Ind. Code § 28-8-7-2 — Indiana Code / Title 28 / Article 8 / Chapter 7 / Section 28-8-7-2
"Operate"
Status: in_force

Sec. 2. As used in this chapter, "operate", with regard to a virtual currency kiosk, means to use the virtual currency kiosk to remotely conduct or facilitate virtual currency transactions through the virtual currency kiosk:

(1) on behalf of users of the virtual currency kiosk; and

(2) for compensation by a user of the virtual currency kiosk in the form of charges assessed to the user.

As added by P.L.143-2026, SEC.2.
Ind. Code § 28-6.1-3-14 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-14
Suspension of trustees
Status: in_force

Sec. 14. (a) The state comptroller may at any time, by an order under the seal of the state comptroller, for due cause stated in the order, suspend a trustee from the board.

(b) Upon the application of two-thirds (2/3) of the trustees of a savings bank setting forth good reasons for the action in regard to a trustee, the state comptroller shall issue the order.

(c) Upon issuing an order under this section, the state comptroller shall send a copy of the order to each of the following:

(1) The savings bank. The order shall be entered in full in the minutes of the savings bank.

(2) To the suspended trustee. Upon request of the trustee, the state comptroller shall send the original order to the trustee.

(3) To the judge of the court.

(d) The judge of the court, after giving proper notice to the trustee and an opportunity for the trustee to be heard in the trustee's defense, may vacate or confirm the order. Confirmation of an order under this subsection operates to remove the trustee from office.

As added by P.L.42-1993, SEC.72. Amended by P.L.9-2024, SEC.491.
Ind. Code § 28-7-5-5.5 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-5.5
Surety bond; requirements; amount; termination; liability; notices
Status: in_force

Sec. 5.5. (a) Each person engaged in the business of pawnbroking in Indiana must be covered by a surety bond in accordance with this section. The initial application and any renewal application for licensure under this chapter must be accompanied by proof that the applicant has executed a bond in accordance with this section.

(b) A surety bond issued under this section must:

(1) provide coverage for the licensee and the licensee's employees and agents in an amount determined by the director;

(2) be in a form prescribed by the director;

(3) be in effect during the term of the license issued under this chapter;

(4) subject to subsection (c), remain in effect during the two (2) years after the license of the licensee is surrendered or terminated;

(5) be payable to the department for the benefit of:

(A) the state; and

(B) individuals who reside in Indiana when they agree to receive pawnbroking services from the licensee;

(6) be issued by a bonding, surety, or insurance company authorized to do business in Indiana and rated at least "A-" by at least one (1) nationally recognized investment rating service; and

(7) have payment conditioned upon the licensee's or any of the licensee's employees' or agents' noncompliance with or violation of this chapter or other applicable federal or state laws or regulations.

(c) The director may adopt rules or guidance documents with respect to the requirements for a surety bond as necessary to accomplish the purposes of this chapter. Upon written request from a licensee, the director may, at the discretion of the director, waive or shorten the two (2) year period set forth in subsection (b)(4) during which a surety bond required by this section must remain in effect after the licensee's license is surrendered or terminated.

(d) If the principal amount of a surety bond required under this section is reduced by payment of a claim or judgment, the licensee for whom the bond is issued shall immediately notify the director of the reduction and, not later than thirty (30) days after notice by the director, file a new or an additional surety bond in an amount set by the director. The amount of the new or additional bond set by the director must be at least the amount of the bond before payment of the claim or judgment.

(e) If for any reason a surety terminates a bond issued under this section, the licensee shall immediately notify the department and file a new surety bond in an amount determined by the director.

(f) Cancellation of a surety bond issued under this section does not affect any liability incurred or accrued during the period when the surety bond was in effect.

(g) The director may obtain satisfaction from a surety bond issued under this section if the director incurs expenses, issues a final order, or recovers a final judgment under this chapter.

(h) Notices required under this section must be in writing and delivered by certified mail, return receipt requested and postage prepaid, or by overnight delivery using a nationally recognized carrier.

As added by P.L.216-2013, SEC.36. Amended by P.L.129-2020, SEC.16.
Ind. Code § 28-9-2-2 — Indiana Code / Title 28 / Article 9 / Chapter 2 / Section 28-9-2-2
"Adverse claim"
Status: in_force

Sec. 2. "Adverse claim" includes the following:

(1) A claim to a deposit account that is adverse to the rights or interest of any depositor of the deposit account.

(2) A claim to a deposit account that is made in the name of a person other than a person who is named as a depositor of the deposit account.

(3) A claim of authority by a corporate officer or agent to manage, draw on, or control a deposit account, if that claim of authority:

(A) is contrary to the authority indicated in the records of the depository financial institution; or

(B) conflicts with a claim of authority asserted by another person.

(4) The claim of a money judgment creditor against a person who is or may be a depositor.

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-7-2.5-3 — Indiana Code / Title 28 / Article 7 / Chapter 2.5 / Section 28-7-2.5-3
Appointment of conservator; bond or security; eligible conservators
Status: in_force

Sec. 3. (a) The department may appoint a conservator for a credit union if the department determines that:

(1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2(a) exist with respect to the credit union; or

(2) the appointment of a conservator is necessary to conserve the assets of the credit union for the benefit of the members, depositors, and other creditors of the credit union.

(b) A conservator appointed under this section shall give any bond or security that the department considers appropriate.

(c) The department may appoint any of the following as a conservator under this section:

(1) A private insurance company authorized to insure deposits or share accounts in Indiana.

(2) The National Credit Union Administration or its successor.

(3) Any competent and disinterested person.

As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
Ind. Code § 28-11-5-1 — Indiana Code / Title 28 / Article 11 / Chapter 5 / Section 28-11-5-1
Application of chapter
Status: in_force

Sec. 1. This chapter applies to the following financial institutions:

(1) A bank.

(2) A savings association.

(3) A credit union.

(4) A savings bank.

(5) A trust company.

(6) A corporate fiduciary.

As added by P.L.42-1993, SEC.91. Amended by P.L.262-1995, SEC.78; P.L.79-1998, SEC.86.
Ind. Code § 28-13-6-9 — Indiana Code / Title 28 / Article 13 / Chapter 6 / Section 28-13-6-9
Directors; election by plurality of votes
Status: in_force

Sec. 9. Directors are elected by a plurality of the votes cast by the shares entitled to vote in the election at a meeting at which a quorum is present.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-2-17-27 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-27
Notice of actions causing a change of control
Status: in_force

Sec. 27. Each out-of-state state bank that establishes and maintains a branch in Indiana pursuant to this chapter, or the home state regulator of such bank, shall give at least thirty (30) days prior written notice, or shorter notice as is consistent with applicable state or federal law, to the department of any merger, consolidation, or other transaction that would cause a change of control with respect to the bank or any bank holding company that controls the bank, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended (12 U.S.C. 1817(j)) or the federal Bank Holding Company Act of 1956, as amended (12 U.S.C. 1841 et seq.) or any successor statutes to those statutes.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-1-11-8 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-8
Appointment as successor guardian, trustee, executor, or administrator
Status: in_force

Sec. 8. Any bank or trust company shall have power to be appointed and to act under the order of appointment of any court of competent jurisdiction as guardian, trustee, executor or administrator, with or without the will annexed, on the application or consent of any person acting as such or entitled to such appointment and in the place and stead of such person, but such appointment shall be made upon such notice as is required by law to the persons interested in the estate or fund and on the consent of such of the principal beneficiaries or other persons interested in the estate or fund as the court or judge thereof making the appointment shall deem proper.

Formerly: Acts 1933, c.40, s.177.
Ind. Code § 28-6.1-2-7 — Indiana Code / Title 28 / Article 6.1 / Chapter 2 / Section 28-6.1-2-7
Stock savings bank
Status: in_force

Sec. 7. "Stock savings bank" means a savings bank that is owned by the holders of capital stock and that was:

(1) formed as the result of conversion under IC 28-1-21.8 or IC 28-1-21.9 after December 31, 1992; or

(2) incorporated under IC 28-12.

As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994, SEC.96.
Ind. Code § 28-1-20-4 — Indiana Code / Title 28 / Article 1 / Chapter 20 / Section 28-1-20-4
Naming conventions; department's investigatory and enforcement powers; penalties; marketing materials and solicitations
Status: in_force

Sec. 4. (a) Except as provided in subsections (c), (d), (g), and (o), it is unlawful for any person, firm, limited liability company, or corporation (other than a bank or trust company, a bank holding company, a subsidiary of a bank or trust company, a subsidiary of a bank holding company, a subsidiary of a savings bank, or a subsidiary of a savings association organized or reorganized under IC 28 or statutes in effect at the time of organization or reorganization or under the laws of the United States):

(1) to use the word, or a derivation of the word, "bank", "banc", "banco", or "bankcor", as a part of the name or title of the person, firm, limited liability company, or corporation, whether the word is used as the person's, firm's, limited liability company's, or corporation's official entity name or an assumed business name under IC 23-0.5-3-4, if the use of the word would create a substantial likelihood of misleading the public by implying that the person, firm, limited liability company, or corporation is a state or federally chartered bank, trust company, savings bank, or savings association; or

(2) to advertise or represent the person, firm, limited liability company, or corporation to the public:

(A) as a bank or trust company or a corporate fiduciary; or

(B) as affording the services or performing the duties which by law only a bank or trust company or a corporate fiduciary is entitled to afford and perform.

(b) A financial institution organized under the laws of any state or the United States is authorized to do business in Indiana:

(1) at its principal office;

(2) at any branch office; or

(3) otherwise;

using a name other than its official entity name if the financial institution notifies the department at least ten (10) days before using the other name.

(c) An out-of-state financial institution with the word "bank" in its legal name may use the word "bank" if the financial institution is insured by the Federal Deposit Insurance Corporation or its successor.

(d) A building and loan association organized under IC 28-4 (before its repeal) may include in its name or title:

(1) the words "savings bank"; or

(2) the word "bank" if the name or title also includes either the words "savings bank" or letters "SB".

A building and loan association that includes "savings bank" in its title under this section does not by that action become a savings bank for purposes of IC 28-6.1.

(e) The name or title of a savings bank governed by IC 28-6.1 must include the words "savings bank" or the letters "SB".

(f) A savings association may include in its name the words "building and loan association".

(g) A bank holding company (as defined in 12 U.S.C. 1841) may use the word "bank" or "banks" as a part of its name. However, this subsection does not permit a bank holding company to advertise or represent itself to the public as affording the services or performing the duties that by law a bank or trust company only is entitled to afford and perform.

(h) The department is authorized to investigate the business affairs of any person, firm, limited liability company, or corporation that uses "bank", "banc", or "banco" in its title or holds itself out as a bank, corporate fiduciary, or trust company for the purpose of determining whether the person, firm, limited liability company, or corporation is violating any of the provisions of this article, and, for that purpose, the department and its agents shall have access to any and all of the books, records, papers, and effects of the person, firm, limited liability company, or corporation. In making its examination, the department may examine any person and the partners, officers, members, or agents of the firm, limited liability company, or corporation under oath, subpoena witnesses, and require the production of the books, records, papers, and effects considered necessary. On application of the department, the circuit or superior court of the county in which the person, firm, limited liability company, or corporation maintains a place of business shall, by proper proceedings, enforce the attendance and testimony of witnesses and the production and examination of books, papers, records, and effects.

(i) The department is authorized to exercise the powers under IC 28-11-4 against a person, firm, limited liability company, or corporation that improperly holds itself out as a financial institution.

(j) A person, firm, limited liability company, or corporation who violates this section is subject to a penalty of five hundred dollars ($500) per day for each and every day during which the violation continues. The penalty imposed shall be recovered in the name of the state on relation of the department and, when recovered, shall be paid into the financial institutions fund established by IC 28-11-2-9.

(k) The word, or a derivation of the word, "bank", "banc", "banco", or "bankcor" may not be included in the name of a corporate fiduciary if the inclusion of the word would create a substantial likelihood of misleading the public by implying that the corporate fiduciary is a state or federally chartered bank, trust company, savings bank, or savings association.

(l) A person, firm, limited liability company, or corporation may not use the name of an existing depository financial institution or holding company of a depository financial institution, or a name confusingly similar to that of an existing depository financial institution or holding company of a depository financial institution, when marketing to or soliciting business from a customer or prospective customer if the reference to the existing depository financial institution or holding company of a depository financial institution is:

(1) without the consent of the existing depository financial institution or holding company of a depository financial institution; and

(2) in a manner that could cause a reasonable person to believe that the marketing material or solicitation:

(A) originated from;

(B) is endorsed by; or

(C) is in any other way the responsibility of;

the existing depository financial institution or holding company of a depository financial institution.

(m) An existing depository financial institution or holding company of a depository financial institution may, in addition to any other remedies available under the law, report an alleged violation of subsection (l) to the department. If the department finds that the marketing material or solicitation in question is in violation of subsection (l), the department may direct the person, firm, limited liability company, or corporation to cease and desist from using that marketing material or solicitation in Indiana. If that person, firm, limited liability company, or corporation persists in using the marketing material or solicitation, the department may impose a civil penalty of up to fifteen thousand dollars ($15,000) for each violation. Each instance in which the marketing material or solicitation is sent to a customer or prospective customer constitutes a separate violation of subsection (l).

(n) Nothing in subsection (l) or (m) prohibits the use of or reference to the name of an existing depository financial institution or holding company of a depository financial institution in marketing materials or solicitations, if the use or reference does not deceive or confuse a reasonable person regarding whether the marketing material or solicitation:

(1) originated from;

(2) is endorsed by; or

(3) is in any other way the responsibility of;

the existing depository financial institution or holding company of a depository financial institution.

(o) A person, firm, limited liability company, or corporation may use the word, or a derivation of the word, "bank", "banc", "banco", or "bankcor" if the use of the word would not create a substantial likelihood of misleading the public by implying that the person, firm, limited liability company, or corporation is a state or federally chartered bank, trust company, savings bank, or savings association.

(p) As used in this section, "depository financial institution" has the meaning set forth in IC 28-1-1-6.

(q) The department may adopt rules under IC 4-22-2 to implement this section.

Formerly: Acts 1933, c.40, s.246; Acts 1935, c.5, s.45. As amended by P.L.142-1984, SEC.2; P.L.230-1985, SEC.2; P.L.3-1990, SEC.103; P.L.8-1991, SEC.15; P.L.33-1991, SEC.19; P.L.42-1993, SEC.31; P.L.122-1994, SEC.81; P.L.262-1995, SEC.33; P.L.79-1998, SEC.45; P.L.215-1999, SEC.4; P.L.63-2001, SEC.7 and P.L.134-2001, SEC.8; P.L.258-2003, SEC.6; P.L.73-2004, SEC.35; P.L.10-2006, SEC.31 and P.L.57-2006, SEC.31; P.L.90-2008, SEC.26; P.L.186-2015, SEC.30; P.L.159-2017, SEC.33; P.L.86-2018, SEC.209.
Ind. Code § 28-8-5-18.5 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-18.5
Checks drawn on valid accounts and deposited with intent to draw funds
Status: in_force

Sec. 18.5. The check in a check cashing transaction, to the best of the licensee's knowledge, must be drawn on a valid, open, and active account and must be deposited by the licensee into a financial institution with the intent to draw the funds of that check.

As added by P.L.80-1998, SEC.24.
Ind. Code § 28-1-3.1-10 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-10
Repealed
Status: repealed

As added by P.L.141-1984, SEC.2. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-6.1-8-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 8 / Section 28-6.1-8-5
Investing in real estate
Status: in_force

Sec. 5. A savings bank may invest in real estate subject to IC 28-6.1-7-12.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-8-4 — Indiana Code / Title 28 / Article 1 / Chapter 8 / Section 28-1-8-4
Submission to shareholders; vote required; exception for corporation in danger of insolvency
Status: in_force

Sec. 4. If a resolution proposing a disposition described in section 1 of this chapter is approved by the department, the resolution may then be submitted to the shareholders at the annual meeting or a special meeting. The resolution shall be authorized upon receiving the affirmative votes of two-thirds (2/3) of the outstanding shares. However, the department may permit the resolution to be authorized without receiving shareholder approval if the corporation whose assets are to be disposed of is in danger of insolvency.

Formerly: Acts 1933, c.40, s.140. As amended by P.L.122-1994, SEC.76; P.L.159-2017, SEC.29.
Ind. Code § 28-12-9-1 — Indiana Code / Title 28 / Article 12 / Chapter 9 / Section 28-12-9-1
Initial bylaws
Status: in_force

Sec. 1. The initial board of directors of the corporation shall adopt initial bylaws for the corporation.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-6.1-6-12 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-12
Transferring, registering, and countersigning certificates of stock, bonds, and other evidences of indebtedness
Status: in_force

Sec. 12. A savings bank may transfer, register, and countersign certificates of stock, bonds, or other evidence of indebtedness and authenticate and certify the bonds and certificates of indebtedness.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-8-10 — Indiana Code / Title 28 / Article 6.1 / Chapter 8 / Section 28-6.1-8-10
Depositing funds; permissible institutions and accounts
Status: in_force

Sec. 10. A savings bank may deposit its funds in:

(1) a federally chartered savings association; or

(2) a savings association or other entity organized and operated according to federal law or the laws of a state or the District of Columbia;

the accounts of which are insured by the Federal Deposit Insurance Corporation.

As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.72; P.L.89-2011, SEC.45.
Ind. Code § 28-1-21.6-15 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-15
Statutes and rules applicable to converted bank
Status: in_force

Sec. 15. Upon the effective time of charter conversion, the converted commercial bank shall, unless otherwise provided in this chapter, immediately become subject to all statutes and rules applicable to commercial banks.

As added by P.L.147-1990, SEC.2.
Ind. Code § 28-2-6-2 — Indiana Code / Title 28 / Article 2 / Chapter 6 / Section 28-2-6-2
Application of chapter
Status: in_force

Sec. 2. The provisions of this chapter shall be applicable to banks, trust companies, corporate fiduciaries, and national banking associations acting on or after August 20, 1947, under wills, trusts, agreements, court orders, and other instruments existing or made on or after August 20, 1947.

