the department. The term also includes any credit exposure to a person arising from a derivative transaction (as defined in 12 U.S.C. 84(b)(3)) between the credit union and the person.

(b) As used in this section, "member" includes an individual, a sole proprietorship, a partnership, a joint venture, an association, a trust, an estate, a business trust, a limited liability company, a corporation, a sovereign government, or an agency, instrumentality, or political subdivision of a sovereign government, or any similar entity or organization.

(c) Except as provided in subsection (e), the total loans and extensions of credit by a credit union to a member outstanding at any given time and not fully secured, as determined in a manner consistent with subsection (d), by collateral with a market value at least equal to the amount of the loan or extension of credit may not exceed fifteen percent (15%) of the capital and surplus of the credit union.

(d) Except as provided in subsection (e), the total loans and extensions of credit by a credit union to a member outstanding at any given 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 funds outstanding may not exceed ten percent (10%) of the capital and surplus of the credit union. The limitation in this subsection is separate from and in addition to the limitation set forth in subsection (c).

(e) The limitations set forth in subsections (c) and (d) are subject to the following exceptions:

(1) Loans or extensions of credit arising from the discount of commercial or business paper evidencing an obligation to the member negotiating it with recourse are not subject to any limitation based on capital and surplus.

(2) The purchase of bankers' acceptances of the kind described in 12 U.S.C. 372 and issued by a financial institution organized or reorganized under the laws of Indiana or any other state or the United States are not subject to any limitation based on capital and surplus.

(3) Loans or extensions of credit secured by bills of lading, warehouse receipts, or similar documents transferring or securing title to readily marketable staples are subject to a limitation of thirty-five percent (35%) of capital and surplus in addition to the general limitations if the market value of the staples securing each additional loan or extension of credit at all times equals or exceeds one hundred fifteen percent (115%) of the outstanding amount of the loan or extension of credit. The staples shall be fully covered by insurance whenever it is customary to insure such staples.

(4) Loans or extensions of credit secured by bonds, notes, certificates of indebtedness, or Treasury bills of the United States or by any other obligation fully guaranteed as to principal and interest by the United States are not subject to any limitation based on capital and surplus.

(5) Loans or extensions of credit to or secured by unconditional takeout commitment or guarantees of any department, agency, bureau, board, commission, or establishment of the United States or any corporation wholly owned directly or indirectly by the United States are not subject to any limitation based on capital and surplus.

(6) Loans or extensions of credit secured by a segregated deposit account in the lending credit union are not subject to any limitation based on capital and surplus.

(7) Loans or extensions of credit to any credit union, when the loans or extensions of credit are approved by the director of the department, are not subject to any limitation based on capital and surplus.

(f) Loans or extensions of credit arising from the discount of negotiable or nonnegotiable installment consumer paper that carries a full recourse endorsement or unconditional guarantee by the member transferring the paper are subject under this section to a maximum limitation equal to twenty-five percent (25%) of the capital and surplus, notwithstanding the collateral requirements set forth in subsection (d).

(g) If the credit union's files or the knowledge of the credit union's officers of the financial condition of each maker of consumer paper described in subsection (f) is reasonably adequate, and an officer of the credit union designated for that purpose by the board of directors of the credit union certifies in writing that the credit union is relying primarily upon the responsibility of each maker for payment of the loans or extensions of credit and not upon any full or partial recourse endorsement or guarantee by the transferor, the limitations of this section as to the loans or extensions of credit of each maker shall be the sole applicable loan limitations.

(h) Loans or extensions of credit secured by shipping documents or instruments transferring or securing title covering livestock or giving a lien on livestock when the market value of the livestock securing the obligation is not at any time less than one hundred fifteen percent (115%) of the face amount of the note covered are subject under this section, notwithstanding the collateral requirements set forth in subsection (d), to a maximum limitation equal to twenty-five percent (25%) of the capital and surplus.

(i) Loans or extensions of credit that arise from the discount by dealers in dairy cattle of paper given in payment for dairy cattle, which paper carries a full recourse endorsement or unconditional guarantee of the seller and that are secured by the cattle being sold, are subject under this section, notwithstanding the collateral requirements set forth in subsection (d), to a limitation of twenty-five percent (25%) of the capital and surplus.

(j) Except as otherwise provided, an officer, director, employee, or attorney of a credit union who stipulates for, receives, or consents or agrees to receive, any fee, commission, gift, or thing of value, from any person, for the purpose of procuring or endeavoring to procure for any member any loan from or the purchase or discount of any paper, note, draft, check, or bill of exchange by the credit union, commits a Class A misdemeanor. However, the prohibitions set forth in this subsection do not apply to a credit union's:

(1) bona fide employment agreements, including benefit or compensation plans; or

(2) compensation agreements with third party independent contractors.

(k) Except as otherwise provided in this chapter, any credit union that holds obligations of indebtedness in violation of the limitations prescribed in this section shall, not later than July 1, 2006, cause the amount of the obligations to conform to the limitations prescribed by this chapter and by the provisions of this section. The department may, in its discretion, extend the time for effecting this conformity, in individual instances, if the interests of the depositors will be protected and served by an extension. Upon the failure of a credit union to comply with the limitations, in accordance with this section or in accordance with any order of the department concerning the limitations, the department may declare that the credit union is conducting its business in an unauthorized or unsafe manner and proceed in accordance with IC 28-1-3.1-2.

(l) The department may apply the provisions of 12 CFR 32 in the application and administration of this chapter.

As added by P.L.141-2005, SEC.18. Amended by P.L.1-2006, SEC.493; P.L.90-2008, SEC.46; P.L.27-2012, SEC.94; P.L.159-2017, SEC.37.
Ind. Code § 28-6.1-15-7 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-7
Notice to depositors; objections; judicial review
Status: in_force

Sec. 7. (a) After the department has given approval to the resolution of conversion and has returned the resolution of conversion to the savings bank, the savings bank shall give notice of the proposed conversion, by mail, to each depositor of record as of the date of the resolution of conversion. Notice to a depositor shall be sent to the address of the depositor as shown by the records of the savings bank. Notice shall also be given by at least ten (10) consecutive days of publication in a newspaper of general circulation published in the county in which the savings bank is located.

(b) After notice has been given under this section, a copy of the resolution of conversion shall be submitted to the circuit court, superior court, or probate court with jurisdiction in the county in which the savings bank is located.

(c) A depositor of the savings bank aggrieved by the proposed conversion may, not more than twenty (20) days after submission of the resolution of conversion with the court file in the court a verified statement of objection to the proposed conversion. The matter shall be docketed upon the books of the court, and entitled "In the Matter of the Conversion of ___________ Savings Bank to __________" (inserting the names of the savings bank and the successor bank or trust company). The nature of an objection to the conversion is limited to the unfairness of the proposed conversion relative to the rights and interests of the objecting depositor. Without filing pleadings, the savings bank shall be considered to deny the objections.

(d) After the twenty (20) day period for filing objections has expired, the court shall proceed as soon as possible to hear the evidence and determine the fairness of the proposed conversion relative to the individual rights and interests of all objecting depositors. The objecting depositors have the burden of proof.

(e) If the court finds that the proposed conversion is fair with respect to the rights and interests of the objecting depositors, the court shall enter an order:

(1) approving the conversion, subject only to the approval by the secretary of state of the articles of incorporation of the proposed bank or trust company; and

(2) assessing the costs of the proceeding against the objectors.

(f) If the court finds that the proposed conversion is not fair with respect to the rights and interests of the objecting depositors, the court shall enter an order:

(1) enjoining the conversion; and

(2) assessing the costs of the proceeding against the savings bank.

As added by P.L.42-1993, SEC.72. Amended by P.L.84-2016, SEC.126.
Ind. Code § 28-2-16-12 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-12
"Indiana bank holding company" defined
Status: in_force

Sec. 12. As used in this chapter, "Indiana bank holding company" means a bank holding company that has its principal place of business in Indiana.

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-5-1-12 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-12
Certificates of indebtedness or investment; form; payment; withdrawals
Status: in_force

Sec. 12. Any certificates of indebtedness or investment issued by any such company pursuant to the provisions of this chapter may be issued as fully paid or to be paid for in installments by the purchaser. All of the terms and conditions upon which any such certificate of indebtedness or investment is issued shall be clearly stated in the certificate of indebtedness or investment and any such company may by contract provide that it shall not be required to pay on such certificates of indebtedness or investment any amount exceeding its net receipts of the previous calendar month, in which event such certificates must be redeemed in the order in which they are presented for redemption or as otherwise prescribed by special regulation of the department.

(a) Fully paid certificates shall be payable at a date certain not less than ninety (90) days subsequent to the date of issue thereof, except that the company may pay such certificates prior to the maturity date whenever its reserve balance equals or exceeds the amount provided in section 13 of this chapter. Such company may at any time redeem any of such certificates upon thirty (30) days notice in writing to the holder thereof prior to such redemption. If such certificate is not presented for payment by the holder thereof at maturity, such certificate shall be payable thereafter only upon at least thirty (30) days notice in writing given by the holder thereof to the company issuing the same, except that any such company may waive such notice whenever its reserve balance equals or exceeds the amount provided in section 13 of this chapter.

(b) Installment certificates shall be payable only after ninety (90) days notice in writing given by the holder of the certificate to the company issuing the same, except that any such company may waive the notice whenever its reserve balance equals or exceeds the amount provided in section 13 of this chapter. The company may at any time redeem any of the certificates upon thirty (30) days notice in writing to the holder of the certificate prior to such redemption.

(c) Subject to subsection (b), a company may permit the holder of any installment certificate of indebtedness or investment to make withdrawals from the certificate by negotiable or transferable instruments or orders, if the certificate is held by the type or category of holder permitted to hold a similar account with a financial institution controlled under 12 U.S.C. 3502.

(d) A company may require the owner of any installment certificate of indebtedness or investment which is subject to withdrawal by negotiable or transferable instruments or orders to maintain a minimum balance in that certificate of indebtedness or investment and may charge fees that are reasonable and competitive if the balance in the certificate of indebtedness or investment falls below a minimum required balance. Interest paid on certificates of investment or indebtedness subject to withdrawal by negotiable or transferable instruments or orders may not exceed the maximum rate allowable for those financial institutions whose interest rates are controlled under 12 U.S.C. 3502.

Formerly: Acts 1935, c.181, s.12. As amended by Acts 1980, P.L.177, SEC.1; Acts 1981, P.L.258, SEC.1; P.L.269-1983, SEC.2; P.L.269-1985, SEC.2; P.L.136-2018, SEC.210.
Ind. Code § 28-6.1-15-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-4
Resolutions of conversion
Status: in_force

Sec. 4. (a) A conversion of a savings bank under this chapter must be proposed by the board of the savings bank by a resolution of conversion adopted by the affirmative vote of at least two-thirds (2/3) of the then qualified and acting trustees.

(b) The resolution of conversion must include the following information:

(1) The proposed articles of incorporation of the bank or trust company. The proposed articles of incorporation shall:

(A) insofar as applicable, conform with the provisions of IC 28-12-2; and

(B) set forth the following:

(i) The plan of conversion.

(ii) The manner in which the shares of the capital stock of the proposed bank or trust company will be subscribed for. The provisions of IC 28-12-11, IC 28-13-1, IC 28-13-2, and IC 28-13-3 are applicable with respect to the capital requirements and the par value and incidents of shares of capital stock of the proposed bank or trust company.

(2) The proposed capital stock and surplus.

(3) The proposed bylaws.

(4) Other information required by the department.

(c) The savings bank must submit to the department three (3) copies of the resolution of conversion, including the proposed articles of incorporation, certified by the president and attested by the secretary of the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-5-11.5 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-11.5
Repealed
Status: repealed

As added by P.L.266-1987, SEC.10. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-11-1-1 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-1
Department of financial institutions; establishment; expenses paid by fees; not subject to oversight; examination of funds, accounts, and financial affairs
Status: in_force

Sec. 1. (a) The department of financial institutions is established.

(b) The department:

(1) is an independent agency in the executive branch of state government; and

(2) exercises essential public functions.

(c) The expenses of the department in administering the financial institutions subject to the department's oversight are paid by financial institutions through fees established by the department under IC 28-11-3-5.

(d) Subject to subsection (e), the department's regulatory and budgetary functions are not subject to oversight by the following:

(1) The office of management and budget (notwithstanding IC 4-3-22-14).

(2) The budget agency (notwithstanding IC 4-12-1).

(3) The state personnel department (notwithstanding IC 4-15-2.2).

(4) The Indiana department of administration (notwithstanding IC 4-13-1).

(5) The office of technology (notwithstanding IC 4-13.1).

(e) The department's funds, accounts, and financial affairs shall be examined by the state board of accounts.

As added by P.L.33-1991, SEC.56. Amended by P.L.213-2007, SEC.91; P.L.217-2007, SEC.89; P.L.6-2012, SEC.200; P.L.181-2015, SEC.45.
Ind. Code § 28-1-29-8.8 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-8.8
Debtor's failure to make payment; cancellation of agreement; letter of continuation; return of money to contract debtor
Status: in_force

Sec. 8.8. (a) If a contract debtor fails to make a payment to a licensee within ninety (90) days after the date a payment is due under an agreement, the agreement may be considered canceled by the licensee unless:

(1) one (1) or more creditors included in the contract debtor's plan object to the termination; or

(2) subject to subsection (b), the contract debtor files a letter of continuation.

(b) A contract debtor may file a letter of continuation of an agreement even if the contract debtor did not make a payment within ninety (90) days after a payment was due. All of the following apply to a letter of continuation of an agreement:

(1) A contract debtor may file only one (1) letter of continuation with a licensee for each twelve (12) month period the agreement is in effect.

(2) A letter of continuation must contain a detailed explanation of the reason or reasons for the missed payment.

(3) If an agreement for which a letter of continuation that meets the requirements of this subsection is filed, the agreement remains in effect and subject to cancellation for any future failure to make a payment as described in this section.

(4) A contract debtor may not file a letter of continuation with a licensee during the first six (6) months an agreement is in effect.

(5) If one (1) or more creditors included in the contract debtor's plan agree to continue the plan based on the explanation provided under subdivision (2), the contract debtor and the licensee shall modify the agreement then in effect between the contract debtor and the licensee to reflect the changes agreed to under the letter of continuation.

(c) If a licensee or a contract debtor terminates an agreement, the licensee shall immediately return to the contract debtor any money of the contract debtor held in trust for the benefit of the contract debtor.

