Ind. Code § 28-6.1-15-10 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-10
Effect of conversions
Status: in_force

Sec. 10. (a) On the effective date of conversion, the existence of the savings bank ceases and the existence of the bank or trust company begins.

(b) On the effective date of conversion, the following apply:

(1) All subscriptions to shares of the capital stock of the bank or trust company previously received are considered accepted by the bank or trust company, and the subscribers for those shares, or their assigns, are considered to be shareholders of the bank or trust company.

(2) All property, all debts due on whatever account, all choses in action, and every other interest of or belonging to the converted savings bank are considered transferred to and vested in the bank or trust company without further act or deed.

(3) The bank or trust company shall be responsible and liable for the liabilities and obligations of the converted savings bank. An existing claim, an action, or a proceeding pending by or against the converted savings bank may be prosecuted to judgment as if conversion had not taken place or the bank or trust company may be substituted in the savings bank's place.

(4) The new bank or trust company has all the rights, privileges, immunities, and powers and, except as provided in this chapter, is subject to all the duties, restrictions, penalties, and liabilities of a bank or trust company organized under IC 28-1.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.2-1-12 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-12
"Mutual holding company"
Status: in_force

Sec. 12. As used in this chapter, "mutual holding company" means a mutual savings bank holding company that:

(1) is:

(A) organized under IC 28-6.2-2 or converted under IC 28-6.2-7-6; or

(B) organized under the laws of any other state or the United States; and

(2) has control over:

(A) any savings bank; or

(B) any company that is or becomes a mutual holding company under this article.

As added by P.L.122-1994, SEC.101. Amended by P.L.27-2012, SEC.90.
Ind. Code § 28-2-16-18 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-18
Exchange of stock of foreign bank holding company acquiring Indiana bank or bank holding company; request for hearing
Status: in_force

Sec. 18. (a) At the time of the filing of an application with the department, the applicant may submit a written request asking the department to hold a hearing upon the fairness of the terms, conditions, and provisions of the proposed issuance and exchange of stock of the applicant for the stock of the Indiana bank or Indiana bank holding company. If a request is submitted under this subsection, the department may hold a public hearing upon the fairness of the exchange or upon any other matter with respect to the proposed acquisition. The shareholders of a bank or bank holding company proposed to be acquired and the shareholders of the applicant may appear and offer evidence at any public hearing at which the fairness of the exchange is to be determined. At least ten (10) days before the hearing, a person desiring to appear and offer testimony must give the department written notice of the person's intent to testify. The department may require the applicant to produce such evidence as the department considers necessary to the hearing.

(b) Any public hearing held under this section must commence not less than thirty (30) days and not more than sixty (60) days after the date on which the department accepts the application for processing under section 17 of this chapter. If the department decides to hold a public hearing under this section, it shall notify the applicant no later than thirty (30) days after the department's acceptance of an application for processing and at least twenty (20) days before the hearing. The public hearing shall be held at a place, date, and time specified by the department. The department may combine any hearing held under this section with a hearing held under section 17 of this chapter. The department may assign the task of conducting the hearing to a member or employee of the department. If the department decides to hold a public hearing under this section, the applicant shall provide written notice of the date, time, place, and purpose of the hearing to each Indiana bank and each Indiana subsidiary of a bank holding company that has an office in a county in which the Indiana bank proposed to be acquired or an Indiana bank subsidiary of the Indiana bank holding company proposed to be acquired has a principal office or branch. The Indiana bank or Indiana bank holding company proposed to be acquired shall transmit the written notice to its shareholders. The notice must also be published at least twenty (20) days before the date of the hearing in a newspaper of general circulation in each county in which is located the principal office or a branch of the bank proposed to be acquired or the principal office or a branch of a bank subsidiary of the bank holding company proposed to be acquired. The notice must contain any other provision as the department may require. The applicant shall pay all expenses of providing the notice, publication, court reporter fees, department expenses, appropriate department per diem expenses, and hearing room fees, as determined by the department.

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

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

As added by P.L.279-1987, SEC.9. Amended by P.L.262-1995, SEC.60; P.L.27-2007, SEC.30.
Ind. Code § 28-1-21.7-14 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-14
Articles of conversion; filing
Status: in_force

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

As added by P.L.147-1990, SEC.3.
Ind. Code § 28-1-22-13 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-13
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.336. As amended by P.L.263-1985, SEC.89. Repealed by P.L.171-1996, SEC.44.
Ind. Code § 28-8-4.1-1105 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1105
Violations; department's authority to impose civil penalty; amount
Status: in_force

Sec. 1105. (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.198-2023, SEC.4.
Ind. Code § 28-2-17-2 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-2
Definitions
Status: in_force

Sec. 2. The definitions set forth in sections 3 through 19 of this chapter apply throughout this chapter, unless a different meaning is required by the context.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-1-21.4-11 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-11
Approval or disapproval by department
Status: in_force

Sec. 11. (a) The department may approve or disapprove the conversion plan filed under section 9 of this chapter.

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

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

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.54.
Ind. Code § 28-1-7.1-9 — Indiana Code / Title 28 / Article 1 / Chapter 7.1 / Section 28-1-7.1-9
Application to department; required information and documents
Status: in_force

Sec. 9. The following information and documents must be included in an application for a voluntary supervisory conversion made to the department:

(1) Evidence establishing that the depository financial institution with mutual ownership meets the eligibility requirements set forth in this chapter.

(2) An opinion of qualified, independent counsel or of an independent, certified public accountant concerning the tax consequences of the conversion, or an IRS ruling indicating that the transaction qualifies as a tax free reorganization.

(3) A plan of voluntary supervisory conversion that complies with section 8 of this chapter.

(4) A business plan, when required by the department.

(5) The depository financial institution's most recent audited financial statements and call report.

(6) A detailed explanation of how the current capital levels make the depository financial institution eligible to engage in a voluntary supervisory conversion under this chapter.

(7) A description of the estimated conversion expenses.

(8) Evidence supporting the value of any noncash asset contributions. Appraisals must be acceptable to the department and each noncash asset must meet all other department policy guidelines.

(9) Pro forma financial statements that reflect the effects of the transaction. The depository financial institution must identify its tangible, core, and risk based capital levels and show the adjustments necessary to compute the pro forma capital levels. The depository financial institution must prepare its pro forma statements in conformance with department regulations and policy.

(10) The proposed articles of incorporation and bylaws, if any, of the depository financial institution formed as a result of the voluntary supervisory conversion.

(11) The proposed stock certificate form, if any, for the depository financial institution formed as a result of the voluntary supervisory conversion.

(12) A copy of any agreements between the depository financial institution formed as a result of the voluntary supervisory conversion and proposed purchasers.

(13) A copy and description of all existing and proposed employment contracts. The depository financial institution formed as a result of the voluntary supervisory conversion must include information describing the term, salary, and severance provisions of the contract, the identity and background of the officer or employee to be employed, and the amount of any conversion shares to be purchased by the officer or employee or his or her affiliates (as defined in IC 28-1-18.2-1) or associates (as defined in 12 CFR 563b.25).

(14) Any:

(A) required filings under federal law; or

(B) waivers of compliance with federal law obtained as a result of conflicts with state law.

(15) Applications for permission to organize a stock association and for approval of a merger, if applicable, and a copy of any application for Federal Home Loan Bank membership or FDIC insurance of accounts, if applicable.

(16) A statement describing any other applications required under federal or state banking laws for all transactions related to the conversion, copies of all dispositive documents issued by regulatory authorities relating to the applications, and, if requested by the department, copies of the applications and related documents.

(17) A description of any of the features of the application that do not conform to the requirements of this section, including any request for waiver of such requirements.

(18) An opinion of counsel acceptable to the department as to the legality of the voluntary supervisory conversion.

(19) Any other information or documents requested by the director.

As added by P.L.89-2011, SEC.33. Amended by P.L.27-2012, SEC.42.
Ind. Code § 28-1-7-9 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-9
Execution and filing articles of merger
Status: in_force

Sec. 9. (a) After the signing of the agreement of merger under section 8 of this chapter, articles of merger shall be executed and filed in the manner provided in this section, setting forth:

(1) the agreement of merger;

(2) the fact that the merger has been approved by the department;

(3) the signatures of the corporations that are parties to the agreement;

(4) the manner of its adoption; and

(5) the vote by which adopted by each of the corporations.

(b) The articles of merger shall be signed on behalf of each corporation by its president or a vice president and by its secretary or cashier and shall be acknowledged before a notary public. The articles of merger shall then be filed with the secretary of state.

Formerly: Acts 1933, c.40, s.122. As amended by P.L.263-1985, SEC.29; P.L.122-1994, SEC.49.
Ind. Code § 28-13-16-3 — Indiana Code / Title 28 / Article 13 / Chapter 16 / Section 28-13-16-3
"Financial institution" defined
Status: in_force

Sec. 3. As used in this chapter, "financial institution" means:

(1) a bank (as defined by IC 28-1-1-3);

(2) a savings bank;

(3) a savings association; or

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

As added by P.L.215-1999, SEC.10.
Ind. Code § 28-6.1-16-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 16 / Section 28-6.1-16-1
Application of chapter
Status: in_force

Sec. 1. This chapter applies only to the following:

(1) A savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before July 1, 1993.

(2) A mutual savings bank.

(3) A stock savings bank.

As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994, SEC.99.
Ind. Code § 28-1-21.9-2 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-2
Conversion plan
Status: in_force

Sec. 2. As used in this chapter, "conversion plan" refers to the plan of charter conversion of a savings bank to a stock savings bank required by this chapter.

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.37.
Ind. Code § 28-6.1-19-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-1
Application of chapter
Status: in_force

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

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

Sec. 7. (a) A credit union may amend its articles of incorporation. An amendment shall be proposed by the board of directors by the adoption of a resolution setting forth the proposed amendment and directing that it be submitted to a vote of the shareholders upon approval by the department. If the resolution is to be proposed at the annual meeting, notice of the proposal shall be included in the notice of the annual meeting. If the resolution is to be proposed at a special meeting, the special meeting shall be called by the resolution proposing the amendment, and notice of the meeting shall be given to each member of the credit union not less than five (5) days before the meeting. The notice must state the purpose of the meeting and contain the subject of the proposed amendment.

(b) The proposed amendment shall be adopted upon receiving the affirmative votes of at least three-fourths (3/4) of the shareholders present at the meeting.

(c) Upon the adoption of an amendment to the articles of incorporation, articles of amendment shall be executed and filed in the following manner:

(1) The articles of amendment shall be prepared and signed in triplicate by the president and secretary of the credit union. The department may approve them in the manner provided in IC 28-12-5.

(2) The amendment, if approved by the department, shall be filed with the secretary of state. The secretary of state shall keep one (1) copy of the articles in his office and shall issue a certificate of amendment to the credit union. The secretary of state shall return the certificate of amendment with a copy of the articles of amendment to the credit union and file the other copy of the articles with the department. A credit union shall not exercise any power, right, or authority conferred by an amendment until a copy of the articles has been filed with the recorder of the county in which the credit union is located.

Formerly: Acts 1961, c.182, s.7. As amended by Acts 1977, P.L.294, SEC.5; P.L.14-1992, SEC.122; P.L.263-1995, SEC.5.
Ind. Code § 28-10-2-4 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-4
"Benchmark replacement conforming changes"
Status: in_force

Sec. 4. As used in this chapter, "benchmark replacement conforming changes" means any technical, administrative, or operational changes, alterations, or modifications that:

(1) are made to a contract, security, or instrument;

(2) are associated with and reasonably necessary for the use, adoption, calculation, or implementation of a recommended benchmark replacement; and

(3) either:

(A) have been selected or recommended by a relevant recommending body; or

(B) if, in the reasonable judgment of the calculating person for a particular contract, security, or instrument, the changes selected or recommended under clause (A):

(i) do not apply to the contract, security, or instrument; or

(ii) are insufficient to permit the administration and calculation of the recommended benchmark replacement;

consist of such other changes, alterations, or modifications that, in the reasonable judgment of the calculating person, are necessary to permit the administration and calculation of the recommended benchmark replacement in a manner consistent with market practice for substantially similar contracts, securities, or instruments and, to the extent practicable, in the manner in which the particular contract, security, or instrument was administered immediately before the LIBOR replacement date, and that would not result in a disposition of the contract, security, or instrument for United States federal income tax purposes.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-13-1-3 — Indiana Code / Title 28 / Article 13 / Chapter 1 / Section 28-13-1-3
Class of shares with other rights; designations, preferences, and limitations; description not exhaustive
Status: in_force

Sec. 3. (a) The articles of incorporation may authorize at least one (1) class of shares that have at least one (1) of the following characteristics:

(1) Have special, conditional, or limited voting rights, or no right to vote, except to the extent prohibited by this article.

(2) Are redeemable or convertible as specified in the articles of incorporation:

(A) at the option of the corporation, the shareholder, or another person or upon the occurrence of a designated event;

(B) for cash, indebtedness, securities, or other property; and

(C) in a designated amount or in an amount determined in accordance with a designated formula or by reference to extrinsic data or events.

(3) Entitle the holders to distributions calculated in any manner, including dividends that may be cumulative, noncumulative, or partially cumulative.

(4) Have preference over any other class of shares with respect to distributions, including dividends and distributions upon the dissolution of the corporation.

(b) The description of the designations, preferences, limitations, and relative rights of share classes in this section is not exhaustive.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-7-1-10.6 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-10.6
Issuing shares in a revocable or irrevocable trust; conditions
Status: in_force

Sec. 10.6. A credit union may issue shares in a revocable or irrevocable trust, subject to the following:

(1) If shares are issued in a revocable trust, at least one (1) of the settlors must be a member of the credit union in the settlor's own right.

(2) If shares are issued in an irrevocable trust, at least one (1):

(A) settlor; or

(B) beneficiary;

must be a member of the credit union in the settlor's or the beneficiary's own right.

(3) The name of each beneficiary must be listed for the trust, whether the trust is revocable or irrevocable.

As added by P.L.89-2011, SEC.48.
Ind. Code § 28-2-16-13 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-13
"Indiana bank subsidiary" defined
Status: in_force

Sec. 13. As used in this chapter, "Indiana bank subsidiary" means an Indiana bank that is controlled by a bank holding company.

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-11-5-3 — Indiana Code / Title 28 / Article 11 / Chapter 5 / Section 28-11-5-3
Applications to establish financial institutions
Status: in_force

Sec. 3. (a) A request to establish a financial institution must be set forth in an application:

(1) prescribed by the department; and

(2) containing the information required by the department.

(b) Within twenty (20) business days after receiving an application under this section, the department shall:

(1) accept the application for processing;

(2) request additional information to complete the application; or

(3) return the application if it is incomplete.