Formerly: Acts 1947, c.115, s.2. As amended by P.L.263-1985, SEC.118; P.L.262-1995, SEC.51.
Ind. Code § 28-13-10-3 — Indiana Code / Title 28 / Article 13 / Chapter 10 / Section 28-13-10-3
Notice of meetings
Status: in_force

Sec. 3. (a) Unless the articles of incorporation or bylaws provide otherwise, regular meetings of the board of directors may be held without notice of the date, time, place, or purpose of the meeting.

(b) Unless the articles of incorporation or bylaws provide for a longer or shorter period, special meetings of the board of directors must be preceded by at least two (2) days notice of the date, time, and place of the meeting. The notice need not describe the purpose of the special meeting unless required by the articles of incorporation or bylaws.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-2-18-6 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-6
"Bank supervisory agency"
Status: in_force

Sec. 6. As used in this chapter, "bank supervisory agency" means any of the following:

(1) Any agency of another state with primary responsibility for organizing and supervising banks.

(2) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and any successor to these agencies.

As added by P.L.171-1996, SEC.37. Amended by P.L.27-2012, SEC.80.
Ind. Code § 28-2-13-7 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-7
Branch
Status: in_force

Sec. 7. As used in this chapter, "branch" means any office, agency, mobile unit, messenger service, or other place of business at which deposits are received, checks paid, or money lent. However, the term does not include:

(1) the principal office of a bank;

(2) the principal office of an affiliate;

(3) a branch of an affiliate;

(4) an automated teller machine;

(5) a night depository;

(6) a temporary facility authorized in IC 28-2-13-22.5;

(7) a loan production office;

(8) a deposit production office; or

(9) other service delivery mechanisms not considered by the director to be a branch.

As added by P.L.265-1985, SEC.3. Amended by P.L.164-1988, SEC.4; P.L.14-1992, SEC.108; P.L.171-1996, SEC.32; P.L.35-2010, SEC.141.
Ind. Code § 28-2-13-19 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-19
Branch de novo or branch by acquisition; approval of department required; compliance with statutes; exemption from approval requirements
Status: in_force

Sec. 19. (a) Subject to subsections (b) and (c), a state bank 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.

(b) A state bank is entitled to establish a branch de novo under this section with the written approval of the department. The location of any branch established under this section may be changed at any time to a location within Indiana when the change of location is authorized by the board of directors of the state bank and approved by the department. A state bank desiring to establish one (1) or more branches de novo under this section must file a written application in the form prescribed by the director. The department may approve or disapprove the application. Before the department approves the application, the state bank must demonstrate to the satisfaction of the department that the applicant state bank will have adequate capital, sound management, and adequate future earnings prospects after the establishment of the branch.

(c) The investigation of the department relative to any application as required by this section shall be conducted without a public hearing.

(d) A branch by acquisition may be established under this section only if done in compliance with applicable provisions of IC 28-1-7, IC 28-1-8, or IC 28-3-2.

(e) The department may establish criteria to exempt a state bank from the approval requirements described in this section.

As added by P.L.265-1985, SEC.3. Amended by P.L.279-1987, SEC.3; P.L.36-1987, SEC.9; P.L.33-1991, SEC.25; P.L.42-1993, SEC.61; P.L.122-1994, SEC.87; P.L.171-1996, SEC.34; P.L.192-1997, SEC.6; P.L.69-2018, SEC.50.
Ind. Code § 28-8-1-5 — Indiana Code / Title 28 / Article 8 / Chapter 1 / Section 28-8-1-5
Regulation and examination
Status: in_force

Sec. 5. No bank or trust company subject to examination by the department may cause to be performed, by contract or otherwise, any bank services for itself, either on or off its premises, until such time as assurances are furnished to the department by the bank or trust company and the bank service corporation performing such bank services that the performance thereof will be subject to regulation and examination by the department to the same extent as if such bank services were being performed by the bank or trust company on its own premises.

Formerly: Acts 1963, c.359, s.5.
Ind. Code § 28-12-10-2 — Indiana Code / Title 28 / Article 12 / Chapter 10 / Section 28-12-10-2
Continuing effectiveness of regular bylaws; termination of emergency
Status: in_force

Sec. 2. All provisions of the regular bylaws consistent with the emergency bylaws remain effective during the emergency. The emergency bylaws are not effective after the emergency ends.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-12-7-2 — Indiana Code / Title 28 / Article 12 / Chapter 7 / Section 28-12-7-2
Agenda of organizational meeting
Status: in_force

Sec. 2. At the organizational meeting, the directors shall complete the organization of the corporation by electing or appointing officers, adopting bylaws, and carrying on any other business brought before the meeting.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-8-4.1-404 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-404
Director's authority to participate in multistate supervisory processes; authority to take independent action not waived
Status: in_force

Sec. 404. (a) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the director may participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, the Money Transmitter Regulators Association, and the affiliates and successors of either organization, for all licensees that hold licenses in Indiana and other states. As a participant in multistate supervision, the director may:

(1) cooperate, coordinate, and share information with other state and federal regulators in accordance with section 402 of this chapter;

(2) enter into written cooperation, coordination, or information sharing contracts or agreements with organizations the membership of which is made up of state or federal governmental agencies; and

(3) cooperate, coordinate, and share information with organizations the membership of which is made up of state or federal governmental agencies, as long as the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with section 402 of this chapter.

(b) The director may not waive, and nothing in this section constitutes a waiver of, the director's authority to conduct an examination or investigation or to otherwise take independent action authorized by this chapter, or by a rule adopted or order issued under this chapter, to enforce compliance with applicable state or federal law.

(c) The performance of a joint examination or investigation, or acceptance of an examination or investigation report, does not waive the director's authority to perform an examination assessment provided for in this chapter.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-14-3-11 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-11
Acting as insurance producer for sale of annuity contract or life insurance policy
Status: in_force

Sec. 11. (a) Notwithstanding any other provision of this title, a corporate fiduciary may act as an insurance producer for the sale of any annuity contract or any life insurance policy issued by a life insurance company (as defined in IC 27-1-2-3) authorized to do business in Indiana under IC 27-1.

(b) A corporate fiduciary that acts as an agent for the sale of an annuity contract or a life insurance policy:

(1) is subject to all requirements of IC 27 relating to the sale and solicitation of insurance, including licensing as an insurance producer under IC 27-1-15.6; and

(2) must comply with the disclosure requirements under IC 27-1-38.

As added by P.L.262-1995, SEC.90. Amended by P.L.215-1999, SEC.14; P.L.132-2001, SEC.21; P.L.130-2002, SEC.9; P.L.178-2003, SEC.95.
Ind. Code § 28-2-18-20 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-20
Powers of out-of-state bank; de novo branch
Status: in_force

Sec. 20. An out-of-state bank that meets the requirements of this chapter may establish and maintain a de novo branch in Indiana.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-6.2-4-1 — Indiana Code / Title 28 / Article 6.2 / Chapter 4 / Section 28-6.2-4-1
Required form and elements
Status: in_force

Sec. 1. (a) The articles of reorganization of a mutual holding company must:

(1) be in a form approved by the director; and

(2) contain the elements set forth in IC 28-12-2-1.

(b) The director may establish and require a specific form for the articles of reorganization of a mutual holding company.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-7-1-17.3 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-17.3
Quarterly report of outstanding indebtedness of officers, directors, and committee members; retention; contents
Status: in_force

Sec. 17.3. At least quarterly, the president or manager shall prepare and deliver to the board of directors a report listing the outstanding indebtedness of all officers, directors, and committee members. A report prepared under this subsection must be retained at the credit union for three (3) years and shall not be filed with the department unless specifically requested. A report required by this section must include:

(1) the amount of each indebtedness; and

(2) a description of the terms and conditions of each loan, including:

(A) the interest rate;

(B) the original amount and date of the loan;

(C) the maturity date;

(D) payment terms;

(E) security, if any; and

(F) any unusual term or condition of a particular extension of credit.

As added by P.L.90-2008, SEC.44.
Ind. Code § 28-15-11-16 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-16
Regulation of rollover mortgage loans
Status: in_force

Sec. 16. Rollover mortgage loans are subject to the following:

(1) At each scheduled adjustment time, if the loan is not in default, the lender shall make rate adjustments available for the amount of the outstanding loan.

(2) In adjusting the loan, administrative expenses may not be charged to the borrower.

(3) Adjustments must be at least one (1) year apart.

(4) The lender may not charge a penalty or other assessment for the prepayment of the loan.

(5) The lender and the borrower may agree to increase or decrease the interest rate applicable to the outstanding balance of the loan at each adjustment.

(6) The lender may grant the borrower the option of extending the amortization period for purposes of calculating monthly payments on the loan in accordance with the following rules:

(A) The extension of the amortization period may equal up to one-third (1/3) of the original amortization period, regardless of whether this extends the amortization period beyond thirty (30) years.

(B) To the extent of any extension of the amortization period, the amortization period will be reduced upon a subsequent downward adjustment in the interest rate.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-13-2-3 — Indiana Code / Title 28 / Article 13 / Chapter 2 / Section 28-13-2-3
Shareholder liability for corporate acts or indebtedness
Status: in_force

Sec. 3. (a) A purchaser from a corporation of the corporation's own shares is not liable to the corporation or the corporation's creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued or specified in the subscription agreement.

(b) Unless otherwise provided in the articles of incorporation, a shareholder of a corporation is not personally liable for the acts or debts of the corporation except that the shareholder may become personally liable by reason of the shareholder's own acts or conduct.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-9-12 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-12
Exception to limitations for Student Loan Marketing Association loans and extensions of credit
Status: in_force

Sec. 12. Loans or extensions of credit to the Student Loan Marketing Association are not subject to any limitation based on capital and surplus.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-21.9-5.1 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-5.1
Primary federal regulator
Status: in_force

Sec. 5.1. As used in this chapter, "primary federal regulator" means the federal agency primarily responsible for the regulation of:

(1) savings associations (as defined in IC 28-15-1-11); or

(2) savings association holding companies;

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

As added by P.L.27-2012, SEC.69.
Ind. Code § 28-1-7-14 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-14
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.127; Acts 1965, c.356, s.8. As amended by P.L.238-1983, SEC.8. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-7-5-4 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-4
Application for license; business locations; criminal history; evidence of compliance; criminal background checks and credit histories
Status: in_force

Sec. 4. (a) Application for a pawnbroker's license shall be submitted on a form prescribed by the director and must include all information required by the director. An application submitted under this section must identify the location or locations at which the applicant proposes to engage in business as a pawnbroker in Indiana.

(b) An application submitted under this section must indicate whether any individual described in section 8(a)(2) or 8(a)(3) of this chapter at the time of the application:

(1) is under indictment for a felony under the laws of Indiana or any other jurisdiction; or

(2) has been convicted of a felony under the laws of Indiana or any other jurisdiction.

(c) The director may request that the applicant provide 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) For purposes of subsection (c), evidence of compliance with this section may include:

(1) criminal background checks, 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; and

(3) other background checks considered necessary by the director.

If the director requests a national criminal history background check under subdivision (1) for an individual described in that subdivision, the director shall require the individual to submit fingerprints to the department or to the state police department, as appropriate, at the time evidence of compliance is requested under subsection (c). The individual to whom the request is made shall pay any fees or costs associated with the fingerprints and the national criminal history background check. The national criminal history background check may be used by the director to determine the individual's compliance with this section. The director or the department may not release the results of the national criminal history background check to any private entity.

Formerly: Acts 1935, c.195, s.4. As amended by P.L.14-1992, SEC.133; P.L.63-2001, SEC.18 and P.L.134-2001, SEC.20; P.L.10-2006, SEC.39 and P.L.57-2006, SEC.39; P.L.213-2007, SEC.70; P.L.217-2007, SEC.68; P.L.3-2008, SEC.223; P.L.90-2008, SEC.49; P.L.1-2009, SEC.149; P.L.35-2010, SEC.170; P.L.216-2013, SEC.34; P.L.137-2014, SEC.30; P.L.159-2017, SEC.38.
Ind. Code § 28-14-5-10 — Indiana Code / Title 28 / Article 14 / Chapter 5 / Section 28-14-5-10
Purchase records
Status: in_force

Sec. 10. A corporate fiduciary that purchases a security for its own account shall maintain sufficient records of the security to allow the security to be properly identified by the department for examination purposes.

As added by P.L.176-1996, SEC.33.
Ind. Code § 28-13-2-2 — Indiana Code / Title 28 / Article 13 / Chapter 2 / Section 28-13-2-2
Subscription agreement; powers of directors; consideration; escrowed or restricted shares for future services or benefits
Status: in_force

Sec. 2. (a) A subscription agreement entered into after incorporation is a contract between the subscriber and the corporation subject to this section.

(b) The powers granted in this section to the board of directors may be reserved to the shareholders by the articles of incorporation.

(c) The board of directors may authorize shares to be issued for consideration consisting of any tangible or intangible property or benefit to the corporation, including the following:

(1) Cash.

(2) Promissory notes.

(3) Services performed.

(4) Contracts for services to be performed.

(5) Other securities of the corporation. If shares are authorized to be issued for promissory notes or for promises to provide services in the future, the corporation shall report in writing to the shareholders the number of shares authorized to be so issued with or before the notice of the next shareholders' meeting. However, a corporation that is subject to the Securities Exchange Act of 1934, as amended, satisfies the reporting requirement of this subsection by complying with the proxy disclosure provisions of that act.

(d) The corporation may issue shares for the consideration received or to be received as the board of directors determines to be adequate. The determination by the board of directors is conclusive with regard to the adequacy of consideration for the issuance of shares and with regard to whether the shares are validly issued, fully paid, and nonassessable.

(e) When the corporation receives the consideration for which the board of directors authorized the issuance of shares, the shares issued are fully paid and nonassessable.

(f) The corporation may place in escrow shares issued for a contract for future services or benefits or a promissory note or make other arrangements to restrict the transfer of the shares and may credit distributions in respect of the shares against the purchase price until the services are performed, the note is paid, or the benefits received. If the services are not performed, the note is not paid, or the benefits are not received, the shares escrowed or restricted and the distributions credited may be canceled in whole or in part.

As added by P.L.14-1992, SEC.163. Amended by P.L.1-1993, SEC.210.
Ind. Code § 28-7-5-33 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-33
Lien
Status: in_force

Sec. 33. A pawnbroker has a first lien on all pledges for the amount of his loan, interest, and charges except:

(1) when the property that constitutes the pledge is stolen (IC 35-43-4-2) or converted (IC 35-43-4-3) property; or

(2) where a prior lien exists under another statute.

Formerly: Acts 1935, c.195, s.32. As amended by P.L.272-1983, SEC.2.
Ind. Code § 28-14-5-2 — Indiana Code / Title 28 / Article 14 / Chapter 5 / Section 28-14-5-2
Limitations on dealing in investment securities
Status: in_force

Sec. 2. Except as otherwise provided in this article, the business of dealing in investment securities by a corporate fiduciary is limited to purchasing and selling securities without recourse, solely upon the order and for the account of customers and not for its own account.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-5-1-13 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-13
Certificates of indebtedness or investment; reserve balance
Status: in_force

Sec. 13. Every company issuing any such certificates of indebtedness or investment shall at all times maintain a reserve balance equal to at least three percent (3%) of the total amount paid in on all of its outstanding certificates of indebtedness or investment, which said reserve balance shall consist of cash on hand or on demand deposit with a solvent and going bank or trust company. If at any time such reserve balance shall be reduced below the amount prescribed in this section, such company shall not issue any additional certificates of indebtedness or investment nor make any new loans or pay any dividends until such reserve balance shall have been fully restored to the amount prescribed in this section. All of the officers and such of the directors as participate in violating any of the provisions of this section shall be jointly and severally liable to the holder or holders of any certificates of indebtedness or investment issued when such reserve balance is below the amount prescribed in this section for any loss suffered or sustained by them accruing by reason of such violation. Any such company which maintains federal deposit insurance as authorized in section 6(a)(17) of this chapter and which maintains the reserves required by the Federal Reserve Act shall be considered to have complied fully with this section.

Formerly: Acts 1935, c.181, s.13; Acts 1947, c.135, s.3; Acts 1955, c.20, s.6; Acts 1971, P.L.399, SEC.5. As amended by P.L.269-1983, SEC.3; P.L.136-2018, SEC.211.
Ind. Code § 28-2-17-22 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-22
Duties of resulting bank
Status: in_force

Sec. 22. An out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving an Indiana state bank shall:

(1) notify the department of the proposed merger; and

(2) provide satisfactory evidence to the department of compliance with applicable requirements of IC 28-1-22.

As added by P.L.171-1996, SEC.36. Amended by P.L.11-1998, SEC.9.
Ind. Code § 28-1-33-16 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-16
Subject to credit union statutes and rules
Status: in_force

Sec. 16. Upon the effective time of a charter conversion, the converted credit union is subject to all statutes and rules applicable to credit unions.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-14-3-23 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-23
Service as successor trustee
Status: in_force

Sec. 23. For the purposes of IC 30-4-3-29, a corporate fiduciary may serve as a successor trustee in the same capacity as if the corporate fiduciary were a bank (as defined in IC 28-1-1-3).

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-2-29 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-29
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.31; Acts 1963, c.433, s.1; Acts 1965, c.356, s.21; Acts 1974, P.L.128, SEC.1; Acts 1975, P.L.284, SEC.1. As amended by P.L.264-1985, SEC.1. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-6.1-3-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-2
"Court"
Status: in_force

Sec. 2. As used in this chapter, "court" refers to the circuit court, superior court, or probate court of the county in which the savings bank is located.

As added by P.L.42-1993, SEC.72. Amended by P.L.84-2016, SEC.124.
Ind. Code § 28-3-4-1 — Indiana Code / Title 28 / Article 3 / Chapter 4 / Section 28-3-4-1
Legalization of reorganizations
Status: repealed

Sec. 1. Any and all reorganizations by financial institutions organized before March 10, 1941, under any statute of this state under and pursuant to the provisions of IC 28-1, including, but not by way of limitation, reorganizations under and pursuant to the provisions of IC 28-1-10 (repealed July 1, 1988) and reorganizations for the reopening of business and the resumption of banking operations under and pursuant to the provisions of IC 28-1-20-8 are hereby declared legal and valid for all purposes.