As added by P.L.35-2010, SEC.130. Amended by P.L.216-2013, SEC.29.
Ind. Code § 28-1-20.1-5 — Indiana Code / Title 28 / Article 1 / Chapter 20.1 / Section 28-1-20.1-5
"Written notice"
Status: in_force

Sec. 5. As used in this chapter, "written notice" means a notice that is:

(1) in writing;

(2) provided to the depositor in any manner in which the depositor has agreed to receive notices from the depository financial institution; and

(3) sent at least thirty (30) calendar days before the effective date of any change or amendment to the deposit account agreement described in the notice.

As added by P.L.88-2024, SEC.1.
Ind. Code § 28-6.2-1-2 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-2
"Acquiree savings bank" defined
Status: in_force

Sec. 2. "Acquiree savings bank" means any savings bank other than a resulting savings bank that:

(1) is acquired by a mutual holding company as part of, and concurrently with, a mutual holding company reorganization; and

(2) is in the mutual form immediately before the acquisition.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-13-8-2 — Indiana Code / Title 28 / Article 13 / Chapter 8 / Section 28-13-8-2
Right to commence proceeding
Status: in_force

Sec. 2. (a) A person may not commence a proceeding in the right of a corporation unless the person was a shareholder of the corporation when the transaction complained of occurred or unless the person became a shareholder through transfer by operation of law from one who was a shareholder at that time.

(b) A derivative proceeding may not be maintained if it appears that the person commencing the proceeding does not fairly and adequately represent the interests of the shareholders in enforcing the right of the corporation.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-21.6-9 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-9
Procedures for conversion
Status: in_force

Sec. 9. The department shall prescribe procedures for charter conversions. The procedures prescribed by the department must include the following:

(1) The savings association shall prepare and submit a plan of charter conversion to the department that provides the terms and conditions of the charter conversion as required by the department. However, if the plan of charter conversion complies with the requirements of the primary federal regulator, the plan shall be considered adequate. In the case of a charter conversion by a mutual savings association, the plan of charter conversion shall stipulate the manner of distribution of stock in conformance with the primary federal regulator's regulations.

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

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

(4) The plan of charter conversion shall be conditioned upon the approval of not less than a majority of the total number of votes cast at a regular or special meeting of the voting parties. In obtaining the approval of the plan of charter conversion by the voting parties, the converting savings association shall provide to the voting parties the information regarding the plan of charter conversion that the department requires. 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 Securities and Exchange Act of 1934 (15 U.S.C. 78n).

(5) The savings associations shall provide to the department the additional relevant information requested by the department in connection with the plan of charter conversion.

As added by P.L.147-1990, SEC.2. Amended by P.L.42-1993, SEC.36; P.L.27-2012, SEC.60.
Ind. Code § 28-1-22-26 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-26
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.349. As amended by P.L.263-1985, SEC.96. Repealed by P.L.171-1996, SEC.44.
Ind. Code § 28-13-4-5 — Indiana Code / Title 28 / Article 13 / Chapter 4 / Section 28-13-4-5
Impairment of capital prohibited; maximum dividend
Status: in_force

Sec. 5. (a) A corporation may not declare or pay any dividends to its shareholders in any form if, by the payment of the dividends, its capital stock will be thereby impaired.

(b) Unless approved by the director, a corporation may not pay a dividend in an amount greater than the remainder of undivided profits then on hand after deducting losses, bad debts, or depreciation that the department may have determined, and all other expenses.

(c) A corporation must obtain department approval before reducing the corporation's capital stock, capital surplus, or preferred stock.

As added by P.L.14-1992, SEC.163. Amended by P.L.262-1995, SEC.86; P.L.258-2003, SEC.26; P.L.73-2016, SEC.29.
Ind. Code § 28-1-2-11 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-11
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.14; Acts 1937, c.33, s.1; Acts 1945, c.348, s.10; Acts 1971, P.L.394, SEC.10; Acts 1974, P.L.127, SEC.3. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-1-29-15 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-15
Providing materials and agreements electronically; consumer's consent required; disclosures through Internet web site; debtor's right to request written copy
Status: in_force

Sec. 15. (a) As used in this section, "consumer" means an individual who seeks or obtains goods or services that are used primarily for personal, family, or household purposes.

(b) As used in this section, "federal act" means the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7001 et seq., as amended).

(c) A licensee may satisfy the requirements of section 7.7, 8, or 9 of this chapter by means of the Internet or other electronic means if the licensee obtains a consumer's consent in the manner provided by Section 101(c)(1) of the federal act.

(d) The disclosures and materials required by section 7.7, 8, or 9 of this chapter shall be presented in a form that is capable of being accurately reproduced for later reference.

(e) With respect to disclosure by means of an Internet web site, the disclosure of the information required by section 7.7 of this chapter must appear on one (1) or more screens that:

(1) contain no other information; and

(2) the debtor must see before proceeding to assent to formation of an agreement.

(f) At the time of providing the materials and agreement required by sections 7.7, 8, and 9 of this chapter, a licensee shall inform the debtor that upon electronic, telephonic, or written request, the licensee shall:

(1) send the debtor a written copy of the materials; and

(2) comply with a request as provided in subsection (g).

(g) If a licensee is requested, after an agreement is completed or terminated, to send a written copy of the materials required by section 7.7, 8, or 9 of this chapter, the licensee shall send the materials at no charge to the debtor not later than three (3) business days after the request. However, the licensee is not required to comply with a request more than once per calendar month or if the licensee reasonably believes the request is made for purposes of harassment.

(h) A licensee that maintains an Internet web site shall disclose on the home page of the licensee's web site or on a page that is clearly and conspicuously connected to the home page by a link that clearly reveals the following:

(1) The licensee's name and all names under which the licensee does business.

(2) The licensee's principal business address, telephone number, and electronic mail address, if any.

(3) The names of the licensee's principal officers.

(i) A licensee may not terminate the licensee's agreement because a consumer who has consented to electronic communication in the manner provided by Section 101 of the federal act withdraws consent as provided in the federal act.

As added by P.L.35-2010, SEC.137.
Ind. Code § 28-1-5-1 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-1
"Corporation" and "shareholder" defined
Status: in_force

Sec. 1. (a) As used in this chapter, "corporation" means a bank, trust company, or savings association organized or reorganized under the provisions of this article and any bank of discount and deposit, loan and trust and safe deposit company, trust company, or savings association.

(b) As used in this chapter, "shareholder" means a person who is a holder of record of shares of stock in a corporation, including a member of a share account association or a deposit association, as those terms are defined in IC 28-15-1.

Formerly: Acts 1933, c.40, s.89. As amended by P.L.263-1985, SEC.19; P.L.266-1987, SEC.7; P.L.14-1992, SEC.66; P.L.79-1998, SEC.35.
Ind. Code § 28-13-11-4 — Indiana Code / Title 28 / Article 13 / Chapter 11 / Section 28-13-11-4
Best interests of corporation; factors considered
Status: in_force

Sec. 4. A director may, in considering the best interests of a corporation, consider the effects of any action on shareholders, employees, suppliers, and customers of the corporation, and the communities in which offices or other facilities of the corporation are located, and any other factors the director considers pertinent.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-13-17-4 — Indiana Code / Title 28 / Article 13 / Chapter 17 / Section 28-13-17-4
"Control" defined
Status: in_force

Sec. 4. As used in this chapter, "control" has the meaning set forth in IC 28-2-13-12.

As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.
Ind. Code § 28-1-7-4 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-4
Merger; submission of resolutions and joint agreement to department; approval or disapproval
Status: in_force

Sec. 4. (a) After the resolutions approving a joint agreement of merger have been adopted by the board of directors of each of the corporations, such resolutions and joint agreement shall be submitted for approval by the department. Subject to any approvals required under federal law, the department may, in its discretion, approve or disapprove the resolution and joint agreement.

(b) In deciding whether to approve or disapprove a resolution and joint agreement under this section, 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 proposed transaction, in the department's judgment and considering the available information under the prevailing circumstances, will result in an institution that is more favorable to the stakeholders than if the entities were to remain separate.

(5) 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.

(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.117. As amended by P.L.263-1985, SEC.27; P.L.14-1992, SEC.68; P.L.122-1994, SEC.45; P.L.171-1996, SEC.4; P.L.90-2008, SEC.21; P.L.35-2010, SEC.113; P.L.27-2012, SEC.39; P.L.73-2016, SEC.15.
Ind. Code § 28-12-11-3 — Indiana Code / Title 28 / Article 12 / Chapter 11 / Section 28-12-11-3
Requirements for savings associations organized or recognized under this title
Status: in_force

Sec. 3. The department shall determine the capital stock requirements of a savings association organized or reorganized under this title after giving consideration to the following:

(1) In the case of a proposed new savings association, the potential deposit liability anticipated.

(2) In the case of a savings association to be reorganized, the existing deposit liability.

As added by P.L.42-1993, SEC.92. Amended by P.L.79-1998, SEC.88.
Ind. Code § 28-1-12-5 — Indiana Code / Title 28 / Article 1 / Chapter 12 / Section 28-1-12-5
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.191; Acts 1937, c.33, s.24; Acts 1959, c.44, s.1. Repealed by P.L.262-1995, SEC.91.
Ind. Code § 28-14-7-5 — Indiana Code / Title 28 / Article 14 / Chapter 7 / Section 28-14-7-5
Maintenance of principal office in county in which corporate fiduciary conducts trust business; post office address of principal office
Status: in_force

Sec. 5. (a) A corporate fiduciary that engages in the trust business in Indiana shall maintain an office or a place of business in Indiana. The office maintained under this subsection shall be known as the principal office, and must be located in a county in which the corporate fiduciary conducts business.

(b) The post office address of the principal office shall be stated in the original articles of incorporation, at the time of the incorporation. Thereafter, the location of the principal office may be changed at any time or from time to time when authorized by the board of directors and approved by the department, by filing with the secretary of state, before the date on which the change is to take effect, a certificate that:

(1) is signed by the president or a vice president and by the secretary or cashier of the corporate fiduciary;

(2) is verified by one (1) of the officers signing the certificate; and

(3) states that the change is to be made and that it is made under authorization by the board of directors.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-10-2-24 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-24
No negative inference or presumption as to validity or enforceability of certain terms
Status: in_force

Sec. 24. Except as provided in sections 17 and 18 of this chapter, this chapter shall not be construed as creating any negative inference or negative presumption regarding the validity or enforceability of any of the following:

(1) Any benchmark replacement that is not a recommended benchmark replacement.

(2) Any spread adjustment, or method for calculating or determining a spread adjustment, that is not a recommended spread adjustment.

(3) Any changes, alterations, or modifications with respect to a contract, security, or instrument that are not benchmark replacement conforming changes.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-7-5-10.1 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-10.1
Ceasing business as a pawnbroker; requirements; appointment of liquidating agent; two month redemption period; partial payments by pledgers
Status: in_force

Sec. 10.1. (a) A licensee that decides to cease engaging in business as a pawnbroker in Indiana shall do the following not later than thirty (30) days before closing the licensee's pawnbroking business:

(1) Notify the department of:

(A) the licensee's intention to cease engaging in business as a pawnbroker in Indiana; and

(B) the date on which the licensee's pawnbroking business will cease.

(2) Surrender the license to the department.

(3) Provide the following to all pledgers that have loans outstanding with the licensee:

(A) Notice of:

(i) the licensee's intention to cease engaging in business as a pawnbroker in Indiana; and

(ii) the date on which the licensee's pawnbroking business will cease.

(B) Instructions, approved by the director, on how pledged articles may be redeemed before the date identified under clause (A)(ii).

(b) If:

(1) a licensee ceases engaging in business as a pawnbroker in Indiana without complying with subsection (a); and

(2) the director determines that it is in the public interest that the department oversees the liquidation of the licensee's business;

the director may appoint a liquidating agent to conclude the affairs of the licensee's pawnbroker business in Indiana. The department may use the proceeds of the licensee's bond under section 5.5 of this chapter to pay the expenses of the liquidation.

(c) If:

(1) a license is revoked under section 13 of this chapter and the director determines that it is not in the best interests of the public for the licensee to liquidate the business; or

(2) the director otherwise determines that it is in the best interests of the public;

the director may appoint a liquidating agent to conclude the affairs of the licensee's pawnbroker business in Indiana. The department may use the proceeds of the licensee's bond under section 5.5 of this chapter to pay the expenses of liquidation.

(d) If a pawnbroker gives notice to the department under subsection (a) that the pawnbroker intends to cease engaging in business as a pawnbroker in Indiana, the pawnbroker may accept during the two (2) months immediately following the maturity of a loan that the pawnbroker has made to any pledger, as described in section 30(a) of this chapter, partial payments from the pledger for the loan. A partial payment made under this subsection must be applied to the loan's principal and used to reduce the pledger's loan obligation. Acceptance of partial payments under this subsection does not require the pawnbroker to extend the two (2) month period described in section 30(a) of this chapter with respect to any loan.

As added by P.L.213-2007, SEC.71; P.L.217-2007, SEC.69. Amended by P.L.90-2008, SEC.51; P.L.35-2010, SEC.172; P.L.216-2013, SEC.37.
Ind. Code § 28-11-4-10 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-10
Enforcement of orders, agreements, and conditions
Status: in_force

Sec. 10. The director may enforce any of the following by applying for appropriate relief to a court having jurisdiction:

(1) An order issued under this chapter.

(2) A written agreement entered into by the department or the director and:

(A) a financial institution; or

(B) any director, officer, employee, or agent of the financial institution.

(3) Any condition imposed in writing by the department or the director on:

(A) a financial institution; or

(B) any director, officer, employee, or agent of the financial institution;

in connection with any application, notice, or request concerning the financial institution.

As added by P.L.33-1991, SEC.56. Amended by P.L.90-2008, SEC.72; P.L.35-2010, SEC.202.
Ind. Code § 28-8-5-20 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-20
Investigation procedures
Status: in_force

Sec. 20. In making investigations concerning the compliance of a licensee the department may:

(1) administer oaths;

(2) subpoena witnesses; and

(3) require the production of:

(A) books, documents, or other tangible items; and

(B) information pertaining to the identity of and location of persons having knowledge of facts concerning compliance with this chapter.

As added by P.L.42-1993, SEC.86. Amended by P.L.9-2022, SEC.59.
Ind. Code § 28-1-3.1-17 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-17
Articles of dissolution; execution; presentation; fee
Status: in_force

Sec. 17. The articles of dissolution shall be executed in triplicate and shall be presented in triplicate to the secretary of state at his office (as provided in section 18 of this chapter) accompanied by the fees prescribed by law.