As added by P.L.42-1993, SEC.91. Amended by P.L.122-1994, SEC.111.
Ind. Code § 28-6.1-10-9 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-9
Purchase and sale of nonsubsidiary corporation stock
Status: in_force

Sec. 9. (a) Except as otherwise provided by law, a savings bank may not purchase shares of stock of a corporation that is not a subsidiary of that savings bank unless the purchase is considered expedient to prevent loss from a debt previously contracted in good faith.

(b) A savings bank shall sell shares of stock:

(1) acquired under subsection (a); and

(2) that the savings bank would not otherwise have been permitted to buy;

not more than six (6) months after the date of acquisition unless the director grants an extension of time for the sale.

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

Sec. 28. A credit union may:

(1) with department approval; or

(2) by meeting the department's established criteria to be exempt from the department's approval;

change its place of business. The department may deny the change of location if the new situs is undesirable or would detrimentally affect the operation of the credit union.

Formerly: Acts 1961, c.182, s.28. As amended by P.L.263-1995, SEC.25; P.L.69-2018, SEC.57.
Ind. Code § 28-6.1-18-11 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-11
Finality of judicial decisions
Status: in_force

Sec. 11. The decision of the court under section 9 or 10 of this chapter is final.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-11-3-5 — Indiana Code / Title 28 / Article 11 / Chapter 3 / Section 28-11-3-5
Schedule of fees; classification of assets; changes or modifications of fees; excess costs of examinations
Status: in_force

Sec. 5. (a) As used in this section, "assets" means the assets of a financial institution as disclosed by a report made by the financial institution at the end of the year immediately preceding the fiscal year in which a fee is fixed under this section.

(b) The department shall fix and collect, on an annual basis, a schedule of fees for the services rendered and the duties performed by the department in the administration of financial institutions.

(c) The fees may not exceed the comparative cost to the department in the administration of financial institutions. In determining the costs, the department may classify the assets of financial institutions and fix fees at different rates for the examination, supervision, regulation, and liquidation of the classes of assets, based on the proportionate cost and expense incurred by the department in making examinations and in the administration of financial institutions.

(d) The fees shall be charged and collected until changed or modified by the department. A change or modification of fees may not be adopted more often than one (1) time each state fiscal year. A modified schedule of fees is effective on the first day of the state fiscal year following the fiscal year in which the modification is adopted.

(e) Administrative charges included in the fee are in addition to charges collected under other statutes.

(f) If the reasonable costs of performing an examination of a financial institution exceed the fees established under this section, the financial institution shall pay the excess costs not later than thirty (30) days after receipt of an invoice from the department. The department may impose a fee, in an amount fixed by the department under this section, for each day that the excess costs are not paid, beginning on the first day after the thirty (30) day period described in this subsection.

As added by P.L.33-1991, SEC.56. Amended by P.L.10-2006, SEC.73 and P.L.57-2006, SEC.73; P.L.35-2010, SEC.197.
Ind. Code § 28-14-3-25 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-25
Powers relating to common trust funds
Status: in_force

Sec. 25. For the purposes of IC 30-1-8, a corporate fiduciary has the same powers and authority as a bank.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-10-2-16 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-16
"SOFR administrator's Internet web site"
Status: in_force

Sec. 16. As used in this chapter, "SOFR administrator's Internet web site" means the Internet web site of the Federal Reserve Bank of New York, or of any successor source for the secured overnight financing rate, that is identified as such by the administrator of SOFR from time to time.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-1-2-4 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-4
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.7; Acts 1971, P.L.394, SEC.4. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-7-5-7 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-7
Repealed
Status: repealed

Formerly: Acts 1935, c.195, s.7. As amended by P.L.263-1985, SEC.185; P.L.14-1992, SEC.135. Repealed by P.L.45-1995, SEC.33.
Ind. Code § 28-1-2-34 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-34
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.36; Acts 1949, c.93, s.1; Acts 1959, c.120, s.1; Acts 1967, c.260, s.6; Acts 1971, P.L.394, SEC.15. As amended by Acts 1979, P.L.256, SEC.1; P.L.168-1986, SEC.1. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-6.1-18-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-3
Resolutions of dissolution
Status: in_force

Sec. 3. (a) To dissolve a savings bank, the board must adopt a resolution of dissolution at a regular meeting or a special meeting of the board called for that purpose.

(b) A resolution of dissolution must receive the affirmative vote of at least two-thirds (2/3) of the qualified and acting trustees. The resolution must state that the board of the savings bank considers it is in the best interests of the depositors and other creditors of the savings bank that the savings bank liquidate its affairs and dissolve.

(c) If a resolution is adopted under subsection (b), a statement shall be prepared and verified by the affidavit of the president and secretary of the savings bank setting forth the following:

(1) A copy of the following:

(A) The notice of the meeting of the board at which the resolution was adopted.

(B) The resolution.

(2) The number of the then qualified and acting trustees, including the name and address of each of the trustees.

(3) The number of trustees voting for and the number voting against the resolution.

(d) The statement must be filed with the department.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-6-11 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-11
Acting as fiscal or transfer agent of government bodies
Status: in_force

Sec. 11. A savings bank may act as a fiscal or transfer agent of the United States or of any state, municipality, body politic or corporate, and in that capacity receive and disburse money.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-22-17 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-17
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.340. As amended by P.L.263-1985, SEC.91; P.L.14-1992, SEC.104. Repealed by P.L.171-1996, SEC.44.
Ind. Code § 28-6.1-14-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 14 / Section 28-6.1-14-3
Conversion procedure
Status: in_force

Sec. 3. The department shall prescribe the procedure for conversion under this chapter. The procedure must include the following:

(1) The board of the savings bank must propose a resolution of conversion.

(2) The resolution of conversion must be adopted by the affirmative vote of at least a majority of the shareholders of the savings bank.

(3) The savings bank must provide all relevant information relating to the conversion requested by the department.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-8-4.1-403 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-403
Director's authority to conduct examinations and investigations; access to records; costs of examination; persons operating without a license
Status: in_force

Sec. 403. (a) The director may conduct an examination or investigation of a licensee or an authorized delegate or otherwise take independent action authorized by this chapter, or by a rule adopted or order issued under this chapter, as reasonably necessary or appropriate to administer and enforce this chapter, regulations implementing this chapter, and other applicable law, including the Bank Secrecy Act and the USA Patriot Act of 2001 (P.L. 107-56). The director may:

(1) conduct an examination either onsite or offsite as the director may reasonably require;

(2) conduct an examination in conjunction with an examination conducted by other state agencies or agencies of another state or of the federal government;

(3) accept the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, with any such report considered, upon being accepted and for all purposes, as an official report of the director; and

(4) summon and examine under oath a key individual or employee of a licensee or authorized delegate and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.

(b) A licensee or an authorized delegate shall provide, and the director shall have full and complete access to, all records the director may reasonably require to conduct a complete examination. The records must be provided at the location and in the format specified by the director. The director may use multistate record production standards and examination procedures when those standards will reasonably achieve the purposes of this subsection.

(c) Unless otherwise directed by the director, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates.

(d) The director shall determine the sufficiency of the licensee's records and whether the licensee has made the required information reasonably available.

(e) To discover violations of this chapter, the director may investigate and examine the records of any person the director believes is operating without a license, when a license is required under this chapter. The person examined must pay the reasonably incurred costs of the examination.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-29-17 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-17
Soliciting or accepting contributions from debtors prohibited
Status: in_force

Sec. 17. Unless a fee is specifically authorized under the chapter, a licensee may not solicit or accept a voluntary contribution from a contract debtor for any service provided to the contract debtor.

As added by P.L.35-2010, SEC.139.
Ind. Code § 28-1-23-10 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-10
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.364. As amended by P.L.263-1985, SEC.102. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-1-1-5 — Indiana Code / Title 28 / Article 1 / Chapter 1 / Section 28-1-1-5
References to savings associations
Status: in_force

Sec. 5. A reference in the Indiana Code to any of the following shall be interpreted as a reference to a savings association (as defined in IC 28-15-1-11):

(1) Building and loan association.

(2) Savings and loan association.

(3) Rural loan and savings association.

(4) Guaranty loan and savings association.

(5) Mutual association.

(6) Stock association.

As added by P.L.193-1997, SEC.1.
Ind. Code § 28-8-5-16 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-16
Check cashing requirements
Status: in_force

Sec. 16. (a) A licensee must do the following:

(1) Conspicuously display at each place of business a notice to the public stating the maximum charges for cashing checks.

(2) Make payment to a customer for whom a check is being cashed upon presentment of the check.

(3) Endorse the name in which the licensee is licensed on all checks before depositing them in a financial institution.

(4) Cash a check made payable only to a natural person as payee unless the licensee has previously obtained appropriate documentation from a payee clearly indicating the authority of the natural person or persons cashing the check on behalf of the payee.

(b) If a licensee engages in a check cashing transaction in which the amount on the check is at least three thousand dollars ($3,000) or in which the sum of the amounts on two (2) or more checks from the same customer on the same day total at least three thousand dollars ($3,000), the licensee must obtain:

(1) the thumbprint of the customer or a photograph of both the customer and the check;

(2) the full name of the customer;

(3) the residence address of the customer; and

(4) the identification of the customer by:

(A) Social Security number;

(B) driver's license number;

(C) passport number; or

(D) other traceable record.

As added by P.L.42-1993, SEC.86. Amended by P.L.11-2023, SEC.91.
Ind. Code § 28-1-7.1-2 — Indiana Code / Title 28 / Article 1 / Chapter 7.1 / Section 28-1-7.1-2
"Standard conversion"
Status: in_force

Sec. 2. As used in this chapter, "standard conversion" refers to a transaction permitted under any of the following:

(1) IC 28-1-21.4.

(2) IC 28-1-21.6.

(3) IC 28-1-21.8.

(4) IC 28-1-21.9.

As added by P.L.89-2011, SEC.33.
Ind. Code § 28-1-21.9-10 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-10
Approval or disapproval of conversion plans by department; hearings; solicitation of votes
Status: in_force

Sec. 10. (a) The department may approve or disapprove the conversion plan filed under section 9 of this chapter.

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

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

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.44.
Ind. Code § 28-1-23.2-8 — Indiana Code / Title 28 / Article 1 / Chapter 23.2 / Section 28-1-23.2-8
Statement describing the terms and conditions of prize linked savings programs
Status: in_force

Sec. 8. (a) An eligible depository financial institution that offers a prize linked savings program under this chapter shall:

(1) post in any location where entries may be submitted; and

(2) disclose in any:

(A) printed materials; or

(B) electronic media;

promoting the prize linked savings program;

a statement describing the terms and conditions of the prize linked savings program.

(b) The statement required under subsection (a) must include language specifying the following:

(1) That, except for:

(A) making a deposit described in section 7(a)(1)(A) of this chapter; or

(B) participating in one (1) or more qualified financial programs, as described in section 7(a)(1)(B) of this chapter;

no other action, and no purchase or other consideration, is necessary for an entry into the prize linked savings program.

(2) That, except for:

(A) making a deposit described in section 7(a)(1)(A) of this chapter; or

(B) participating in one (1) or more qualified financial programs, as described in section 7(a)(1)(B) of this chapter;

taking any other action, or purchasing any goods or services, will not improve the odds of winning.

(3) That the odds of winning are determined based on the number of entries received.

As added by P.L.135-2014, SEC.3.
Ind. Code § 28-1-7-24 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-24
Repealed
Status: repealed

Formerly: Acts 1972, P.L.193, SEC.1. As amended by P.L.42-1993, SEC.25. Repealed by P.L.122-1994, SEC.122.
Ind. Code § 28-13-9-1 — Indiana Code / Title 28 / Article 13 / Chapter 9 / Section 28-13-9-1
Necessity of board; powers
Status: in_force

Sec. 1. (a) Each corporation must have a board of directors.

(b) All corporate powers shall be exercised by or under the authority of, and the business and affairs of the corporation managed under the direction of, the corporation's board of directors, subject to any limitation set forth in the articles of incorporation.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-2-13-21 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-21
Repealed
Status: repealed

As added by P.L.265-1985, SEC.3. Amended by P.L.279-1987, SEC.5. Repealed by P.L.33-1991, SEC.57.
Ind. Code § 28-1-1-6 — Indiana Code / Title 28 / Article 1 / Chapter 1 / Section 28-1-1-6
"Depository financial institution"
Status: in_force

Sec. 6. For purposes of IC 28-1-23-16, "depository financial institution" means a financial institution that is:

(1) a commercial bank, organized or reorganized under the law of another state (as defined in IC 28-2-17-19) or United States law;

(2) a trust company, organized or reorganized under the law of another state (as defined in IC 28-2-17-19) or United States law;

(3) a credit union, organized or reorganized under the law of another state (as defined in IC 28-2-17-19) or United States law;

(4) a savings bank, organized or reorganized under the law of another state (as defined in IC 28-2-17-19) or United States law;

(5) a savings association, organized or reorganized under Indiana law, the law of another state (as defined in IC 28-2-17-19), or United States law;

(6) a bank of discount and deposit, organized or reorganized under the law of another state (as defined in IC 28-2-17-19) or United States law;

(7) an industrial loan and investment company, organized or reorganized under Indiana law, the law of another state (as defined in IC 28-2-17-19), or United States law; or

(8) a financial institution similar to those listed in subdivisions (1) through (7), organized or reorganized under Indiana law, the law of another state (as defined in IC 28-2-17-19), or United States law.

As added by P.L.81-2001, SEC.1.
Ind. Code § 28-1-31-2 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-2
"Commercial bank"
Status: in_force

Sec. 2. As used in this chapter, "commercial bank" means a bank or trust company (as defined by IC 28-1-1-3(2)).

As added by P.L.1-2006, SEC.490.
Ind. Code § 28-6.1-7-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-3
Making FHA loans secured by mortgages
Status: in_force

Sec. 3. (a) A savings bank may make loans secured by mortgages on real property or leasehold, as the federal housing administrator insures or makes a commitment to insure, and to obtain such insurance.

(b) An Indiana law:

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

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

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

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

does not apply to loans made under this section.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-14-7.5-4 — Indiana Code / Title 28 / Article 14 / Chapter 7.5 / Section 28-14-7.5-4
Reimbursement of department; administrative expenses; payment from assets
Status: in_force

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

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

(1) final distribution of the corporate fiduciary's assets; or

(2) payments to any person described in section 3(a)(2) of this chapter.

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
Ind. Code § 28-1-7.1-4 — Indiana Code / Title 28 / Article 1 / Chapter 7.1 / Section 28-1-7.1-4
Voluntary supervisory conversion; types of transactions
Status: in_force

Sec. 4. A voluntary supervisory conversion of a depository financial institution may include one (1) or more of the following transactions:

(1) A merger of the depository financial institution into an interim depository financial institution with stock ownership.

(2) Following a conversion of the depository financial institution, a sale of shares of the converted depository financial institution directly to an acquirer, which may be a person, company, depository institution, or depository institution holding company.