Formerly: Acts 1941, c.166, s.1. As amended by P.L.263-1985, SEC.133; P.L.3-1990, SEC.106.
Ind. Code § 28-1-2-17 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-17
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.20; Acts 1945, c.348, s.15; Acts 1975, P.L.283, SEC.2. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-2-14-16 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-16
Suit to enjoin conduct or for damages by injured person; suit by department
Status: in_force

Sec. 16. Any person, company, bank, or bank holding company that may be or has been injured by reason of any conduct that constitutes or will constitute a violation of this chapter by any company or bank holding company may sue the company or bank holding company to enjoin the conduct or for damages, together with the costs of suit, including reasonable attorney's fees. In addition, the department may sue to enjoin any conduct that constitutes or will constitute a violation of this chapter or to require divestiture of any bank or bank holding company acquired in violation of this chapter.

As added by P.L.265-1985, SEC.4.
Ind. Code § 28-6.1-19-14 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-14
Finality of judicial decisions
Status: in_force

Sec. 14. A decision of the court under section 12 or 13 of this chapter is final.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-2-18-15 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-15
"Indiana state bank" defined
Status: in_force

Sec. 15. As used in this chapter, "Indiana state bank" means a bank organized or reorganized under the laws of Indiana.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-6.2-1-24 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-24
"Subsidiary" defined
Status: in_force

Sec. 24. "Subsidiary" means a company controlled either directly or indirectly by another company.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-1-32-5 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-5
"Voting parties"
Status: in_force

Sec. 5. As used in this chapter, "voting parties" means the depositors or members of a mutual savings association.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-6.1-12-8 — Indiana Code / Title 28 / Article 6.1 / Chapter 12 / Section 28-6.1-12-8
Rules
Status: in_force

Sec. 8. The department may adopt rules under IC 4-22-2 to implement this chapter.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-13-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 13 / Section 28-6.1-13-5
Provision of examination copies and information to federal entities
Status: in_force

Sec. 5. (a) This section applies only to a statement of condition of a savings bank that is or may become a member of the federal reserve bank system, or whose deposits are or may become insured by the Federal Deposit Insurance Corporation.

(b) The department may provide copies of an examination of a savings bank to any of the following:

(1) The federal reserve board.

(2) The federal reserve bank of which the savings bank is or may become a member.

(3) The Federal Deposit Insurance Corporation.

(4) An agency of the federal government similar to those described in subdivisions (1) through (3).

(5) Duly appointed examiners of an entity described in subdivisions (1) through (4).

(c) The department may disclose to examiners of an entity described in subsection (b)(1) through (b)(4) any information in reference to the condition of the affairs of a savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-13-2-6 — Indiana Code / Title 28 / Article 13 / Chapter 2 / Section 28-13-2-6
Share certificates; contents; requisites; validity of signature
Status: in_force

Sec. 6. (a) Shares may be represented by certificates. Unless this article or another statute expressly provides otherwise, the rights and obligations of shareholders of the same class or series of shares are identical whether or not the shares are represented by certificates.

(b) At a minimum each share certificate must state on the certificate face the following:

(1) The name of the issuing corporation and that the corporation is organized under Indiana law.

(2) The name of the person to whom issued.

(3) The number and class of shares and the designation of the series, if any, the certificate represents.

(c) If the issuing corporation is authorized to issue different classes of shares or different series within a class:

(1) the designations, relative rights, preferences, and limitations applicable to each class and the variations in rights, preferences, and limitations determined for each series and the authority of the board of directors to determine variations for future series must be summarized on the front or back of each certificate; or

(2) each certificate may state conspicuously on the front or back that the corporation will furnish the shareholder this information on request in writing and without charge.

(d) Each share certificate:

(1) must be signed either manually or in facsimile by at least two (2) officers designated in the bylaws or by the board of directors; and

(2) may bear the seal or a facsimile of the seal of the corporation.

(e) If the person who signed either manually or in facsimile a share certificate no longer holds office when the certificate is issued, the certificate remains valid.

As added by P.L.14-1992, SEC.163. Amended by P.L.79-1998, SEC.89.
Ind. Code § 28-13-3-2 — Indiana Code / Title 28 / Article 13 / Chapter 3 / Section 28-13-3-2
Security convertible into or carrying right to subscribe for or acquire shares; election to have preemptive rights; applicable principles
Status: in_force

Sec. 2. (a) For purposes of sections 1 and 2 of this chapter, "shares" includes a security convertible into or carrying a right to subscribe for or acquire shares.

(b) A statement included in the articles of incorporation that "the corporation elects to have preemptive rights" (or similar words) means that the following principles apply except to the extent the articles of incorporation expressly provide otherwise:

(1) The shareholders of the corporation have a preemptive right, granted on uniform terms and conditions prescribed by the board of directors to provide a fair and reasonable opportunity to exercise the right, to acquire proportional amounts of the corporation's unissued shares upon the decision of the board of directors to issue the shares.

(2) A shareholder may waive the preemptive right. A waiver evidenced by a writing is irrevocable even though the waiver is not supported by consideration.

(3) There is no preemptive right with respect to any of the following:

(A) Shares issued as compensation to directors, officers, agents, or employees of the corporation, the corporation's subsidiaries, or the corporation's affiliates.

(B) Shares issued to satisfy conversion or option rights created to provide compensation to directors, officers, agents, or employees of the corporation, the corporation's subsidiaries, or the corporation's affiliates.

(C) Shares authorized in the articles of incorporation that are issued within six (6) months from the effective date of incorporation.

(D) Shares sold otherwise than for money or promissory notes.

(4) Holders of shares of any class without general voting rights but with preferential rights to distributions or assets have no preemptive rights with respect to shares of the class.

(5) Holders of shares of any class with general voting rights but without preferential rights to distributions or assets have no preemptive rights with respect to shares of any class with preferential rights to distributions or assets unless the shares with preferential rights are convertible into or carry a right to subscribe for or acquire shares without preferential rights.

(6) Shares subject to preemptive rights that are not acquired by shareholders may be issued to any person for one (1) year after being offered to shareholders at a consideration set by the board of directors that is not lower than the consideration set for the exercise of preemptive rights. An offer at a lower consideration or after the expiration of one (1) year is subject to the shareholders' preemptive rights.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-5-1-18 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-18
Fidelity coverage for officers and employees; bonds; reserve funds
Status: in_force

Sec. 18. Every company shall make provision for adequate fidelity coverage for all officers and employees having access to money or bonds of the company. The amount and form of fidelity coverage must be approved annually by the board of directors of the company. Coverage may be provided:

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

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

Formerly: Acts 1935, c.181, s.18. As amended by P.L.276-1987, SEC.2; P.L.73-2016, SEC.24.
Ind. Code § 28-6.2-3-2 — Indiana Code / Title 28 / Article 6.2 / Chapter 3 / Section 28-6.2-3-2
Proposed price of stock
Status: in_force

Sec. 2. Each application for approval of a proposed stock issuance plan must state and explain the proposed sales price or the price range if an exact price cannot be determined. The application must do the following:

(1) Support the reasonableness of the proposed price or price range by independent persons who are experienced in corporate valuations.

(2) Indicate the basis for determination of the income to be derived from the proceeds of the stock sale, demonstrate the appropriateness of the earnings multiple used, and include all assumptions regarding future earnings growth, if the proposed price or price range is based upon a capitalization of the projected income of the savings bank after the issuance of the stock. If the proposed price or price range is based upon a comparison of the stock of the savings bank with the issued and outstanding stock of other stock savings banks or similar institutions, those institutions must be reasonably comparable to the savings bank in terms of size, asset composition, market area, competitive conditions, profit history, expected future earnings, and other stated relevant factors.

(3) State the amount of the discount and explain how that discount was determined, if the proposed price or price range includes any discount due to the minority status of the stock to be offered.

(4) State any additional information about the pricing that the department may request.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-13-14-15 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-15
Articles of restatement; form
Status: in_force

Sec. 15. (a) The form of articles of restatement shall be prescribed and furnished by the department.

(b) Articles of restatement shall be prepared and signed in triplicate by:

(1) an officer of the corporation;

(2) if the corporation has not yet issued shares, by a director of the corporation; or

(3) if the board of directors has not been selected, by the incorporator;

and shall be presented in triplicate to the department at the department's office, for the approval or disapproval of the director.

(c) When the articles of restatement have been approved by the director, the articles shall be presented to the secretary of state for filing.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-15-4-2 — Indiana Code / Title 28 / Article 15 / Chapter 4 / Section 28-15-4-2
Terms and conditions
Status: in_force

Sec. 2. The board of directors of a savings association may determine the terms and conditions of accepting deposits and making withdrawals.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-15-14-3 — Indiana Code / Title 28 / Article 15 / Chapter 14 / Section 28-15-14-3
Effect of merger, consolidation, or conversion on federal savings association
Status: in_force

Sec. 3. (a) Upon the effective date of a merger, consolidation, or conversion under sections 1 and 2 of this chapter, all of the assets and property of the state chartered savings association of every kind and character, including:

(1) real, personal, and mixed property;

(2) tangible and intangible property; and

(3) choses in action, rights, and credits that:

(A) the savings association owns; or

(B) would inure to the savings association;

shall immediately, by operation of law and without any conveyance or transfer, and without any further act or deed, be vested in and become the property of the federal savings association.

(b) A federal savings association referred to in subsection (a) shall have, hold, and enjoy the assets and property of the state chartered savings association after a merger, consolidation, or conversion under sections 1 and 2 of this chapter in its own right, as fully and to the same extent that the assets and property were possessed, held, and enjoyed by the state chartered savings association before the merger, consolidation, or conversion.

(c) After a merger, consolidation, or conversion under sections 1 and 2 of this chapter, the federal savings association is considered a continuation of the entity and identity of the state chartered savings association, and all of the rights and obligations of the savings association remain unimpaired.

(d) The federal association, at the time of the taking effect of the merger, consolidation, or conversion under sections 1 and 2 of this chapter, shall succeed to all of the rights and obligations and the duties and liabilities connected with the state chartered savings association.

As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.18.
Ind. Code § 28-1-21.9-15 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-15
Articles of charter conversion
Status: in_force

Sec. 15. (a) To effect the charter conversion, the converting savings bank must file with the secretary of state articles of charter conversion showing the approval of the director of the department.

(b) The converting savings bank shall record copies of the articles of charter conversion with the county recorder of the county where the principal office of the stock savings bank is located.

(c) The articles of charter conversion constitute articles of incorporation and must set forth the elements required in IC 28-12-2-1.

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.48.
Ind. Code § 28-13-5-11 — Indiana Code / Title 28 / Article 13 / Chapter 5 / Section 28-13-5-11
Record date; fixing for shareholder meeting or action; adjournment by order of court
Status: in_force

Sec. 11. (a) The bylaws may fix or provide the manner of fixing the record date for at least one (1) voting group to determine the shareholders entitled to notice of a shareholders' meeting, to demand a special meeting, to vote, or to take any other action. If the bylaws do not fix or provide for fixing a record date, the board of directors of the corporation may fix a future date as the record date.

(b) A record date fixed under this section may not be more than seventy (70) days before the meeting or action requiring a determination of shareholders.

(c) A determination of shareholders entitled to notice of or to vote at a shareholders' meeting is effective for any adjournment of the meeting unless the board of directors fixes a new record date. The board of directors must fix a new record date if the meeting is adjourned to a date more than one hundred twenty (120) days after the date fixed for the original meeting.

(d) If a court orders a meeting adjourned to a date more than one hundred twenty (120) days after the date fixed for the original meeting, the court may:

(1) provide that the original record date continues in effect; or

(2) fix a new record date.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-15-10-8 — Indiana Code / Title 28 / Article 15 / Chapter 10 / Section 28-15-10-8
Acquisition of Indiana savings associations
Status: in_force

Sec. 8. (a) The acquisition of an Indiana savings association under section 6 of this chapter includes the acquisition of all subsidiaries of the Indiana savings association.

(b) The acquisition of the holding company of an Indiana savings association under this chapter includes the acquisition of:

(1) the Indiana savings association subsidiaries of the acquired Indiana savings association holding company; and

(2) all branches of the Indiana savings association subsidiaries of the acquired Indiana savings association holding company.

(c) After an acquisition under section 6 of this chapter:

(1) an acquiring foreign savings association;

(2) an acquired Indiana savings association; and

(3) the subsidiaries of an acquired Indiana savings association holding company;

have the same branching rights as an Indiana savings association.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-7-1-26.5 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-26.5
Refusal to make payment from account
Status: in_force

Sec. 26.5. (a) A credit union may refuse to make a payment from an account to a person claiming an interest in the account if the credit union:

(1) is uncertain under the agreement governing the account of who is entitled to receive the payment; or

(2) has actual knowledge of a dispute between any account owners, beneficiaries with present vested rights in the account, or other persons concerning ownership of the money in the account, the proposed withdrawal, or any previous withdrawals from the account.

(b) If a credit union refuses to make a payment under subsection (a), the credit union:

(1) shall notify, in writing, the account owners, beneficiaries with present vested rights in the account, and other persons claiming an interest in the account of the basis for the credit union's refusal; and

(2) may refuse to make the payment until all interested parties consent in writing to the requested payment or a court with jurisdiction orders the credit union to make the payment.

(c) The credit union is not liable in damages as a result of an action taken under this section.

As added by P.L.35-2010, SEC.166.
Ind. Code § 28-6.1-15-8 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-8
Approval of articles of incorporation by secretary of state
Status: in_force

Sec. 8. (a) If the conversion is approved under section 7 of this chapter and if the capital stock of the bank or trust company has been fully subscribed, the trustees of the savings bank shall submit three (3) copies of the articles of incorporation of the bank or trust company with the department's approval indicated on the articles to the secretary of state.

(b) If the secretary of state finds that the articles of incorporation conform to law, the secretary of state shall, after all fees have been paid as required by law:

(1) indicate approval on the articles;

(2) keep one (1) copy of the articles for filing; and

(3) send the trustees a certificate of incorporation and two (2) copies of the articles of incorporation bearing the indicated approval of the secretary of state.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-7-2.5-1 — Indiana Code / Title 28 / Article 7 / Chapter 2.5 / Section 28-7-2.5-1
Application of chapter
Status: in_force

Sec. 1. This chapter applies to a credit union (as defined in IC 28-7-1-0.5(3)).

As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
Ind. Code § 28-12-3-5 — Indiana Code / Title 28 / Article 12 / Chapter 3 / Section 28-12-3-5
Existing or authorized corporations; inapplicability of chapter
Status: in_force

Sec. 5. This chapter does not affect the right of any corporation that is, as of July 1, 1992, either existing under Indiana law or authorized to transact business in Indiana.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-6.2-1-20 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-20
"Stock" defined
Status: in_force

Sec. 20. (a) "Stock" means the units into which the proprietary interests of a savings bank are divided.

(b) The term includes:

(1) common or preferred stock;

(2) any other type of equity security;

(3) warrants or options to acquire common or preferred stock; and

(4) other securities that are convertible into common or preferred stock.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-2-13-5 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-5
Bank
Status: in_force

Sec. 5. As used in this chapter, "bank" has the meaning set forth in IC 28-2-17-3.

As added by P.L.265-1985, SEC.3. Amended by P.L.33-1991, SEC.22; P.L.42-1993, SEC.60; P.L.171-1996, SEC.31.
Ind. Code § 28-13-5-10 — Indiana Code / Title 28 / Article 13 / Chapter 5 / Section 28-13-5-10
Waiver by shareholder entitled to notice of meeting; effect of attendance at meeting
Status: in_force

Sec. 10. (a) A shareholder may waive any notice required by this article, the articles of incorporation, or bylaws before or after the date and time stated in the notice. The waiver by the shareholder entitled to the notice must be in writing and be delivered to the corporation for inclusion in the minutes or filing with the corporate records.

(b) A shareholder's attendance at a meeting:

(1) waives objection to lack of notice or defective notice of the meeting, unless the shareholder at the beginning of the meeting objects to holding the meeting or transacting business at the meeting; and

(2) waives objection to consideration of a particular matter at the meeting that is not within the purpose or purposes described in the meeting notice, unless the shareholder objects to considering the matter when it is presented.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-8-6-904 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-904
Director's authority to compromise, settle, and collect civil penalties
Status: in_force

Sec. 904. The director, in the exercise of reasonable judgment, is authorized to compromise, settle, and collect civil penalties from a person for a violation of:

(1) a provision of this chapter; or

(2) an order issued or promulgated pursuant to this chapter.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-13-13-9 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-9
Mandatory indemnification of director for expenses of successful defense of proceeding
Status: in_force

Sec. 9. Unless limited by its articles of incorporation, a corporation shall indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director was a party because the director is or was a director of the corporation against reasonable expenses incurred by the director in connection with the proceeding.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-21.9-6 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-6
Stock savings bank
Status: in_force

Sec. 6. As used in this chapter, "stock savings bank" means a savings bank that is:

(1) owned by holders of capital stock; and

(2) formed by conversion under this chapter.

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.39.
Ind. Code § 28-13-17-5 — Indiana Code / Title 28 / Article 13 / Chapter 17 / Section 28-13-17-5
"Hold an interest" defined
Status: in_force

Sec. 5. As used in this chapter, "hold an interest" means the ownership of any equity capital of a financial subsidiary.

As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.
Ind. Code § 28-1-21.9-4 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-4
Repealed
Status: repealed

As added by P.L.42-1993, SEC.44. Repealed by P.L.262-1995, SEC.91.
Ind. Code § 28-11-3-3 — Indiana Code / Title 28 / Article 11 / Chapter 3 / Section 28-11-3-3
Disclosure of confidential information; information sharing agreements
Status: in_force

Sec. 3. (a) The director or the director's designee may disclose or make available to a:

(1) state, federal, or foreign law enforcement agency;

(2) state, federal, or foreign financial institution supervisory agency;

(3) state, federal, or foreign prosecutorial agency;

(4) state, federal, or foreign money services business supervisory agency;

(5) private insurer of deposit accounts or share accounts of a financial institution;

(6) state, federal, or foreign agency responsible for licensing, registering, chartering, or supervising any regulated:

(A) business; or

(B) nonprofit activity; or

(7) the Federal Home Loan Bank;

confidential information described under IC 28-1-2-30 or pertaining to a regulated business or nonprofit activity.

(b) Confidential information provided by the director or the director's designee under this section is privileged by law, remains the property of the department, and is not:

(1) subject to inspection under IC 5-14-3;

(2) subject to subpoena;

(3) subject to discovery; or

(4) admissible in evidence in any civil action.