As added by P.L.141-1984, SEC.2.
Ind. Code § 28-1-29-13 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-13
Enforcement by the department; civil penalties; department's recovery of costs; factors for determining amount of civil penalty; violation a Class A misdemeanor
Status: in_force

Sec. 13. (a) The department may enforce this chapter and rules adopted under this chapter by taking one (1) or more of the following actions:

(1) Order a debt management company or a director, employee, or other agent of a debt management company to cease and desist from any violations.

(2) Order a debt management company or a person that has caused a violation to correct the violation, including making restitution of money or property to a person aggrieved by a violation.

(3) Prosecute a civil action to:

(A) enforce an order;

(B) obtain restitution, an injunction, or other equitable relief; or

(C) accomplish both clauses (A) and (B).

(b) Subject to subsection (c), if the department determines, after notice and an opportunity to be heard, that a person has violated this chapter, the department may, in addition to or instead of all other remedies available under this section, impose upon the person a civil penalty not greater than ten thousand dollars ($10,000) per violation.

(c) If a person violates or knowingly authorizes, directs, or aids in the violation of a final order issued under subsection (a)(1) or (a)(2), the department may impose a civil penalty of not more than twenty thousand dollars ($20,000) for each violation.

(d) The department may maintain an action in any county to enforce this chapter.

(e) The department may recover the reasonable costs of enforcing this chapter under subsections (a) through (d), including attorney's fees.

(f) In determining the amount of a civil penalty to impose under subsection (b) or (c), the department shall consider:

(1) the seriousness of the violation;

(2) the good faith of the person who violated this chapter;

(3) any previous violations by the person who violated this chapter;

(4) the deleterious effect of the violation on the public;

(5) the net worth of the person who violated this chapter; and

(6) any other factor the department considers relevant to the determination of a civil penalty.

(g) In addition to the revocation provision of section 4 of this chapter, a person who violates section 3, 5, 6, 8, 8.3, 9, or 9.5 of this chapter commits a Class A misdemeanor, and the license of the licensee shall be revoked on the date of the conviction of an offense.

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by Acts 1978, P.L.2, SEC.2815; P.L.42-1993, SEC.58; P.L.35-2010, SEC.135; P.L.89-2011, SEC.44.
Ind. Code § 28-1-7.1-10 — Indiana Code / Title 28 / Article 1 / Chapter 7.1 / Section 28-1-7.1-10
Denial of application; findings by director
Status: in_force

Sec. 10. The director may not approve an application to engage in a voluntary supervisory conversion if the director makes any of the following findings:

(1) That the depository financial institution does not meet the eligibility requirements for a voluntary supervisory conversion under this chapter, or that the proceeds from the sale of the conversion stock, less the expenses of the conversion, would be insufficient to satisfy any applicable viability requirement.

(2) That the transaction is detrimental to or would cause potential injury to the depository financial institution or is contrary to the public interest.

(3) That the depository financial institution or its acquirer, or the controlling parties or directors and officers of the depository financial institution or its acquirer, have engaged in unsafe or unsound practices in connection with the voluntary supervisory conversion.

(4) That the depository financial institution fails to justify an employment contract incidental to the conversion, or that the employment contract will be an unsafe or unsound practice or represent a sale of control.

As added by P.L.89-2011, SEC.33.
Ind. Code § 28-8-6-401 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-401
Power of director to administer and enforce this chapter
Status: in_force

Sec. 401. (a) To administer and enforce this chapter, the director may, subject to section 402 of this chapter, do any of the following:

(1) Enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce regulatory burden by:

(A) standardizing methods or procedures; and

(B) sharing resources, records, or related information obtained under this chapter.

(2) Use, contract for, or employ analytical systems, methods, or software to examine or investigate any person subject to this chapter.

(3) Accept, from other state or federal government agencies or officials, licensing, examination, or investigation reports made by those other state or federal government agencies or officials.

(4) Accept audit reports made by an independent certified public accountant or another qualified third party auditor for an applicant or licensee and incorporate the audit report in any report of examination or investigation.

(b) The department has broad administrative authority to:

(1) administer, interpret, and enforce this chapter;

(2) promulgate rules implementing this chapter; and

(3) recover the cost of administering and enforcing this chapter by imposing and collecting proportionate and equitable fees and costs associated with applications, examinations, investigations, and other actions required to administer and enforce this chapter.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-1-13-1.6 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-1.6
Exceptions to limitations on loans or extensions of credit to one borrower
Status: in_force

Sec. 1.6. The limitations contained in section 1.5 of this chapter are subject to the exceptions set forth in 12 CFR 32.3.

As added by P.L.14-1992, SEC.88. Amended by P.L.73-2016, SEC.20.
Ind. Code § 28-14-4-4 — Indiana Code / Title 28 / Article 14 / Chapter 4 / Section 28-14-4-4
Real property held without use for more than ten years
Status: in_force

Sec. 4. Real property referred to in section 1(b)(3) of this chapter may not be held for more than ten (10) years without being used as a corporate fiduciary office or facility unless the director consents in writing to the continued holding of the real estate by the corporate fiduciary.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-15-7-1 — Indiana Code / Title 28 / Article 15 / Chapter 7 / Section 28-15-7-1
Note and pledge required
Status: in_force

Sec. 1. Each deposit account loan of a savings association must be evidenced by a note and a pledge of the deposit account.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-1-3.1-14 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-14
Personal property left in possession of closed financial institution; appearances, claims, and disposition
Status: in_force

Sec. 14. (a) The receiver shall cause notice to be mailed to:

(1) the owners of any personal property left in the possession of a closed financial institution for safekeeping or as bailee or depository for hire;

(2) all lessees; and

(3) other persons in possession of any safe deposit box, vault, or locker;

requiring those persons to appear and assert their claims to the property within sixty (60) days from the date of the notice. Within that time, the owner or owners of the property may appear and assert their claims to the property. Subject to approval of the receivership court, the receiver shall make the agreements or arrangements as may be necessary for the disposition of the property and the contents of the safe deposit boxes, vaults, or lockers and the termination of any leases or other contracts relating to the property.

(b) If the Federal Deposit Insurance Corporation is the receiver, compliance with this section is not required.

As added by P.L.141-1984, SEC.2. Amended by P.L.35-2010, SEC.108.
Ind. Code § 28-10-2-22 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-22
Occurrence of LIBOR discontinuance event or replacement date; selection of recommended benchmark replacement; implementation of benchmark replacement conforming changes; effect on existing rights and obligations
Status: in_force

Sec. 22. (a) This section applies if any of the following occur or take place as described in, or by operation of, this chapter:

(1) A LIBOR discontinuance event.

(2) A LIBOR replacement date.

(3) The selection or use of a recommended benchmark replacement as a benchmark replacement.

(4) The determination, implementation, or performance of benchmark replacement conforming changes.

(b) An event, occurrence, or action described in subsection (a) does not:

(1) impair or affect the right of any person to receive a payment, or affect the amount or timing of the payment, under any contract, security, or instrument;

(2) discharge or excuse performance under any contract, security, or instrument for any reason, claim, or defense, including any force majeure or other provision in a contract, security, or instrument;

(3) give any person the right to unilaterally terminate or suspend performance under any contract, security, or instrument;

(4) constitute a breach of a contract, security, or instrument; or

(5) void or nullify any contract, security, or instrument, except as provided in section 17(b) of this chapter.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-1-29-16 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-16
Disclosures and documents to be in English; translation required if another language used
Status: in_force

Sec. 16. Unless the department provides otherwise in a rule, the disclosures and documents required by this chapter must be in English. If a licensee communicates with a debtor primarily in a language other than English, the licensee shall furnish a translation of the disclosures and documents required by this chapter from the other language into English.

As added by P.L.35-2010, SEC.138.
Ind. Code § 28-1-9-9 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-9
Notice to creditors
Status: in_force

Sec. 9. Upon the filing of such petition, the agent may, by mail, notify each creditor and/or shareholder whose name appears in the petition of the amount for which his claim was recommended for allowance, without priority, and shall, in such notice, specify the date that shall have been fixed by the court, not less than sixty (60) days from the date of such notice, within which all creditors and/or shareholders who may be dissatisfied with the recommendations of the agent as to the allowance or disallowance of claims may appear in court, and, by petition, assert their claims or any priorities thereon. At the same time the agent shall also give notice by publication, once each week, for three (3) successive weeks, in some newspaper of general circulation, printed or circulated in the county where the liquidation proceedings are pending that the petition and the recommendations as to the allowance or disallowance of claims has been filed with the court and specifying the date that shall have been fixed by the court, not less than sixty (60) days from the date of such notice, within which any creditors, shareholders or other persons interested, may appear, and, by petition filed in the court, assert any claims or priorities thereon or object to the allowances or disallowances recommended by such agent.

Formerly: Acts 1933, c.40, s.150.
Ind. Code § 28-13-11-10 — Indiana Code / Title 28 / Article 13 / Chapter 11 / Section 28-13-11-10
Unlawful distribution; liability of director; right to contribution
Status: in_force

Sec. 10. (a) Subject to section 5 of this chapter, a director who votes for or assents to a distribution made in violation of this article or the articles of incorporation is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating this article or the articles of incorporation.

(b) A director held liable for an unlawful distribution under subsection (a) is entitled to contribution:

(1) from every other director who voted for or assented to the distribution, subject to section 5 of this chapter; and

(2) from each shareholder for the amount the shareholder accepted.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-7-5-36 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-36
Unlawful transactions
Status: in_force

Sec. 36. (a) No pawnbroker shall:

(1) receive any pledge or make a purchase from a person under eighteen (18) years of age; or

(2) receive any pledge or make a purchase of property that the pawnbroker believes or should have reason to believe is stolen property acquired as a result of a crime.

(b) No pawnbroker shall purchase personal property or any other thing of value agreeing to sell the same back to the seller at a price other than the original purchase price, at a total charge, rate of interest, discount, or other remuneration in excess of the rate chargeable under sections 28 and 28.5 of this chapter.

(c) If a pawnbroker purchases personal property or any other thing of value agreeing to sell the same back to the seller at a price other than the original purchase price, section 30 of this chapter applies.

Formerly: Acts 1935, c.195, s.35; Acts 1973, P.L.264, SEC.4. As amended by P.L.17-1985, SEC.22; P.L.14-1992, SEC.157; P.L.42-1993, SEC.82; P.L.45-1995, SEC.32.
Ind. Code § 28-1-2-16 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-16
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.19; Acts 1945, c.348, s.14; Acts 1971, P.L.394, SEC.12; Acts 1975, P.L.283, SEC.1. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-1-21.9-16 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-16
Application of banking law
Status: in_force

Sec. 16. (a) Except as provided in subsection (c), a stock savings bank formed under this chapter is governed by IC 28-6.1.

(b) For purposes of a stock savings bank formed under this chapter, a reference in IC 28-6.1 to formation and operation by a board means:

(1) formation by conversion under this chapter; and

(2) operation by a board of directors elected by shareholders under IC 28-13.

(c) IC 28-6.1-3 does not apply to a stock savings bank formed by conversion under this chapter.

As added by P.L.42-1993, SEC.44.
Ind. Code § 28-1-5-9 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-9
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.97; Acts 1971, P.L.394, SEC.24. As amended by P.L.238-1983, SEC.6; P.L.36-1987, SEC.4; P.L.3-1990, SEC.100. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-11-2-8 — Indiana Code / Title 28 / Article 11 / Chapter 2 / Section 28-11-2-8
Powers of inquiry; administration of oaths; requiring production of books and records; refusal of person to comply with order or subpoena
Status: in_force

Sec. 8. (a) A member, the director, or an employee of the department authorized by the director may do the following:

(1) Administer oaths and require information for any purpose under this title from any of the persons to which this title applies.

(2) Require the production of books, accounts, papers, records, documents, and other evidence for any purpose under this title.

(b) If a person refuses to comply with an order or a subpoena or refuses to appear and testify to any matter regarding which the person may be interrogated, the department may petition an appropriate court for enforcement of the department's order or subpoena.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-1-23.2-5 — Indiana Code / Title 28 / Article 1 / Chapter 23.2 / Section 28-1-23.2-5
"Qualified financial program"
Status: in_force

Sec. 5. (a) As used in this chapter, "qualified financial program", for purposes of a prize linked savings program, means any savings, debt reduction, or financial education program or product that an eligible depository financial institution offers to eligible individuals for the purpose of:

(1) educating eligible individuals in the concepts of thrift;

(2) encouraging savings by eligible individuals; or

(3) providing eligible individuals the opportunity to use and control their own money in order to improve their economic and social condition.

(b) Subject to the approval of the director, and of the eligible depository financial institution's board of directors, the term includes the following:

(1) Programs or products that encourage or require eligible individuals to open one (1) or more qualified accounts or to increase deposits or contributions to one (1) or more qualified accounts.

(2) Programs or products that encourage or require eligible individuals to deposit or transfer money into one (1) or more qualified accounts on a recurring or automatic basis.

(3) Programs or products that encourage an eligible individual to:

(A) refinance or consolidate existing debt to obtain a lower interest rate;

(B) lower the eligible individual's total debt ratio or revolving debt ratio by paying off or reducing outstanding balances; or

(C) prepare a budget or a debt reduction plan.

(4) Programs that encourage eligible individuals to:

(A) attend financial education seminars or counseling sessions sponsored by the eligible financial institution and offered free of charge; or

(B) use free online financial education, budgeting, or debt reduction tools.

(5) Any other similar savings, debt reduction, or financial education program or product that an eligible depository financial institution offers to eligible individuals for any of the purposes set forth in subsection (a).

As added by P.L.135-2014, SEC.3.
Ind. Code § 28-2-17-9 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-9
"Director" defined
Status: in_force

Sec. 9. As used in this chapter, "director" refers to the director of the department.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-6.2-2-2 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-2
Prerequisites to reorganization
Status: in_force

Sec. 2. Before reorganizing into a mutual holding company, a reorganizing savings bank shall do the following:

(1) Obtain approval of a reorganization plan by a majority of the board of directors of the reorganizing savings bank.

(2) File the reorganization plan with the department.

(3) Obtain approval of a reorganization plan by an affirmative vote of a majority of the voting members of the reorganizing savings bank and any acquiree savings bank, at a regular or special meeting of the members.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.1-7-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-5
Extending credit to state agencies
Status: in_force

Sec. 5. (a) A savings bank may extend credit to any state agency, with the approval of the department, notwithstanding any other provisions or limitations of IC 28-1.