(3) A merger or consolidation with an existing or newly created depository financial institution. Except as provided in this chapter, a merger or consolidation under this subdivision must be authorized by, and is subject to, any other applicable laws and regulations.

As added by P.L.89-2011, SEC.33.
Ind. Code § 28-1-21.9-8 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-8
Conversion to stock savings banks
Status: in_force

Sec. 8. With the approval of the department, a savings bank may convert its charter under this chapter.

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.41.
Ind. Code § 28-6.1-6-25 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-25
Requirement to provide property tax information in certain transactions
Status: in_force

Sec. 25. With respect to a residential real property financing or refinancing, a savings bank shall comply with IC 6-1.1-12-43.

As added by P.L.64-2004, SEC.31.
Ind. Code § 28-13-17-7 — Indiana Code / Title 28 / Article 13 / Chapter 17 / Section 28-13-17-7
Interest in financial subsidiaries engaged in financial subsidiary activities
Status: in_force

Sec. 7. (a) Notwithstanding any other law, but subject to the provisions of this chapter, a financial institution may control or hold an interest in a financial subsidiary that engages in financial subsidiary activities.

(b) This section does not require an activity to be conducted through a financial subsidiary that is authorized to be conducted directly by the financial institution.

As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.
Ind. Code § 28-8-4.1-705 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-705
Duty to comply with federal and state reporting requirements pertaining to money laundering
Status: in_force

Sec. 705. A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering. The timely filing of a complete and accurate report required under this section with the appropriate federal agency satisfies the requirements of this section.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-8-7-9 — Indiana Code / Title 28 / Article 8 / Chapter 7 / Section 28-8-7-9
Violations as deceptive acts; action by attorney general; penalties for violations
Status: in_force

Sec. 9. (a) A person that violates this chapter commits a deceptive act that is actionable by the attorney general under IC 24-5-0.5 and is subject to the remedies and penalties under IC 24-5-0.5.

(b) The attorney general may bring an action under subsection (a) against the following:

(1) The operator of a virtual currency kiosk that gives rise to a violation of this chapter.

(2) The owner of the premises on which the virtual currency kiosk is located, if the owner knowingly or intentionally permitted the violation described in subdivision (1).

(c) If a court finds that a person has knowingly or intentionally operated one (1) or more virtual currency kiosks in Indiana in violation of this chapter, the court may, in addition to any other penalty imposed under IC 24-5-0.5, order one (1) or more of the following:

(1) That the person forfeit and pay to the state the amount of any charges that were collected by the person from users of the virtual currency kiosk or kiosks during the period in which the person operated the virtual currency kiosk or kiosks in violation of this chapter.

(2) That the person forfeit to the state any virtual currency kiosk that is owned by the person and located in Indiana.

(3) That the person pay to the attorney general all costs associated with the investigation of the violation.

(d) The remedies and penalties under this section are not exclusive and are cumulative to any other remedy or penalty to which a person may be liable for conduct that violates this chapter.

As added by P.L.143-2026, SEC.2.
Ind. Code § 28-8-7-6 — Indiana Code / Title 28 / Article 8 / Chapter 7 / Section 28-8-7-6
"Virtual currency kiosk"
Status: in_force

Sec. 6. As used in this chapter, "virtual currency kiosk" means an electronic terminal through which the operator of the electronic terminal is able to conduct or facilitate a virtual currency transaction on behalf of a third party, including by:

(1) connecting to a separate virtual currency exchange that performs the transaction; or

(2) drawing on virtual currency in the possession of the operator.

As added by P.L.143-2026, SEC.2.
Ind. Code § 28-1-3.1-8 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-8
Claims; presentation; notice; rejection
Status: in_force

Sec. 8. (a) All parties having claims against the closed financial institution shall present their claims supported by proof to the receiver within one hundred eighty (180) days after the department has taken possession.

(b) The receiver shall cause notice of the claims procedure prescribed by this section to be:

(1) published once a week for twelve (12) consecutive weeks in a newspaper of general circulation published in the county in which the receivership court is located; and

(2) mailed to each person whose name appears as a creditor upon books of the financial institution at the person's last address of record.

(c) Within one hundred eighty (180) days following receipt of claim, the receiver shall notify in writing any claimant whose claim has been rejected. Notice is effective when mailed. Any claimant whose claim has been rejected by the receiver may petition the receivership court for a hearing on the claim within sixty (60) days from the date the claim is rejected.

(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.103.
Ind. Code § 28-2-17-19 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-19
"State" defined
Status: in_force

Sec. 19. As used in this chapter, "state" means any of the following:

(1) Any state of the United States.

(2) The District of Columbia.

(3) Puerto Rico.

(4) Guam.

(5) American Samoa.

(6) The Trust Territory of the Pacific Islands.

(7) The Virgin Islands.

(8) The Northern Mariana Islands.

(9) Any territory of the United States.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-7-1-20 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-20
Repealed
Status: repealed

Formerly: Acts 1961, c.182, s.20. As amended by Acts 1973, P.L.280, SEC.13. Repealed by Acts 1976, P.L.123, SEC.3.
Ind. Code § 28-13-10-9 — Indiana Code / Title 28 / Article 13 / Chapter 10 / Section 28-13-10-9
Legal holidays; resolution concerning days other than legal holidays; banking hours; emergencies affecting office hours
Status: in_force

Sec. 9. (a) As used in this section, "emergency" means:

(1) any condition or occurrence that:

(A) may interfere physically with the conduct of normal business operations; or

(B) poses an imminent or existing threat to the safety or security of persons, property, or both persons and property;

at one (1) or more of the offices of a corporation;

(2) any condition or occurrence that:

(A) is declared a state of disaster emergency by the governor under IC 10-14-3-12; and

(B) applies to an area that includes one (1) or more of the offices of a corporation; or

(3) the death of or funeral services for an employee, officer, or director of a corporation or for a former employee, officer, or director of a corporation.

(b) A corporation may be closed on any part of a legal holiday by giving reasonable notice to its customers of its intention to be closed in observance of the holiday.

(c) Whenever a corporation is to be closed on a day or part of a day other than a legal holiday, the board of directors shall pass a resolution concerning the closing, and give reasonable notice of the closing to the customers of the corporation.

(d) The board of directors of a corporation may establish and observe different banking hours and designate different fixed days, if any, for closing the principal office and each separate branch office of the corporation.

(e) Any day designated by the President of the United States or by the governor as a day of mourning, celebration, or other special observance is a legal holiday for corporations.

(f) Whenever the officers of a corporation believe that an emergency exists or is impending, which affects or may affect one (1) or more of a corporation's offices, the officers have the authority, in the reasonable and proper exercise of their discretion, to determine not to open any one (1) or more of such offices or, if having opened, to close any one (1) or more of such offices during the continuation of the emergency. The office or offices so closed shall remain closed until the time the officers determine that the emergency has ended. However, such office or offices may not remain closed for more than forty-eight (48) consecutive hours on business days, excluding other legal holidays, without providing prior notice to the director of the department of financial institutions.

(g) A corporation closing an office or offices under subsection (f) shall give prompt notice of its action to the director of the department of financial institutions.

(h) Any date on which a corporation is closed under this section is a legal holiday with respect to the business affairs of the corporation. No liability or loss of rights of any kind, on the part of any corporation, director, officer, or employee, accrues or results by virtue of any closing authorized by this section.

As added by P.L.176-1996, SEC.30. Amended by P.L.90-2008, SEC.78; P.L.137-2014, SEC.41.
Ind. Code § 28-1-9-17 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-17
Certificate of incorporators or articles of dissolution; recording
Status: in_force

Sec. 17. The corporation shall then file for record with the county recorder of the county or counties in which the articles of incorporation were or should have been recorded, as provided in IC 28-12-8, one (1) of the triplicate copies of the certificate of the incorporators or of the articles of dissolution bearing the endorsement of the approval of the secretary of state as provided in section 16 of this chapter.

Formerly: Acts 1933, c.40, s.158. As amended by P.L.263-1985, SEC.49; P.L.14-1992, SEC.79.
Ind. Code § 28-3-2-2 — Indiana Code / Title 28 / Article 3 / Chapter 2 / Section 28-3-2-2
Plan of conversion, merger, or consolidation; required approvals
Status: in_force

Sec. 2. The plan of conversion, merger, or consolidation shall be approved by the board of directors of the bank or trust company and shall be approved by the board of directors of the national banking association. In cases where a national banking association proposes to convert into a resulting bank or trust company, it shall follow the procedure prescribed by the laws of the United States and shall be granted a charter under and pursuant to the provisions of IC 28-1 or IC 28-12 upon filing articles of incorporation on forms prescribed by the director of the department of financial institutions and approved by the holders of at least two-thirds (2/3) of each class of the capital stock of the national banking association and with the approval of the department of financial institutions, as provided in section 1 of this chapter. In cases where a national banking association proposes to merge or consolidate with a resulting bank or trust company, the plan of merger or consolidation shall be in accordance with and subject to, and shall have the effect provided in, IC 28-1 pertaining to the merger and consolidation of banks and trust companies except as otherwise expressly provided in this chapter, but the provisions of IC 28-1-7-21 shall not apply to the extent that the provisions thereof conflict with the laws of the United States pertaining to the rights of dissenting shareholders of any national banking association upon the merger or consolidation of such association with a bank or trust company.

Formerly: Acts 1953, c.69, s.2. As amended by P.L.263-1985, SEC.129; P.L.14-1992, SEC.110; P.L.171-1996, SEC.39.
Ind. Code § 28-13-4-2 — Indiana Code / Title 28 / Article 13 / Chapter 4 / Section 28-13-4-2
Share dividend or distribution dates of record, declaration, and payment
Status: in_force

Sec. 2. The board of directors may fix a record date, declaration date, and payment date with respect to any share dividend or distribution to the shareholders of the corporation. If the board of directors does not fix the record date for determining shareholders entitled to a distribution, other than one involving a repurchase or reacquisition of shares, the record date is the date the board of directors authorizes the distribution.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-9-4-2 — Indiana Code / Title 28 / Article 9 / Chapter 4 / Section 28-9-4-2
Receipt of notice from an adverse claimant who is a money judgment creditor; restriction on withdrawal from deposit account; expiration of restriction
Status: in_force

Sec. 2. (a) Upon receipt from an adverse claimant who is a money judgment creditor of the documents and process required under IC 28-9-3-4(d), a depository financial institution shall:

(1) deduct and obtain from the deposit account the full amount of the fee specified in section 3(b) of this chapter;

(2) within a commercially reasonable time after receiving the documents and process, restrict withdrawal of funds in the deposit account identified in the documents and process in an amount equal to the lesser of:

(A) the unpaid amount of the judgment specified by the documents and process; or

(B) the balance in the account at the time of receipt of the documents and process;

less one-half (1/2) of the amount of the fee deducted under subdivision (1);

(3) if the depository financial institution places a hold on the deposit account of a judgment defendant who is an individual, within one (1) working day after the hold has been placed, send to each depositor whose deposit account is affected at the last known address of such depositor or depositors (as the address is shown by the records of the depository financial institution with respect to that deposit account) a copy of the notice or order containing the notice specified in IC 28-9-3-4(d)(3) and a written notification advising the depositor or depositors that the hold has been placed; and

(4) if the depository financial institution places a hold on the deposit account of a judgment defendant who is not an individual, within one (1) working day after the hold has been placed, send to each depositor whose deposit account is affected at the last known address of such depositor or depositors (as the address is shown by the records of the depository financial institution with respect to that deposit account) a written notification advising the depositor or depositors that the hold has been placed.

(b) The restriction on withdrawal from a deposit account imposed by a depository financial institution under this section may not exceed ninety (90) days, pending a court's determination of the adverse claimant's rights to the amount restricted.

(c) If:

(1) ninety (90) days have elapsed after the hold is placed on a deposit account; and

(2) an apparently valid order of a court has not been served upon the depository financial institution that directs the depository financial institution to begin or to continue to restrict withdrawals from a deposit account;

the restriction on withdrawal from the deposit account imposed under subsection (a) expires.

As added by P.L.258-1989, SEC.2. Amended by P.L.89-1998, SEC.2.
Ind. Code § 28-2-17-1 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-1
Purpose of chapter
Status: in_force

Sec. 1. It is the intent of this chapter to permit interstate branching by merger under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (P.L. 103-328) in accordance with the provisions set forth in this chapter.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-6.1-6-10 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-10
Receiving deposits of state and federal public funds
Status: in_force

Sec. 10. (a) A savings bank may receive deposits of state and federal public funds:

(1) on the same terms and conditions;

(2) with the same rights and privileges; and

(3) subject to the same duties and obligations;

as provided by law for banks of discount and deposit, trust companies, and other financial institutions.

(b) The power under subsection (a) includes the right to pledge securities or other assets for the repayment of the deposits if the pledge is permitted by applicable law or regulation.

As added by P.L.42-1993, SEC.72. Amended by P.L.35-2010, SEC.145.
Ind. Code § 28-1-23.5-3 — Indiana Code / Title 28 / Article 1 / Chapter 23.5 / Section 28-1-23.5-3
Consistency with safety and soundness standards, consumer protection laws, and supervisory guidance
Status: in_force

Sec. 3. An electronic activity performed by a financial institution must be consistent with the following:

(1) Standards used by the department to determine whether a financial institution is operating or will operate in a safe and sound condition.

(2) State and federal consumer protection laws and regulations.

(3) State or federal supervisory guidance considered necessary or appropriate by the director.

As added by P.L.10-2006, SEC.32 and P.L.57-2006, SEC.32.
Ind. Code § 28-1-1-3.5 — Indiana Code / Title 28 / Article 1 / Chapter 1 / Section 28-1-1-3.5
Affiliate relationship
Status: in_force

Sec. 3.5. Except as otherwise provided, for purposes of this title, a company is an affiliate of any financial institution or other person subject to this title if the company bears the same relationship to the financial institution or person subject to this title as a company described in IC 28-1-18.2-1 bears to a bank.

As added by P.L.10-2006, SEC.27 and P.L.57-2006, SEC.27.
Ind. Code § 28-2-18-16 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-16
"Out-of-state bank" defined
Status: in_force

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

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-13-4-9 — Indiana Code / Title 28 / Article 13 / Chapter 4 / Section 28-13-4-9
Parity of shareholder distribution with corporate indebtedness to unsecured creditors
Status: in_force

Sec. 9. A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with this chapter is on a parity with the corporation's indebtedness to the corporation's general, unsecured creditors except to the extent subordinated by agreement.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-8-6-301 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-301
Applicability of chapter
Status: in_force

Sec. 301. This chapter does not apply to the following:

(1) A federally insured depository financial institution, which may provide earned wage access services in Indiana without obtaining a license under this chapter.

(2) An individual employed by:

(A) a licensee; or

(B) a person exempt from the licensing requirements of this chapter;

when acting within the scope of employment and under the supervision of the licensee or exempt person as an employee and not as an independent contractor.