(c) The director may enter into information sharing agreements with parties authorized to received information under this section.

As added by P.L.33-1991, SEC.56. Amended by P.L.213-2007, SEC.99; P.L.217-2007, SEC.97; P.L.90-2008, SEC.70.
Ind. Code § 28-2-13-10 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-10
Company
Status: in_force

Sec. 10. As used in this chapter, "company" means any corporation, limited liability company, partnership, joint-stock company, business trust, voting trust, joint venture, association, or similar organization, domestic or foreign. The term may or may not include a bank holding company as the context indicates. The term does not include a bank.

As added by P.L.265-1985, SEC.3. Amended by P.L.8-1993, SEC.445.
Ind. Code § 28-2-14-15 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-15
Exemption from certain requirements
Status: in_force

Sec. 15. (a) An acquisition by a company of a bank or a 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 bank holding company; and

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

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

As added by P.L.265-1985, SEC.4. Amended by P.L.262-1995, SEC.56.
Ind. Code § 28-1-21.6-14 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-14
Articles of conversion; filing
Status: in_force

Sec. 14. In order to effect the charter conversion, the converting savings association shall file articles of charter conversion, bearing the approval of the director of the department, with the secretary of state. The converting savings association shall also file copies of the articles of charter conversion with the county recorder of the county where the principal office of the commercial bank is located.

As added by P.L.147-1990, SEC.2.
Ind. Code § 28-1-22-16 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-16
Application for amended certificate of admission
Status: in_force

Sec. 16. A foreign corporation may obtain an amended certificate if it files with the department an application for an amended certificate of admission, setting forth the change in the nature of the business it intends to carry on in this state. The application shall be signed by the president or a vice president and by the secretary or cashier of the corporation.

Formerly: Acts 1933, c.40, s.339. As amended by P.L.171-1996, SEC.20.
Ind. Code § 28-2-16-7 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-7
"Department" defined
Status: in_force

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

As added by P.L.279-1987, SEC.9. Amended by P.L.33-1991, SEC.39.
Ind. Code § 28-1-13-1.3 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-1.3
"Person" defined
Status: in_force

Sec. 1.3. As used in this chapter, "person" 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, an instrumentality, or a political subdivision thereof, or any similar entity or organization.

As added by P.L.14-1992, SEC.85. Amended by P.L.8-1993, SEC.439.
Ind. Code § 28-8-6-506 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-506
License renewal; annual renewal fee; renewal report; extension of the renewal date; use of NMLSR
Status: in_force

Sec. 506. (a) A license under this chapter shall be renewed annually as follows:

(1) An annual renewal fee, as set by the department, shall be paid not later than December 31 of each year.

(2) The renewal term is for a period of one (1) year and:

(A) begins on January 1 of each year after the initial license term; and

(B) expires on December 31 of the year the renewal term begins.

(b) A licensee shall submit a renewal report with the renewal fee, in a form and by a medium prescribed by the director. The renewal report must state or contain a description of each material change in the information submitted by the licensee in its original license application, if such change has not been previously reported to the department.

(c) The director may grant an extension of the renewal date for good cause.

(d) The director may use the NMLSR to process license renewals, as long as the functionality of the NMLSR for such purpose is consistent with this section.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-8-6-302 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-302
Submission of documents or information to director to demonstrate exempt from licensure
Status: in_force

Sec. 302. The director may require any person claiming to be exempt from licensing under section 301 of this chapter to provide information and documentation to the director demonstrating that the person qualifies for the claimed exemption.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-1-5-15 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-15
Books of accounts; minutes; stock transfer book
Status: in_force

Sec. 15. Every corporation shall keep correct and complete books of accounts and minutes of the proceedings of its shareholders, directors, executives and/or finance committees, and it shall likewise keep, at its principal office, an original or a duplicate stock transfer book and/or records giving the names and addresses of all shareholders and the number of shares held by each.

Formerly: Acts 1933, c.40, s.102; Acts 1935, c.5, s.20.
Ind. Code § 28-13-12-2 — Indiana Code / Title 28 / Article 13 / Chapter 12 / Section 28-13-12-2
Powers and duties
Status: in_force

Sec. 2. Each officer has the authority and shall perform the duties set forth in the bylaws or, to the extent consistent with the bylaws, the duties prescribed by the board of directors or by direction of an officer authorized by the board of directors to prescribe the duties of other officers.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-14-7.5-1 — Indiana Code / Title 28 / Article 14 / Chapter 7.5 / Section 28-14-7.5-1
Application of chapter
Status: in_force

Sec. 1. This chapter applies to a corporate fiduciary (as defined in IC 28-1-1-3(19)).

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
Ind. Code § 28-15-11-17 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-17
Alternative mortgage loans; required disclosures
Status: in_force

Sec. 17. (a) Any statement, disclosure, or notification required by this chapter with respect to an alternative mortgage loan may be made in the form prescribed by the primary federal regulator or its successor for a similar alternative mortgage loan made by a federal savings association.

(b) In addition to the disclosures required by this chapter, the department may adopt rules under IC 4-22-2 or policies that require additional disclosures for alternative mortgage loans.

As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.115; P.L.140-2013, SEC.20; P.L.93-2024, SEC.202.
Ind. Code § 28-12-5-2 — Indiana Code / Title 28 / Article 12 / Chapter 5 / Section 28-12-5-2
Delivery of copies for filing; fees
Status: in_force

Sec. 2. If the articles of incorporation are approved by the department, the department shall deliver four (4) copies of the articles of incorporation to the secretary of state for filing, together with the fees that are required.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-1-2-24 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-24
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.26; Acts 1941, c.83, s.2; Acts 1967, c.260, s.3. As amended by P.L.263-1985, SEC.7; P.L.33-1991, SEC.5; P.L.14-1992, SEC.65. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-11-5-9 — Indiana Code / Title 28 / Article 11 / Chapter 5 / Section 28-11-5-9
Payment of expenses
Status: in_force

Sec. 9. (a) The applicants shall pay all expenses incurred by the department in performing its duty under this chapter.

(b) At the time of filing the application, the applicants shall deposit with the department the amount of money fixed by the department necessary to defray the expenses incurred by the department in implementing this chapter with respect to the application.

(c) The department shall return to the applicants any balance remaining after proceedings under this chapter are completed.

As added by P.L.42-1993, SEC.91.
Ind. Code § 28-13-5-8 — Indiana Code / Title 28 / Article 13 / Chapter 5 / Section 28-13-5-8
Notice of annual and special shareholders' meeting; prerequisites
Status: in_force

Sec. 8. (a) A corporation shall notify shareholders of the date, time, and place of each annual and special shareholders' meeting not less than ten (10) or more than sixty (60) days before the meeting date. Unless this article or the articles of incorporation require otherwise, the corporation is required to give notice only to shareholders entitled to vote at the meeting.

(b) Unless this article or the articles of incorporation require otherwise, notice of an annual meeting need not include a description of the purpose or purposes for which the meeting is called.

(c) Notice of a special meeting must include a description of the purpose or purposes for which the meeting is called.

(d) If not otherwise fixed under section 11 of this chapter, the record date for determining shareholders entitled to notice of and to vote at an annual or special shareholders' meeting is the close of business on the day before the first notice is delivered to shareholders.

(e) This subsection applies only to a corporation that is a building and loan association or a mutual savings bank. Notice of the annual or a special meeting of the shareholders may be given by publication of the notice. Notice under this subsection must satisfy all of the following:

(1) The notice must be published one (1) time at least ten (10) days before the date of the meeting.

(2) The notice must be published in one (1) of the following:

(A) A newspaper of general circulation in the city or town in which the principal office of the corporation is located.

(B) If publication cannot be made under clause (A), publication in a newspaper of general circulation in the county in which the principal office of the corporation is located.

(C) If publication cannot be made under clause (A) or (B), publication in a newspaper published closest to the location of the principal office of the corporation.

As added by P.L.14-1992, SEC.163. Amended by P.L.42-1993, SEC.93.
Ind. Code § 28-13-2-4 — Indiana Code / Title 28 / Article 13 / Chapter 2 / Section 28-13-2-4
Pro rata shares; share dividend or split; record date of dividend
Status: in_force

Sec. 4. (a) Unless the articles of incorporation provide otherwise, shares may be issued pro rata and without consideration to the corporation's shareholders or to the shareholders of at least one (1) class or series. An issuance of shares under this subsection may be in the form of a share dividend or a share split, but shall be considered a share dividend for purposes of this article.

(b) Shares of one (1) class or series may not be issued as a share dividend in respect of shares of another class or series unless:

(1) the articles of incorporation so authorize;

(2) a majority of the votes entitled to be cast by the class or series to be issued approve the issue; or

(3) there are no outstanding shares of the class or series to be issued.

(c) If the board of directors does not fix the record date for determining shareholders entitled to a share dividend, the record date is the date the board of directors authorizes the share dividend.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-1-7 — Indiana Code / Title 28 / Article 1 / Chapter 1 / Section 28-1-1-7
"Qualified youth"
Status: in_force

Sec. 7. For purposes of IC 28-1-23-17, "qualified youth" means an individual who is:

(1) a foster youth; or

(2) an emancipated youth.

As added by P.L.90-2025, SEC.3.
Ind. Code § 28-8-4.1-1001 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1001
Duty to maintain tangible net worth; amount; director's authority to exempt applicant or licensee
Status: in_force

Sec. 1001. (a) A licensee under this chapter shall maintain at all times a tangible net worth of at least the greater of:

(1) one hundred thousand dollars ($100,000); or

(2) the total of the following:

(A) Three percent (3%) of the first one hundred million dollars ($100,000,000) of the licensee's total assets.

(B) Two percent (2%) of additional assets that are greater than one hundred million dollars ($100,000,000) but not greater than one billion dollars ($1,000,000,000).

(C) One-half of one percent (0.5%) of additional assets that are greater than one billion dollars ($1,000,000,000).

(b) Tangible net worth must be demonstrated at the time of an initial application for licensure by means of the applicant's most recent audited or unaudited financial statements under section 503(b)(6) of this chapter, as applicable.

(c) Notwithstanding subsections (a) and (b), the director may, for good cause shown, exempt, in whole or in part, any applicant or licensee from the requirements of this section.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-21.9-5.5 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-5.5
Savings bank
Status: in_force

Sec. 5.5. As used in this chapter, "savings bank" has the meaning set forth in IC 28-6.1-2-6.

As added by P.L.262-1995, SEC.38.
Ind. Code § 28-6.1-4-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 4 / Section 28-6.1-4-4
Repealed
Status: repealed

As added by P.L.42-1993, SEC.72. Repealed by P.L.122-1994, SEC.122.
Ind. Code § 28-6.1-19-9 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-9
Notice of dispositions
Status: in_force

Sec. 9. If the court approves the disposition, the savings bank shall give notice of the disposition not more than five (5) days after the approval as follows:

(1) By publishing notice of the disposition one (1) time in a newspaper of general circulation printed in the English language and published in the county in which the savings bank is located.

(2) By posting copies of the notice in three (3) separate public places in the county.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-31-10 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-10
Resulting commercial bank may wind up activities and retain assets
Status: in_force

Sec. 10. The department may authorize the resulting commercial bank to do the following:

(1) Wind up any activities that are legally engaged in by the out-of-state financial institution at the time of charter conversion but that are not permitted to commercial banks.

(2) Retain any assets that are legally held by the out-of-state financial institution at the effective time of the charter conversion but that may not be held by commercial banks for a transitional period.

The terms and conditions of the transitional period under subdivisions (1) and (2) are at 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.1-2006, SEC.490.
Ind. Code § 28-1-29-10 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-10
Repealed
Status: repealed

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by P.L.42-1993, SEC.55; P.L.10-2006, SEC.35 and P.L.57-2006, SEC.35; P.L.90-2008, SEC.32. Repealed by P.L.35-2010, SEC.209.
Ind. Code § 28-1-5-12 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-12
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.100. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-10-2-3 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-3
"Benchmark replacement"
Status: in_force

Sec. 3. As used in this chapter, "benchmark replacement" means:

(1) a benchmark;

(2) an interest rate; or

(3) a dividend rate;

that may or may not be based in whole or in part on a prior setting of LIBOR, and that replaces LIBOR (or any interest rate or dividend rate based on LIBOR), whether on a temporary, permanent, or indefinite basis, under or with respect to a contract, security, or instrument.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-1-21.9-9 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-9
Conversion procedures
Status: in_force

Sec. 9. (a) The department shall prescribe procedures for charter conversions under this chapter.

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

(1) The savings bank must prepare and submit a conversion plan to the department that provides the terms and conditions of the charter conversion as required by the department. The conversion plan shall stipulate the manner of distribution of stock.

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

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

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

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

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.42; P.L.27-2012, SEC.70.
Ind. Code § 28-1-31-13 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-13
Resulting commercial bank subject to statutes and rules
Status: in_force

Sec. 13. Upon the effective time of charter conversion, the converted commercial bank shall, unless otherwise provided in this chapter, immediately become subject to all statutes and rules applicable to commercial banks.

As added by P.L.1-2006, SEC.490.
Ind. Code § 28-1-2-10 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-10
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.13; Acts 1941, c.35, s.4; Acts 1945, c.348, s.9; Acts 1971, P.L.394, SEC.9; Acts 1974, P.L.127, SEC.2. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-10-2-1 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-1
Applicability; conflicts with other Indiana Code provisions
Status: in_force

Sec. 1. Notwithstanding IC 26-1 or any other Indiana law, this chapter applies to any contract, security, or instrument, including contracts involving commercial transactions. If there is a conflict between a provision in this chapter and another provision of the Indiana Code, this chapter controls.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-3-1-3 — Indiana Code / Title 28 / Article 3 / Chapter 1 / Section 28-3-1-3
Surrender of certificate of incorporation
Status: in_force

Sec. 3. When the affairs of said bank shall have been completely liquidated, its officers shall at once surrender its certificate of incorporation to the secretary of state who shall cancel same, and said certificate shall thereafter be void and of no legal effect.

Formerly: Acts 1943, c.39, s.3.
Ind. Code § 28-14-5-6.5 — Indiana Code / Title 28 / Article 14 / Chapter 5 / Section 28-14-5-6.5
Purchase of speculative securities or securities not rated by a generally recognized security rating service
Status: in_force

Sec. 6.5. (a) A corporate fiduciary may not purchase for its own account any bond, note, or other evidence of indebtedness that is commonly designated as a security that is speculative in character or that has speculative characteristics. For the purposes of this subsection, a security is speculative or has speculative characteristics if at the time of purchase the security:

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

(2) is in default; or

(3) is otherwise considered speculative by the director.

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

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

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

As added by P.L.176-1996, SEC.32. Amended by P.L.89-2011, SEC.72.
Ind. Code § 28-13-14-8 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-8
Voting by class or a series of shares
Status: in_force

Sec. 8. (a) The holders of the outstanding shares of a class are entitled to vote as a separate voting group if shareholder voting is otherwise required by this article on a proposed amendment if the amendment would:

(1) increase or decrease the aggregate number of authorized shares of the class;

(2) effect an exchange or reclassification of all or part of the shares of the class into shares of another class;

(3) effect an exchange or reclassification, or create the right of exchange, of all or part of the shares of another class into shares of the class;

(4) change the designation, rights, preferences, or limitations of all or part of the shares of the class;

(5) change the shares of all or part of the class into a different number of shares of the same class;

(6) create a new class of shares having rights or preferences with respect to distributions or to dissolution that are prior, superior, or substantially equal to the shares of the class;

(7) increase the rights, preferences, or number of authorized shares of any class that, after giving effect to the amendment, have rights or preferences with respect to distributions or to dissolution that are prior, superior, or substantially equal to the shares of the class;

(8) limit or deny an existing preemptive right of all or part of the shares of the class;

(9) cancel or otherwise affect rights to distributions or dividends that have accumulated but not yet been declared on all or part of the shares of the class; or

(10) decrease the number of shares of a class into a different number of shares of the same class to effect a reverse stock split.

(b) If a proposed amendment would affect a series of a class of shares in at least one (1) of the ways described in subsection (a), the shares of that series are entitled to vote as a separate voting group on the proposed amendment.

(c) If a proposed amendment that entitles at least two (2) series of shares to vote as separate voting groups under this section would affect those series in the same or a substantially similar way, the shares of all the series so affected must vote together as a single voting group on the proposed amendment.

(d) A class or series of shares is entitled to the voting rights granted by this section although the articles of incorporation provide that the shares are nonvoting shares.

As added by P.L.14-1992, SEC.163. Amended by P.L.63-2001, SEC.25 and P.L.134-2001, SEC.27.
Ind. Code § 28-1-13-6 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-6
Extension of credit to officers, directors, or principal shareholders; compliance with federal restrictions
Status: in_force

Sec. 6. Any bank or trust company may extend credit to an officer, a director, or a principal shareholder in accordance with the restrictions and provisions of Regulation O of the Board of Governors of the Federal Reserve System (12 CFR 215).

Formerly: Acts 1933, c.40, s.200; Acts 1935, c.5, s.36; Acts 1937, c.33, s.28; Acts 1943, c.148, s.1; Acts 1955, c.25, s.1; Acts 1969, c.280, s.5. As amended by Acts 1977, P.L.291, SEC.1; Acts 1978, P.L.2, SEC.2808; Acts 1981, P.L.250, SEC.1; P.L.265-1983, SEC.2; P.L.144-1984, SEC.1; P.L.14-1992, SEC.91.
Ind. Code § 28-1-33-8.1 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-8.1
Conversion to federally chartered credit union; requirements; date of charter conversion
Status: in_force

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

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

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

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

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

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

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

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

(b) Notwithstanding section 4 of this chapter, the converted federal credit union ceases to be a savings bank upon the issuance of the federal charter, unless the federal charter provides for a different effective date for the charter conversion.