(b) An Indiana law:

(1) prescribing the nature, amount, 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; or

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

does not apply to loans or advances of credit made under this section.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-14-3-18 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-18
Receipt of property upon deposit for safekeeping or in escrow
Status: in_force

Sec. 18. (a) A corporate fiduciary has the power to:

(1) receive, upon terms and conditions prescribed by the corporate fiduciary not inconsistent with the provisions of this section, upon deposit for safekeeping, or in escrow:

(A) money;

(B) bonds;

(C) mortgages;

(D) jewelry;

(E) plate;

(F) stock;

(G) securities and valuable papers of any kind; and

(H) other personal property; and

(2) rent or lease receptacles for the safe deposit of personal property.

(b) Neither a corporate fiduciary nor any of the assets of the corporate fiduciary are liable for:

(1) the value of property received by the corporate fiduciary under this section; or

(2) damages for the loss, theft, or misappropriation of the property.

(c) A corporate fiduciary may procure and carry a policy or policies of insurance for the benefit of the owners of property received by the corporate fiduciary under this section.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-8-6-502 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-502
Establishment of licensing that is consistent with other states
Status: in_force

Sec. 502. (a) To establish consistent licensing between this state and other states, the director may:

(1) implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted:

(A) a law containing the same provisions of this chapter; or

(B) multistate licensing processes; and

(2) participate in nationwide protocols for licensing cooperation and coordination among state regulators if those protocols are consistent with this chapter.

(b) To administer and enforce this chapter, the director may establish relationships or contracts with the NMLSR or other entities designated by the NMLSR to enable the director to:

(1) collect and maintain records;

(2) coordinate multistate licensing processes and supervision processes;

(3) process fees; and

(4) facilitate communication between the state and licensees or other persons subject to this chapter.

(c) The director may use the NMLSR for all aspects of licensing in accordance with this chapter, including license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations.

(d) The director may use NMLSR forms, processes, and functionalities in accordance with this chapter. If the NMLSR does not provide functionality, forms, or processes for a provision of this chapter, the director may implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting, and regulation of licensees that are licensed in multiple jurisdictions.

(e) For the purpose of participating in the NMLSR, the director is authorized to waive or modify, in whole or in part, by rule or order, any or all of the requirements for licensure and to establish new requirements as reasonably necessary to participate in the NMLSR.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-15-14-4 — Indiana Code / Title 28 / Article 15 / Chapter 14 / Section 28-15-14-4
Conversion of federal savings association to state chartered savings association; resolution; articles of incorporation; findings required for approval by department; certificate of incorporation
Status: in_force

Sec. 4. (a) Subject to regulations prescribed by the Office of the Comptroller of the Currency or its successor, a federal savings association located in Indiana or in any other state, by resolution approved by its board of directors and adopted by a vote of fifty-one percent (51%) or more of the votes cast at any annual meeting or at any special meeting of its members called to consider the action, may convert itself into a state chartered savings association under this article.

(b) A resolution referred to in subsection (a), when adopted by the members of a federal savings association, must:

(1) designate the names and the number of the directors who will serve as directors of the savings association after the conversion takes effect; and

(2) authorize the directors to execute articles of incorporation.

(c) The articles of incorporation executed under this section must include the contents required by IC 28-12-2-1 except that, instead of disclosing the name and address of each incorporator as required by IC 28-12-2-1(4), the articles must:

(1) indicate that the savings association is incorporated by conversion of a federal savings association into a state chartered savings association; and

(2) state the name of the federal savings association converted under this section.

(d) The department must receive from the federal savings association:

(1) three (3) copies of the resolution, certified by the secretary or assistant secretary of the federal savings association; and

(2) the articles of incorporation, in triplicate, signed and acknowledged by the directors designated under subsection (b)(1).

(e) The department shall approve or disapprove the proposed conversion of a federal savings association into a state chartered savings association under this section. The department may not approve a proposed conversion unless the department, after appropriate investigation or examination, finds all of the following:

(1) That the state chartered savings association resulting from the conversion will operate in a safe, sound, and prudent manner.

(2) That the proposed charter conversion will not result in a state chartered savings association that has:

(A) inadequate capital;

(B) unsatisfactory management; or

(C) 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 state chartered savings association.

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

(f) If the department approves the resolution and articles of incorporation submitted under subsection (d), the department shall:

(1) indicate its approval on the resolution and articles of incorporation in the manner prescribed by IC 28-12-5-1; and

(2) present the articles of incorporation to the secretary of state.

(g) If the secretary of state finds that the articles of incorporation conform to law, the secretary of state shall:

(1) endorse the secretary's approval on the copies of the articles of incorporation;

(2) when all fees required by law have been paid:

(A) file one (1) copy of the articles of incorporation in the secretary's office; and

(B) issue a certificate of incorporation to the savings association; and

(3) return the certificate of incorporation and two (2) copies of the articles of incorporation to the directors of the savings association designated under subsection (b)(1).

(h) The conversion of a federal savings association into a state chartered savings association under this section is effective when the secretary of state issues the certificate of incorporation under subsection (g). However, before the savings association may transact business under this article or incur indebtedness, except indebtedness that is incidental to its organization, one (1) of the copies of its articles of incorporation bearing the endorsement of the approval of the department and of the secretary of state must be filed for record with the recorder of the county in which the principal office of the savings association is located.

As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.119; P.L.29-2022, SEC.19.
Ind. Code § 28-1-21.4-7 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-7
"Voting parties"
Status: in_force

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

(1) depositors; and

(2) borrowers;

of a mutual savings association as provided in IC 28-13-6-2(f).

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.50; P.L.215-1999, SEC.5.
Ind. Code § 28-6.1-15-13 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-13
Powers and duties of department
Status: in_force

Sec. 13. This chapter does not limit the powers or duties of the department under IC 28-1.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-10-2-15 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-15
"Secured overnight financing rate"
Status: in_force

Sec. 15. As used in this chapter, "secured overnight financing rate", or "SOFR", with respect to any day, means the secured overnight financing rate published for the day by the Federal Reserve Bank of New York, as the administrator of the benchmark, or by any successor administrator, on the SOFR administrator's Internet web site.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-10-2-23 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-23
Recommended benchmark replacement; benchmark conforming changes; immunity from liability; rights, interests, and obligations not impaired or affected
Status: in_force

Sec. 23. (a) A person is not liable for damages to any person, and is not subject to any claim or request for equitable relief, arising out of or related to:

(1) the selection or use of a recommended benchmark replacement; or

(2) the determination, implementation, or performance of benchmark replacement conforming changes;

by operation of this chapter, and an action described in subdivision (1) or (2) does not give rise to any claim or cause of action in law or in equity.

(b) An action described in subsection (a)(1) or (a)(2) that occurs by operation of this chapter does not:

(1) constitute an amendment or a modification of any contract, security, or instrument; or

(2) prejudice, impair, or affect any person's rights, interests, or obligations under or with respect to any contract, security, or instrument.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-13-15-3 — Indiana Code / Title 28 / Article 13 / Chapter 15 / Section 28-13-15-3
Greater quorum or voting requirements; directors meeting; voting requisites
Status: repealed

Sec. 3. (a) A bylaw that fixes a greater than majority quorum or voting requirement for action by the board of directors may be amended or repealed:

(1) if originally adopted by the shareholders, only by the shareholders; or

(2) if originally adopted by the board of directors, only by the board of directors.

(b) A bylaw adopted or amended by the shareholders that fixes a greater than majority quorum or voting requirement for action by the board of directors may provide that the bylaw may be amended or repealed only by a specified vote of either the shareholders or the board of directors.

(c) Action by the board of directors under subsection (a)(2) to adopt or amend a bylaw that changes the quorum or voting requirement for action by the board of directors must meet the same quorum requirement and be adopted by the same vote required to take action under the quorum and voting requirement then in effect or proposed to be adopted, whichever is greater.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-13-11-1 — Indiana Code / Title 28 / Article 13 / Chapter 11 / Section 28-13-11-1
Discharge of duties; good faith; ordinary prudence; best interests of corporation
Status: in_force

Sec. 1. A director shall, based on facts then known to the director, discharge the duties of a director, including the director's duties as a member of a committee:

(1) in good faith;

(2) with the care an ordinarily prudent person in a like position would exercise under similar circumstances; and

(3) in a manner the director reasonably believes to be in the best interests of the corporation.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-11-3-6 — Indiana Code / Title 28 / Article 11 / Chapter 3 / Section 28-11-3-6
Federal preemption; exemption of state chartered entities and subsidiaries from provisions of state law
Status: in_force

Sec. 6. (a) As used in this section:

(1) "federally chartered" means an entity organized or reorganized under the law of the United States; and

(2) "state chartered" means an entity organized or reorganized under the law of Indiana or another state.

(b) If the department determines that federal law has preempted a provision of IC 24, IC 26, IC 28, IC 29, or IC 30, the provision of IC 24, IC 26, IC 28, IC 29, or IC 30 applies to a state chartered entity only to the same extent that the department determines the provision is applicable to the:

(1) same; or

(2) functionally equivalent;

type of federally chartered entity.

(c) A state chartered entity seeking an exemption from a provision of IC 24, IC 26, IC 28, IC 29, or IC 30 based on the preemption of the provision as applied to a federally chartered entity shall submit a letter to the department:

(1) describing in detail; and

(2) documenting the federal preemption of;

the provisions from which it seeks exemption. If available, copies of relevant federal law, regulations, and interpretive letters must be attached to the letter submitted by the requesting entity.

(d) The department shall notify the requesting entity of the department's receipt of the request not later than ten (10) business days after the department's receipt of a letter described in subsection (c). Except as provided in subsection (e), upon receipt of the notification, the requesting entity may operate as if it is exempt from the provision of IC 24, IC 26, IC 28, IC 29, or IC 30 ninety (90) days after the date on which the department receives the letter, unless otherwise notified by the department. This period may be extended for an additional ninety (90) days if the department determines that the requesting entity's letter raises issues requiring additional information or additional time for analysis. If the department extends the period for the department's review of the request, the requesting entity may operate as if the requesting entity is exempt from a provision of IC 24, IC 26, IC 28, IC 29, or IC 30 during the extended period of review only if the requesting entity receives prior written approval from the department. However:

(1) the department must:

(A) approve or deny the requested exemption; or

(B) convene a hearing;

not later than ninety (90) days after the department receives the requesting entity's letter, unless the department has extended the period for the department's review under this subsection; and

(2) if a hearing is convened, the department must approve or deny the requested exemption not later than ninety (90) days after the hearing is concluded.

(e) The department may refuse to exempt a requesting entity from a provision of IC 24, IC 26, IC 28, IC 29, or IC 30 if the department finds that any of the following conditions apply:

(1) The department determines that a described provision of IC 24, IC 26, IC 28, IC 29, or IC 30 is not preempted for a federally chartered entity of the:

(A) same; or

(B) functionally equivalent;

type.

(2) The extension of the federal preemption in the form of an exemption from a provision of IC 24, IC 26, IC 28, IC 29, or IC 30 to the requesting entity would:

(A) adversely affect the safety and soundness of the requesting entity; or

(B) result in an unacceptable curtailment of consumer protection provisions.

(3) The failure of the department to provide for the exemption from a provision of IC 24, IC 26, IC 28, IC 29, or IC 30 will not result in a competitive disadvantage to the requesting entity.

(f) The operation of a financial institution in a manner consistent with exemption from a provision of IC 24, IC 26, IC 28, IC 29, or IC 30 under this section is not a violation of any provision of the Indiana Code or rules adopted under IC 4-22-2.

(g) If a financial institution is exempted from the provisions of IC 24, IC 26, IC 28, IC 29, or IC 30 in compliance with this section, the department shall do the following:

(1) Determine whether the exemption shall apply to all financial institutions that, in the opinion of the department, possess a charter that is:

(A) the same as; or

(B) functionally the equivalent of;

the charter of the exempt institution.

(2) For purposes of the determination required under subdivision (1), ensure that applying the exemption to the financial institutions described in subdivision (1) will not:

(A) adversely affect the safety and soundness of the financial institutions; or

(B) unduly constrain Indiana consumer protection provisions.

(3) Issue an order published in the Indiana Register that specifies whether the exemption applies to the financial institutions described in subdivision (1).

(h) If the department denies the request of a financial institution under this section for exemption from Indiana Code provisions that are preempted for federally chartered institutions, the requesting institution may appeal the decision of the department to the circuit court, superior court, or probate court of the county in which the principal office of the requesting institution is located.

(i) If the department determines that federal law has preempted a provision of IC 24, IC 26, IC 28, IC 29, or IC 30 as the provision applies to an operating subsidiary of a federally chartered entity, the provision of IC 24, IC 26, IC 28, IC 29, or IC 30 applies to a qualifying subsidiary (as defined in IC 28-13-16-1) of a state chartered entity only to the same extent that the department determines the provision applies to the operating subsidiary of:

(1) the same; or

(2) the functionally equivalent;

type of federally chartered entity. In determining whether to extend the exemption from a provision of IC 24, IC 26, IC 28, IC 29, or IC 30 to a qualifying subsidiary (as defined in IC 28-13-16-1) of a state chartered entity under this subsection, the department shall use the procedures and undertake the considerations described in this section for a preemption determination with respect to a state chartered entity.

As added by P.L.73-2004, SEC.41. Amended by P.L.141-2005, SEC.21; P.L.84-2016, SEC.128.
Ind. Code § 28-8-6-601 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-601
Acquiring control of a licensee; requirements; application; denial of application
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. The nonrefundable fee established under this subdivision shall not exceed two thousand five hundred dollars ($2,500). Until the department establishes the nonrefundable fee under IC 28-11-3-5, the nonrefundable fee shall be one thousand five hundred dollars ($1,500).

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

(1) 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 NMLSR.

(d) The application required under subsection (b)(1) must 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 is 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 of, 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 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 licensee 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, the business of offering or providing earned wage access services under this chapter, or that was identified as a person in control in a prior application filed with and approved by the department, 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) 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 control also will not implement any material changes to its business plan as a licensee as a result of the acquisition of control.

(3) The person provides notice of the acquisition in cooperation with the licensee and attests to meeting the requirements set forth in subdivisions (1) and (2) in a form and by a medium prescribed by the director.

If the notice described in subdivision (3) 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 of, 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.222-2025, SEC.5.
Ind. Code § 28-1-1-3.9 — Indiana Code / Title 28 / Article 1 / Chapter 1 / Section 28-1-1-3.9
"Foster youth"
Status: in_force

Sec. 3.9. For purposes of section 7 of this chapter, "foster youth" means an individual who is:

(1) at least sixteen (16) years of age; and

(2) certified or acknowledged as a foster youth (as defined in IC 31-9-2.1-110(b)) by the department of child services or a designee of the department of child services.