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

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-1-7-5 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-5
Submission of merger agreement; vote required
Status: in_force

Sec. 5. The agreement of merger shall be submitted to a vote of the shareholders of each corporation, at the meeting directed by the resolution of the board of directors of each corporation, and the agreement shall be adopted by each corporation upon receiving the affirmative votes of the holders of a majority of the outstanding shares of the capital stock of the corporation. A mutual savings association or mutual savings bank shall adopt the agreement upon receiving the affirmative vote of fifty-one percent (51%) or more of the votes cast at the meeting called to consider such agreement of merger.

Formerly: Acts 1933, c.40, s.118; Acts 1959, c.348, s.1. As amended by P.L.122-1994, SEC.46; P.L.79-1998, SEC.37; P.L.90-2008, SEC.22.
Ind. Code § 28-6.1-18-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-1
Application of chapter
Status: in_force

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

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-8-6-507 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-507
Suspension or revocation of a license; compliance with requirements
Status: in_force

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

(b) An applicant for an earned wage access services license must demonstrate that it meets or will meet, and an earned wage access services licensee must at all times meet, the requirements set forth in section 505 of this chapter.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-1-23-12 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-12
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.367. Repealed by Acts 1978, P.L.2, SEC.2824.
Ind. Code § 28-7-1-19.1 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-19.1
Classification as adequately capitalized or lower; net worth requirements; exception
Status: in_force

Sec. 19.1. (a) Beginning on the effective date of a credit union's classification as adequately capitalized or lower, the credit union must increase the dollar amount of the credit union's net worth on a quarterly basis, either:

(1) in the current quarter; or

(2) on average over the current quarter and the preceding three (3) quarters;

by an amount equal to at least one-tenth of one percent (0.1%) of the credit union's total assets (or by a greater amount at the election of the credit union) until the credit union is classified as well capitalized.

(b) Upon written application:

(1) made by a credit union described in subsection (a); and

(2) received by the director and the credit union's share insurer not later than fourteen (14) days before the end of the applicable quarter;

the director and the credit union's share insurer may permit the credit union to increase the dollar amount of the credit union's net worth by an amount that is less than the amount set forth in subsection (a), to the extent the director and the credit union's share insurer determine that the lesser amount is necessary to avoid a significant redemption of the credit union's shares, and would further the purposes of section 19(b) of this chapter.

(c) A decision under subsection (b) is subject to quarterly review and revocation unless the credit union is operating under an approved net worth restoration plan that is in accordance with the decision under subsection (b).

As added by P.L.197-2023, SEC.15.
Ind. Code § 28-1-21.9-11 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-11
Conditions for approval of conversion plans
Status: in_force

Sec. 11. The department may not approve the conversion plan unless the department finds, after appropriate investigation or examination, all of the following:

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

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

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

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

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.45.
Ind. Code § 28-7-1-15 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-15
Selection of board of directors, supervisory committee, and credit committee; oath; term length; replacement of chief executive officer; qualification criteria
Status: in_force

Sec. 15. (a) At the annual meeting, the members shall elect a board of directors and a supervisory committee.

(b) The bylaws:

(1) may provide for a credit committee; and

(2) if a credit committee is provided for, must state whether the credit committee is to be elected by the members or appointed by the board of directors.

(c) The credit committee must consist of not fewer than three (3) nor more than seven (7) members. A director may not be a member of either the credit committee or the supervisory committee.

(d) Each member of the board and each member of the credit committee or the supervisory committee shall take an oath. The length of the term of a member of the board or of the credit committee or the supervisory committee must be set forth in the bylaws.

(e) If a credit union replaces the chief executive officer of the credit union, the credit union shall give the department written notice of the replacement not later than thirty (30) days after replacing a person as the chief executive officer.

(f) Each individual elected or appointed to serve as a director, supervisory committee member, or credit committee member of a credit union, or as a member of any other committee that performs significant ongoing functions relating to the ongoing operations of the credit union, shall meet all of the following criteria:

(1) The individual is a member of the credit union and in good standing according to reasonable criteria established by the credit union board.

(2) The individual is acceptable as a bonding risk by a bonding company licensed to do business in this state.

(3) The individual has not been removed as a director, officer, committee member, or employee of a financial institution by a federal regulator, a state regulator, or a court with jurisdiction.

(4) The department has not removed the individual as a director, officer, committee member, or employee of a credit union, financial institution, or other legal entity under the department's enforcement powers under any law of this state.

(5) The individual has not been convicted of a crime involving dishonesty or breach of trust.

(6) The individual is not habitually negligent in paying the individual's financial obligations as determined by criteria reasonably established by the credit union board.

(7) The individual has not been convicted by a court with jurisdiction of a violation, or found in violation by a court with jurisdiction or the department, of any law of this state enforced or administered by the department.

(g) If an individual no longer meets one (1) or more of the requirements of subsection (f) while serving as a director, supervisory committee member, or credit committee member of a credit union, or as a member of any other committee that performs significant ongoing functions relating to the ongoing operations of the credit union, the:

(1) individual immediately shall be removed from that office without further action of the members of the credit union board; and

(2) credit union shall appoint or elect a replacement to fill the vacancy in the manner described in the bylaws.

Formerly: Acts 1961, c.182, s.15. As amended by Acts 1977, P.L.294, SEC.7; P.L.270-1983, SEC.4; P.L.263-1995, SEC.12; P.L.35-2010, SEC.154.
Ind. Code § 28-2-16-25 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-25
Rules
Status: in_force

Sec. 25. The department may adopt rules under IC 4-22-2 to implement this chapter.

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-1-18.2-2 — Indiana Code / Title 28 / Article 1 / Chapter 18.2 / Section 28-1-18.2-2
Statement of financial condition; requirements; extension of time; additional statements; penalty for failure to furnish statement
Status: in_force

Sec. 2. (a) Within thirty (30) days after receipt of a request from the department, a bank or trust company shall furnish to the department a statement of financial condition of the affiliates identified in the request.

(b) The statements furnished under subsection (a) must:

(1) be dated at least six (6) months apart; and

(2) contain the information that in the judgment of the department:

(A) is necessary to disclose fully the relations between the affiliate and the bank or trust company; and

(B) will enable the department to inform itself as to the effect of the relations upon the affairs of the bank or trust company.

(c) The department may, for good cause shown, extend the time for furnishing the statements requested under subsection (a).

(d) The department may request additional statements of financial condition with respect to an affiliate when, in its judgment, additional statements are necessary to obtain a full and complete knowledge of the conditions of the bank or trust company with which it is affiliated. Additional statements of condition shall be transmitted to the department in the form prescribed by the department.

(e) If a bank or trust company fails to furnish a statement of condition of an affiliate that may be required under this article, that bank or trust company is subject to a penalty of one hundred dollars ($100) for each day during which the failure continues. The department may recover a penalty imposed by this subsection in a court of competent jurisdiction.

As added by P.L.33-1991, SEC.18.
Ind. Code § 28-15-11-2 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-2
"Alternative mortgage loan"
Status: in_force

Sec. 2. As used in this chapter, "alternative mortgage loan" means a mortgage loan authorized by this chapter.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-1-21.8-3 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-3
Repealed
Status: repealed

As added by P.L.42-1993, SEC.43. Repealed by P.L.27-2012, SEC.65.
Ind. Code § 28-1-26.5-1 — Indiana Code / Title 28 / Article 1 / Chapter 26.5 / Section 28-1-26.5-1
Estoppel by representation
Status: in_force

Sec. 1. When, in case of any loan or sale made by any seller, creditor or secured party, the borrower, or any other person furnishing security on behalf of the borrower, shall, as an inducement to the seller, creditor or secured party to make the loan or sale, represent to it, in writing, that he or she is eighteen (18) years of age or older, whereas in fact such person or persons are under the age of eighteen (18) years, or shall otherwise make any false statement or representation to the seller, creditor or secured party and the seller, creditor or secured party is thereby deceived, and the loan or sale is made in reliance upon such representation, neither the person so representing, nor any one in his or her behalf, nor any person otherwise legally liable to pay such loan or sale, shall afterwards be allowed, as against such seller, creditor or secured party, to take advantage of the fact that the person making the representation was under eighteen (18) years of age, but each such person shall be estopped by such representation.

Formerly: Acts 1973, P.L.280, SEC.14.
Ind. Code § 28-15-1-5 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-5
"Deposit account"
Status: in_force

Sec. 5. (a) "Deposit account":

(1) means the total monetary interest of a depositor in a savings association; and

(2) consists of the withdrawal value of such interest.

(b) For the purposes of IC 28, a "share account" in a share account association organized and existing before January 1, 1997, has the same meaning as a deposit account.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-1-23.2-6 — Indiana Code / Title 28 / Article 1 / Chapter 23.2 / Section 28-1-23.2-6
"Prize linked savings program"
Status: in_force

Sec. 6. As used in this chapter, "prize linked savings program" means a contest:

(1) that is associated with one (1) or more qualified accounts or one (1) or more qualified financial programs offered by an eligible depository financial institution to eligible individuals;

(2) that is conducted by an eligible depository financial institution, alone or together with one (1) or more other businesses;

(3) that offers eligible individuals one (1) or more chances to win designated prizes; and

(4) in which:

(A) the sole consideration for a chance to win a designated prize is obtained by:

(i) depositing a minimum specified amount of money in a qualified account; or

(ii) participating in one (1) or more qualified financial programs; and

(B) each entry has an equal chance of being drawn.

As added by P.L.135-2014, SEC.3.
Ind. Code § 28-15-11-9 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-9
"Reverse annuity mortgage loan" or "RAM loan"
Status: in_force

Sec. 9. As used in this chapter, "reverse annuity mortgage loan" or "RAM loan" means a mortgage loan that:

(1) provides periodic payments to the borrower based on the accumulated equity in the real estate securing the loan, with payments made directly by the lender or through the purchase of an annuity from an insurance company; and

(2) becomes due either:

(A) at a specified date; or

(B) on the occurrence of a specified event, such as a sale of the real estate securing the loan or the death of the borrower.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-8-4.1-1201 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1201
Applying and construing law; consideration of uniformity of law among enacting states
Status: in_force

Sec. 1201. In applying and construing this chapter, consideration may be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-6.1-10-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-4
Dealings for bank's own account
Status: in_force

Sec. 4. Except as otherwise provided in this article, a savings bank may not deal in investment securities for its own account.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-2-18-27 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-27
Rules
Status: in_force

Sec. 27. The department may adopt policies or adopt rules under IC 4-22-2 it determines necessary or appropriate to implement this chapter.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-1-22-2 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-2
Authorized business; equality of rights and privileges with domestic corporations
Status: in_force

Sec. 2. (a) No foreign corporation shall be admitted for the purpose of transacting any kind of business in this state, the transaction of which by domestic corporation is not permitted by the laws of this state.

(b) A foreign corporation admitted to do business in this state shall have the same rights, privileges, and restrictions as domestic corporations of like character or charter, and to the same extent as if it had been organized under this article, to transact the business for which its certificate of admission is issued.

Formerly: Acts 1933, c.40, s.325. As amended by P.L.263-1985, SEC.85; P.L.171-1996, SEC.9.
Ind. Code § 28-6.2-3-4 — Indiana Code / Title 28 / Article 6.2 / Chapter 3 / Section 28-6.2-3-4
Stock issuance plan requirements
Status: in_force

Sec. 4. A stock issuance plan must do the following:

(1) Describe all significant terms of the proposed stock issuance and include:

(A) any proposed stock order form; and

(B) any agreement or other document defining or limiting the rights of stockholders.

(2) Provide that the aggregate outstanding voting common stock owned or controlled by persons other than the mutual holding company at the close of the issuance must be less than fifty percent (50%) of the total number of shares of outstanding voting common stock. This provision may be omitted if the issuance will be conducted by a savings bank that was in the stock form when acquired by its mutual holding company parent if the savings bank is not a resulting savings bank or an acquiree savings bank. Any stock that has no present or contingent voting rights may be issued by a savings bank subsidiary of a mutual holding company to persons other than the savings bank's mutual holding company, consistent with applicable law.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-5-1-14 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-14
Surplus account; dividends
Status: in_force

Sec. 14. Every such company shall on June 30 and December 31 of each year, and before the payment of any dividends on its outstanding stock, transfer to its surplus account a credit equal to five per cent (5%) of the net earnings of such company for the preceding six (6) months and shall accumulate such surplus account until the unimpaired amount thereof equals the amount of the capital stock of such company. No such company shall declare or pay dividends upon its stock in any form unless its capital is unimpaired and unless a surplus fund equal to twenty-five per cent (25%) of its capital has been accumulated and is maintained unimpaired. Thereafter any such company may annually or semiannually, but not more frequently declare and pay a dividend of so much of its net earnings as may be deemed expedient, but the rate of such dividend shall not exceed the rate of six per cent (6%) per annum upon the book value of its shares, as determined by the department, until the unimpaired surplus fund of the company is equal to the amount of its unimpaired capital stock.

Formerly: Acts 1935, c.181, s.14.
Ind. Code § 28-6.1-7-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-4
Purchasing, investing in, and disposing of FHA and national mortgage association bonds, notes, and debentures
Status: in_force

Sec. 4. (a) A savings bank may purchase, invest in, and dispose of any of the following:

(1) Notes or bonds secured by mortgage or trust deed insured by the federal housing administrator.

(2) Debentures issued by the federal housing administrator.

(3) Bonds or other securities issued by national mortgage associations.

(b) An Indiana law:

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

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

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

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

does not apply to purchases, investments, or dispositions made under this section.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-11-4-2 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-2
Unsafe or unsound practices or violations of law; notice of charges; joint exercise of enforcement powers with federal regulators
Status: in_force

Sec. 2. If the director has reasonable cause to believe that a financial institution:

(1) has engaged, is engaging, or will engage in an unsafe or unsound practice in conducting the business of the financial institution; or

(2) has violated, is violating, or will violate a:

(A) statute;

(B) rule;

(C) condition imposed in writing by the director in connection with the granting of an application or other request by the financial institution; or

(D) written agreement entered into with the department;

the director may issue and serve upon the financial institution a notice of charges of the practice or violation. The department may, when appropriate, exercise enforcement powers under this chapter jointly with a financial institution's primary federal regulator.

As added by P.L.33-1991, SEC.56. Amended by P.L.141-2005, SEC.22.
Ind. Code § 28-13-14-17 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-17
Restated articles of incorporation; certification
Status: in_force

Sec. 17. The department and the secretary of state may certify restated articles of incorporation, as the articles of incorporation currently in effect, without including the certificate information required by section 14(d) of this chapter.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-2-16-4 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-4
"Bank subsidiary" defined
Status: in_force

Sec. 4. As used in this chapter, "bank subsidiary" means a bank controlled by a bank holding company.