As added by P.L.213-2007, SEC.54; P.L.217-2007, SEC.52.
Ind. Code § 28-6.1-2-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 2 / Section 28-6.1-2-3
Department
Status: in_force

Sec. 3. "Department" refers to the department of financial institutions established by IC 28-11-1-1.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-9-10 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-10
Creditor's petition asserting claim; priority or opposition to other claims; failure to appear; effect of liquidating agent's failure to petition
Status: in_force

Sec. 10. Within the time fixed by the notice, any creditor, shareholder or other person interested may, by verified petition filed in the court, assert his claim, or any priority thereon, or oppose the allowance, of any claims appearing upon the statement, or asserted by any other creditor or shareholder and the agent or any creditor, shareholder or other person interested, within such time as may have been fixed by the court, may oppose the allowance with or without priority of the claims asserted by any creditor or shareholder. The court may, upon good cause shown, extend the time for the filing of any petition or objection by any person for the allowance or disallowance of any claim herein referred to. Any creditor or shareholder who fails to appear and file his petition as is provided within the time fixed by the notice or by any extension granted by the court shall be forever barred from asserting any claim different from that recommended by the agent or from asserting any claim or priority, and from contesting or opposing the allowance, with or without priority, of any claim asserted by any creditor. If such agent shall not file a petition, as hereinbefore prescribed in this section, within sixty (60) days after the dissolution shall have been authorized, any creditor or other person asserting any claim against or any right, title or interest in and to the assets of such corporation may bring an action founded on such claim or other right in the circuit or superior court of the county in which the principal office of such corporation is located. If such petition shall have been filed on or before the date fixed for the filing of such petition with the clerk of the circuit, superior or probate court all creditors or other persons asserting any claim or other right against such corporation shall enforce such claim or other right pursuant to the provisions prescribed in this section and not otherwise.

Formerly: Acts 1933, c.40, s.151.
Ind. Code § 28-15-4-3 — Indiana Code / Title 28 / Article 15 / Chapter 4 / Section 28-15-4-3
Assessable amount
Status: in_force

Sec. 3. All deposit accounts in a mutual association are assessable only to the extent of their withdrawal value.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-1-7-18 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-18
Effective date of merger or consolidation
Status: in_force

Sec. 18. Upon the issuance of a certificate of merger or a certificate of consolidation and incorporation by the secretary of state, the merger or consolidation, as the case may be, shall be effected.

Formerly: Acts 1933, c.40, s.131.
Ind. Code § 28-6.2-7-6 — Indiana Code / Title 28 / Article 6.2 / Chapter 7 / Section 28-6.2-7-6
Plan of conversion
Status: in_force

Sec. 6. A mutual holding company organized under the laws of the United States may convert to a mutual holding company organized under this article in accordance with a plan of conversion approved by the department that is substantially the same as a plan of a mutual bank conversion authorized in IC 28-1-21.7.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.1-3-13 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-13
Meetings
Status: in_force

Sec. 13. (a) The board shall hold regular meetings at least every three (3) months.

(b) The board may provide in the bylaws of the savings bank for:

(1) regular meetings more frequent than required by subsection (a); and

(2) the calling of special meetings.

(c) The board shall keep minutes of the proceedings of each meeting in a record provided for that purpose.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-13-10-1 — Indiana Code / Title 28 / Article 13 / Chapter 10 / Section 28-13-10-1
Place of meetings; participants; means of communication; presumption of presence
Status: in_force

Sec. 1. (a) The board of directors may hold regular or special meetings in or out of Indiana.

(b) Unless the articles of incorporation or bylaws provide otherwise, the board of directors may permit any or all directors to participate in a regular or special meeting by, or conduct the meeting through the use of, any means of communication by which all directors participating may simultaneously communicate with one another during the meeting. A director participating in a meeting by this means is considered to be present in person at the meeting.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-11-9 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-9
Trust business
Status: reserved

Sec. 9. Any bank or trust company shall have power to take, accept and execute any and all legal trusts, duties, and powers in regard to the holding, management, sale and disposition of any property or estate, real or personal, wherever located, and the rents and profits thereof, which may be granted or confided to it by any court of competent jurisdiction, or by any person, corporation, municipality or other authority; to take, accept and execute any and all trusts and powers of whatsoever nature or description which may be conferred upon or entrusted or submitted to it by any person, firm, company, or any body politic, corporation, foreign or domestic, or other authority, by grant, assignment, transfer, devise, bequest or otherwise, or which may be entrusted or committed or transferred to it or vested in it by order of any court of competent jurisdiction; and generally to execute trusts of every description not inconsistent with the laws of this state or of the United States.

Formerly: Acts 1933, c.40, s.178.
Ind. Code § 28-13-4-8 — Indiana Code / Title 28 / Article 13 / Chapter 4 / Section 28-13-4-8
Repealed
Status: repealed

As added by P.L.14-1992, SEC.163. Repealed by P.L.79-1998, SEC.112.
Ind. Code § 28-1-2-3 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-3
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.6; Acts 1941, c.35, s.2; Acts 1945, c.348, s.4; Acts 1971, P.L.394, SEC.3. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-13-14-11 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-11
Articles of amendment; form
Status: in_force

Sec. 11. The form of the articles of amendment shall be prescribed and furnished by the department.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-2-2.4 — Indiana Code / Title 28 / Article 6.1 / Chapter 2 / Section 28-6.1-2-2.4
Repealed
Status: repealed

As added by P.L.136-1994, SEC.3. Repealed by P.L.27-2012, SEC.82.
Ind. Code § 28-8-4.1-1109 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1109
Material, false statements, or omissions in documents; failure to file required documents; criminal offense
Status: in_force

Sec. 1109. (a) A person who knowingly or intentionally:

(1) makes a material, false statement, or omits a material entry, in a document filed or required to be filed under this chapter, with the intent to deceive the recipient of the document; or

(2) fails to file a document required to be filed under this chapter;

commits a Class A misdemeanor, except as otherwise provided in this section.

(b) The offense described in subsection (a) is a Level 6 felony if one (1) or more of the following apply:

(1) The offense is committed not later than seven (7) years from the date the person:

(A) was convicted of a prior unrelated offense under this chapter or under IC 35-43; or

(B) was released from a term of incarceration, probation, or parole (whichever occurred last) imposed for a prior unrelated conviction for an offense under this chapter or under IC 35-43;

whichever occurred last.

(2) The amount of money or property involved is at least seven hundred fifty dollars ($750) but less than fifty thousand dollars ($50,000).

(3) The victim is:

(A) an endangered adult (as defined in IC 12-10-3-2(a)); or

(B) less than eighteen (18) years of age.

(4) The offense is committed by a person who is confined in:

(A) the department of correction;

(B) a county jail; or

(C) a secure juvenile facility.

(c) The offense described in subsection (a) is a Level 5 felony if one (1) or more of the following apply:

(1) The amount of money or property involved is at least fifty thousand dollars ($50,000).

(2) The amount of money or property involved is at least seven hundred fifty dollars ($750) and the victim is:

(A) an endangered adult (as defined in IC 12-10-3-2(a)); or

(B) less than eighteen (18) years of age.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-7.5-12 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-12
Separate and distinct corporations; effect upon liability
Status: in_force

Sec. 12. The bank, trust company, corporate fiduciary, or stock savings bank and the holding company are separate and distinct corporations. Notwithstanding any acts or omissions of the officers, directors, or shareholders of the corporations, neither of the corporations has any liability to the creditors, depositors, or shareholders of the other.

As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.70; P.L.262-1995, SEC.23.
Ind. Code § 28-15-1-15 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-15
"Unimpaired capital and unimpaired surplus"
Status: in_force

Sec. 15. "Unimpaired capital and unimpaired surplus" means capital and surplus as that term is defined in 12 CFR 3.100.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-1-2-35 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-35
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.37. As amended by P.L.263-1985, SEC.10. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-15-1-14 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-14
"Stock association"
Status: in_force

Sec. 14. "Stock association" means a savings association owned by holders of capital stock.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-12-8-3 — Indiana Code / Title 28 / Article 12 / Chapter 8 / Section 28-12-8-3
Failure to timely complete organization and transact business
Status: in_force

Sec. 3. If a corporation organized under this title does not complete its organization and proceeds with the transaction of business within six (6) months after its articles of incorporation have been approved and filed, the approval is revoked and the articles of incorporation are void, unless an extension is granted by the director of the department.

As added by P.L.11-1998, SEC.21.
Ind. Code § 28-13-13-5 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-5
"Official capacity" defined; scope of term
Status: in_force

Sec. 5. (a) As used in this chapter, "official capacity" means:

(1) when used with respect to a director, the office of director in a corporation; and

(2) when used with respect to an individual other than a director, as contemplated in section 13 of this chapter, the office in a corporation held by the officer or the employment or agency relationship undertaken by the employee or agent on behalf of the corporation.

(b) The term does not include service for any other foreign or domestic corporation or any partnership, joint venture, limited liability company, trust, employee benefit plan, or other enterprise, whether for profit or not.

As added by P.L.14-1992, SEC.163. Amended by P.L.8-1993, SEC.458.
Ind. Code § 28-6.1-9-11 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-11
Conformity with lending limitations; sanctions
Status: in_force

Sec. 11. (a) Except as otherwise provided in this article, a savings bank that holds obligations of indebtedness in violation of the limitations prescribed in this article shall take action to conform the amount of the obligations to the limitations prescribed by this article.

(b) If a savings bank fails to comply with the limitations of this article or an order of the department in relation to the limitations of this article, the department may find that the savings bank is conducting its business in an unauthorized or unsafe manner and proceed under IC 28-1-3.1-2.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-2-16-5 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-5
"Company" defined
Status: in_force

Sec. 5. As used in this chapter, "company" means any corporation, limited liability company, partnership, joint-stock company, business trust, voting trust, joint venture, association, or similar organization that has been organized or reorganized under the laws of the United States, any state of the United States, or the District of Columbia. The term may or may not include a bank holding company as the context indicates. The term does not include a bank.

As added by P.L.279-1987, SEC.9. Amended by P.L.8-1993, SEC.447.
Ind. Code § 28-8-6-902 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-902
Applicability of laws governing administrative orders and procedures; venue
Status: in_force

Sec. 902. Except as otherwise provided, IC 4-21.5 applies to and governs all agency action taken by the department under this chapter. A proceeding for administrative review under IC 4-21.5-3 or judicial review under IC 4-21.5-5 must be held in Marion County.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-1-23.2-3 — Indiana Code / Title 28 / Article 1 / Chapter 23.2 / Section 28-1-23.2-3
"Eligible individual"
Status: in_force

Sec. 3. As used in this chapter, "eligible individual", with respect to a prize linked savings program, means an individual who:

(1) is at least eighteen (18) years of age;

(2) is a member of the eligible depository financial institution conducting the prize linked savings program; and

(3) maintains a qualified account with the eligible depository financial institution conducting the prize linked savings program.

As added by P.L.135-2014, SEC.3.
Ind. Code § 28-2-14-10 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-10
Acquisitions of banks and bank holding companies
Status: repealed

Sec. 10. (a) Subject to the limitations provided in section 12 of this chapter and in IC 28-2-15-22(a) (repealed July 1, 1992) or IC 28-2-16-20(a), and after approval by the department:

(1) any bank holding company that has its principal office in Indiana is entitled to acquire one (1) or more banks or bank holding companies; and

(2) any company that has its principal office in Indiana is entitled to acquire two (2) or more banks or bank holding companies.

(b) Except as expressly permitted by this chapter and IC 28-2-13-19:

(1) a bank holding company that has its principal office in Indiana may not acquire a bank or a bank holding company; and

(2) a company that has its principal office in Indiana may not acquire two (2) or more banks or bank holding companies.

As added by P.L.265-1985, SEC.4. Amended by P.L.36-1987, SEC.11; P.L.3-1990, SEC.102; P.L.33-1991, SEC.30; P.L.42-1993, SEC.65.
Ind. Code § 28-1-30-5 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-5
Conversion procedures
Status: in_force

Sec. 5. (a) A credit union may convert to a mutual bank with the approval of the department and, if required by law, the appropriate federal agency.

(b) The department shall prescribe procedures for mutual bank conversions. The procedures must require the following:

(1) The credit union must prepare and submit to the department a plan of mutual bank conversion that:

(A) provides the terms and conditions of the mutual bank conversion as required by the department;

(B) complies with any federal requirements for conversion; and

(C) provides for a two (2) year period after conversion that a director or employee of the credit union may not acquire stock in the resulting institution or a successor institution on terms other than those readily available to all members of the former credit union.

(2) The credit union must submit evidence with the conversion plan that is satisfactory to the department proving that:

(A) the credit union has applied for deposit insurance from the Federal Deposit Insurance Corporation or its successor in interest; and

(B) upon conversion, the deposits in the resulting mutual bank will be insured by the Federal Deposit Insurance Corporation.

(3) The plan of mutual bank conversion is conditioned upon the approval of at least a majority of the total number of votes cast at a regular or special meeting of the membership.

(4) Notice of the meeting must be delivered in person to each member or mailed to each member not more than thirty (30) days but not less than fourteen (14) days before the date of the meeting.

(c) The notice of the meeting of the membership required under subsection (b)(4) must include the following:

(1) The date, time, and location of the meeting.

(2) A description of the matters to be voted upon at the meeting.

(3) A ballot that contains:

(A) two (2) voting options:

(i) a vote to approve the conversion; and

(ii) a vote to disapprove the conversion; and

(B) a notice that the member has the right to vote either by mail ballot or at the meeting.

(4) A disclosure that:

(A) the board of directors of the credit union has proposed that the credit union convert to a mutual savings bank charter;

(B) the conversion could shift voting rights from each member having one (1) vote to a certain number of shares qualifying for one (1) vote;

(C) subsequent to the conversion, management may solicit proxies and vote them as a block;

(D) a mutual savings bank can convert to a stock savings bank;

(E) upon conversion, the credit union will lose its federal tax exempt status;

(F) members may vote by mail ballot or in person at the meeting; and

(G) the complete application and proposal for the conversion are available for inspection at the credit union's offices during normal business hours.

(d) The board of directors of the converting credit union shall certify the results of the membership vote to the department within ten (10) days after the vote is taken.

(e) Upon the approval of a plan of mutual bank conversion by the board of directors of the credit union, the plan of mutual bank conversion and a certified copy of the resolution of the board of directors approving the plan of mutual bank conversion must be submitted to the department and, if required, the appropriate federal agency for approval.

(f) The credit union shall provide the department with additional relevant information concerning the plan of mutual bank conversion as requested by the department.

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-8-5-21.1 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-21.1
Applicability of law governing administrative orders and procedures; venue
Status: in_force

Sec. 21.1. Except as otherwise provided, IC 4-21.5 applies to and governs all agency action taken by the department under this chapter. A proceeding for administrative review under IC 4-21.5-3 or judicial review under IC 4-21.5-5 must be held in Marion County.

As added by P.L.35-2010, SEC.190.
Ind. Code § 28-1-21.6-11 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-11
Powers and duties of resulting commercial bank
Status: in_force

Sec. 11. Upon conversion of a savings association, the resulting commercial bank:

(1) possesses all of the rights, privileges, immunities, and powers of a commercial bank;

(2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabilities of a commercial bank; and

(3) succeeds by operation of law to all rights and property of the converting savings association and shall be subjected to all debts, obligations, and liabilities of the converting savings association as if the commercial bank had incurred the debts and liabilities.

As added by P.L.147-1990, SEC.2.
Ind. Code § 28-2-18-2 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-2
Definitions
Status: in_force

Sec. 2. The definitions set forth in sections 3 through 18 of this chapter apply throughout this chapter, unless a different meaning is required by the context.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-1-31-7 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-7
Procedures for charter conversion
Status: in_force

Sec. 7. The department shall prescribe procedures for charter conversions. The procedures prescribed by the department must include the following:

(1) The out-of-state financial institution shall prepare and submit to the department a plan of charter conversion that provides the terms and conditions of the charter conversion as required by the department.

(2) The plan of charter conversion must be adopted by not less than a majority of the board of directors of the out-of-state financial institution.

(3) Upon approval of a plan of charter conversion by the board of directors of the out-of-state financial institution, the plan of charter conversion and a certified copy of the resolution of the board of directors approving the plan of charter conversion must be submitted to the department for approval.

(4) The plan of charter conversion must 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 shareholders.

(5) The out-of-state financial institutions 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.1-2006, SEC.490.
Ind. Code § 28-8-6-903 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-903
Civil penalty for violation of chapter
Status: in_force

Sec. 903. (a) 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 chapter, impose upon the person a civil penalty not greater than ten thousand dollars ($10,000) per violation.

(b) A penalty collected under this section shall be deposited into the financial institutions fund established by IC 28-11-2-9.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-2-16-14 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-14
"Principal place of business" defined
Status: in_force

Sec. 14. For the purposes of this chapter, the "principal place of business" of a bank holding company is the state in which the total deposits of the bank subsidiaries of the bank holding company are the largest.

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-6.1-15-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-3
Conversion permitted
Status: in_force

Sec. 3. A savings bank may convert into a state bank or trust company under this chapter.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-22-23 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-23
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.346. Repealed by P.L.171-1996, SEC.44.
Ind. Code § 28-7-5-10 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-10
Closing, opening, or relocating a branch; changes and events concerning licensees or applicants; notice to department required
Status: in_force

Sec. 10. (a) Whenever a licensee:

(1) closes an existing branch; or

(2) intends to open a new branch or relocate an existing branch;

the licensee shall give written notice to the department. A licensee shall give written notice to the department of the closing of an existing branch under subdivision (1) not later than thirty (30) days after the date of the closing of the branch. Not later than thirty (30) days before the intended relocation or addition of one (1) or more branches under subdivision (2), the licensee shall provide to the department the written notice of its intention required by this section and shall request approval in a form prescribed by the director to add or relocate one (1) or more branches.

(b) 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 sections 4, 5, and 8 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 files for bankruptcy or reorganization.

(3) 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 pawnbroking or the provision of other similar services.

(4) An individual described in section 8(a)(2) or 8(a)(3) of this chapter has been convicted of a felony involving fraud, deceit, or misrepresentation under the laws of Indiana or any other jurisdiction.

Formerly: Acts 1935, c.195, s.10. As amended by P.L.14-1992, SEC.138; P.L.45-1995, SEC.26; P.L.10-2006, SEC.42 and P.L.57-2006, SEC.42; P.L.129-2020, SEC.17; P.L.32-2021, SEC.85.
Ind. Code § 28-7-2.5-9 — Indiana Code / Title 28 / Article 7 / Chapter 2.5 / Section 28-7-2.5-9
Adoption of rules
Status: in_force

Sec. 9. The department may adopt rules under IC 4-22-2 to implement this chapter.