As added by P.L.90-2025, SEC.2. Amended by P.L.67-2026, SEC.3; P.L.145-2026, SEC.151.
Ind. Code § 28-6.1-9-13 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-13
Repealed
Status: repealed

As added by P.L.42-1993, SEC.72. Repealed by P.L.27-2012, SEC.87.
Ind. Code § 28-2-7-3 — Indiana Code / Title 28 / Article 2 / Chapter 7 / Section 28-2-7-3
Order after hearing
Status: in_force

Sec. 3. After said hearing shall have been held, the court shall enter an order either:

(1) permitting said fiduciary to continue to act as such, in accordance with the provisions of section 1 of this chapter; or

(2) requiring it to file, within the time fixed by the court, the bond or bonds it would be or have been required to file but for the provisions of section 1 of this chapter.

Formerly: Acts 1945, c.248, s.3. As amended by P.L.263-1985, SEC.121.
Ind. Code § 28-13-5-7 — Indiana Code / Title 28 / Article 13 / Chapter 5 / Section 28-13-5-7
Action with unanimous consent of voting shareholders; notice to nonvoting shareholders
Status: in_force

Sec. 7. If this article requires that notice of proposed action be given to nonvoting shareholders and the action is to be taken by unanimous consent of the voting shareholders, the corporation must give its nonvoting shareholders written notice of the proposed action at least ten (10) days before the action is taken. The notice must contain or be accompanied by the same material that under this article would have been required to be sent to nonvoting shareholders in a notice of meeting at which the proposed action would have been submitted to the shareholders for action.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-7-2 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-2
Manner of effecting merger
Status: in_force

Sec. 2. The merger of any two (2) or more corporations shall be effected in the following manner. The board of directors of each corporation shall, by a resolution, approve a joint agreement of merger setting forth the following:

(a) The names of the corporations proposing to merge, and the name of the corporation into which such corporations propose to merge.

(b) The terms and conditions of the proposed merger.

(c) The manner and basis of converting the shares of the capital stock of each corporation into the shares of the surviving corporation, or, in whole or in part, into cash, property, shares, or other securities or obligations of any other corporation.

(d) A restatement of such provisions of the articles of incorporation of the surviving corporation as may be deemed necessary.

(e) Such other provisions with respect to the proposed merger as may be deemed necessary.

Formerly: Acts 1933, c.40, s.115. As amended by Acts 1979, P.L.257, SEC.1; P.L.141-1984, SEC.3; P.L.122-1994, SEC.43.
Ind. Code § 28-1-32-6 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-6
Voting party rights
Status: in_force

Sec. 6. For purposes of this chapter, voting parties have the voting rights as provided in the applicable corporate governance documents of the converting mutual savings association.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-7-1-37 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-37
Withdrawal of deposits
Status: in_force

Sec. 37. All members, regardless of age, may become depositors in a credit union and shall be subject to the same duties and liabilities respecting their deposits. Whenever a deposit is accepted by a credit union in the name of any person, regardless of age, the deposit may be withdrawn by the depositor by any of the following methods:

(1) Check or other instrument in writing. The check or other instrument in writing constitutes a receipt or acquittance if it is signed by the depositor, and constitutes a valid release and discharge to the credit union for all payments so made.

(2) Electronic means through:

(A) preauthorized direct withdrawal;

(B) an automated teller machine;

(C) a debit card;

(D) a transfer by telephone;

(E) a network, including the Internet; or

(F) any:

(i) electronic terminal;

(ii) computer;

(iii) magnetic tape; or

(iv) other electronic means.

However, this section may not be construed to affect the rights, liabilities, or responsibilities of participants in an electronic fund transfer under the federal Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.).

As added by P.L.81-2001, SEC.7.
Ind. Code § 28-1-7.1-1 — Indiana Code / Title 28 / Article 1 / Chapter 7.1 / Section 28-1-7.1-1
"Depository financial institution"
Status: in_force

Sec. 1. As used in this chapter, "depository financial institution" has the meaning set forth in IC 28-1-1-6, but does not include a credit union.

As added by P.L.89-2011, SEC.33.
Ind. Code § 28-1-30-6 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-6
Approval of conversion
Status: in_force

Sec. 6. (a) The department may approve or disapprove the plan of mutual bank conversion filed under section 5 of this chapter.

(b) The department may not approve a plan of mutual bank conversion unless the department finds, after appropriate investigation or examination, but without the requirement of a public hearing, that:

(1) the resulting mutual bank will operate in a safe, sound, and prudent manner;

(2) the proposed mutual bank conversion will not result in a mutual bank that has inadequate capital, unsatisfactory management, or poor earnings prospects;

(3) the management or other principals of the credit union are qualified by character and financial responsibility to control and operate in a legal and proper manner the mutual bank proposed to be formed as a result of the mutual bank conversion; and

(4) the interests of the:

(A) members and creditors of the credit union;

(B) depositors and creditors of the mutual bank; and

(C) public generally;

will not be jeopardized by the proposed mutual bank conversion.

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-9-5-1 — Indiana Code / Title 28 / Article 9 / Chapter 5 / Section 28-9-5-1
Holds on or restrictions of withdrawals from deposit accounts; failure to send copy of order or notice or written notification to depositor; immunity
Status: in_force

Sec. 1. (a) A depository financial institution that, in good faith, places a hold on, or otherwise restricts withdrawals from, a deposit account under IC 28-9-4-1(a), under IC 28-9-4-2(a), or in response to the process prescribed in IC 28-9-3-3(b)(2) is immune from civil liability to any person, including any depositor, by reason of the failure of the depository financial institution to treat the deposit account in accordance with an agreement made between the depository financial institution and a depositor.

(b) A depository financial institution that, in good faith, places a hold on a deposit account under IC 28-9-4-2(a) is immune from civil liability to any depositor for the failure of the depository financial institution to send the copy of the order or notice or the written notification required under IC 28-9-4-2(a)(2) or for the failure to send the written notification required under IC 28-9-4-2(a)(3) if the failure was not intentional and was the result of a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid such an error.

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-13-14-14 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-14
Restatement of articles; inclusion of amendment; shareholder notification; articles of restatement; changes not constituting amendment
Status: in_force

Sec. 14. (a) A corporation's board of directors or, if the board of directors has not been selected, the incorporators may restate the corporation's articles of incorporation at any time with or without shareholder action.

(b) The restatement may include at least one (1) amendment to the articles. If the restatement includes an amendment requiring shareholder approval, the amendment must be adopted as provided in sections 3 through 7 of this chapter.

(c) If the board of directors submits a restatement for shareholder action, the corporation shall notify each shareholder, whether or not entitled to vote, of the proposed shareholders' meeting in accordance with IC 28-13-5-8. The notice must also do the following:

(1) State that the purpose or one (1) of the purposes of the meeting is to consider the proposed restatement.

(2) Contain or be accompanied by a copy of the restatement that identifies any amendment or other change the corporation would make in the articles.

(d) A corporation restating the corporation's articles of incorporation shall prepare articles of restatement setting forth the name of the corporation and the text of the restated articles of incorporation together with a certificate setting forth:

(1) whether the restatement contains an amendment to the articles requiring shareholder approval and, if the restatement does not, that the board of directors adopted the restatement; or

(2) if the restatement contains an amendment to the articles requiring shareholder approval, the information required by section 10 of this chapter.

Notwithstanding IC 28-12-2-1(4), the corporation is not required to include in the articles of restatement the name and address of each incorporator.

(e) The following do not constitute an amendment to a corporation's articles of incorporation:

(1) A reordering or renumbering of the articles or sections of the articles.

(2) The correction of grammatical or spelling errors.

As added by P.L.14-1992, SEC.163. Amended by P.L.63-2001, SEC.27 and P.L.134-2001, SEC.29; P.L.141-2005, SEC.26.
Ind. Code § 28-1-7-19 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-19
Effect of merger or consolidation upon corporate structures, powers, privileges, and obligations
Status: in_force

Sec. 19. When any such merger or consolidation shall have been effected, as provided in this chapter:

(1) the several corporations which are parties to the agreement of merger or of consolidation shall be a single corporation, which shall be:

(A) in case of a merger, the surviving corporation which is a party to the agreement of merger into which it has been agreed that the other corporations which are parties to the agreement shall be merged, which surviving corporation shall survive the merger; or

(B) in case of a consolidation, the new corporation into which it has been agreed that the corporations which are parties to the agreement of consolidation shall be consolidated;

(2) the separate existence of all the corporations which are parties to the agreement of merger or consolidation, except the surviving corporation in the case of a merger, shall cease;

(3) such single corporations shall have all of the rights, privileges, immunities, and powers and shall be subject to all of the duties and liabilities of a corporation organized under IC 28-1-4 (repealed July 1, 2022);

(4) such single corporation shall thereupon and thereafter possess all of the rights, privileges, immunities, powers, and franchises which such corporation would possess if it were organized under the provisions of this article; all property, real, personal, and mixed, and all debts due on whatever account, including subscriptions to shares of capital stock, and all other choses in action, and all and every other interest, of or belonging to or due to each of the corporations so merged or consolidated, shall be taken and deemed to be transferred to and vested in such single corporation without further act or deed, and the title to any real estate, or any interest therein, under the laws of this state vested in any of such corporations shall not revert or be in any way impaired by reason of such merger or consolidation;

(5) such single corporation shall thenceforth be responsible and liable for all the liabilities and obligations of each of the corporations so merged or consolidated, in the same manner and to the same extent as if such single corporation had itself incurred such liabilities and obligations, or contracted therefor, and any claim existing or any action or proceeding pending by or against any of such corporations may be prosecuted to judgment as if such merger or consolidation had not taken place, or such single corporation may be substituted in its place; neither the rights of creditors nor any liens upon the property of any of such corporations shall be impaired by such merger or consolidation, but such liens shall be limited to the property upon which they were liens immediately prior to the time of such merger or consolidation, unless otherwise provided in the agreement of merger or consolidation and with the consent in writing of the parties affected; and

(6) in case of a merger, the articles of incorporation of the surviving corporation shall be supplanted and superseded to the extent, if any, that any provision or provisions of such articles shall be restated in the agreement of merger as provided by section 2(d) of this chapter, and such articles of incorporation shall be deemed to be thereby and to that extent amended. In case of a consolidation, the statements set forth in the agreement of consolidation, as provided in section 11(d) of this chapter, shall be deemed to be the articles of incorporation of the new corporation formed by such consolidation.

Formerly: Acts 1933, c.40, s.132. As amended by P.L.263-1985, SEC.35; P.L.9-2022, SEC.55.
Ind. Code § 28-11-1-13.5 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-13.5
Payments by credit card, debit card, or charge card; discharge of liability; department's authority to contract with vendor; vendor transaction charge or discount fee
Status: in_force

Sec. 13.5. (a) The department may accept payment of any of the following by credit card, debit card, charge card, or similar method:

(1) A fee established by the department under IC 28-11-3-5.

(2) A penalty assessed by the department under this title or IC 37-2.

(3) A fee assessed:

(A) in connection with the director's designation of an automated central licensing system and repository under IC 37-2-4-26(j); and

(B) for:

(i) processing applications and renewals for licenses under IC 37-2-4; or

(ii) performing other services that the director determines are necessary for the orderly administration of the department's licensing system under IC 37-2-4.

(b) If a fee or penalty described in subsection (a) is paid by credit card, debit card, charge card, or similar method, the liability is not finally discharged until the department receives payment or credit from the institution responsible for making the payment or credit.

(c) The department may contract with a bank or credit card vendor for acceptance of bank or credit cards. If there is a vendor transaction charge or discount fee, whether billed to the department or charged directly to the department's account, the department or the bank or credit card vendor may collect from the person using the bank or credit card a uniform fee that is determined by the department.

As added by P.L.90-2008, SEC.67. Amended by P.L.115-2026, SEC.69.
Ind. Code § 28-7-1-17.2 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-17.2
Extensions of credit to officers, directors, or supervisory committee members; applicability of federal regulation; delinquencies by directors or committee members; waiver
Status: in_force

Sec. 17.2. (a) A credit union may extend credit to:

(1) an officer, an officer's immediate family member, or an officer's related interests;

(2) a director, a director's immediate family member, or a director's related interests; or

(3) a supervisory committee member, a supervisory committee member's immediate family member, or a supervisory committee member's related interests;

in accordance with the definitions, restrictions, and provisions of Regulation O of the Board of Governors of the Federal Reserve System (12 CFR 215). Restrictions on extensions of credit to supervisory committee members, and to the immediate family members or related interests of supervisory committee members, shall be treated consistently with restrictions on extensions of credit to directors as imposed by Regulation O. For purposes of applying Regulation O to an extension of credit made by a credit union under this section, the term "unimpaired capital and unimpaired surplus", as used in Regulation O, is considered to mean "capital and surplus" (as defined in section 0.5(18) of this chapter).

(b) If an extension of credit made to or cosigned, endorsed, or guaranteed by a director or a member of the supervisory, credit, or other committee is more than three (3) months delinquent, the individual:

(1) is automatically removed from the individual's position as director or committee member; and

(2) is ineligible to serve as a director or committee member for two (2) years.

The director of the department may waive the application of this subsection if the director determines that a waiver is in the best interests of the credit union.

As added by P.L.90-2008, SEC.43. Amended by P.L.40-2016, SEC.1; P.L.129-2020, SEC.15.
Ind. Code § 28-8-4.1-702 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-702
Annual audited financial statement; accountant's certificate of opinion
Status: in_force

Sec. 702. (a) A licensee shall, not later than ninety (90) days after the end of each fiscal year, or within any extended time as the director may prescribe, file with the director the following:

(1) An audited financial statement of the licensee for the fiscal year just ended, prepared in accordance with United States generally accepted accounting principles.

(2) Any other information as the director may reasonably require.

(b) An audited financial statement required under this section shall be prepared by:

(1) an independent certified public accountant; or

(2) an independent public accountant;

who is satisfactory to the director.

(c) An audited financial statement required under this section must include or be accompanied by a certificate of opinion, of the independent certified public accountant or independent public accountant, that is satisfactory in form and content to the director. If the certificate of opinion is qualified, the director may order the licensee to take any action that the director finds necessary to enable the independent certified public accountant or independent public accountant to remove the qualification.

As added by P.L.198-2023, SEC.4. Amended by P.L.9-2024, SEC.492.
Ind. Code § 28-1-13-1.1 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-1.1
"Capital and surplus" or "unimpaired capital and unimpaired surplus" defined
Status: in_force

Sec. 1.1. As used in this chapter, "capital and surplus" or "unimpaired capital and unimpaired surplus" has the meaning set forth in 12 CFR 32.2.