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-7-1-3 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-3
Bylaws; requirement to commence business; form
Status: in_force

Sec. 3. A credit union may not commence business until it submits a completed set of bylaws to the department. The department shall have a form of bylaws prepared, consistent with this chapter, which shall be used by credit union incorporators. Bylaws shall be available to persons desiring to organize a credit union.

Formerly: Acts 1961, c.182, s.3. As amended by Acts 1977, P.L.294, SEC.3; P.L.263-1995, SEC.3.
Ind. Code § 28-13-6-6 — Indiana Code / Title 28 / Article 13 / Chapter 6 / Section 28-13-6-6
Separate voting group; action on matter at meeting by less than group majority vote; quorum required for approval; law governing election of directors
Status: in_force

Sec. 6. (a) Shares entitled to vote as a separate voting group may take action on a matter at a meeting only if a quorum of those shares exists with respect to that matter. Unless the articles of incorporation or this article require a greater number, a majority of the votes entitled to be cast on the matter by the voting group constitutes a quorum of that voting group for action on that matter.

(b) Once a share is represented for any purpose at a meeting, the share is considered present for quorum purposes for the remainder of the meeting and for any adjournment of that meeting unless a new record date is or must be set for that adjourned meeting.

(c) If a quorum exists, action on a matter other than the election of directors by a voting group is approved if the votes cast within the voting group favoring the action exceed the votes cast opposing the action, unless the articles of incorporation or this article require a greater number of affirmative votes.

(d) The election of directors is governed by section 9 of this chapter.

(e) Any number of members represented either in person or by proxy constitutes a quorum of members at a regular or special members meeting of a mutual savings bank or a mutual savings association.

As added by P.L.14-1992, SEC.163. Amended by P.L.122-1994, SEC.120; P.L.79-1998, SEC.91.
Ind. Code § 28-8-6-504 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-504
National criminal history background check; fingerprints
Status: in_force

Sec. 504. (a) An individual in control of a licensee or an applicant, an individual who seeks to acquire control of a licensee, and each key individual with respect to a licensee or an applicant shall furnish to the department through the NMLSR the following items:

(1) The individual's fingerprints for submission to the Federal Bureau of Investigation and the department for purposes of a national criminal history background check.

(2) Personal history and experience, in a form and by a medium prescribed by the director, including the following:

(A) An independent credit report from a consumer reporting agency unless the individual does not have a Social Security number, in which case a credit report is not required.

(B) Information related to any criminal convictions with respect to, or pending charges against, the individual.

(C) Information related to any:

(i) regulatory or administrative action; or

(ii) civil litigation;

involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract.

(b) The director may:

(1) waive one (1) or more requirements set forth in subsection (a); or

(2) permit an applicant to submit other information instead of meeting one (1) or more of the requirements set forth in subsection (a).

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-14-4-5 — Indiana Code / Title 28 / Article 14 / Chapter 4 / Section 28-14-4-5
Maximum limit of investment in real estate and buildings necessary for convenient transaction of business
Status: in_force

Sec. 5. The sum that a corporate fiduciary invests in real estate and buildings used for the convenient transaction of its business shall not exceed fifty percent (50%) of the capital and surplus of the corporate fiduciary, exclusive of undivided profits of the corporate fiduciary, unless the director gives approval in writing to investments exceeding the limit set forth in this subsection.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-2-13-26 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-26
Trust office; powers; prohibited actions
Status: in_force

Sec. 26. (a) A bank, trust company, corporate fiduciary, or savings bank organized under the laws of Indiana or the laws of any other state or the United States may establish a trust office to exercise its powers as a fiduciary to conduct business in any location that is approved by the department. Before the department approves a trust office to exercise powers as a fiduciary under this subsection, it must determine to its satisfaction that the bank, trust company, corporate fiduciary, or savings bank will have adequate capital, sound management, and adequate future earnings prospects after the establishment of the trust office.

(b) A trust office established under this section by a bank, trust company, or savings bank shall not:

(1) receive deposits;

(2) pay checks; or

(3) lend money;

at the trust office.

As added by P.L.122-1994, SEC.88. Amended by P.L.262-1995, SEC.55; P.L.258-2003, SEC.7; P.L.27-2012, SEC.76.
Ind. Code § 28-13-5-6 — Indiana Code / Title 28 / Article 13 / Chapter 5 / Section 28-13-5-6
Action taken without meeting; consent of voting shareholders
Status: in_force

Sec. 6. (a) Action required or permitted by this article to be taken at a shareholders' meeting may be taken without a meeting if the action is taken by all the shareholders entitled to vote on the action. The action must be evidenced by at least one (1) written consent describing the action taken, signed by all the shareholders entitled to vote on the action, and delivered to the corporation for inclusion in the minutes or filing with the corporation records.

(b) If not otherwise determined under section 11 of this chapter, the record date for determining shareholders entitled to take action without a meeting is the date the first shareholder signs the consent under subsection (a).

(c) Action taken under this section is effective when the last shareholder signs the consent, unless the consent specifies a different prior or subsequent effective date.

(d) A consent signed under this section has the effect of a meeting vote and may be described as such in any document.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-15-10-5 — Indiana Code / Title 28 / Article 15 / Chapter 10 / Section 28-15-10-5
Indiana savings association holding company; acquisitions by
Status: in_force

Sec. 5. (a) An Indiana savings association holding company is entitled to acquire one (1) or more:

(1) foreign savings associations; or

(2) foreign savings association holding companies;

after the department grants the application of the holding company for approval of the proposed acquisition.

(b) The department shall approve or deny an application for approval of a proposed acquisition under this section not more than ninety (90) days after the department receives the application, unless the department needs additional time for consideration of the application.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-2-18-19 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-19
Establishment of de novo branch or acquisition of branch in another state; application; approval or disapproval by department; location; savings associations and industrial loan and investment companies; exemption from approval requirements
Status: in_force

Sec. 19. (a) With the prior written approval of the department, any Indiana state bank may establish and maintain a de novo branch or acquire a branch in a state other than Indiana.

(b) An Indiana state bank that desires to:

(1) establish one (1) or more de novo branches; or

(2) acquire one (1) or more branches under this section;

must file a written application with the department. The application must be in the form and contain the information prescribed by the director.

(c) The department may approve or disapprove an application filed under this section. Before the department approves an application, the bank must demonstrate to the satisfaction of the department that:

(1) the applicant state bank will have adequate capital, sound management, and adequate future earnings prospects after the establishment of the branch; and

(2) the establishment of the proposed branch will not violate the laws of the host state.

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

(e) The location of any branch in another state established or acquired under this section may be changed at any time to a location within the state where the branch is located if the change of location:

(1) is authorized by the board of directors of the Indiana state bank; and

(2) approved by the department.

(f) A savings association or an industrial loan and investment company organized or reorganized under the laws of Indiana may establish and maintain a de novo branch or acquire a branch in a state other than Indiana to the same extent and under the same restrictions, conditions, and requirements as an Indiana state bank.

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

As added by P.L.171-1996, SEC.37. Amended by P.L.192-1997, SEC.9; P.L.79-1998, SEC.67; P.L.69-2018, SEC.51.
Ind. Code § 28-6.2-7-4 — Indiana Code / Title 28 / Article 6.2 / Chapter 7 / Section 28-6.2-7-4
Solicitations of proxies
Status: in_force

Sec. 4. Solicitations of proxies by any person in connection with any membership vote required under this chapter must be accompanied by proxy materials in a form appropriate to, and containing the information relevant to, the action that members are being asked to approve.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-13-11-3 — Indiana Code / Title 28 / Article 13 / Chapter 11 / Section 28-13-11-3
Bad faith; knowledge making reliance on information unwarranted
Status: in_force

Sec. 3. A director is not acting in good faith if the director has knowledge concerning the matter in question that makes reliance otherwise permitted by section 2 of this chapter unwarranted.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-10-2-25 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-25
Severability
Status: in_force

Sec. 25. The provisions of this chapter are severable as provided in IC 1-1-1-8(b).

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-6.1-20-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 20 / Section 28-6.1-20-1
Applicability
Status: in_force

Sec. 1. For purposes of this article, a savings bank that is not a member of the Federal Reserve System is subject to Sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c or 371c-1) to the same extent and in the same manner as if the savings bank were a member of the Federal Reserve System.

As added by P.L.258-2003, SEC.9.
Ind. Code § 28-13-13-8 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-8
Conditional indemnification of director against liability
Status: in_force

Sec. 8. (a) A corporation may indemnify an individual made a party to a proceeding because the individual is or was a director against liability incurred in the proceeding if:

(1) the individual's conduct was in good faith; and

(2) the individual reasonably believed:

(A) in the case of conduct in the individual's official capacity with the corporation, that the individual's conduct was in the corporation's best interests; and

(B) in all other cases, that the individual's conduct was at least not opposed to the corporation's best interests; and

(3) in the case of any criminal proceeding, the individual either:

(A) had reasonable cause to believe the individual's conduct was lawful; or

(B) had no reasonable cause to believe the individual's conduct was unlawful.

(b) A director's conduct with respect to an employee benefit plan for a purpose the director reasonably believed to be in the interests of the participants in and beneficiaries of the plan is conduct that satisfies the requirement of subsection (a)(2).

(c) The termination of a proceeding by judgment, order, settlement, or conviction is not, of itself, determinative that the director did not meet the standard of conduct described in this section.

As added by P.L.14-1992, SEC.163. Amended by P.L.137-2014, SEC.42.
Ind. Code § 28-1-21.4-8 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-8
Power of mutual savings associations to convert charter
Status: in_force

Sec. 8. Notwithstanding any provision of this title, a mutual savings association may convert its charter under this chapter with the approval of the department.

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.51.
Ind. Code § 28-14-2-1 — Indiana Code / Title 28 / Article 14 / Chapter 2 / Section 28-14-2-1
Applicability to nondepository trust company
Status: in_force

Sec. 1. A nondepository trust company that was organized under the laws of Indiana before July 1, 1995, is considered a corporate fiduciary.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-13-14-16 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-16
Adopted restated articles; superseding original articles and amendments
Status: in_force

Sec. 16. Adopted restated articles of incorporation supersede the original articles of incorporation and all amendments to them.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-13-14-5 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-5
Conditions of submission to shareholders
Status: in_force

Sec. 5. The board of directors may condition the board's submission of the proposed amendment on any basis.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-7-5-17 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-17
Report; late fee
Status: in_force

Sec. 17. Each licensee shall file a report as requested by the director, but not more frequently than annually, giving any relevant information the department may reasonably require concerning the business and operations of each licensed place of business conducted by the licensee within the state. The report must be in the form prescribed by the director. The department may impose a fee established under IC 28-11-3-5 for each day the report is delinquent.

Formerly: Acts 1935, c.195, s.17. As amended by P.L.14-1992, SEC.143; P.L.45-1995, SEC.29; P.L.172-1997, SEC.20; P.L.90-2008, SEC.53.
Ind. Code § 28-13-13-12 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-12
Standards for conditional determinations and authorizations; procedure
Status: in_force

Sec. 12. (a) A corporation may not indemnify a director under section 8 of this chapter unless authorized in the specific case after a determination has been made that indemnification of the director is permissible in the circumstances because the director has met the standard of conduct set forth in section 8 of this chapter.

(b) The determination shall be made by any one (1) of the following procedures:

(1) By the board of directors by majority vote of a quorum consisting of directors not at the time parties to the proceeding.

(2) If a quorum cannot be obtained under subdivision (1), by majority vote of a committee designated by the board of directors in which directors who are parties may participate, consisting solely of two (2) or more directors not at the time parties to the proceeding.

(3) By special legal counsel:

(A) selected by the board of directors or its committee in the manner prescribed in subdivision (1) or (2); or

(B) if a quorum of the board of directors cannot be obtained under subdivision (1) and a committee cannot be designated under subdivision (2), selected by majority vote of the full board of directors in which directors who are parties may participate.

(4) By the shareholders, but shares owned by or voted under the control of directors who are at the time parties to the proceeding may not be voted on the determination.

(c) Authorization of indemnification and evaluation as to reasonableness of expenses shall be made in the same manner as the determination that indemnification is permissible. However, if the determination is made by special legal counsel, authorization of indemnification and evaluation as to reasonableness of expenses shall be made by those entitled under subsection (b)(3) to select counsel.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-7-1-13 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-13
Repealed
Status: repealed

Formerly: Acts 1961, c.182, s.13. Repealed by P.L.263-1995, SEC.31.
Ind. Code § 28-10-1-3 — Indiana Code / Title 28 / Article 10 / Chapter 1 / Section 28-10-1-3
"Corporation" defined
Status: in_force

Sec. 3. For purposes of IC 28-12, "corporation" means any of the following:

(1) A bank and trust company.

(2) A bank.

(3) A savings association.

(4) A trust company.

(5) A stock savings bank.

(6) A corporate fiduciary.

As added by P.L.14-1992, SEC.161. Amended by P.L.42-1993, SEC.89; P.L.122-1994, SEC.107; P.L.262-1995, SEC.71; P.L.79-1998, SEC.83.
Ind. Code § 28-6.1-3-11 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-11
Reducing number of trustees
Status: in_force

Sec. 11. (a) The board of a savings bank may, by resolution incorporated in the bylaws of the savings bank, reduce the number of trustees to a number not less than the minimum number required by section 3 of this chapter.

(b) If the board adopts a resolution under subsection (a), the number of trustees may be reduced by not filling vacancies on the board as vacancies occur until the number of trustees reaches the number set in the resolution.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-13-8-4 — Indiana Code / Title 28 / Article 13 / Chapter 8 / Section 28-13-8-4
Discontinuance or settlement of case; approval; notice; payment of defense expenses and fees
Status: in_force

Sec. 4. (a) A proceeding commenced under this chapter may not be discontinued or settled without the court's approval. If the court determines that a proposed discontinuance or settlement will substantially affect the interest of the corporation's shareholders or a class of shareholders, the court shall direct that notice be given the shareholders affected.

(b) On termination of the proceeding, the court may require the plaintiff to pay any defendant's reasonable expenses, including attorney's fees, incurred in defending the proceeding if the court finds that the proceeding was commenced without reasonable cause.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-29-6 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-6
Surety bond; requirements; amount; renewal; termination; liability; notices
Status: in_force

Sec. 6. (a) Each application for a license must be accompanied by proof that the applicant has executed a surety bond in accordance with this section.

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

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

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

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

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

(A) the state; and

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

(5) be in an amount equal to:

(A) fifty thousand dollars ($50,000), in the case of an initial surety bond issued under this section; or

(B) the amount prescribed under subsection (d), beginning with the first renewal of a license under this chapter;

(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)(3) during which a surety bond required by this section must remain in effect after the licensee's license is surrendered or terminated.