As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
Ind. Code § 28-6.1-3-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-3
Number of trustees
Status: in_force

Sec. 3. The board of trustees of the savings bank must have at least seven (7) but not more than twenty-one (21) trustees.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-2-19 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-19
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.22; Acts 1945, c.348, s.17; Acts 1971, P.L.394, SEC.13. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-7-1-14 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-14
Fiscal year; membership meetings; voting rights
Status: in_force

Sec. 14. A credit union fiscal year shall end at the close of business on the thirty-first day of December. Special meetings of the members of any credit union may be convened by order of the board of directors or the supervisory committee, or by a petition of at least ten per cent (10%) of the members. A member shall have one (1) vote. The members may decide on any matter concerning the credit union. The members may overrule the directors, and, by a three-fourths (3/4) vote of those present, may amend the bylaws if the notice of the meeting stated the proposed amendment.

Formerly: Acts 1961, c.182, s.14. As amended by P.L.263-1995, SEC.11.
Ind. Code § 28-8-5-9 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-9
Person
Status: in_force

Sec. 9. As used in this chapter, "person" means any individual, sole proprietorship, partnership, trust, joint venture, limited liability company, corporation, unincorporated organization, or other form of entity, however organized.

As added by P.L.42-1993, SEC.86. Amended by P.L.90-2008, SEC.62.
Ind. Code § 28-15-14-1 — Indiana Code / Title 28 / Article 15 / Chapter 14 / Section 28-15-14-1
Merger, consolidation, or conversion; vote of shareholders and members required; compliance with federal law
Status: in_force

Sec. 1. (a) A savings association may be:

(1) merged or consolidated with; or

(2) converted into;

a federal savings association, under the charter of the federal savings association or under a new charter issued to the converted association or the merged or consolidated association, upon a vote of fifty-one percent (51%) or more of the votes cast at a legal meeting of the shareholders and members of the state chartered savings association called to consider the proposed merger, consolidation, or conversion.

(b) A merger, consolidation, or conversion under this section must be accomplished:

(1) in compliance with the laws of the United States relating to the merger, consolidation, or conversion; and

(2) upon terms and conditions prescribed or approved by the Office of the Comptroller of the Currency or its successor.

As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.118; P.L.29-2022, SEC.16.
Ind. Code § 28-8-6-802 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-802
Prohibited actions
Status: in_force

Sec. 802. A provider required to be licensed under this chapter shall not do any of the following:

(1) Share with an employer a portion of any:

(A) fees; or

(B) voluntary tips, gratuities, or other donations;

received from or charged to a consumer for earned wage access services.

(2) Use a consumer's credit score from a consumer report (as defined in IC 24-5-24-2) to determine:

(A) a consumer's eligibility for earned wage access services;

(B) the amount of proceeds that a consumer is eligible to request or receive in an earned wage access services transaction; or

(C) the frequency with which proceeds may be provided to a consumer through earned wage access services transactions.

(3) Accept payment of outstanding proceeds, fees, or voluntary tips, gratuities, or other donations by means of a credit card (as defined in IC 24-5-27.5-3).

(4) Charge or collect a late fee, a deferral fee, interest, or any other charge or penalty for a consumer's failure to pay outstanding proceeds, fees, or voluntary tips, gratuities, or other donations.

(5) Compel or attempt to compel a consumer to pay to the provider any outstanding proceeds, fees, or voluntary tips, gratuities, or other donations through any of the following means:

(A) The use of unsolicited outbound telephone calls to the consumer.

(B) A suit against the consumer in a court of competent jurisdiction.

(C) The use of a third party to pursue collection from the consumer on the provider's behalf.

(D) The sale of outstanding amounts to a third party collector or debt buyer for collection from the consumer.

However, this subdivision does not preclude a provider from using any of the means set forth in clauses (A) through (D) to pursue payment of outstanding amounts incurred by a consumer through fraudulent or other unlawful means, or from pursuing any available remedies against an employer for breach of the employer's contractual obligations to the provider.

(6) If the provider solicits, charges, or receives a tip, gratuity, or other donation from a consumer:

(A) mislead or deceive consumers about the voluntary nature of the tips, gratuities, or donations;

(B) represent that tips, gratuities, or donations will benefit any specific individuals; or

(C) suggest a default tip, gratuity, or other donation amount greater than zero dollars ($0).

(7) If the provider also offers small loans to consumers under IC 37-3:

(A) provide proceeds to a consumer who has a small loan outstanding from that provider, as verified by the provider in accordance with IC 37-3-3-8(d); or

(B) make a small loan to a consumer who has outstanding proceeds from that provider.

As added by P.L.222-2025, SEC.5. Amended by P.L.115-2026, SEC.67.
Ind. Code § 28-8-4.1-803 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-803
Action by licensee against authorized delegate; jurisdiction; equitable or legal relief; reporting of court order; authorized delegate's knowing failure to remit money held in trust; criminal offense
Status: in_force

Sec. 803. (a) In an action brought by a licensee against an authorized delegate, the circuit or superior court of Marion County shall have jurisdiction to grant appropriate equitable or legal relief, including:

(1) prohibiting the authorized delegate from directly or indirectly acting as an authorized delegate for any licensee in Indiana; and

(2) ordering the payment of restitution, damages, or other monetary relief;

if the court finds that the authorized delegate failed to remit money in accordance with the written contract required by section 801(b)(2) of this chapter, or as otherwise directed by the licensee or required by law.

(b) If the court issues an order under subsection (a) prohibiting a person from acting as an authorized delegate for any licensee, the licensee that brought the action shall:

(1) report the order to the director not later than thirty (30) days after the issuance of the order; and

(2) report the order through the NMLS not later than ninety (90) days after the issuance of the order.

(c) An authorized delegate who:

(1) holds money in trust for the benefit of a licensee; and

(2) knowingly fails to remit any amount of such money;

commits a Class A misdemeanor, if the amount of money described in subdivision (2) is not more than seven hundred fifty dollars ($750).

(d) An authorized delegate who:

(1) holds money in trust for the benefit of a licensee; and

(2) knowingly fails to remit any amount of such money;

commits a Level 6 felony, if the amount of money described in subdivision (2) is more than seven hundred fifty dollars ($750) but less than fifty thousand dollars ($50,000).

(e) An authorized delegate who:

(1) holds money in trust for the benefit of a licensee; and

(2) knowingly fails to remit any amount of such money;

commits a Level 5 felony, if the amount of money described in subdivision (2) is at least fifty thousand dollars ($50,000).

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-6.2-1-13 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-13
"Mutual savings bank" defined
Status: in_force

Sec. 13. "Mutual savings bank" means a financial institution:

(1) defined in IC 28-6.1-2-5; or

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

As added by P.L.122-1994, SEC.101. Amended by P.L.11-1998, SEC.12.
Ind. Code § 28-11-1-11 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-11
Delegation of power
Status: in_force

Sec. 11. The members may delegate a power or duty to:

(1) the director;

(2) an agent of the department; or

(3) an employee of the department;

by a rule of the department adopted under IC 4-22-2 or by a resolution of the members.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-13-14-7 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-7
Vote required
Status: in_force

Sec. 7. Unless this article, the articles of incorporation, or the board of directors acting under section 5 of this chapter requires a greater vote or a vote by voting groups, the amendment to be adopted must be approved by:

(1) a majority of the votes entitled to be cast on the amendment by any voting group with respect to which the amendment would create dissenters' rights; and

(2) the votes required by IC 28-13-6-6 and IC 28-13-6-7 by every other voting group entitled to vote on the amendment.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-12-5-3 — Indiana Code / Title 28 / Article 12 / Chapter 5 / Section 28-12-5-3
Return of copies bearing endorsement of secretary of state
Status: in_force

Sec. 3. The secretary of state shall return three (3) copies of the articles, bearing the endorsement of the secretary of state, to the department. The department shall return two (2) of the copies to the incorporators. The incorporators shall then file one (1) copy of the articles with the recorder's office of each county in which the corporation maintains an office.

As added by P.L.14-1992, SEC.162. Amended by P.L.122-1994, SEC.116.
Ind. Code § 28-8-1-4 — Indiana Code / Title 28 / Article 8 / Chapter 1 / Section 28-8-1-4
Application of competitive nonmember bank or trust company for service; duties
Status: in_force

Sec. 4. Whenever any bank or trust company requests bank service from a bank service corporation which supplies the same type of bank service to other banks or trust companies and the applying bank or trust company is competitive with any bank or trust company which holds stock in the bank service corporation, such corporation must agree to render such services, and either

(a) issue stock to the applying bank or trust company and furnish bank services to such applying bank or trust company on the same basis as to other banks or trust companies holding stock in the bank service corporation, or

(b) furnish bank services to the applying bank or trust company at rates no higher than necessary to reflect fairly the cost of such services including the reasonable cost of the capital provided to such corporation by its stockholders, at the option of the banking service corporation, unless comparable services at a competitive overall cost are available to the applying bank or trust company from another source, or unless the furnishing of the services sought by the applying bank or trust company would be beyond the practical capacity of the bank service corporation.

In any action or proceeding to enforce the duty imposed by this section, or for damages for the breach thereof, the burden shall be upon the bank service corporation to prove the availability of bank services from another source.

Formerly: Acts 1963, c.359, s.4.
Ind. Code § 28-13-12-4 — Indiana Code / Title 28 / Article 13 / Chapter 12 / Section 28-13-12-4
Contract rights; effect of election, appointment, or removal
Status: in_force

Sec. 4. (a) The election or appointment of an officer does not create contract rights.

(b) An officer's removal does not affect the officer's contract rights, if any, with the corporation. An officer's resignation does not affect the corporation's contract rights, if any, with the officer.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-3.1-13 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-13
Successor to closed financial institution's fiduciary duties; appointment; powers and duties; notice of appointment to interested parties
Status: in_force

Sec. 13. (a) The receiver, with the approval of the receivership court, may appoint a successor to all rights, obligations, assets, deposits, agreements, and trusts held by the closed financial institution as trustee, administrator, executor, guardian, agent, and all other fiduciary or representative capacities. The successor's duties and obligations begin upon appointment to the same extent binding upon the closed financial institution and as though the successor had originally assumed the duties and obligations. Specifically, the successor shall succeed to and be entitled to administer all trusteeships, administrations, executorships, guardianships, agencies, and all other fiduciary or representative proceedings to which the closed financial institution is named or appointed in wills, whenever probated, or to which it is appointed by any other instrument, court order, or by operation of law.

(b) This section shall not impair any right of the grantor or beneficiaries of trust assets to secure the appointment of a substituted trustee or manager.

(c) Within thirty (30) days after appointment, the successor shall give written notice, insofar as practical, to all interested parties named in:

(1) the books and records of the closed financial institution; or

(2) trust documents held by it;

that the successor has been appointed in accordance with applicable law.

(d) 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.107.
Ind. Code § 28-5-1-25 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-25
Conversion into state bank, trust company, or savings association
Status: in_force

Sec. 25. (a) Any industrial loan and investment company organized under this chapter may, upon approval of the department, convert into a state bank or trust company or a savings association.

(b) The department shall prescribe the procedure for conversion under this section. The department shall prescribe a procedure that includes the following conditions:

(1) The conversion must be proposed by the board of directors of the industrial loan and investment company in a resolution of conversion.

(2) The resolution of conversion must be adopted by an affirmative vote of at least two-thirds (2/3) of the shareholders of the industrial loan and investment company.

(3) The industrial loan and investment company must provide all relevant information requested by the department in connection with the conversion.

(c) Upon conversion, an industrial loan and investment company has all the rights, privileges, immunities, and powers, and is subject to all the duties, restrictions, penalties, and liabilities of a bank or trust company organized under IC 28-1 or a savings association organized under IC 28-4 (before its repeal) or under IC 28-15.

As added by P.L.164-1988, SEC.10. Amended by P.L.79-1998, SEC.71.
Ind. Code § 28-1-23.5-1 — Indiana Code / Title 28 / Article 1 / Chapter 23.5 / Section 28-1-23.5-1
Application of chapter
Status: in_force

Sec. 1. This chapter applies to the following financial institutions:

(1) A bank operating under IC 28-1-11.

(2) A credit union operating under IC 28-7-1.

(3) A savings bank operating under IC 28-6.1.

(4) A savings association operating under IC 28-15.

As added by P.L.10-2006, SEC.32 and P.L.57-2006, SEC.32.
Ind. Code § 28-1-7.1-11 — Indiana Code / Title 28 / Article 1 / Chapter 7.1 / Section 28-1-7.1-11
Approval of application; conditions
Status: in_force

Sec. 11. (a) The director shall condition approval of a voluntary supervisory conversion application on the applicant satisfying all of the following:

(1) The depository financial institution must complete the conversion stock sale, if any, not later than three (3) months after the director approves the application. The director may grant an extension for good cause.

(2) The depository financial institution and its acquirer must comply with all applicable laws, rules, and regulations.

(3) The depository financial institution and its acquirer must satisfy any other requirements or conditions imposed by the director.

(4) The depository financial institution involved in, or the one (1) or more entities resulting from, the voluntary supervisory conversion must obtain insurance coverage of their deposits by the Federal Deposit Insurance Corporation.

(b) The director may condition approval of a voluntary supervisory conversion application on either of the following:

(1) The applicant must satisfy any conditions and restrictions the director imposes to prevent unsafe or unsound practices, to protect the public interest, or to prevent potential injury or detriment to the depository financial institution before and after the conversion. The director may impose these conditions and restrictions on the depository financial institution (before and after the conversion), its acquirer, controlling parties, or directors and officers of the depository financial institution or its acquirer.

(2) A larger amount of capital, if necessary, for safety and soundness reasons must be infused following the voluntary supervisory conversion.

As added by P.L.89-2011, SEC.33.
Ind. Code § 28-1-31-6 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-6
Financial institution may effect charter conversion
Status: in_force

Sec. 6. An out-of-state financial institution may, upon approval of the department, effect a charter conversion.

As added by P.L.1-2006, SEC.490.
Ind. Code § 28-6.2-1-25 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-25
"Voting parties" defined
Status: in_force

Sec. 25. As used in this chapter, "voting parties" means the:

(1) depositors; and

(2) borrowers;

of a mutual savings bank.

As added by P.L.11-1998, SEC.13.
Ind. Code § 28-1-7-8 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-8
Execution of merger agreement; administrative approval; abandonment of planned merger
Status: in_force

Sec. 8. (a) After the adoption of the agreement of merger by the shareholders, the agreement shall be signed on behalf of each corporation by:

(1) its president or a vice president; and

(2) its secretary or cashier.

(b) If the department considers it to be advisable and in the best interests of the creditors and shareholders of any two (2) or more merging corporations, the corporations may merge by complying with the provisions of this chapter other than sections 3 and 5 of this chapter. However, in a merger under this subsection, waivers of the notice of meetings provided for in sections 3 and 5 of this chapter shall be procured from a majority of the shareholders of each of the merging corporations.

(c) A proposed merger may be abandoned (subject to contractual rights), without further shareholder action, in accordance with the procedure set forth in the agreement of merger or, if none is set forth, in the manner determined by the board of directors for the corporation that seeks to abandon the merger.

Formerly: Acts 1933, c.40, s.121; Acts 1965, c.356, s.7. As amended by P.L.263-1985, SEC.28; P.L.256-1989, SEC.2; P.L.122-1994, SEC.48.
Ind. Code § 28-15-15-1 — Indiana Code / Title 28 / Article 15 / Chapter 15 / Section 28-15-15-1
Extensions of credit to officers, directors, and shareholders
Status: in_force

Sec. 1. A savings association may extend credit to officers, directors, and principal shareholders of the savings association in compliance with 12 CFR 215.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-8-5-24 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-24
Civil penalties; civil action by department
Status: in_force

Sec. 24. (a) 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 chapter, impose upon the person a civil penalty not greater than ten thousand dollars ($10,000) per violation.

(b) In addition to or instead of imposing a civil penalty under subsection (a), the department may bring a civil action against a person for violating this chapter.

(c) If the court finds that the defendant is guilty of violating this chapter, the court may assess a civil penalty not to exceed five thousand dollars ($5,000) per violation.

(d) Civil penalties collected under this section shall be deposited into the financial institutions fund established by IC 28-11-2-9.

As added by P.L.42-1993, SEC.86. Amended by P.L.89-2011, SEC.67.
Ind. Code § 28-11-2-6.1 — Indiana Code / Title 28 / Article 11 / Chapter 2 / Section 28-11-2-6.1
Ethics rules and requirements; adopting additional rules
Status: in_force

Sec. 6.1. (a) The members, the director, and the employees of the department are:

(1) under the jurisdiction of, and subject to the rules adopted by, the state ethics commission; and

(2) subject to all other ethics rules and requirements that apply to the executive branch of state government.

(b) The department may adopt additional ethics rules and requirements that:

(1) apply to the members, the director, and the employees of the department;

(2) are not less stringent than the rules adopted by the state ethics commission; and

(3) are consistent with state law.

As added by P.L.213-2007, SEC.97; P.L.217-2007, SEC.95.
Ind. Code § 28-6.1-6-7 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-7
Contracting for and receiving highest rate of interest
Status: in_force

Sec. 7. A savings bank may contract for and receive on loans and discounts the highest rate of interest allowed to be contracted for and received by individuals.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-15-5-3 — Indiana Code / Title 28 / Article 15 / Chapter 5 / Section 28-15-5-3
Methods of withdrawing deposits
Status: in_force

Sec. 3. All persons, regardless of age, may become depositors in a savings association and shall be subject to the same duties and liabilities respecting their deposits. Whenever a deposit is accepted by a savings association 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 savings association 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.8.
Ind. Code § 28-2-14-1 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-1
Acquire
Status: in_force

Sec. 1. As used in this chapter, "acquire" means directly or indirectly:

(1) to merge or consolidate with;

(2) to assume control of; or

(3) to purchase all or substantially all of the assets of.

As added by P.L.265-1985, SEC.4.
Ind. Code § 28-1-7-11 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-11
Consolidation; resolution approving joint agreements; contents
Status: in_force

Sec. 11. The consolidation of any two (2) or more corporations, as authorized in section 1 of this chapter, shall be effected in the following manner. The board of directors of each corporation shall, by a resolution adopted by a majority vote of the members of such board, approve a joint agreement of consolidation setting forth the following:

(a) The names of the corporations proposing to consolidate and the name of the new corporation into which they propose to consolidate, hereinafter designated as the new corporation.