As added by P.L.14-1992, SEC.83. Amended by P.L.176-1996, SEC.13; P.L.213-2007, SEC.42; P.L.217-2007, SEC.40.
Ind. Code § 28-13-8-1 — Indiana Code / Title 28 / Article 13 / Chapter 8 / Section 28-13-8-1
"Shareholder" defined
Status: in_force

Sec. 1. For purposes of this chapter, "shareholder" includes a beneficial owner whose shares are held in a voting trust or held by a nominee on the owner's behalf.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-8-6-101 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-101
Short title
Status: in_force

Sec. 101. This chapter shall be known as and may be cited as the Indiana Earned Wage Access Act.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-7-5-16 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-16
Books, accounts, and records; examination and costs; bills of sale; purchase of precious metal; record of control; examination of vendors
Status: in_force

Sec. 16. (a) The licensee shall keep and use in the licensee's business such books, accounts, and records as will enable the department to determine whether the licensee is complying with this chapter and with the rules adopted by the department under this chapter. Every licensee shall preserve such books, accounts, and records, including cards used in the card system for at least two (2) years after making the final entry on any loan recorded in its books, accounts, and records. The books and records of the licensee shall be kept so that the pawnbroking business transacted in Indiana may be readily separated and distinguished from the business of the licensee transacted elsewhere and from any other business in which the licensee may be engaged. To determine whether the licensee is complying with this chapter and with rules adopted by the department under this chapter, the department may examine the books, accounts, and records required to be kept by the licensee under this subsection. If the department examines the books, accounts, and records of the licensee under this subsection, the licensee shall pay all reasonably incurred costs of the examination in accordance with the fee schedule adopted under IC 28-11-3-5. Any costs required to be paid under this section shall be paid not later than sixty (60) days after the person receives a notice from the department of the costs being assessed. The department may impose a fee, in an amount fixed by the department under IC 28-11-3-5, for each day that the assessed costs are not paid, beginning on the first day after the sixty (60) day period described in this subsection.

(b) If a pawnbroker, in the conduct of the business, purchases an article from a seller, the purchase shall be evidenced by a bill of sale properly signed by the seller. All bills of sale must be in duplicate and must recite the following separate items:

(1) Date of bill of sale.

(2) Amount of consideration.

(3) Name of pawnbroker.

(4) Description of each article sold. However, if multiple articles of a similar nature that do not contain an identification or serial number (such as precious metals, gemstones, musical recordings, video recordings, books, or hand tools) are delivered together in one (1) transaction, the description of the articles is adequate if the description contains the quantity of the articles delivered and a physical description of the type of articles delivered, including any other unique identifying marks, numbers, names, letters, or special features.

(5) Signature of seller.

(6) Address of seller.

(7) Date of birth of the seller.

(8) The type of government issued identification used to verify the identity of the seller, together with the name of the governmental agency that issued the identification, and the identification number present on the government issued identification.

(c) The original copy of the bill of sale shall be retained by the pawnbroker. The second copy shall be delivered to the seller by the pawnbroker at the time of sale. The heading on all bill of sale forms must be in boldface type.

(d) If a pawnbroker, in the conduct of the business, purchases precious metal (as defined in IC 24-4-19-6) from a seller, the pawnbroker shall, for at least ten (10) calendar days after the date the pawnbroker purchases the precious metal, retain the precious metal:

(1) at the pawnbroker's permanent place of business where the pawnbroker purchased the precious metal; and

(2) separate from other precious metal.

(e) Each licensee shall maintain a record of control indicating the number of accounts and dollar value of all outstanding pawnbroking receivables.

(f) If a licensee contracts with an outside vendor to provide a service that would otherwise be undertaken internally by the licensee and be subject to the department's routine examination procedures, the person that provides the service to the licensee 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 licensee 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.195, s.16. As amended by P.L.263-1985, SEC.192; P.L.14-1992, SEC.142; P.L.42-1993, SEC.78; P.L.80-1998, SEC.15; P.L.163-2001, SEC.2; P.L.10-2006, SEC.46 and P.L.57-2006, SEC.46; P.L.35-2010, SEC.176; P.L.27-2012, SEC.97; P.L.222-2013, SEC.7; P.L.137-2014, SEC.31; P.L.186-2015, SEC.43; P.L.149-2016, SEC.79; P.L.136-2018, SEC.212.
Ind. Code § 28-1-5-8 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-8
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.96; Acts 1937, c.33, s.11; Acts 1965, c.356, s.2. As amended by P.L.238-1983, SEC.5. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-1-32-1 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-1
"Conversion plan"
Status: in_force

Sec. 1. As used in this chapter, "conversion plan" refers to a plan for the conversion of a mutual savings association into a credit union that is prepared under this chapter.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-8-6-906 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-906
Consent order; civil or criminal penalties
Status: in_force

Sec. 906. (a) The director may enter into a consent order with a person to resolve a matter arising under this chapter.

(b) A consent order must:

(1) be signed by the person to whom it is issued or by an authorized representative of that person; and

(2) indicate agreement to the terms contained within the consent order.

(c) A consent order does not:

(1) constitute an admission by a person that a provision of this chapter or an order promulgated or issued under this chapter has been violated; or

(2) constitute a finding by the director that the person has violated a provision of this chapter or an order promulgated or issued under this chapter.

(d) Notwithstanding the issuance of a consent order, the director may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order, unless the consent order by its terms expressly precludes the director from doing so.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-6.1-2-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 2 / Section 28-6.1-2-5
Mutual savings bank
Status: in_force

Sec. 5. "Mutual savings bank" means a savings bank that is:

(1) governed by members; and

(2) formed as the result of a conversion under IC 28-1-21.7 after December 31, 1992.

As added by P.L.42-1993, SEC.72. Amended by P.L.262-1995, SEC.66.
Ind. Code § 28-6.1-3-7 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-7
Vacancies; successors' certificates of qualification and fitness
Status: in_force

Sec. 7. (a) An individual elected or appointed to fill a vacancy shall obtain from the court a certificate of qualification and fitness before the individual may enter upon duties as a trustee.

(b) A certificate issued under subsection (a) shall be:

(1) recorded in the journal of the proceedings of the savings bank; and

(2) be filed with the department.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-7.5-3 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-3
Resolutions approving plan of exchange; contents; direction for submission to vote of shareholders
Status: in_force

Sec. 3. (a) A bank, trust company, corporate fiduciary, or stock savings bank and a holding company that desire to effect an exchange of securities must, by resolutions adopted by the board of directors of each corporation, approve a plan of exchange which sets forth:

(1) the names of the holding company and the bank, trust company, corporate fiduciary, or stock savings bank;

(2) the terms and conditions of the exchange;

(3) the mode of carrying the exchange into effect;

(4) the manner of redemption of all shares of common stock of the holding company that may be outstanding immediately before the exchange;

(5) a restatement of such provisions of the articles of incorporation of the holding company as may be considered necessary or desirable to give effect to the exchange; and

(6) such other provisions with respect to the exchange as may be considered necessary or desirable.

(b) The resolution of the board of directors of the bank, trust company, corporate fiduciary, or stock savings bank and, if the plan of exchange provides for the amendment of the articles of incorporation of the holding company, the resolution of the board of directors of the holding company, must be submitted to a vote of the shareholders of the corporation, at a meeting of the shareholders. The meeting may be an annual or a special meeting of the shareholders. If the meeting of any corporation at which the plan is to be submitted is an annual meeting, notice of the submission of the plan must be included in the notice of the annual meeting. If the meeting is a special meeting, the meeting must be called by the resolution designating the meeting, and notice of the meeting must be given as provided by law. A copy of the proposed plan of exchange must be included with the notice of the annual or special meeting of shareholders given to each shareholder.

As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.62; P.L.262-1995, SEC.15.
Ind. Code § 28-2-16-2 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-2
"Bank"
Status: in_force

Sec. 2. (a) As used in this chapter, "bank" means a financial institution:

(1) that has been organized or reorganized under the laws of the United States, any state of the United States, or the District of Columbia; and

(2) that:

(A) is an "insured bank" (as defined in Section 3(h) of the Federal Deposit Insurance Act (12 U.S.C. 1813(h)) or is eligible to make application to become an insured depository institution under Section 5 of the Federal Deposit Insurance Act (12 U.S.C. 1815); or

(B) is a stock savings bank that was formed as a result of conversion under IC 28, incorporated under IC 28-12, or organized or reorganized under the laws of any other state of the United States.

(b) Except as provided in subsection (a)(2)(B), the term "bank" does not include:

(1) any institution that has been or is chartered or regulated as a federal savings association or federal savings bank under Section 5 of the Home Owners Loan Act (12 U.S.C. 1464);

(2) institutions of the "Farm Credit System" as described in 12 U.S.C. 2001 through 2260, which include the Farm Credit Banks, the Federal Land Bank Associations, the Production Credit Associations, the Banks for Cooperatives, and any other institution that may become a part of the Farm Credit System, as chartered by and subject to the supervision of the Farm Credit Administration; or

(3) any other institution that has been organized or reorganized as a savings association, a credit union, or an industrial loan and investment company.

As added by P.L.279-1987, SEC.9. Amended by P.L.33-1991, SEC.38; P.L.42-1993, SEC.67; P.L.122-1994, SEC.92; P.L.79-1998, SEC.64; P.L.27-2012, SEC.78.
Ind. Code § 28-7-1-16 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-16
Board of directors; board officers; credit union officers; board meetings; executive committee; directors' duties; loan officers; delegation of duties; suspension or removal of officer; action by written consent
Status: in_force

Sec. 16. (a) Not more than thirty (30) business days after the conclusion of the annual meeting, the board of directors shall elect from its own members:

(1) a chairperson;

(2) a vice chairperson or vice chairpersons;

(3) a secretary;

(4) a treasurer; and

(5) other officers determined necessary by the board of directors.

(b) The board may appoint officers of the credit union.

(c) The office of secretary and treasurer may be held by the same person. The board may appoint:

(1) an assistant secretary;

(2) an assistant treasurer; or

(3) both an assistant secretary and an assistant treasurer.

(d) The board of directors shall have the general management of the affairs, funds, and records of the credit union and shall meet at least monthly, in person or by any means of communication by which all directors participating may simultaneously hear each other during the meeting. A director participating in a meeting in accordance with this subsection is considered to be present in person at the meeting. Minutes of every meeting of the board of directors or executive committee shall be kept and maintained.

(e) The board may appoint an executive committee to exercise authority delegated to it by the board. The board retains ultimate responsibility for authority delegated to an executive committee.

(f) It is the duty of the directors to do the following:

(1) To determine:

(A) the maximum number of shares which may be held by a member; and

(B) the maximum amount which may be loaned to a member.

(2) To amend the bylaws, provided that the qualifications for membership in the credit union are principally defined in the articles of incorporation.

(3) To fill vacancies on the board and the credit committee until the next election.

(4) To set the compensation of members of the board, credit committee, or supervisory committee.

(5) To establish and annually review written lending and investment policies and other policies necessary for the prudent operation of the credit union.

(6) To approve an annual operating budget for the credit union.

(g) The board may appoint loan officers. Each loan officer shall furnish to the credit committee or to the board a record of each loan approved at its next meeting. A loan officer, including the treasurer or assistant treasurer, shall not have authority to disburse funds of the credit union for any loan which has been approved by the loan officer.

(h) A credit union board is responsible for the performance of all of the duties listed in this subsection. The board may delegate the performance of the duties to the chief executive officer, who may further delegate one (1) or more of the following duties:

(1) Approving, disapproving, or otherwise acting on applications for membership.

(2) Determining the interest rates on loans and on deposits.

(3) Hiring employees other than the chief executive officer and fixing the employees' compensation.

(4) Making and selling investments according to investment policies adopted by the board.

(5) Designating one (1) or more depositories for funds.

(6) Establishing procedures to implement policies of the credit union board.

(7) Establishing internal controls as necessary.

(8) Determining the amount of a dividend after providing for any required reserves and declaring the dividend.

(i) The board of directors by a majority vote may suspend or remove any officer from the officer's duties as an officer.

(j) Unless specifically prohibited by the bylaws, if this chapter requires or allows a credit union board to take an action at a meeting, the board may take that action without a meeting if a consent in writing setting forth the action taken is signed by all of the directors entitled to vote on the matter. A written consent under this subsection must contain one (1) or more written approvals, each of which sets forth the action taken and bears the signature of one (1) or more directors. The directors shall deliver the directors' signed approvals to the secretary, and the secretary shall file the approvals in the corporate records of the credit union. An action taken by written consent under this subsection is effective on the date that all the directors have approved the consent unless the consent specifies a different effective date. A consent signed by all the directors has the same effect as a unanimous vote. The credit union may represent that the action was approved by a unanimous vote in any document filed with the department under this act.

Formerly: Acts 1961, c.182, s.16; Acts 1969, c.133, s.3; Acts 1974, P.L.130, SEC.4. As amended by Acts 1977, P.L.294, SEC.8; P.L.270-1983, SEC.5; P.L.228-1993, SEC.4; P.L.263-1995, SEC.13; P.L.62-1999, SEC.6; P.L.141-2005, SEC.15; P.L.35-2010, SEC.155; P.L.69-2018, SEC.54.
Ind. Code § 28-1-30-4 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-4
"Voting parties" defined
Status: in_force

Sec. 4. As used in this chapter, "voting parties" means a credit union's members.

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-2-17-25 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-25
Enforcement actions
Status: in_force

Sec. 25. (a) If the department determines that a branch maintained by an out-of-state state bank in Indiana is being operated:

(1) in violation of any provision of Indiana law relating to activities of a bank; or

(2) in an unsafe and unsound manner;

the department may take all enforcement actions it would be empowered to take if the branch were an Indiana state bank, including but not limited to enforcement actions under IC 28-11-4.

(b) The department shall:

(1) promptly give notice to the home state regulator of each enforcement action taken under this section against an out-of-state state bank; and

(2) to the extent practicable, consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-2-16-21 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-21
Exemption from IC 28-1-2-23
Status: in_force

Sec. 21. (a) An acquisition by a foreign bank holding company of control of an Indiana bank or Indiana bank holding company is exempt from the requirements of IC 28-1-2-23 if the acquisition is made under this chapter.

(b) If a bank will be:

(1) acquired by a foreign bank holding company; and

(2) immediately merged with or consolidated into another bank owned by the acquiring foreign bank holding company;

the acquisition of the bank is exempt from the provisions of this chapter.