(d) Beginning with the first renewal of a license under this chapter, each year that a licensee continues to offer debt management services to individuals in Indiana, the licensee shall file a new or an additional surety bond in an amount that ensures that the licensee's surety bond under this section is equal to the greater of the following:

(1) fifty thousand dollars ($50,000); or

(2) the average of the highest daily balance of funds held in trust for Indiana residents for each month during the licensee's most recently concluded fiscal year, not to exceed one hundred thousand dollars ($100,000).

(e) 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.

(f) 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 as prescribed in subsection (b)(5).

(g) 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.

(h) 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.

(i) Notices required under this section must be made in writing and submitted through the NMLSR or any other electronic registration system that may be approved by the director.

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by Acts 1981, P.L.256, SEC.3; P.L.42-1993, SEC.53; P.L.35-2010, SEC.124; P.L.216-2013, SEC.23; P.L.176-2019, SEC.57; P.L.129-2020, SEC.10.
Ind. Code § 28-6.1-7-7 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-7
Owning and leasing property
Status: in_force

Sec. 7. Subject to any restrictions the department may impose, a savings bank may:

(1) become the owner or lessor of personal or real property upon the request of and for the use of a customer; and

(2) incur additional obligations incident to becoming an owner or a lessor of the property.

As added by P.L.42-1993, SEC.72. Amended by P.L.11-1998, SEC.11.
Ind. Code § 28-1-21.8-7 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-7
Voting parties
Status: in_force

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

(1) In the case of a mutual savings association, the mutual savings association's depositors or members.

(2) In the case of a stock savings association, the stock savings association's stockholders.

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-2-13-22.5 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-22.5
Temporary facilities on college or university premises
Status: in_force

Sec. 22.5. (a) A state bank is entitled to establish a temporary facility on the premises of an accredited college or university in Indiana for the purpose of offering limited account services.

(b) The services that may be offered at a temporary facility established under this section include:

(1) the opening of accounts;

(2) the acceptance of deposits; and

(3) other services determined by the department.

(c) To establish a temporary facility under this section, a state bank is not required to submit an application to the department. However, before establishing a temporary facility under this section, a state bank must:

(1) obtain the written permission of the college or university for the establishment and operation of the facility on the premises of the college or university; and

(2) notify the department in writing of the intention of the state bank to establish the temporary facility.

(d) A written notice provided to the department under subsection (c)(2) must:

(1) be in the form; and

(2) contain the information;

prescribed by the department.

(e) A temporary facility operated by a state bank under this section:

(1) may be operated only:

(A) during registration periods of the college or university; and

(B) for an additional period that may not exceed seven (7) days during a calendar year; and

(2) must meet all other requirements of state law applying to state banks.

As added by P.L.262-1995, SEC.54.
Ind. Code § 28-8-5-11 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-11
License required; application; contents; tax warrant list; application fee
Status: in_force

Sec. 11. (a) A person shall not engage in the business of cashing checks for consideration without first obtaining a license.

(b) Each application for a license shall be in writing in such form as the director may prescribe and shall include all of the following:

(1) The following information pertaining to the applicant:

(A) Name.

(B) Residence address.

(C) Business address.

(2) The following information pertaining to any individual described in section 12(b)(1) of this chapter:

(A) Name.

(B) Residence address.

(C) Business address.

(D) Whether the person:

(i) is, at the time of the application, under indictment for a felony under the laws of Indiana or any other jurisdiction; or

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

(3) The address where the applicant's office or offices will be located.

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

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

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

(5) Such other data, financial statements, and pertinent information as the director may require.

(c) The application shall be filed with a nonrefundable fee fixed by the department under IC 28-11-3-5.

As added by P.L.42-1993, SEC.86. Amended by P.L.122-1994, SEC.105; P.L.10-2006, SEC.62 and P.L.57-2006, SEC.62; P.L.213-2007, SEC.86; P.L.217-2007, SEC.84; P.L.90-2008, SEC.63; P.L.35-2010, SEC.185; P.L.172-2011, SEC.135; P.L.137-2014, SEC.34; P.L.159-2017, SEC.49.
Ind. Code § 28-13-10-4 — Indiana Code / Title 28 / Article 13 / Chapter 10 / Section 28-13-10-4
Waiver of required notice; attendance or participation in meeting
Status: in_force

Sec. 4. (a) A director 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. Except as provided by subsection (b), the waiver must be in writing, signed by the director entitled to the notice, and filed with the minutes or corporate records.

(b) A director's attendance at or participation in a meeting waives any required notice to the director of the meeting unless the director at the beginning of the meeting, or promptly upon the director's arrival, objects to holding the meeting or transacting business at the meeting and does not thereafter vote for or assent to action taken at the meeting.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-16-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 16 / Section 28-6.1-16-2
Department approval of conversion to savings association
Status: in_force

Sec. 2. (a) With the approval of the department, a savings bank may convert into a savings association.

(b) Nothing in this title prohibits a savings bank organized under the laws of Indiana from converting to a savings association or a savings bank organized or reorganized under the laws of the United States. Conversion to a savings association or a savings bank organized under the laws of the United States does not require the approval of the department.

As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994, SEC.100; P.L.262-1995, SEC.68; P.L.79-1998, SEC.76.
Ind. Code § 28-1-30-11 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-11
Applicability of statutes and rules
Status: in_force

Sec. 11. Upon filing the articles of mutual bank conversion, the converted mutual bank, unless otherwise provided in this chapter, immediately is subject to all statutes and rules applicable to mutual banks.

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-6.2-4-3 — Indiana Code / Title 28 / Article 6.2 / Chapter 4 / Section 28-6.2-4-3
Required provisions
Status: in_force

Sec. 3. The articles of reorganization of a mutual holding company must provide the following:

(1) On the effective date of reorganization or acquisition:

(A) the owners of deposit accounts and borrowers in the resulting or acquiree savings bank become members of the mutual holding company; and

(B) the membership rights of the owners and borrowers in the mutual savings bank end and their membership rights in the mutual holding company begin.

(2) A person becomes a member of a mutual holding company by:

(A) owning a deposit account in a mutual savings bank that is a subsidiary of the mutual holding company; or

(B) borrowing from a mutual savings bank that is a subsidiary of the mutual holding company.

(3) A member of a mutual holding company has one (1) vote for each one hundred dollars ($100) or additional fraction of one hundred dollars ($100) of the combined withdrawal value of the member's deposit accounts in a subsidiary mutual savings bank of the mutual holding company. Each borrowing member is entitled to cast one (1) vote as a borrower.

(4) Members of a mutual holding company may vote in person or by proxy at any meeting. A proxy must be in writing and signed by the member or the member's authorized representative. Unless specified in the proxy, a proxy filed with the secretary shall continue in force until revoked by a written notice to the secretary or superseded by another proxy. Except as a proxy, a person may not cast more than fifty (50) votes at any meeting of the members unless a greater number of votes is authorized by the articles of reorganization.

(5) A quorum of members at a regular or special meeting shall be comprised of any number of eligible members voting in person or by proxy.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-1-7-10 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-10
Articles of merger; approval by secretary of state; issuance of certificate of merger
Status: in_force

Sec. 10. Upon the filing of the articles of merger, the secretary of state shall:

(1) endorse the approval of the secretary of state upon each of the copies of the articles;

(2) retain one (1) copy of the articles;

(3) issue a certificate of merger; and

(4) return the remaining copies of the approved articles, together with the certificate of merger, to the surviving corporation or its designated agent.

Formerly: Acts 1933, c.40, s.123. As amended by P.L.122-1994, SEC.50.
Ind. Code § 28-12-8-1 — Indiana Code / Title 28 / Article 12 / Chapter 8 / Section 28-12-8-1
Conditions for indebtedness or transactions
Status: in_force

Sec. 1. A corporation may not transact any business or incur any indebtedness, except as is incidental to its organization or to obtaining subscriptions to or payment for shares of its capital stock, unless and until the following requirements are met:

(1) The amount of capital of the corporation as set forth in its articles of incorporation has been fully paid for in money.

(2) There has been filed with the department the affidavit of not less than a majority of the board of directors stating that the amount of capital as stated in its articles of incorporation has been fully paid in.

(3) There has been filed with the department a certificate or other written evidence satisfactory to the department that the corporation has obtained deposit insurance from the Federal Deposit Insurance Corporation or its successor in interest, unless the corporation is being organized solely as a trust company.

As added by P.L.14-1992, SEC.162. Amended by P.L.1-1993, SEC.209.
Ind. Code § 28-1-20-3 — Indiana Code / Title 28 / Article 1 / Chapter 20 / Section 28-1-20-3
Insolvency; void transfers
Status: in_force

Sec. 3. All transfers of notes, bonds, bills of exchange and other evidences of debt owing to any bank or trust company; all transfers of deposits to its credit; all assignments of mortgages, sureties on real estate, or of judgments or decrees in its favor; all deposits of money, bullion or other valuable thing for its use, or for the use of any of its shareholders or creditors; and all payments of money to either shareholders or creditors, made after the commission of an act of insolvency, or in contemplation thereof, with a view to preventing the application of its assets to the proper payment of its just liabilities, or with a view to the preference of one creditor to another, shall be null and void.

Formerly: Acts 1933, c.40, s.245.
Ind. Code § 28-1-9-20 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-20
Pending liquidations; acceptance of chapter
Status: in_force

Sec. 20. Any bank of discount and deposit, loan and trust and safe deposit company, or building and loan association organized under the provisions of any statute enacted prior to February 24, 1933, which is in voluntary liquidation on February 24, 1933, pursuant to any statute of this state may accept the provisions of this chapter and continue the liquidation of such corporation pursuant to the terms and provisions of this chapter.

Formerly: Acts 1933, c.40, s.161. As amended by P.L.263-1985, SEC.51.
Ind. Code § 28-13-10-7 — Indiana Code / Title 28 / Article 13 / Chapter 10 / Section 28-13-10-7
Attendance record; report; contents; incorporation in minutes of annual meeting
Status: in_force

Sec. 7. (a) In addition to such other duties as may be imposed upon the directors by this article, the directors shall keep a record of the attendance of directors at meetings of the board.

(b) The directors shall make a report showing the following:

(1) The names of the directors.

(2) The number of meetings of the board, regular and special.

(3) The number of meetings attended.

(4) The number of meetings from which each director was absent.

(c) The report required by this section shall be read at and incorporated in the minutes of the annual meeting of the shareholders if the corporation is not wholly owned by a corporation holding company. The directors, at the times as the directors are meeting as a board of directors, shall also require the secretary of the board or another designated agent to make official communications from the department a matter of record in the minutes of the meetings of the board of directors.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-15-2-1 — Indiana Code / Title 28 / Article 15 / Chapter 2 / Section 28-15-2-1
Enumerated powers; purchasing and holding life insurance
Status: in_force

Sec. 1. (a) Savings associations may do the following:

(1) Accept deposit accounts.

(2) Issue evidence of deposit account ownership.

(3) Declare and distribute earnings to members.

(4) Pay, in part or in full, withdrawal requests of deposit accounts.

(5) Subject to the provisions and restrictions of 12 U.S.C. 84 and 12 CFR 32:

(A) Make loans to members on the security of deposit accounts.

(B) Make property improvement loans.

(C) Make other loans as provided under IC 28-15-8.

(D) Make mortgage loans.

(E) Accept additional collateral on mortgage loans.

(F) Purchase and sell loans.

(G) Negotiate loan servicing agreements.

(H) Purchase and sell participating interests in loans.

(I) Issue letters of credit with specific expiration dates.

(J) Make secured or unsecured loans, which are partially insured or guaranteed in any manner by any state of the United States, the United States government, or any of its agencies or government sponsored enterprises.

(K) Purchase commercial paper that is denominated in United States currency and that:

(i) is rated by at least one (1) nationally recognized investment rating service in one (1) of the two (2) highest grades; or

(ii) meets another standard of creditworthiness determined to be appropriate by the director.

(L) Make, purchase, or participate in alternative mortgage loans as provided in IC 28-15-11.

(M) Subject to any regulation, rule, policy, or guidance adopted by the department and pursuant to its lending authority, engage directly or indirectly in any tax equity finance transaction permissible for a national bank or federal savings association under 12 CFR 7.1025. The authority to engage in tax equity finance transactions under this clause is separate from, and does not limit, any investment authorities available to a savings association. A tax equity finance transaction is subject to the substantive legal requirements of a loan, including, without limitation, IC 28-15-6.

(6) Acquire and sell real estate in satisfaction of debts previously contracted.

(7) Acquire real estate for the convenient transaction of its business. A savings association has the same powers under this subdivision as a bank or trust company has under IC 28-1-11-5.

(8) Notwithstanding any other law, establish, maintain, or relocate one (1) or more branch offices by following the provisions of IC 28-2-13, IC 28-2-17, or IC 28-2-18 as if the savings association were a bank.

(9) Become a member in any agency or instrumentality of the federal government. For the purposes of this subdivision, membership in an agency or instrumentality of the federal government may include:

(A) purchasing stock;

(B) purchasing notes and debentures; or

(C) borrowing money.

(10) Subject to any limitations imposed by the department through policy:

(A) invest the money deposited in the savings association in the shares of the capital stock, bonds, debentures, notes, or other obligations of a federal home loan bank of the United States;

(B) become a member of the federal home loan bank of the district in which Indiana is located or an adjoining district;

(C) borrow money from:

(i) a federal home loan bank described in clause (B);

(ii) the Federal Deposit Insurance Corporation; or

(iii) any other corporation;

(D) transfer, assign to, and pledge with a federal home loan bank described in clause (B), the Federal Deposit Insurance Corporation, or any other corporation any of the bonds, notes, contracts, mortgages, securities, or other property of the savings association held or acquired as security for the payment of loans entered into under clause (C); and

(E) exercise all rights, powers, and privileges conferred upon, and do all things and perform all acts required of, members or shareholders of a federal home loan bank by the Federal Home Loan Bank Act (12 U.S.C. 1421 through 1449).

(11) Subject to the provisions and restrictions of 12 U.S.C. 24 and 12 CFR 1, invest in the following types of securities:

(A) Bonds, notes, certificates, and other valid obligations of the United States government or any agency of the United States government.

(B) Accounts offered by federally insured banks, savings banks, and savings associations.

(C) Bonds, notes, or other evidences of indebtedness that are general obligations supported by the full faith and credit of any state in the United States or any city, town, or other political subdivision in any state in the United States if the obligations:

(i) have been assigned one (1) of the four (4) highest grades by a nationally recognized investment rating service; or

(ii) meet another standard of creditworthiness determined to be appropriate by the director.

(D) Shares of stock of a subsidiary that does not exercise a power or engage in any activity that is not authorized for the savings association. The investment power granted by this subdivision is separate from the investment power granted by IC 28-15-9.

(E) Corporate debt securities that are denominated in United States currency and that:

(i) are rated by at least one (1) nationally recognized investment rating service in one (1) of the four (4) highest grades; or

(ii) meet another standard of creditworthiness determined to be appropriate by the director.