(b) The terms and conditions of the proposed consolidation and the manner of carrying such consolidation into effect.

(c) The manner and basis of converting the shares of the capital stock of each corporation into the shares of the new corporation.

(d) With respect to the new corporation, all of the statements required by IC 28-12-2 to be set forth in original articles of incorporation for corporations formed under this article.

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

Formerly: Acts 1933, c.40, s.124. As amended by P.L.263-1985, SEC.30; P.L.14-1992, SEC.69.
Ind. Code § 28-2-16-22 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-22
Injunctions
Status: in_force

Sec. 22. Any person, company, bank, or bank holding company that may be or has been injured by reason of any conduct that constitutes or will constitute a violation of this chapter by any company or bank holding company may sue the company or bank holding company to enjoin the conduct or for damages, together with the costs of suit, including reasonable attorney's fees. In addition, the department may sue to enjoin any conduct that constitutes or will constitute a violation of this chapter, or to require divestiture of any bank or bank holding company acquired in violation of this chapter.

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-13-2-1 — Indiana Code / Title 28 / Article 13 / Chapter 2 / Section 28-13-2-1
Subscription for shares; terms; call for payment; nonassessable shares; default in payment
Status: in_force

Sec. 1. (a) A subscription for shares entered into before incorporation is irrevocable for six (6) months unless the subscription agreement provides a longer or shorter period or all the subscribers agree to revocation.

(b) The board of directors may determine the payment terms of subscriptions for shares that were entered into before incorporation, unless the subscription agreement specifies terms. A call for payment by the board of directors must be uniform as far as practicable as to all shares of the same class or series, unless the subscription agreement specifies otherwise.

(c) Shares issued under subscriptions entered into before incorporation are fully paid and nonassessable when the corporation receives the consideration specified in the subscription agreement.

(d) If a subscriber defaults in payment of money or property under a subscription agreement entered into before incorporation, the corporation may collect the amount owed as any other debt. Alternatively, unless the subscription agreement provides otherwise, the corporation may rescind the agreement and may sell the shares if the debt remains unpaid more than twenty (20) days after the corporation sends written demand for payment to the subscriber.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-13-16-7 — Indiana Code / Title 28 / Article 13 / Chapter 16 / Section 28-13-16-7
Subsidiaries subject to examination
Status: in_force

Sec. 7. (a) Each qualifying subsidiary and nonqualifying subsidiary is subject to examination by the department or the appropriate federal banking supervisory authorities.

(b) If, upon examination, the department determines that a qualifying subsidiary or a nonqualifying subsidiary is operating in violation of law, regulation, or written condition or in an unsafe or unsound manner or otherwise threatens the safety and soundness of the financial institution, the department may direct the financial institution or subsidiary to take appropriate remedial action, which may include requiring the financial institution to divest or liquidate the subsidiary or discontinue specified activities.

As added by P.L.215-1999, SEC.10.
Ind. Code § 28-1-2-12 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-12
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.15; Acts 1941, c.35, s.5; Acts 1945, c.348, s.11. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-9-3-2 — Indiana Code / Title 28 / Article 9 / Chapter 3 / Section 28-9-3-2
Honoring order or instructions of depositor; liability
Status: in_force

Sec. 2. Except as provided in sections 3 and 4 of this chapter, and notwithstanding IC 34-25-3-3 or any other rule or doctrine of law that:

(1) would cause a depository financial institution to be accountable to an adverse claimant for any portion of any deposit account; or

(2) would create or impose in favor of an adverse claimant a lien, charge, encumbrance, or other right with respect to a deposit account;

a depository financial institution may, without being liable in damages to any person, honor the order or instructions of a depositor or an agent of a depositor who is authorized under records maintained by the depository financial institution to control the depositor's deposit account.

As added by P.L.258-1989, SEC.2. Amended by P.L.1-1998, SEC.156.
Ind. Code § 28-8-4.1-405 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-405
Federal law governing money transmission; state law preempted to extent of inconsistency; director's authority to provide interpretive guidance
Status: in_force

Sec. 405. (a) In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this chapter and the federal law governing money transmission shall be governed by the applicable federal law to the extent of the inconsistency.

(b) In the event of any inconsistencies between this chapter and a federal law that governs under subsection (a), the director may provide interpretive guidance that:

(1) identifies the inconsistency; and

(2) identifies the appropriate means of compliance with federal law.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-13-7-3 — Indiana Code / Title 28 / Article 13 / Chapter 7 / Section 28-13-7-3
Effective date; irrevocability; rights coupled with interest in shares
Status: reserved

Sec. 3. A voting trust becomes effective on the date the first shares subject to the trust are registered in the trustee's name. A voting trust may not be made irrevocable for a period of more than ten (10) years after the effective date of the trust unless the voting or consenting rights granted by the trust are coupled with an interest in the shares to which the rights relate. However, if the agreement so provides, the irrevocable rights may from time to time be extended for additional periods of not more than ten (10) years each as to shares deposited under the agreement whose beneficial owners assent in writing to the extension. The rights are considered to be coupled with an interest in the shares if reserved or given for any of the following:

(1) In connection with an option, authority, or contract to buy or sell the shares or part of the shares.

(2) In connection with the pledge of the shares or part of the shares to secure the performance or nonperformance of any act.

(3) In connection with the performance or nonperformance of any act, or an agreement therefor, by the corporation issuing the shares.

(4) In connection with any other act or thing constituting an interest sufficient in law to support a power coupled with it.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-29-1 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-1
Definitions
Status: in_force

Sec. 1. The following words, when used in this chapter, shall have the meaning ascribed to them unless the context clearly requires a different meaning:

(1) "Person" includes individuals, sole proprietorships, partnerships, limited liability companies, trusts, joint ventures, corporations, unincorporated organizations, other entities, and their affiliates, however organized.

(2) "Debt management company" is any person doing business as a budget counseling, credit counseling, debt management, or debt pooling service or holding the person out, by words of similar import, as providing services to debtors in the management of their debts, and having a written agreement with the debtor to disburse money or anything of value. The term includes the following:

(A) A person that simply holds any money, funds, check, personal check, money order, personal money order, draft, or any other instrument for the transmission of money.

(B) A person or an entity known as a "budget service company".

The term does not include a person that provides debt settlement services (as defined in IC 24-5-15-2.5).

(3) "License" means a license issued under the provisions of this chapter.

(4) "Licensee" means any person to whom a license has been issued pursuant to the provisions of this chapter.

(5) "Contract debtor" means a debtor who has entered into a written agreement with a licensee.

(6) "Debt" means an obligation arising out of personal, family, or household use.

(7) "Debtor" means an individual whose principal debts and obligations arise out of personal, family, or household use and not out of business purpose transactions.

(8) "Department" means the members of the department of financial institutions.

(9) "Indiana contract debtor" means a contract debtor whose principal residence is located in Indiana.

(10) "Affiliate" means a person that, directly or indirectly, through one (1) or more intermediaries:

(A) controls;

(B) is controlled by; or

(C) is under common control with;

a person subject to this chapter.

(11) "Fee" means the total amount of money charged to a contract debtor by a debt management company for the administration of a debt management plan.

(12) "Plan" means a written debt repayment program in which a debt management company furnishes debt management services to a contract debtor and that includes a schedule of payments to be made by or on behalf of the contract debtor and used to pay debts owed by the contract debtor.

(13) "Principal amount of the debt" means the total amount of a debt at the time the contract debtor enters into an agreement.

(14) "Agreement" means an agreement between a debt management company and a debtor for the performance of debt management services.

(15) "Trust account" means an account held by a licensee that is:

(A) established in a bank insured by the Federal Deposit Insurance Corporation;

(B) separate from other accounts held by the licensee;

(C) except as otherwise permitted under section 9(a) of this chapter, maintained specifically for the benefit of the licensee's Indiana contract debtors;

(D) designated as a trust account indicating that the money in the trust account is not the money of the licensee; and

(E) used to hold money of one (1) or more Indiana contract debtors for disbursement to creditors of the Indiana contract debtors.

(16) "Month" means a calendar month.

(17) "Day" means a calendar day.

(18) "Concessions" means assent to repayment of a debt on terms more favorable to a contract debtor than the terms of the contract between that debtor and a creditor.

(19) "Good faith" means honesty in fact and the observance of reasonable standards of fair dealing.

(20) "Control of a related interest" refers to a situation in which a person, directly or indirectly, or through or in concert with one (1) or more other persons, possesses any of the following:

(A) The ownership of, control of, or power to vote at least twenty-five percent (25%) of the voting securities of a related interest.

(B) The control in any manner of the election of a majority of the directors of a related interest.

(C) The power to exercise a controlling influence over the management or policies of a related interest. For purposes of this clause, a person is presumed to have control, including the power to exercise a controlling influence over the management or policies of the related interest, if the person:

(i) is an executive officer or a director of the related interest and directly or indirectly owns, controls, or has the power to vote more than ten percent (10%) of any class of voting securities of the related interest; or

(ii) directly or indirectly owns, controls, or has the power to vote more than ten percent (10%) of any class of voting securities of the related interest and no other person owns, controls, or has the power to vote a greater percentage of that class of voting securities.

(21) "Lead generator" means a person that, in the regular course of business:

(A) supplies a debt management company with the name of a potential contract debtor;

(B) directs an individual to contact or communicate with a debt management company; or

(C) otherwise refers a debtor to a debt management company.

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by P.L.14-1992, SEC.107; P.L.42-1993, SEC.46; P.L.196-1996, SEC.1; P.L.90-2008, SEC.27; P.L.35-2010, SEC.119; P.L.89-2011, SEC.36; P.L.216-2013, SEC.20.
Ind. Code § 28-6.1-8-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 8 / Section 28-6.1-8-6
Investing in dealings in exchange
Status: in_force

Sec. 6. (a) Subject to subsection (b), a savings bank may invest in dealing in exchange by purchasing and selling sight or time drafts and acceptances payable out of Indiana.

(b) A draft or an acceptance may not:

(1) exceed ten thousand dollars ($10,000); or

(2) have to exceed one hundred twenty (120) days to run from the time of its purchase.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-23.2-7 — Indiana Code / Title 28 / Article 1 / Chapter 23.2 / Section 28-1-23.2-7
Required conditions to offer and conduct a prize linked savings program
Status: in_force

Sec. 7. (a) Subject to subsections (b) and (c) and section 8 of this chapter, and subject to any rules, policies, or guidance adopted by the director under section 9 of this chapter, an eligible depository financial institution may offer and conduct a prize linked savings program if the following conditions are met:

(1) The terms and conditions of the prize linked savings program must allow an eligible individual to obtain one (1) or more entries to win a specified prize. Subject to any limits that the eligible depository financial institution may place on the number of entries that an eligible individual is permitted to obtain for any given prize linked savings program, as set forth in the terms and conditions of the prize linked savings program, the eligible depository financial institution must allow an eligible individual to obtain an entry for a prize linked savings program only by doing either or both of the following:

(A) Depositing a minimum specified amount of money in a qualified account in accordance with the terms and conditions of the prize linked savings program.

(B) Participating in one (1) or more qualified financial programs in accordance with the terms and conditions of the prize linked savings program.

(2) Each entry in the prize linked savings program must have an equal chance of being drawn.

(3) The prize linked savings program must be approved by:

(A) the director; and

(B) the eligible depository financial institution's board of directors;

before it is offered or promoted to eligible individuals by the eligible depository financial institution.

(b) An eligible depository financial institution may not conduct a prize linked savings program if the prize linked savings program will:

(1) harm the eligible depository financial institution's ability to operate in a safe and sound manner; or

(2) mislead eligible individuals or the public.

(c) An eligible depository financial institution that conducts a prize linked savings program under this chapter shall maintain books and records relating to the conduct of the prize linked savings program in the manner and for the length of time that the director may prescribe in rules, policies, or guidance adopted under section 9 of this chapter.

As added by P.L.135-2014, SEC.3.
Ind. Code § 28-1-2-40 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-40
Notice that financial institution is not in substantial compliance; hearing
Status: in_force

Sec. 40. (a) As used in this section, "act" refers to the federal Credit Card Accountability Responsibility and Disclosure Act of 2009 as it applies to Indiana borrowers.

(b) If the department receives credible evidence from any source that a financial institution that issues to Indiana borrowers an unsecured credit card that is not a debit card, as a card issuer (as defined in 15 U.S.C. 1602(o) is not in substantial compliance with the act, the director of the department shall send a notice of the evidence by certified mail to the financial institution's chief executive officer. The notice must:

(1) set forth the provisions of IC 5-13-9.5-1(c) and IC 5-13-9.5-1(d);

(2) describe the department's evidence that the financial institution is not in substantial compliance with the act;

(3) describe the consequences under IC 5-13-9.5-1(c) of a finding that the financial institution is not in substantial compliance with the act; and

(4) invite a reply that affirms or disputes the evidence of noncompliance with the act.

If a financial institution disputes the preliminary determination that it is not in substantial compliance with the act, but fails to convince the director of the department of its substantial compliance with the act, the financial institution may, within twenty (20) days of the date of the notice, request a hearing on the determination. If a hearing is requested, the department shall schedule the hearing not earlier than twenty (20) days after the date of the request. If no hearing is requested, the department's determination that the financial institution is not in substantial compliance with the act is final.

(c) Except as otherwise provided in this section, any hearing requested by a financial institution under subsection (b) and the determination by the department are subject to IC 4-21.5-3. Judicial review of the department's final determination may be obtained in accordance with IC 4-21.5-5.

(d) If a financial institution does not contest the determination that it is not in substantial compliance with the act, or the financial institution is determined under subsection (b) to not be in substantial compliance with the act, the department shall immediately notify the chairperson of the board for depositories established under IC 5-13-12 of the determination.

(e) A financial institution that has been determined by the department to not be in substantial compliance with the act may petition the department for a hearing to demonstrate that the financial institution has taken the necessary steps to attain substantial compliance with the act, and to ensure future substantial compliance with the act. The hearing and the determination by the department are subject to IC 4-21.5-3. Judicial review of the department's final determination may be obtained in accordance with IC 4-21.5-5. Upon final determination by the department, or a final judgment in the case of pending judicial review, that the financial institution is in substantial compliance with the act, the department shall immediately notify the chairperson of the board for depositories established under IC 5-13-12 of the determination or judgment.

As added by P.L.115-2010, SEC.21. Amended by P.L.7-2015, SEC.50.
Ind. Code § 28-2-16-19 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-19
Foreign bank holding company acquisition of Indiana bank or bank holding company; findings and orders
Status: in_force

Sec. 19. If the department accepts an application for processing under section 17 of this chapter, the department shall issue an order approving or disapproving the acquisition. The department shall include its findings of fact in the order. If the department holds a hearing under section 18 of this chapter, the findings of fact must include a finding that the terms and conditions of the acquisition and of the issuance and exchange of stock of the applicant for the stock of the Indiana bank or Indiana bank holding company proposed to be acquired are or are not fair and reasonable to the shareholders of the Indiana bank or Indiana bank holding company proposed to be acquired.

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-6.2-6-3 — Indiana Code / Title 28 / Article 6.2 / Chapter 6 / Section 28-6.2-6-3
Applicability of provisions of IC 28-11 and IC 28-13
Status: in_force

Sec. 3. The provisions of IC 28-11 and IC 28-13 apply to a mutual holding company as if the mutual holding company were a mutual savings bank.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-15-1-7 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-7
"Depositor"
Status: in_force

Sec. 7. "Depositor" means a person who owns a withdrawable interest in an account or deposit in a savings association.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-7-5-37.5 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-37.5
Compliance with money laundering laws; investigation and enforcement by the department
Status: in_force

Sec. 37.5. (a) A licensee shall comply with all state and federal money laundering statutes and regulations, including the following as they become applicable to licensees under this chapter:

(1) The Bank Secrecy Act (31 U.S.C. 5311 et seq.).

(2) The USA Patriot Act of 2001 (P.L. 107-56).

(3) Any regulations, policies, or reporting requirements established by the Financial Crimes Enforcement Network of the United States Department of the Treasury.

(4) Any other state or federal money laundering statutes or regulations that apply to a licensee.

(b) The department shall do the following:

(1) To the extent authorized or required by state law, investigate potential violations of, and enforce compliance with, state money laundering statutes or regulations.

(2) Investigate potential violations of federal money laundering statutes or regulations and, to the extent authorized or required by federal law:

(A) enforce compliance with the federal statutes or regulations; or

(B) refer suspected violations of the federal statutes or regulations to the appropriate federal regulatory agencies.

As added by P.L.10-2006, SEC.49 and P.L.57-2006, SEC.49.
Ind. Code § 28-6.1-15-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-2
Effective date of conversion
Status: in_force

Sec. 2. As used in this chapter, "effective date of conversion" refers to the date that the savings bank has complied with section 9 of this chapter.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-2-15 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-15
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.18; Acts 1941, c.35, s.7; Acts 1945, c.348, s.13. As amended by P.L.263-1985, SEC.5. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-1-2-28 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-28
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.30. As amended by Acts 1978, P.L.2, SEC.2803. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-13-4-4 — Indiana Code / Title 28 / Article 13 / Chapter 4 / Section 28-13-4-4
Withdrawal of capital stock prohibited
Status: in_force

Sec. 4. A corporation may not, during the time it continues in business as such, withdraw or authorize or permit to be withdrawn any portion of the capital stock in the form of dividends or otherwise.

As added by P.L.14-1992, SEC.163. Amended by P.L.262-1995, SEC.85; P.L.258-2003, SEC.25.
Ind. Code § 28-1-13-1.2 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-1.2
"Loans and extensions of credit" defined
Status: in_force

Sec. 1.2. As used in this chapter, "loans and extensions of credit" has the meaning set forth in 12 CFR 32.2.