As added by P.L.279-1987, SEC.9. Amended by P.L.262-1995, SEC.61.
Ind. Code § 28-8-6-1003 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-1003
Administering chapter
Status: in_force

Sec. 1003. The division of consumer credit within the department is responsible for administering this chapter.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-6.1-6-20 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-20
Taking, accepting, and executing trusts
Status: in_force

Sec. 20. A savings bank may do any of the following:

(1) Take, accept, and execute a legal trust, duties, and powers in regard to:

(A) the holding, management, sale, or disposition of property; and

(B) the rents and profits from that property;

that are granted or confided to the savings bank by any authority.

(2) Take, accept, and execute a trust and any powers that may be conferred upon the savings bank by any authority.

(3) Generally execute legal trusts of every description.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-23.5-8 — Indiana Code / Title 28 / Article 1 / Chapter 23.5 / Section 28-1-23.5-8
Activities authorized for national banks and federal credit unions
Status: in_force

Sec. 8. (a) A financial institution described in section 1(1), 1(3), or 1(4) of this chapter may perform, provide, or deliver through electronic means or facilities any activity, function, product, or service that a national bank is specifically authorized to perform, provide, or deliver under 12 CFR 7.5000 et seq.

(b) A financial institution described in section 1(2) of this chapter may perform, provide, or deliver through electronic means or facilities any activity, function, product, or service that a federal credit union is specifically authorized to perform, provide, or deliver under Part 721 of the National Credit Union Administration's regulations (12 CFR 721.1 et seq.).

As added by P.L.10-2006, SEC.32 and P.L.57-2006, SEC.32.
Ind. Code § 28-6.1-6-26 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-26
Authorization for savings banks to use fiduciary funds in conflict of interest transactions; conditions; notice; required consent
Status: in_force

Sec. 26. (a) Unless otherwise provided in an agreement or a trust, a savings bank that holds funds or property as a fiduciary may use the funds or property to purchase from the savings bank or an affiliate of the savings bank a product, service, or security, including an insurance product or security that is underwritten by the savings bank, an affiliate of the savings bank, or a syndicate or selling group that includes the savings bank or an affiliate of the savings bank, if:

(1) the purchase price and any ongoing charges and costs are fair, reasonable, and substantially equivalent to the cost of similar products and services; and

(2) the purchase complies with IC 30-4-3.5.

The compensation for the product, service, or security received by the savings bank or an affiliate of the savings bank or a syndicate or selling group that includes the savings bank, or an affiliate of the savings bank, may be in addition to the compensation that the savings bank is otherwise entitled to from the fiduciary account.

(b) A savings bank that makes a purchase or sale described in subsection (a) shall disclose, at least annually, to each person entitled to receive statements of account activity from the savings bank any purchase or sale made by the savings bank during the year. The disclosure must be in writing or an electronic format and include the following:

(1) Any capacity in which the savings bank or an affiliate of the savings bank acts for:

(A) the issuer of the securities; or

(B) the provider of the products or services;

that is the subject of the purchase or sale.

(2) A statement that the savings bank or an affiliate of the savings bank has an interest in the subject of the purchase or sale, if applicable.

(3) The rate and method by which that compensation was determined.

(4) The name, telephone number, street address, and mailing address of an officer of the savings bank who may be contacted for further information.

(5) A notice that the savings bank's ability to make transactions described in subsection (a) ends upon receipt at any time of a notice of objection by a majority of the persons entitled to receive statements of account activity.

(c) The following apply to a purchase or sale under subsection (a):

(1) Except as provided in subdivisions (2) and (3), if the fiduciary relationship is a trust or an agency, the trustee or agent shall treat the purchase or sale under subsection (a) as if it were a conflict of interest transaction under IC 30-4-3-5 and shall give any notice and obtain any consent that may be required under IC 30-4-3-5, subject to the following:

(A) IC 30-2-14-16 applies to any notice required to be given by a trustee or an agent under this subdivision, subject to the following:

(i) If the fiduciary relationship is a revocable trust with one (1) or more living grantors, the trustee must give notice only to the living grantors, who shall be considered to have all income and principal interests in the trust at the time the notice is given. If a grantor is incapacitated, the trustee shall give notice to the grantor's court appointed guardian, the principal under a durable power of attorney, or a co-trustee of the revocable trust, unless the guardian, principal, or co-trustee is the savings bank that seeks the consent. If the representative of the incapacitated grantor is the savings bank that seeks the consent to a purchase or sale under subsection (a), the trustee shall obtain consent from the court.

(ii) If the fiduciary relationship is a revocable trust and the assets of the revocable trust are distributable to one (1) or more other trusts, notice shall be given to the trustees of the other trusts. However, if the savings bank that seeks the consent to a purchase or sale under subsection (a) is the trustee of another trust to which the assets of the revocable trust are distributable, the savings bank shall give notice to those beneficiaries of the other trust who are entitled to receive statements of account activity from the savings bank.

(iii) If the fiduciary relationship is an agency, the principal must consent to the purchase or sale under subsection (a) in writing in advance of the transaction. The principal shall be considered to have all income and principal interests in the account at the time the notice of the proposed transaction is given. If the principal is incapacitated, consent must be obtained from the principal's court appointed guardian, unless the guardian of the incapacitated principal is the savings bank that seeks the consent. If the guardian of the incapacitated principal is the savings bank that seeks the consent, consent to a purchase or sale under subsection (a) must be obtained from the court supervising the principal's guardianship.

(B) If the fiduciary relationship is a trust, the following apply with respect to any consent required to be obtained under IC 30-4-3-5(a)(2):

(i) Notwithstanding the requirement under IC 30-4-3-5(a)(2)(A) that all interested persons provide written consent to the proposed action, and subject to subdivision (2), a trustee, for a proposed purchase or sale under subsection (a), need only obtain the written consent of a majority of the persons entitled to notice under IC 30-2-14-16, as modified by clause (A). However, the trustee must obtain the written consent of at least one (1) beneficiary who is receiving income under the trust at the time of the notice and at least one (1) individual who would receive a distribution of principal if the trust were terminated at the time notice is given.

(ii) Upon obtaining the written consents required under item (i), the trustee need not wait until the period to make written objections under IC 30-2-14-16 ends in order to take the proposed action.

(2) Any consent granted under subdivision (1)(B)(i) may be revoked by a writing signed by a majority of the persons entitled to notice under IC 30-2-14-16, as modified by subdivision (1)(A). However, the revocation must be signed by:

(A) at least one (1) beneficiary who is receiving income under the trust at the time the revocation is signed; and

(B) at least one (1) individual who would receive a distribution of principal if the trust were terminated at the time the revocation is signed.

(3) The notice and consent otherwise required under subdivision (1) are not required if the purchase or sale under subsection (a) is specifically authorized:

(A) in the document creating the fiduciary relationship; or

(B) under IC 30-4-3-7.

As added by P.L.202-2007, SEC.2; P.L.226-2007, SEC.6. Amended by P.L.3-2008, SEC.222.
Ind. Code § 28-14-3-13 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-13
Appointment as executor, testamentary trustee, or administrator; corporate successor to will nominee; co-fiduciary with natural person; bond or security
Status: in_force

Sec. 13. (a) A corporate fiduciary may:

(1) be appointed; and

(2) accept the appointment;

to act as executor or trustee under the last will and testament, or as administrator, with or without the will annexed, of the estate of any deceased person.

(b) A corporate fiduciary may:

(1) be appointed; and

(2) act under the order of appointment of any court of competent jurisdiction;

as executor of or trustee under any last will and testament, whenever the corporate fiduciary is the successor to any corporation appointed in the last will and testament, whether such succession is the result of merger, consolidation, or otherwise.

(c) Whenever a natural person is appointed with a corporate fiduciary in an appointment as receiver, guardian, commissioner, trustee, executor, or administrator with or without the will annexed, the appointment of the natural person may be:

(1) under such limitation of powers; and

(2) upon such terms and conditions as to:

(A) the possession and control of the trust assets by the corporate fiduciary, or otherwise; and

(B) the bond or security, if any, to be given by the natural person;

as the natural person and the corporate fiduciary may agree to and the court making the appointment shall approve.

(d) Whenever a natural person who is appointed in a fiduciary capacity is required to give a bond or security for the faithful performance of the natural person's duties, a corporate fiduciary may guarantee or become surety for the natural person:

(1) if the corporate fiduciary takes possession and control of the assets belonging to the estate or other fiduciary relationship; and

(2) if the court having jurisdiction of the corporate fiduciary approves the guaranteeing or becoming surety for the natural person.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-2-16-23 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-23
Cooperation with other financial institutions' regulatory agencies
Status: in_force

Sec. 23. The department may enter into cooperative agreements and pay for necessary services with other financial institutions' regulatory agencies to facilitate the regulation of banks, corporate fiduciaries, and bank holding companies doing business in this state. The department may accept reports of examinations and other records from those other agencies instead of conducting its own examinations of corporate fiduciaries with offices in other states or banks controlled by bank holding companies located in other states. The department may take any action jointly with other regulatory agencies having concurrent jurisdiction over banks, corporate fiduciaries, and bank holding companies doing business in this state or may take actions independently in order to carry out its responsibilities.

As added by P.L.279-1987, SEC.9. Amended by P.L.262-1995, SEC.62.
Ind. Code § 28-6.1-18-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-2
Dissolutions; determinations of boards
Status: in_force

Sec. 2. A savings bank may dissolve itself under this chapter if the board of the savings bank determines it is in the best interest of the depositors and other creditors of the savings bank to dissolve the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-1-3.7 — Indiana Code / Title 28 / Article 1 / Chapter 1 / Section 28-1-1-3.7
"Emancipated youth"
Status: in_force

Sec. 3.7. For purposes of section 7 of this chapter, "emancipated youth" means an individual who is less than eighteen (18) years of age and has been:

(1) granted emancipation; or

(2) emancipated by operation of law.

As added by P.L.90-2025, SEC.1.
Ind. Code § 28-1-22-27 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-27
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.350. Repealed by P.L.171-1996, SEC.44.
Ind. Code § 28-1-21.8-13 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-13
Transitional period
Status: in_force

Sec. 13. The department may authorize the resulting stock savings bank to do the following:

(1) Wind up any activities legally engaged in by the savings association at the effective time of the charter conversion not permitted to stock savings banks.

(2) Retain for a transitional period any assets legally held by the savings association at the effective time of the charter conversion that otherwise may not be held by stock savings banks.

The terms and conditions of the transitional period under subdivisions (1) and (2) are subject to the discretion of the department. However, the transitional period may not exceed ten (10) years after the effective time of the charter conversion.

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-1-12-8 — Indiana Code / Title 28 / Article 1 / Chapter 12 / Section 28-1-12-8
Authorization for banks and trust companies to use fiduciary funds in conflict of interest transactions; conditions; notice; required consent
Status: in_force

Sec. 8. (a) Unless otherwise provided in an agreement or a trust, a bank or trust company that holds funds or property as a fiduciary may use the funds or property to purchase from the bank, the trust company, or an affiliate of the bank or trust company a product, service, or security, including an insurance product or security that is underwritten by the bank, the trust company, an affiliate of the bank or trust company, or a syndicate or selling group that includes the bank, the trust company, or an affiliate of the bank or trust company if the:

(1) purchase price and any ongoing charges and costs are fair, reasonable, and substantially equivalent to the cost of similar products and services; and

(2) purchase complies with IC 30-4-3.5.

The compensation for the product, services, or security received by the bank, trust company, an affiliate of the bank or trust company, or a syndicate or selling group that includes the bank, the trust company, or an affiliate of the bank or trust company may be in addition to the compensation that the bank or trust company is otherwise entitled to from the fiduciary account.

(b) A bank or trust company that makes a purchase or sale described in subsection (a) shall disclose, at least annually, to each person entitled to receive statements of account activity from the bank or trust company any purchase or sale made by the bank or trust company during the year. The disclosure must be in writing or an electronic format and include the following:

(1) Any capacity in which the bank, the trust company, or an affiliate of the bank or trust company acts for:

(A) the issuer of the securities; or

(B) the provider of the products or services;

that is the subject of the purchase or sale.

(2) A statement that the bank, the trust company, or an affiliate of the bank or trust company has an interest in the subject of the purchase or sale, if applicable.

(3) The rate and method by which that compensation was determined.

(4) The name, telephone number, street address, and mailing address of an officer of the bank or trust company who may be contacted for further information.

(5) A notice that the bank's or trust company's ability to make transactions described in subsection (a) ends upon receipt at any time of a notice of objection by a majority of the persons entitled to receive statements of account activity.

(c) The following apply to a purchase or sale under subsection (a):

(1) Except as provided in subdivisions (2) and (3), if the fiduciary relationship is a trust or an agency, the trustee or agent shall treat the purchase or sale under subsection (a) as if it were a conflict of interest transaction under IC 30-4-3-5 and shall give any notice and obtain any consent that may be required under IC 30-4-3-5, subject to the following:

(A) IC 30-2-14-16 applies to any notice required to be given by a trustee or an agent under this subdivision, subject to the following:

(i) If the fiduciary relationship is a revocable trust with one (1) or more living grantors, the trustee must give notice only to the living grantors, who shall be considered to have all income and principal interests in the trust at the time the notice is given. If a grantor is incapacitated, the trustee shall give notice to the grantor's court appointed guardian, the principal under a durable power of attorney, or a co-trustee of the revocable trust, unless the guardian, principal, or co-trustee is the bank or trust company that seeks the consent. If the representative of the incapacitated grantor is the bank or trust company that seeks the consent to a purchase or sale under subsection (a), the trustee shall obtain consent from the court.

(ii) If the fiduciary relationship is a revocable trust and the assets of the revocable trust are distributable to one (1) or more other trusts, notice shall be given to the trustees of the other trusts. However, if the bank or trust company that seeks the consent to a purchase or sale under subsection (a) is the trustee of another trust to which the assets of the revocable trust are distributable, the bank or trust company shall give notice to those beneficiaries of the other trust who are entitled to receive statements of account activity from the bank or trust company.

(iii) If the fiduciary relationship is an agency, the principal must consent to the purchase or sale under subsection (a) in writing in advance of the transaction. The principal shall be considered to have all income and principal interests in the account at the time the notice of the proposed transaction is given. If the principal is incapacitated, consent must be obtained from the principal's court appointed guardian, unless the guardian of the incapacitated principal is the bank or trust company that seeks the consent. If the guardian of the incapacitated principal is the bank or trust company that seeks the consent, consent to a purchase or sale under subsection (a) must be obtained from the court supervising the principal's guardianship.

(B) If the fiduciary relationship is a trust, the following apply with respect to any consent required to be obtained under IC 30-4-3-5(a)(2):

(i) Notwithstanding the requirement under IC 30-4-3-5(a)(2)(A) that all interested persons provide written consent to the proposed action, and subject to subdivision (2), a trustee, for a proposed purchase or sale under subsection (a), need only obtain the written consent of a majority of the persons entitled to notice under IC 30-2-14-16, as modified by subdivision (1)(A). However, the trustee must obtain the written consent of at least one (1) beneficiary who is receiving income under the trust at the time of the notice and at least one (1) individual who would receive a distribution of principal if the trust were terminated at the time notice is given.