Corporate debt securities in which a savings association invests under this clause must be convertible into stock at the sole option of the holder, and a savings association is prohibited from exercising the conversion option.

(F) Shares of open end investment companies that are eligible for purchase by national banks.

(G) Bankers' acceptances that are eligible for purchase by national banks.

(12) For the purpose of:

(A) check and deposit sorting and posting;

(B) computation and posting of interest and other credits and charges;

(C) preparation and mailing of checks, statements, notices, and similar items; or

(D) other clerical, bookkeeping, accounting, statistical, or similar functions performed by a savings association;

invest in a corporation organized in any state to perform those functions for two (2) or more savings associations, each of which owns a portion of the capital stock of the corporation. The total investment of a savings association under this subdivision may not exceed ten percent (10%) of the capital and surplus of the savings association. A savings association may not invest in this type of corporation unless the corporation furnishes assurances to the department that it will subject itself to examination by the department to the same extent as if the services were performed by the savings association.

(13) Lend money to other savings associations:

(A) the deposits of which are insured by the Federal Deposit Insurance Corporation; and

(B) that are incorporated and operating under the laws of any state or of the United States.

(14) Borrow money and mortgage or pledge its property to secure payment.

(15) Issue subordinated notes or debentures.

(16) Assess and collect interest, fees, and other charges.

(17) Insure its deposit accounts with the Federal Deposit Insurance Corporation or its successor.

(18) Act as an agent for the United States or its instrumentalities.

(19) Accept property for safe keeping or escrow.

(20) Rent or lease safe deposit boxes.

(21) Issue and sell checks, drafts, money orders, and other instruments for the transmission or payment of money.

(22) Exercise all the powers that:

(A) are incidental and proper; or

(B) may be necessary and usual;

in carrying on the business of the savings association.

(23) Purchase or construct buildings, hold legal title to the buildings, and lease the buildings for public purposes to municipal corporations or other public authorities that have resources sufficient to make payment of all rentals as they become due. Each lease agreement entered into under this subdivision must provide that, upon expiration, the lessee will become the owner of the building.

(24) Open or establish automated teller machines at any location. An automated teller machine opened or established under this subdivision may be owned and operated individually or jointly on a cost sharing or fee basis.

(25) Act:

(A) in any fiduciary capacity in which a bank or trust company is permitted to act under this title; and

(B) as an agent for the sale of real estate, without bond or other security.

(26) Accept and maintain demand deposit accounts if the savings association is insured by the Federal Deposit Insurance Corporation or its successor.

(27) Without the approval of the department, to the extent authorized by the board of directors of the savings association, establish or maintain agencies that:

(A) only service and originate, but do not approve, loans and contracts; or

(B) manage or sell real estate owned by the savings association.

An agency established or maintained under this subdivision may offer any services not referred to in this subdivision with the approval of the department, except for accepting payment on savings accounts. An agency shall maintain records of all business it transacts and transmit copies to a branch or home office of the savings association.

(b) Subject to any limitations or restrictions that the department or a federal regulator may impose by regulation, rule, policy, or guidance, a savings association may purchase and hold life insurance as follows:

(1) Life insurance purchased or held in connection with employee compensation or benefit plans approved by the savings association's board of directors.

(2) Life insurance purchased or held to recover the cost of providing preretirement or postretirement employee benefits approved by the savings association's board of directors.

(3) Life insurance on the lives of borrowers.

(4) Life insurance held as security for a loan.

(5) Life insurance that a national bank may purchase or hold under 12 U.S.C. 24 (Seventh).

As added by P.L.193-1997, SEC.2. Amended by P.L.258-2003, SEC.30; P.L.10-2006, SEC.79 and P.L.57-2006, SEC.79; P.L.89-2011, SEC.73; P.L.27-2012, SEC.111; P.L.31-2022, SEC.4.
Ind. Code § 28-2-13-13 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-13
Department
Status: in_force

Sec. 13. As used in this chapter, "department" refers to the department of financial institutions created under IC 28-11-1-1.

As added by P.L.265-1985, SEC.3. Amended by P.L.33-1991, SEC.24.
Ind. Code § 28-9-3-5 — Indiana Code / Title 28 / Article 9 / Chapter 3 / Section 28-9-3-5
Garnishment of deposit account; notice requirements
Status: in_force

Sec. 5. (a) The information specified in section 4(b)(3)(B) through 4(b)(3)(C) of this chapter and the legend set forth in subsection (c) must be printed more conspicuously than the other information specified in section 4(b)(3) of this chapter. The information specified in section 4(b)(3)(B) through 4(b)(3)(C) of this chapter and the legend set forth in subsection (c) may be made more conspicuous in any way that highlights it in relation to the other information specified in section 4(b)(3) of this chapter, including, but not limited to, any of the following:

(1) Capitalization, when the other information is printed in capitals and lower case.

(2) Printing in larger type, boldface print, or differentiated typeface.

(3) Printing in a contrasting color.

(4) Underlining.

(b) Use of the following forms will constitute compliance with the notice requirements of section 4(b)(3) of this chapter:

NOTICE OF CERTAIN EXEMPTIONS

AND

YOUR RIGHT TO A PROMPT HEARING

It may be that the plaintiff has or will give notice to your bank or other persons holding property or assets for you of the intent to put a hold on certain accounts held by you, either individually or jointly with another person, including, but not limited to bank, share, and credit union accounts. Under Indiana law, this notice may already have resulted in the placing of a hold on those accounts. UNDER FEDERAL AND STATE LAW, CERTAIN FUNDS ARE EXEMPT FROM GARNISHMENT. THIS MEANS THAT THESE FUNDS MAY NOT BE TAKEN BY CREDITORS EVEN IF THEY HAVE BEEN DEPOSITED INTO YOUR ACCOUNTS. SOCIAL SECURITY, SUPPLEMENTAL SECURITY INCOME, VETERANS BENEFITS, AND CERTAIN DISABILITY PENSION BENEFITS CANNOT BE TAKEN. THERE MAY BE OTHER EXEMPTIONS UNDER STATE OR FEDERAL LAW. IF YOU OR ANOTHER PERSON WHO MAINTAINS A JOINT ACCOUNT WITH YOU BELIEVE THAT ALL OR SOME OF THE FUNDS IN THESE ACCOUNTS ARE EXEMPT, YOU OR YOUR JOINT DEPOSITOR ARE ENTITLED TO A PROMPT HEARING IN THIS COURT TO PRESENT EVIDENCE TO ESTABLISH EXEMPTIONS AND TO SEEK REMOVAL OF THE HOLD.

To obtain such a hearing, fill in the form marked "Exemption Claim and Request for Hearing" attached hereto and return it to this court either by mail or by personally bringing it to the court. A copy of that form should also be sent to plaintiff's attorney or to the plaintiff, if the plaintiff is not represented by an attorney, at the address set forth below. A prompt hearing will be scheduled by the court as soon as possible, but generally no later than 5 days (excluding Saturdays, Sundays, and legal holidays) after the completed form is received by the court. Please call the court at (___) __________ to find out when the hearing is scheduled. When calling the court, please have the cause number handy. The cause number is located at the top of the right-hand side of this document. After the hearing, the court will decide whether all or part of the funds in each account on which a hold has been placed or other accounts in which you have an interest may be taken by the plaintiff.

If a joint depositor or you do not request an early hearing, there will be a hearing at the time when you are ordered to appear. At that hearing, you and a joint depositor are entitled to assert any exemptions. However, if a joint depositor or you do not request an early hearing, each account on which a hold has been placed may not be released until the time you are ordered to appear.

EXEMPTION CLAIM AND REQUEST

FOR HEARING

THE HONORABLE JUDGE OF THE

COURT OF ___________ COUNTY

ROOM NO. ___________

__________________________________________

(Address)

__________________________________________

(City, State, Zip)

Re: Cause No. _________

I believe that all or part of the money in my account(s) that may have been frozen cannot be frozen since the account(s) contain exempt funds. I would like a hearing at the earliest time.

________________________________

(Signature)

Check One:

_______ I am the judgment defendant.

_______ I maintain a joint account with the judgment defendant.

(c) The notice required by section 4(b)(3) of this chapter may be placed on the reverse side of the order to appear directed to the judgment defendant, in which case the obverse side of the order to appear shall contain substantially the following legend: "See reverse side for important information concerning your exemption and other rights.". However, in any case, the adverse claimant or an attorney representing the adverse claimant must serve or cause to be served this notice upon the judgment defendant in accordance with the applicable rules of court before or promptly after the notice is served upon the depository financial institution.

As added by P.L.258-1989, SEC.2. Amended by P.L.197-1991, SEC.2.
Ind. Code § 28-8-1-3 — Indiana Code / Title 28 / Article 8 / Chapter 1 / Section 28-8-1-3
Continuation with single bank or trust company as sole stockholders
Status: in_force

Sec. 3. In the event the stock of a bank service corporation is held by two (2) banks or trust companies, one (1) of the banks or trust companies ceases to use the services of the bank service corporation and ceases to hold stock in such corporation thereby leaving the other bank or trust company the sole stockholder in such corporation, the bank service corporation may continue to function as such and the remaining bank may continue to hold stock in such corporation.

Formerly: Acts 1963, c.359, s.3.
Ind. Code § 28-8-5-1 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-1
Application of chapter
Status: in_force

Sec. 1. (a) This chapter does not apply to a financial institution organized under IC 28 or federal law.

(b) This chapter does not apply to a person principally engaged in the bona fide retail sale of goods or services if:

(1) the person, either incidental to or independent of a retail sale of goods or services, from time to time cashes checks; and

(2) the consideration (as defined in section 3 of this chapter) charged for cashing checks does not exceed five dollars ($5).

As added by P.L.42-1993, SEC.86. Amended by P.L.122-1994, SEC.104; P.L.213-2007, SEC.85; P.L.217-2007, SEC.83; P.L.89-2011, SEC.62.
Ind. Code § 28-8-1-1 — Indiana Code / Title 28 / Article 8 / Chapter 1 / Section 28-8-1-1
Definitions
Status: in_force

Sec. 1. For the purposes of this chapter:

(a) "Department" shall mean the department of financial institutions for the state of Indiana.

(b) "Bank services" shall mean check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a bank or trust company.

(c) "Bank service corporation" shall mean a corporation organized to perform bank services for two or more banks or trust companies, each of which owns a portion of the capital stock of such corporation.

(d) "Invest" shall include any advance of funds to a bank service corporation, whether by the purchase of stock, the making of a loan or loans, or otherwise; provided, however, payment for rent earned, goods sold and delivered, or services rendered prior to the making of such payment shall not be deemed an investment.

Formerly: Acts 1963, c.359, s.1. As amended by P.L.263-1985, SEC.201.
Ind. Code § 28-6.1-2-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 2 / Section 28-6.1-2-4
Member
Status: in_force

Sec. 4. "Member" means a deposit account holder or borrower in a mutual savings bank formed as a result of a conversion under IC 28-1-21.7 after December 31, 1992.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-19-13 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-13
Orders enjoining dispositions
Status: in_force

Sec. 13. If the court finds that the disposition proposed by the resolution is not fair or will not be in the best interests of the depositors or other creditors of the savings bank, the court shall enter an order enjoining the proposed disposition and assessing the costs of the proceeding against the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-8-6-901 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-901
Suspension or revocation of a license for failure to submit a renewal form or pay a renewal fee; reinstatement; right to appeal
Status: in_force

Sec. 901. (a) A license issued by the department under this chapter may be revoked or suspended by the department if the person fails to:

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

(2) pay any license renewal fee described under section 506(a)(1) of this chapter;

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

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

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

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

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

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-2-17-20 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-20
Interstate merger transactions
Status: in_force

Sec. 20. (a) With the prior written approval of the department, an Indiana state bank may establish, maintain, and operate one (1) or more branches in a state other than Indiana pursuant to an interstate merger transaction in which the Indiana state bank is the resulting bank.

(b) Not later than the date on which the required application for the interstate merger transaction is filed with the appropriate federal bank supervisory agency, the applicant Indiana state bank shall file an application with the department on a form prescribed by the director.

(c) An interstate merger transaction must be done in compliance with:

(1) IC 28-1-7;

(2) IC 28-1-8; or

(3) IC 28-3-2.

(d) An interstate merger transaction may be consummated only after the applicant has received the written approval of the department. The department has the authority to establish terms, conditions, and time frames by which the transaction may be consummated.

(e) A savings association or an industrial loan and investment company organized or reorganized under the laws of Indiana may engage in an interstate merger transaction to the same extent and under the same restrictions, conditions, and requirements as an Indiana state bank.

As added by P.L.171-1996, SEC.36. Amended by P.L.79-1998, SEC.65.
Ind. Code § 28-2-13-17 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-17
Indiana bank
Status: in_force

Sec. 17. As used in this chapter, "Indiana bank" means a bank that has its principal office in Indiana.

As added by P.L.265-1985, SEC.3.
Ind. Code § 28-7-1-17 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-17
Loans to members; application; terms and conditions; loans secured by real estate; participation loans; indemnifying or second mortgage on real estate
Status: in_force

Sec. 17. (a) Every loan application shall be submitted on a form approved by the credit union. Loans may be disbursed upon written approval by a majority of the credit committee or a loan officer. If the credit committee or loan officer fails to approve an application for a loan, the applicant may appeal to the board of directors, if such appeal is authorized by the bylaws.

(b) Loans to members may be made only under the following terms and conditions:

(1) All loans shall be evidenced by notes signed by the borrowing member.

(2) Except as otherwise provided in this section, the terms of any loan to a member with a maturity of more than six (6) months shall provide for principal and interest payments that will amortize the obligation in full within the terms of the loan contract. If the income of the borrowing member is seasonal, the terms of the loan contract may provide for seasonal amortization.

(3) Loans may be made upon the security of improved or unimproved real estate. Except as otherwise specified in this section, such loans must be secured by a first lien upon real estate prior to all other liens, except for taxes and assessments not delinquent, and may be made with repayment terms other than as provided in subdivision (2). The credit union loan folder for all real estate mortgage loans shall include the following:

(A) The loan application.

(B) The mortgage instrument.

(C) The note.

(D) The disclosure statement.

(E) The documentation of property insurance.

(F) For the real estate for which the loan is made:

(i) a written appraisal; or

(ii) a written estimate of market value;

consistent with the appraisal standards and transaction value limitations set forth in the appraisal regulations of the National Credit Union Administration (12 CFR 722).

(4) Subject to the limitations of subdivision (3), variable rate mortgage loans and rollover mortgage loans may be made under the same limitations and rights provided state chartered savings associations under IC 28-1-21.5 (before its repeal) or IC 28-15 or federal credit unions.