As added by P.L.14-1992, SEC.84. Amended by P.L.90-2008, SEC.25.
Ind. Code § 28-1-33-12 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-12
Rights, privileges, obligations, and liabilities
Status: in_force

Sec. 12. At the effective time of a charter conversion under this chapter, the resulting credit union:

(1) possesses all of the rights, privileges, immunities, and powers of a credit union;

(2) unless otherwise provided in this chapter, is subject to all of the statutes, regulations, duties, restrictions, obligations, and liabilities of a credit union;

(3) succeeds by operation of law to all rights and property of the converting mutual savings bank;

(4) is subject to all debts, obligations, and liabilities of the converting mutual savings bank as if the credit union had incurred the debts, obligations, and liabilities; and

(5) may retain the borrowers and depositors of the converting mutual savings bank as members of the credit union.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-1-18.2-1.3 — Indiana Code / Title 28 / Article 1 / Chapter 18.2 / Section 28-1-18.2-1.3
Control over another company; fiduciary ownership or control of shares
Status: in_force

Sec. 1.3. (a) A company or shareholder is considered to have control over another company if:

(1) the company or shareholder, directly or indirectly, or acting through at least one (1) other person owns, controls, or has power to vote at least twenty-five percent (25%) of any class of voting securities of the other company;

(2) the company or shareholder controls in any manner the election of a majority of the directors or trustees of the other company; or

(3) the department determines, after notice and opportunity for hearing, that the company or shareholder, directly or indirectly, exercises a controlling influence over the management or policies of the other company.

(b) Notwithstanding any other provision of this chapter, a company is not considered to own or control another company by virtue of its ownership or control of shares in a fiduciary capacity, except as provided in subsection (a)(3) or if the company owning or controlling the shares is a business trust.

As added by P.L.14-1992, SEC.97.
Ind. Code § 28-1-29-7 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-7
Repealed
Status: repealed

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. Repealed by P.L.35-2010, SEC.209.
Ind. Code § 28-11-5-8 — Indiana Code / Title 28 / Article 11 / Chapter 5 / Section 28-11-5-8
Approval or disapproval of applications
Status: in_force

Sec. 8. Within a reasonable time after the application is accepted by the department for processing, but not more than one hundred twenty (120) days from the later of:

(1) the date on which the application is accepted by the department; or

(2) the date on which the hearing is held, if a hearing is held;

the department shall either approve or disapprove the application.

As added by P.L.42-1993, SEC.91. Amended by P.L.122-1994, SEC.115.
Ind. Code § 28-1-21.4-2 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-2
"Charter conversion"
Status: in_force

Sec. 2. As used in this chapter, "charter conversion" means the conversion of a mutual savings association to a stock savings association, including any of the following:

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

(2) An acquisition involving an existing corporation.

(3) A merger with an existing financial institution.

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.47.
Ind. Code § 28-7-1-30 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-30
Repealed
Status: repealed

Formerly: Acts 1961, c.182, s.30. As amended by P.L.263-1985, SEC.181. Repealed by P.L.263-1995, SEC.31.
Ind. Code § 28-1-22-18 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-18
Issuance of amended certificate of admission
Status: in_force

Sec. 18. Upon submission of an application for an amended certificate of admission, the department shall issue an amended certificate of admission, which shall be filed with the secretary of state. The secretary of state shall file one (1) copy of the amended certificate of admission issued by the department and shall issue to the corporation an original and a duplicate amended certificate of admission.

Formerly: Acts 1933, c.40, s.341. As amended by P.L.171-1996, SEC.21; P.L.63-2001, SEC.11 and P.L.134-2001, SEC.12.
Ind. Code § 28-7-1-11 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-11
Quarterly call report of credit union's condition; civil penalty for failure to report; information in report
Status: in_force

Sec. 11. Each credit union shall make a call report of its condition to the department, at least quarterly on forms and in accordance with guidelines approved by the director. Reports in addition to the regular reports may be required. A credit union that fails to comply with this section may be required by the department to pay a civil penalty of one hundred dollars ($100) for each day of noncompliance. Money paid under this section as determined by the department shall be deposited into the financial institutions fund established by IC 28-11-2-9. Except as specified in IC 28-11-3-3 concerning individual depositors, any information contained in call reports made by credit unions to the department must be made available to any person upon request.

Formerly: Acts 1961, c.182, s.11. As amended by Acts 1982, P.L.170, SEC.3; P.L.33-1991, SEC.54; P.L.228-1993, SEC.3; P.L.263-1995, SEC.9; P.L.141-2005, SEC.14; P.L.89-2011, SEC.49.
Ind. Code § 28-1-18.2-3 — Indiana Code / Title 28 / Article 1 / Chapter 18.2 / Section 28-1-18.2-3
Examination; report on failure to comply with department's recommendations or suggestions
Status: in_force

Sec. 3. (a) In making the examination of a bank or trust company, the department shall include an examination of the affairs of all the bank or trust company's affiliates necessary to disclose fully the relations between the bank or trust company and its affiliates, and the effect of those relations upon the affairs of the bank or trust company.

(b) The department may publish the report of its examination of a bank or trust company, or an affiliate, which has not, within one hundred and twenty (120) days after notification of the recommendations or suggestions of the department, based on the examination, complied with the recommendations or suggestions to the department's satisfaction. The department must give the bank or trust company or the affiliate ninety (90) days notice prior to publication of a report under this subsection.

As added by P.L.33-1991, SEC.18.
Ind. Code § 28-14-1-6 — Indiana Code / Title 28 / Article 14 / Chapter 1 / Section 28-14-1-6
"Director"
Status: in_force

Sec. 6. "Director" refers to the director of the department appointed under IC 28-11-2-1.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-21.4-15 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-15
Branches
Status: in_force

Sec. 15. A stock savings association created by charter conversion may retain all branches lawfully established.

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.58.
Ind. Code § 28-8-4.1-302 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-302
Person claiming exemption; director's authority to require information and documentation
Status: in_force

Sec. 302. The director may require any person claiming to be exempt from licensing under section 301 of this chapter to provide information and documentation to the director demonstrating that the person qualifies for any claimed exemption.

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

Sec. 4. (a) A corporate fiduciary may:

(1) lend money; and

(2) receive and hold real and personal property as security for the repayment of loans;

only as authorized in this section.

(b) A corporate fiduciary may make a loan to a fiduciary account it administers and may take security for the loan, unless the governing document prohibits borrowing money and pledging account assets. The terms of a loan described in this subsection must be comparable to the terms available from other lenders.

(c) A corporate fiduciary may make a loan to a director, an officer, or an employee of the corporate fiduciary. A loan made under this subsection must be adequately secured. Loans made under this subsection by a corporate fiduciary may not:

(1) total more than ten thousand dollars ($10,000) for each individual; or

(2) exceed five percent (5%) of total equity capital when all loans to directors, officers, and employees are aggregated.

(d) Loans made to directors, officers, and employees under subsection (c) must be made exclusively from corporate funds. Funds from a fiduciary account may not be used to make or secure a loan under subsection (c).

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-8-1-2 — Indiana Code / Title 28 / Article 8 / Chapter 1 / Section 28-8-1-2
Authority of two or more banks and trust companies to invest
Status: in_force

Sec. 2. Any two (2) or more banks or trust companies may invest in a bank service corporation an amount not to exceed ten percent (10%) of the capital and surplus of each of them as defined in IC 28-1-1.

Formerly: Acts 1963, c.359, s.2. As amended by P.L.263-1985, SEC.202; P.L.213-2007, SEC.75; P.L.217-2007, SEC.73.
Ind. Code § 28-8-4.1-704 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-704
Civil and criminal proceedings; licensee's notice to director
Status: in_force

Sec. 704. (a) A licensee shall file a report with the director not later than one (1) business day after the licensee has reason to know of the occurrence of any of the following events:

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

(2) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.

(3) The commencement of a proceeding to revoke or suspend the licensee's license in a state or country in which the licensee engages in business or is licensed.

(b) A licensee shall file a report with the director not later than three (3) business days after the licensee has reason to know of the occurrence of any of the following events:

(1) A charge or conviction of:

(A) the licensee;

(B) a key individual with respect to the licensee; or

(C) a person in control of the licensee;

for a felony.

(2) A charge or conviction of an authorized delegate for a felony.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-33-9 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-9
Voting party rights
Status: in_force

Sec. 9. The voting parties of a mutual savings bank have the voting rights set forth in IC 28-13-6-2 with respect to a charter conversion of the mutual savings bank under this chapter.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-6.2-2-9 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-9
Transfer of assets, rights, obligations, and liabilities
Status: reserved

Sec. 9. All assets, rights, obligations, and liabilities of a reorganizing savings bank that are not expressly retained by the mutual holding company shall be transferred to the resulting savings bank.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.2-5-5 — Indiana Code / Title 28 / Article 6.2 / Chapter 5 / Section 28-6.2-5-5
Repurchase of stock; written approval
Status: in_force

Sec. 5. A subsidiary savings bank of a mutual holding company that has any stockholders other than the savings bank's mutual holding company may not repurchase any share of stock within three (3) years of the stock's date of issuance without the prior written approval of the director unless the repurchase:

(1) is part of a general repurchase made on a pro rata basis under an offer approved in writing by the director and made to all stockholders of the savings bank, except that the savings bank's mutual holding company may be excluded from the repurchase with the department's approval; and

(2) is accomplished in the open market by a stock benefit plan of the savings bank in an amount reasonable and appropriate to fund the plan.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.2-1-3 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-3
"Acting in concert" defined
Status: in_force

Sec. 3. (a) "Acting in concert" means:

(1) knowing participation in a joint activity or interdependent conscious parallel action towards a common goal, whether or not under an express agreement; or

(2) a combination of pooling of voting or other interests in the securities of an issuer for a common purpose pursuant to any contract, understanding, relationship, agreement, or other arrangement, whether written or otherwise.

(b) A person or company that acts in concert with another person or company is acting in concert with any person or company who is also acting in concert with that other party, except that:

(1) an employee stock benefit plan is not acting in concert with its trustee or a person who serves in a similar capacity solely for the purpose of determining whether stock held by the trustee and stock held by the plan will be aggregated; and

(2) no officer or director of a savings bank or savings bank affiliate is acting in concert with any other officer or director of the savings bank or affiliate by reason of the service of the officer or director in those capacities.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-2-18-8 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-8
"Control" defined
Status: in_force

Sec. 8. As used in this chapter, "control" shall be construed consistently with the provisions of 12 U.S.C. 1841(a)(2).

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-8-4.1-902 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-902
Duty to refund money received for transmission; exceptions
Status: in_force

Sec. 902. (a) This section does not apply to the following:

(1) Money received for transmission that is subject to the federal Remittance Rule (12 CFR Part 1005, Subpart B).

(2) Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.

(b) A licensee shall refund to a sender, not later than ten (10) days after receipt of the sender's written request for a refund, any and all money received for transmission, unless any of the following occurs:

(1) The money has been forwarded within ten (10) days after the date on which the money was received for transmission.

(2) Instructions have been given committing an equivalent amount of money to the person designated by the sender within ten (10) days after the date on which the money was received for transmission.

(3) The agreement between the licensee and the sender instructs the licensee to forward the money at a time that is more than ten (10) days after the date on which the money was received for transmission, and the money has been forwarded in accordance with the terms of the agreement. However, if funds have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, the licensee shall issue a refund in accordance with the other provisions of this section.

(4) The refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur.

(5) The refund request does not enable the licensee to:

(A) identify the sender's name and:

(i) address; or

(ii) telephone number; or

(B) identify the particular transaction to be refunded if the sender has multiple transactions outstanding.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-12-2-3 — Indiana Code / Title 28 / Article 12 / Chapter 2 / Section 28-12-2-3
Omission of corporate powers
Status: in_force

Sec. 3. The articles of incorporation need not set forth any of the corporate powers of the corporation.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-6.1-9-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-2
Loans and extensions of credit
Status: in_force

Sec. 2. As used in this chapter, "loans and extensions of credit" includes all direct or indirect advances of funds to a person made on the basis of an obligation of that person to repay the funds or repayable from specific property pledged by or on behalf of the person. To the extent specified by the department, the term includes a liability of a savings bank to advance funds to or on behalf of a person under a contractual commitment.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-12-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 12 / Section 28-6.1-12-5
Automated teller machines
Status: in_force

Sec. 5. (a) A savings bank is entitled to open or establish an automated teller machine in any location within Indiana or as permitted by the laws of the state in which the automated teller machine is to be located.

(b) An automated teller machine may be owned or operated individually by a savings bank or jointly on a cost sharing or fee basis.

As added by P.L.42-1993, SEC.72. Amended by P.L.192-1997, SEC.15.
Ind. Code § 28-14-6-2 — Indiana Code / Title 28 / Article 14 / Chapter 6 / Section 28-14-6-2
Separate bookkeeping for fiduciary accounts; segregation of securities and property held for fiduciary accounts
Status: in_force

Sec. 2. A corporate fiduciary exercising trust powers or any powers as a fiduciary shall:

(1) keep, separate and apart from its other business, separate books and accounts for its fiduciary accounts; and

(2) keep all securities and property that is held for its fiduciary accounts (other than money) at all times segregated from and unmingled with its own securities and property.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-2-30 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-30
"Financial institution"; confidential information; disclosure prohibited
Status: in_force

Sec. 30. (a) As used in this section, "financial institution" means any bank, trust company, corporate fiduciary, savings association, credit union, savings bank, bank of discount and deposit, or industrial loan and investment company organized or reorganized under the laws of this state, and includes licensees and registrants under IC 24-7, IC 24-12, IC 28-1-29, IC 28-7-5, IC 28-8-4.1, IC 28-8-5, IC 28-8-6, IC 37-1, IC 37-2, and 750 IAC 9.

(b) Except as otherwise provided, a member of the department or the director or deputy, assistant, or any other person having access to any such information may not disclose to any person, other than officially to the department, by the report made to it, or to the board of directors, partners, or owners, or in compliance with the order of a court, the names of the depositors or shareholders in any financial institution, or the amount of money on deposit in any financial institution at any time in favor of any depositor, or any other information concerning the affairs of any such financial institution.

Formerly: Acts 1933, c.40, s.32; Acts 1937, c.33, s.2; Acts 1939, c.102, s.1; Acts 1945, c.348, s.21; Acts 1967, c.260, s.4; Acts 1971, P.L.394, SEC.14. As amended by Acts 1978, P.L.2, SEC.2804; P.L.17-1984, SEC.8; P.L.33-1991, SEC.8; P.L.136-2018, SEC.205; P.L.29-2022, SEC.9; P.L.198-2023, SEC.2; P.L.222-2025, SEC.3; P.L.115-2026, SEC.55.
Ind. Code § 28-1-32-7 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-7
Authorization to convert into credit union
Status: in_force

Sec. 7. With the approval of the department, a mutual savings association may convert into a credit union under this chapter.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-6.1-15-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-5
Terms and conditions of conversions; rights of depositors
Status: in_force

Sec. 5. The terms and conditions of conversion and the rights of the depositors under the conversion are as follows:

(1) A depositor may subscribe to the capital stock of the bank or trust company:

(A) in an amount equal to part or all of the depositor's pro rata interest in the surplus of the savings bank;

(B) in an additional amount equal to part or all of the depositor's savings deposits in the savings bank; and

(C) in other additional amounts desired by the depositor.

(2) If the aggregate subscriptions received from depositors under subdivision (1) exceed the proposed capital of the bank or trust company:

(A) the proposed capital may be increased to the extent required to eliminate the oversubscription by amending the resolution of conversion and the proposed articles of incorporation of the bank or trust company; or

(B) the subscriptions of the depositors may be ratably reduced to the extent required to eliminate the oversubscription.

(3) If the aggregate subscriptions do not amount to a full subscription to the capital stock of the bank or trust company, the trustees may open the subscription list to the general public in order to eliminate the undersubscription.

(4) Upon conversion, all savings deposits in the savings bank, except those allocated to subscriptions by depositors under subdivision (1)(C):

(A) become savings deposits in the bank or trust company; and

(B) are subject to the withdrawal restrictions applicable to savings deposits in banks or trust companies organized under IC 28-1.

(5) The rights of depositors with respect to their pro rata interests in the surplus of the savings bank are as follows:

(A) Upon conversion, the amount of the depositors' pro rata interests in the surplus of the savings bank that have not been allocated to subscriptions by the depositors under subdivision (1)(A) shall, at the election of those depositors, be paid to the depositors in cash or credited to their savings deposits in the bank or trust company. The pro rata interests of depositors who fail to make an election with respect to the distribution of the interests before the effective date of conversion shall be credited to the savings deposits of the depositors in the bank or trust company.

(B) The value of each depositor's pro rata interest in the surplus of the savings bank shall be computed by multiplying the amount in the surplus, as of the date of the resolution of conversion, by a percentage determined by dividing the total amount of savings deposits on the date of the resolution of conversion into the amount of each depositor's savings deposits on that date. Each interest shall be increased or decreased by applying the same percentage multiple to the amount of any increase or decrease in the surplus occurring within the period of time between the date of the resolution of conversion and the effective date of conversion. For purposes of this section, each depositor of the savings bank shall be considered a depositor as of the date of the resolution of conversion. Depositors of the savings bank who withdrew all of their deposits before the date of the resolution of conversion have no right or claim to any of the savings bank's surplus.

(C) Subscriptions, payments in cash, or savings deposit credits made under this section constitute satisfaction in full of each depositor's pro rata interest in the surplus of the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-13-10-11 — Indiana Code / Title 28 / Article 13 / Chapter 10 / Section 28-13-10-11
Records retention
Status: in_force

Sec. 11. (a) A corporation shall retain its business records under this section for the period required by this section.

(b) A corporation shall permanently retain:

(1) minute books of meetings of shareholders and directors;

(2) the capital stock ledger and capital stock certificate ledger or stubs;

(3) the general ledger;

(4) the daily statements of condition;

(5) the investment ledger;

(6) the copies of examination reports; and

(7) other records required by the department of financial institutions under this section.

(c) A corporation's board of directors shall develop a records retention policy. In developing the policy, the board of directors shall consider:

(1) legal actions and administrative proceedings in which the production of company records is necessary or desirable;

(2) state and federal statutes of limitation applicable to legal actions and administrative proceedings; and

(3) availability of information contained in the company records from other sources.

(d) Except for records under subsection (b) and for other records required to be permanently retained, a corporation may dispose of a record that has been retained for the period required and in the manner required by this section. A corporation is not under a duty to produce the record in an action or proceeding after the disposal of the record.

(e) This section applies to a corporation under IC 28 and to national banking associations to the extent that this section does not contravene federal law.

As added by P.L.11-1998, SEC.23.