(ii) Upon obtaining the written consents required under item (i), the trustee need not wait until the period to make written objections under IC 30-2-14-16 ends in order to take the proposed action.

(2) Any consent granted under subdivision (1)(B)(i) may be revoked by a writing signed by a majority of the persons entitled to notice under IC 30-2-14-16, as modified by subdivision (1)(A). However, the revocation must be signed by:

(A) at least one (1) beneficiary who is receiving income under the trust at the time the revocation is signed; and

(B) at least one (1) individual who would receive a distribution of principal if the trust were terminated at the time the revocation is signed.

(3) The notice and consent otherwise required under subdivision (1) are not required if the purchase or sale under subsection (a) is specifically authorized:

(A) in the document creating the fiduciary relationship; or

(B) under IC 30-4-3-7.

As added by P.L.202-2007, SEC.1; P.L.226-2007, SEC.5. Amended by P.L.3-2008, SEC.219.
Ind. Code § 28-6.1-15-11 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-11
Continued service of boards
Status: in_force

Sec. 11. The board of the savings bank shall serve as the board of directors of the bank or trust company until the first annual meeting of the shareholders.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-3.1-21 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-21
Troubled or insolvent financial institutions; federal supervisory agencies; department's authority to approve transactions
Status: in_force

Sec. 21. Whenever a federal supervisory agency is bidding, consolidating, merging, selling, or otherwise resolving or disposing of a troubled, an insolvent, or an imminently insolvent financial institution, the director of the department may approve any transaction, including the purchase of assets, the assumption of liabilities, a merger, or the formation of a new financial institution, if the transaction requires the approval of the department.

As added by P.L.42-1993, SEC.24. Amended by P.L.11-1998, SEC.1; P.L.35-2010, SEC.110.
Ind. Code § 28-14-3-22 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-22
Nonresident fiduciaries; establishment of Indiana office; rights, privileges, and restrictions
Status: in_force

Sec. 22. (a) Subject to IC 28-1-22, a corporate fiduciary, trust company, or bank 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 that is primarily domiciled in any other state, may establish an office to conduct business as a fiduciary in Indiana if the law of the state, territory, or district in which the corporate fiduciary, trust company, or bank is primarily domiciled would allow an Indiana bank, an Indiana corporate fiduciary, or an Indiana trust company to establish a place of business or an agency in that state, territory, or district for the conduct of business as a fiduciary.

(b) A corporate fiduciary, trust company, or bank 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 that is primarily domiciled in any other state, has the same rights, privileges, and restrictions, including capital requirements, as an Indiana bank, an Indiana corporate fiduciary, or an Indiana trust company of like character or charter, and to the same extent as if the corporate fiduciary, trust company, or bank organized and doing business under the laws of any state, territory, or district other than Indiana had been organized under this article, to transact the business for which a certificate of admission is issued.

As added by P.L.262-1995, SEC.90. Amended by P.L.192-1997, SEC.29; P.L.27-2012, SEC.109.
Ind. Code § 28-6.1-10-12 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-12
Establishment and acquisition of subsidiaries
Status: in_force

Sec. 12. A savings bank may establish or acquire a subsidiary that engages in either of the following:

(1) The sale, distribution, or underwriting of securities issued by investment companies (as defined in Section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3)).

(2) The underwriting or distribution of securities backed by or representing an interest in mortgages.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-13-11-8 — Indiana Code / Title 28 / Article 13 / Chapter 11 / Section 28-13-11-8
Disinterested persons; director or shareholder of corporation
Status: in_force

Sec. 8. (a) For the purposes of section 7 of this chapter, a director is disinterested if:

(1) the director does not have a conflict of interest, within the meaning of section 9(a) of this chapter, in connection with the action or recommendation in question;

(2) in connection with matters described in IC 28-13-8 the director is disinterested (as defined in IC 28-13-8-4(d)); and

(3) in connection with any matter involving or otherwise affecting a transaction under IC 28-1-7, IC 28-1-8, or IC 28-3-2 that would result in a change of the person or persons that have control (as defined in IC 28-2-14-6) over the corporation if the director is not an employee of the corporation or an affiliate or associate of or was not nominated or designated as a director by a person proposing the transaction.

(b) A person may be disinterested under this section even though the person is a director or shareholder of the corporation.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-5-1-10 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-10
Time for existing companies to comply with loan limits
Status: in_force

Sec. 10. Except as otherwise provided in this chapter, any such company which holds obligations of indebtedness in violation of the limitations prescribed in this chapter shall, by July 1, 1938, cause the amount of such obligations to conform to the limitations prescribed in this chapter. The department may, in its discretion, extend the time for effecting such conformity, in individual instances, if the interests of the creditors will be protected and served by such extension. Upon the failure of any such company to comply with such limitations, in accordance with the terms of this section or in accordance with any order of the department with relation to such limitations, the department may declare that such company is conducting its business in an unauthorized or unsafe manner and proceed in accordance with IC 28-1-3.1-2.

Formerly: Acts 1935, c.181, s.10. As amended by P.L.263-1985, SEC.152.
Ind. Code § 28-1-7-3 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-3
Resolution of approving agreement; direction for submission to vote of shareholders
Status: in_force

Sec. 3. The resolutions of the boards of directors shall direct that the agreement be submitted to a vote of the shareholders of the corporations at an annual or a special meeting. If the meeting is to be an annual meeting, notice of the submission of the agreement shall be included in the notice of the annual meeting. If the meeting is a special meeting, the special meeting shall be called by the resolution designating the meeting, and notice of the meeting shall be given at the time and in the manner provided in IC 28-13-5-8. A copy of the proposed agreement of merger shall be included with the notice of the annual or special meeting.

Formerly: Acts 1933, c.40, s.116; Acts 1965, c.356, s.4. As amended by P.L.263-1985, SEC.26; P.L.14-1992, SEC.67; P.L.122-1994, SEC.44.
Ind. Code § 28-1-22-4 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-4
Application for admission; fees and supporting documents
Status: in_force

Sec. 4. (a) To be admitted to do business in Indiana, a foreign corporation must file an application for admission in the form prescribed by the director. The application must be accompanied by:

(1) the fees prescribed by the department; and

(2) a copy of its articles of incorporation or association.

(b) The application for admission filed by a foreign corporation must:

(1) be signed by:

(A) the president or a vice president of the foreign corporation; and

(B) the secretary or cashier of the foreign corporation;

(2) be verified under oath by the officers signing the application; and

(3) include a description of the nature of business that the foreign corporation intends to carry on in Indiana under its articles of incorporation or association.

Formerly: Acts 1933, c.40, s.327. As amended by P.L.171-1996, SEC.11; P.L.63-2001, SEC.9 and P.L.134-2001, SEC.10.
Ind. Code § 28-5-1-22.1 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-22.1
Prohibited transactions
Status: in_force

Sec. 22.1. An industrial loan and investment company is prohibited from entering into any transaction that would be prohibited for a bank under IC 28-1-18.2.

As added by P.L.192-1997, SEC.12.
Ind. Code § 28-6.1-9-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-6
Exceptions to lending limitations
Status: in_force

Sec. 6. The limitations contained in section 5 of this chapter are subject to the following exceptions:

(1) Loans or extensions of credit arising from the discount of commercial or business paper evidencing an obligation to the person negotiating the loan or extension of credit with recourse are not subject to any limitation based on capital and surplus.

(2) The purchase of bankers' acceptances of the kind described in 12 U.S.C. 372 and issued by other banks are not subject to any limitation based on capital and surplus.

(3) Loans and extensions of credit secured by bills of lading, warehouse receipts, or similar documents transferring or securing title to readily marketable staples are subject to a limitation of thirty-five percent (35%) of capital and surplus in addition to the general limitations if the market value of the staples securing each additional loan or extension of credit at all times equals or exceeds one hundred fifteen percent (115%) of the outstanding amount of the loan or extension of credit. The staples shall be fully covered by insurance whenever it is customary to insure them.

(4) Loans or extensions of credit secured by bonds, notes, certificates of indebtedness, or treasury bills of the United States or by other similar obligations fully guaranteed as to principal and interest by the United States are not subject to any limitation based on capital and surplus.

(5) Loans or extensions of credit to or secured by unconditional takeout commitment or guarantees of an agency, a board, a bureau, a commission, a department, or other establishment of the United States or corporation wholly owned directly or indirectly by the United States are not subject to any limitation based on capital and surplus.

(6) Loans or extensions of credit secured by a segregated deposit account in the lending bank are not subject to any limitation based on capital and surplus.

(7) Loans or extensions of credit to a financial institution or to a receiver, conservator, superintendent of banks, or other agent in charge of the business and property of the financial institution, when the loans or extensions of credit are approved by the director, are not subject to any limitation based on capital and surplus.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-5-1-21 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-21
Elimination of certificates of indebtedness or certificates of investment, deposits, or savings accounts
Status: in_force

Sec. 21. Companies that do not have any certificates of indebtedness, certificates of investment, deposits, or savings accounts outstanding shall not be subject to the provisions of sections 5, 8 through 14, and 18 of this chapter. After February 27, 1951, no company engaged in business on February 27, 1951, under this chapter as permitted by this section, and no company authorized after February 27, 1951, to engage in business under this chapter, shall at any time thereafter be empowered and authorized to issue, negotiate, or sell, or shall issue, negotiate, or sell certificates of investment or indebtedness. These restrictions shall not limit the power of such corporations otherwise to borrow money commercially or to issue and sell their capital stock.

Formerly: Acts 1935, c.181, s.20a; Acts 1951, c.79, s.2. As amended by P.L.263-1985, SEC.155; P.L.176-1996, SEC.18.
Ind. Code § 28-8-7-8 — Indiana Code / Title 28 / Article 8 / Chapter 7 / Section 28-8-7-8
Prohibition on operating a virtual currency kiosk
Status: in_force

Sec. 8. A person may not operate a virtual currency kiosk in Indiana.

As added by P.L.143-2026, SEC.2.
Ind. Code § 28-8-6-503 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-503
Applications for licenses; issuance; evidence of compliance; use of NMLSR; denial of application; right to hearing; fees; license not assignable or transferable; tax warrant list
Status: in_force

Sec. 503. (a) The department shall receive and act on all applications for licenses to offer or provide earned wage access services. Applications must be made as prescribed by the director. If, at any time, the information or record contained in:

(1) an application filed under this section; or

(2) a renewal application filed under section 506 of this chapter;

is or becomes inaccurate or incomplete in a material respect, the applicant shall promptly file a correcting amendment with the department.

(b) A license may not be issued unless the department finds that the professional training and experience, financial responsibility, character, and fitness of:

(1) the applicant;

(2) each executive officer, director, or manager of the applicant, or any other individual having a similar status or performing a similar function for the applicant; and

(3) if known, each person directly or indirectly owning of record or owning beneficially at least ten percent (10%) of the outstanding shares of any class of equity security of the applicant;

are such as to warrant belief that the business will be operated honestly and fairly.

(c) The director is entitled to request evidence of compliance with this section at:

(1) the time of application;

(2) the time of renewal of a license; or

(3) any other time considered necessary by the director.

(d) Evidence of compliance with this section must include:

(1) criminal background checks, as described in section 504 of this chapter, including a national criminal history background check (as defined in IC 10-13-3-12) by the Federal Bureau of Investigation, for any individual described in subsection (b);

(2) credit histories as described in section 504 of this chapter;

(3) surety bond requirements as described in section 505 of this chapter;

(4) a review of licensure actions in Indiana and in other states; and

(5) other background checks considered necessary by the director.

(e) For purposes of this section and in order to reduce the points of contact that the director has to maintain under this section, the director may use the NMLSR as a channeling agent for requesting and distributing information to and from any source as directed by the director.

(f) The department may deny an application under this section if the director of the department determines that the application was submitted for the benefit of, or on behalf of, a person who does not qualify for a license.

(g) Upon written request, an applicant is entitled to a hearing, in the manner provided in IC 4-21.5, on the question of the qualifications of the applicant for a license.

(h) An applicant shall pay the following fees at the time designated by the department:

(1) An initial license fee as established by the department under IC 28-11-3-5, which shall not exceed two thousand five hundred dollars ($2,500). Until the department establishes an initial license fee under IC 28-11-3-5, the initial license fee shall be one thousand five hundred dollars ($1,500).

(2) Examination fees as established by the department under IC 28-11-3-5, which shall not exceed one hundred dollars ($100) per hour. Until the department establishes an examination fee schedule under IC 28-11-3-5 that is applicable to an applicant under this chapter, the examination fee schedule shall be the fee schedule applicable to persons licensed under IC 37-3.

(3) An annual renewal fee as established by the department under IC 28-11-3-5, which shall not exceed two thousand five hundred dollars ($2,500). Until the department establishes an annual renewal fee under IC 28-11-3-5, the annual renewal fee shall be one thousand five hundred dollars ($1,500).

(i) A fee as established by the department under IC 28-11-3-5 may be charged for each day a fee under subsection (h)(2) or (h)(3) is delinquent. The fee described in this subsection shall not exceed fifty dollars ($50) per day.

(j) Except in a transaction approved under section 601 of this chapter, a license issued under this section is not assignable or transferable.

(k) 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.222-2025, SEC.5. Amended by P.L.115-2026, SEC.65.
Ind. Code § 28-13-16-2 — Indiana Code / Title 28 / Article 13 / Chapter 16 / Section 28-13-16-2
"Nonqualifying subsidiary" defined
Status: in_force

Sec. 2. As used in this chapter, "nonqualifying subsidiary" means a foreign or domestic corporation or limited liability company in which a financial institution has fifty percent (50%) or less ownership.

As added by P.L.215-1999, SEC.10.
Ind. Code § 28-11-1-15 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-15
Director's powers; state of emergency or governor's approval
Status: in_force

Sec. 15. If the governor:

(1) declares, under IC 10-14-3-12, a state of emergency in all or part of Indiana; or

(2) in the absence of a declaration under subdivision (1), gives prior approval to the director;

the director is authorized to take necessary and appropriate action to establish or preserve safe and sound methods of banking and other action the director considers necessary under the circumstances to promote and safeguard the interests of depositors, debtors, consumers, creditors, or the public.

As added by P.L.213-2007, SEC.95; P.L.217-2007, SEC.93. Amended by P.L.35-2010, SEC.195.