(5) As used in this subdivision, "originating lender" means the participating lender with which the member contracts. A credit union may participate with other state and federal depository financial institutions (as defined in IC 28-1-1-6) or credit union service organizations in making loans to credit union members and may sell a participating interest in any of its loans under written participation loan policies established by the board of directors. However, the credit union may not sell more than ninety percent (90%) of the principal of participating loans outstanding at the time of sale. A participating credit union that is not the originating lender may participate only in loans made to the credit union's own members or to members of another participating state or federal credit union. A master participation agreement must be properly executed. The agreement must include provisions for identifying, either through documents incorporated by reference or directly in the agreement, the participation loan or loans before the sale of the loans.

(6) As an alternative to making any loan authorized by and under the conditions set forth in subdivisions (1) through (5), a credit union may make any of the following:

(A) Any loan that may be made by a federal credit union. However, IC 37-2 applies to any loan that is:

(i) made under this clause; and

(ii) within the scope of IC 37-2.

Any provision of federal law that is in conflict with IC 37-2 does not apply to a loan made under this clause.

(B) Subject to subdivision (3), any alternative mortgage loan (as defined in IC 28-15-11-2) that may be made by a savings association (as defined in IC 28-15-1-11) under IC 28-15-11. A loan made under this clause by a credit union is subject to the same terms, conditions, exceptions, and limitations that apply to an alternative mortgage loan made by a savings association under IC 28-15-11.

(7) A credit union may make a loan under either:

(A) subdivisions (2) through (5); or

(B) subdivision (6);

but not both. A credit union shall make an initial determination as to whether to make a loan under subdivisions (2) through (5) or under subdivision (6). If the credit union determines that a loan or category of loans is to be made under subdivision (6), the written loan policies of the credit union must include that determination. A credit union may not combine the terms and conditions that apply to a loan made under subdivisions (2) through (5) with the terms and conditions that apply to a loan made under subdivision (6) to make a loan not expressly described and authorized either under subdivisions (2) through (5) or under subdivision (6).

(c) Nothing in this section prevents any credit union from taking an indemnifying or second mortgage on real estate as additional security.

Formerly: Acts 1961, c.182, s.17; Acts 1969, c.133, s.4; Acts 1974, P.L.130, SEC.5. As amended by Acts 1977, P.L.294, SEC.9; Acts 1979, P.L.267, SEC.2; Acts 1980, P.L.176, SEC.9; Acts 1982, P.L.170, SEC.4; P.L.270-1983, SEC.6; P.L.166-1988, SEC.1; P.L.260-1989, SEC.1; P.L.14-1992, SEC.125; P.L.228-1993, SEC.5; P.L.263-1995, SEC.14; P.L.192-1997, SEC.18; P.L.11-1998, SEC.17; P.L.79-1998, SEC.80; P.L.62-1999, SEC.7; P.L.53-2002, SEC.3; P.L.141-2005, SEC.16; P.L.213-2007, SEC.68; P.L.217-2007, SEC.66; P.L.35-2010, SEC.157; P.L.27-2012, SEC.93; P.L.186-2015, SEC.36; P.L.159-2017, SEC.36; P.L.69-2018, SEC.55; P.L.176-2019, SEC.59; P.L.129-2020, SEC.13; P.L.54-2021, SEC.3; P.L.115-2026, SEC.61.
Ind. Code § 28-6.1-9-15 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-15
Receiving fees, commissions, gifts, or things of value; violation
Status: in_force

Sec. 15. Except as otherwise provided, an officer, a director, an owner, a partner, an employee, or an attorney of a savings bank who stipulates for, receives, or agrees to receive, a fee, commission, gift, or thing of value, from any person, for the purpose of procuring or attempting to procure for a person a loan from or the purchase or discount of a paper, note, draft, check, or bill of exchange by the savings bank commits a Class A misdemeanor.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-23-3 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-3
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.353. As amended by P.L.263-1985, SEC.98. Repealed by P.L.11-1998, SEC.24.
Ind. Code § 28-2-13-8 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-8
Branch by acquisition
Status: in_force

Sec. 8. As used in this chapter, "branch by acquisition" means a branch acquired by a bank as a result of a merger or consolidation of that bank with another bank or a purchase of all or substantially all of the assets of another bank.

As added by P.L.265-1985, SEC.3.
Ind. Code § 28-14-3-1 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-1
Scope of chapter
Status: in_force

Sec. 1. Subject to the limitations and restrictions set forth in this article and in the articles of incorporation, a corporate fiduciary possesses and may exercise the rights, privileges, and powers provided in this chapter.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-6.1-5-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 5 / Section 28-6.1-5-2
Approval of amount and form of coverage
Status: in_force

Sec. 2. The amount and form of fidelity coverage must be approved by the board of the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.2-1-7 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-7
"Control" defined
Status: in_force

Sec. 7. (a) "Control" of a savings bank means:

(1) controlling, owning, or having the power to vote, directly or indirectly, or acting through one (1) or more persons, twenty-five percent (25%) or more of any class of voting securities of the savings bank; or

(2) in any manner controlling the election of a majority of the directors of the savings bank.

(b) "Control" of a savings bank also exists if the department determines, after notice and opportunity for hearing, that a person directly or indirectly exercises a controlling influence over the management or policies of the savings bank.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.2-1-18 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-18
"Resulting savings bank" defined
Status: in_force

Sec. 18. "Resulting savings bank" means a stock savings bank that is organized as a subsidiary of a reorganizing savings bank to receive a substantial part of the assets and liabilities, including all deposit accounts, of the reorganizing savings bank upon consummation of the reorganization.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-9-3-1 — Indiana Code / Title 28 / Article 9 / Chapter 3 / Section 28-9-3-1
Duty of depository financial institution upon notice of adverse claim
Status: in_force

Sec. 1. Except upon the conditions specified in sections 3 and 4 of this chapter, notice to a depository financial institution of an adverse claim does not require the depository financial institution to:

(1) recognize the adverse claim in any manner; or

(2) place a hold on, or otherwise restrict withdrawal of funds from, a deposit account.

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-2-17-15 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-15
"Interstate merger transaction" defined
Status: in_force

Sec. 15. As used in this chapter, "interstate merger transaction" means:

(1) the merger or consolidation of banks with different home states, and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or

(2) the purchase of all the assets (including all of the branches) of a bank whose home state is different from the home state of the acquiring bank that results in the dissolution of the selling bank.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-8-4.1-1106 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1106
Violations; director's authority to compromise, settle, and collect civil penalties
Status: in_force

Sec. 1106. 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.198-2023, SEC.4.
Ind. Code § 28-6.1-1-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 1 / Section 28-6.1-1-2
Applicability of corporate governance laws; references
Status: in_force

Sec. 2. (a) This section applies only to a savings bank (whether in stock or mutual form of ownership) that was:

(1) formed as a result of conversion under IC 28-1-21.7, IC 28-1-21.8, or IC 28-1-21.9 after December 31, 1992;

(2) incorporated under IC 28-12; or

(3) formed as a result of conversion under IC 28-1-30.

(b) A savings bank described in subsection (a) is governed by IC 28-13 in addition to this article.

(c) A reference in this article to formation and operation by a board means formation by conversion and operation by an elected board of directors.

(d) As to a mutual savings bank, a reference in IC 28-13-5, IC 28-13-6, IC 28-1-7, IC 28-1-7.1, IC 28-1-8, or IC 28-1-9 to shareholders and shareholders' meetings means members and members' meetings.

(e) Notwithstanding subsection (d), in a proposed disposition described in IC 28-1-8-3(b), the rights and remedies for dissenting shareholders set forth in IC 28-1-7-21 do not apply.

As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994, SEC.94; P.L.192-1997, SEC.13; P.L.62-1999, SEC.3; P.L.27-2012, SEC.81; P.L.13-2013, SEC.73.
Ind. Code § 28-8-5-19 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-19
Examination of books, accounts, and records; fees; department's investigatory and enforcement authority; examination of vendors
Status: in_force

Sec. 19. (a) The department may examine the books, accounts, and records of a licensee and may make investigations to determine compliance.

(b) If the department examines the books, accounts, and records of a licensee, the licensee shall pay all reasonably incurred costs of the examination in accordance with the fee schedule adopted under IC 28-11-3-5. Any costs required to be paid under this section shall be paid not later than sixty (60) days after the person receives a notice from the department of the costs being assessed. The department may impose a fee, in an amount fixed by the department under IC 28-11-3-5, for each day that the assessed costs are not paid, beginning on the first day after the sixty (60) day period described in this subsection.

(c) To discover violations of this chapter or to secure information necessary for the enforcement of this chapter, the department may investigate any:

(1) licensee; or

(2) person that the department suspects to be operating:

(A) without a license, when a license is required under this chapter; or

(B) otherwise in violation of this chapter.

The department has all investigatory and enforcement authority under this chapter that the department has under IC 28-11 with respect to financial institutions. If the department conducts an investigation under this section, the licensee or other person investigated shall pay all reasonably incurred costs of the investigation in accordance with the fee schedule adopted under IC 28-11-3-5. Any costs required to be paid under this section shall be paid not later than sixty (60) days after the person receives a notice from the department of the costs being assessed. The department may impose a fee, in an amount fixed by the department under IC 28-11-3-5, for each day that the assessed costs are not paid, beginning on the first day after the sixty (60) day period described in this subsection.

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

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

(2) otherwise cease conducting business with the person.

As added by P.L.42-1993, SEC.86. Amended by P.L.10-2006, SEC.65 and P.L.57-2006, SEC.65; P.L.35-2010, SEC.189; P.L.27-2012, SEC.104; P.L.137-2014, SEC.37; P.L.5-2015, SEC.62; P.L.186-2015, SEC.48; P.L.149-2016, SEC.81.
Ind. Code § 28-6.2-1-10.1 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-10.1
"Federal mutual holding company" defined
Status: in_force

Sec. 10.1. "Federal mutual holding company" means a mutual savings bank holding company that:

(1) is organized or reorganized under the laws of the United States;

(2) is regulated by the Office of Thrift Supervision or its successor; and

(3) has control over a savings bank.

As added by P.L.90-2008, SEC.38.
Ind. Code § 28-1-29-4.1 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-4.1
Failure to file renewal application or pay renewal fee; revocation or suspension of license
Status: in_force

Sec. 4.1. (a) A license issued by the department under this chapter shall be revoked or suspended by the department if the licensee fails to:

(1) file any renewal application prescribed by the director; or

(2) pay any license renewal fee described under section 3 of this chapter;

within sixty (60) days after the date the renewal is due.

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

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

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

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

As added by P.L.176-1996, SEC.16. Amended by P.L.35-2010, SEC.122; P.L.89-2011, SEC.39.
Ind. Code § 28-6.1-6-15 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-15
Acting as attorney
Status: in_force

Sec. 15. A savings bank may act as an attorney in fact or agent of any foreign or domestic person or corporation for any lawful purpose.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.2-1-1 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-1
Application of chapter
Status: in_force

Sec. 1. The definitions set forth in this chapter apply throughout this article.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.1-18-8 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-8
Petitions opposing liquidation and dissolution
Status: in_force

Sec. 8. (a) A depositor or other creditor of the savings bank who is aggrieved by the proceedings to liquidate and dissolve the savings bank may oppose the liquidation and dissolution by a petition filed in the court in which the liquidation action was filed under section 5 of this chapter. The petition must state the petitioner's objections to the liquidation.

(b) A petition filed under subsection (a) must be filed within ten (10) days after the publication of the order under section 7 of this chapter.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-12-1-2 — Indiana Code / Title 28 / Article 12 / Chapter 1 / Section 28-12-1-2
Form of articles
Status: in_force

Sec. 2. The department shall prescribe the form of the articles of incorporation.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-1-21.8-16 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-16
Application of banking law
Status: in_force

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

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

(1) formation by conversion under this chapter; and

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

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

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-6.2-6-2 — Indiana Code / Title 28 / Article 6.2 / Chapter 6 / Section 28-6.2-6-2
Examination of mutual holding company; examination reports
Status: in_force

Sec. 2. The department may examine any mutual holding company and each of its subsidiaries. The department may rely on examination reports made by the primary federal or state supervisor of a subsidiary financial institution of a mutual holding company.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.1-10-14 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-14
Definition of investment securities
Status: in_force

Sec. 14. The department may define an investment security by department policy or by rule.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-13-7 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-7
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.201; Acts 1937, c.26, s.1; Acts 1939, c.102, s.8; Acts 1943, c.87, s.1; Acts 1945, c.104, s.1; Acts 1957, c.254, s.1; Acts 1961, c.86, s.1; Acts 1965, c.356, s.15; Acts 1967, c.295, s.3; Acts 1971, P.L.394, SEC.29; Acts 1973, P.L.281, SEC.1. As amended by Acts 1979, P.L.260, SEC.1; Acts 1979, P.L.261, SEC.1; Acts 1981, P.L.251, SEC.1; P.L.2-1987, SEC.39. Repealed by P.L.33-1991, SEC.57.
Ind. Code § 28-1-13-3 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-3
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.197; Acts 1935, c.5, s.33; Acts 1945, c.45, s.1; Acts 1949, c.188, s.1; Acts 1965, c.356, s.14; Acts 1969, c.280, s.4. As amended by P.L.263-1985, SEC.65. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-1-13-8 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-8
Loans on security of own shares; acquisition of shares; disposition
Status: in_force

Sec. 8. No bank or trust company shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss under a debt previously contracted in good faith; and stock so purchased or acquired shall, within six (6) months from the time of its purchase, be sold or disposed of at public or private sale, unless otherwise ordered by the department.

Formerly: Acts 1933, c.40, s.202.
Ind. Code § 28-3-2-7 — Indiana Code / Title 28 / Article 3 / Chapter 2 / Section 28-3-2-7
Effect of conversion, merger, or consolidation on fiduciary relations of state bank
Status: in_force

Sec. 7. If any bank or trust company is acting as the administrator, coadministrator, executor, coexecutor, trustee or cotrustee of or in respect to any estate or trust or guardian of any person or estate which is being administered under the laws of this state, or has been named or designated as such in any will or other writing theretofore executed, such relation, as well as any and all other similar fiduciary relations, and all rights, privileges, duties and obligations connected therewith shall remain unimpaired, and shall continue into and in such national banking association from and as of the time of the taking effect of such merger, consolidation or conversion, irrespective of the date when any such relation shall have been created or established, and irrespective of the date of any agreement relating thereto or of the date of the death of any testator or decedent whose estate is being so administered.

Formerly: Acts 1953, c.69, s.7.
Ind. Code § 28-6.1-6-17 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-17
Acting under court appointment
Status: in_force

Sec. 17. A savings bank may act under court appointment as any of the following:

(1) Commissioner for the sale of real property.

(2) Guardian of the person or estate of an incapacitated person (as defined in IC 29-3-1-7.5), or in other instances where a guardian may be appointed.

(3) Trustee, receiver, conservator, or committee of the property or estate of a person or corporation in insolvency or bankruptcy proceedings.

(4) Depository of money paid into court, whether for the benefit of a person or corporation.

(5) In any other fiduciary capacity.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-9-5 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-5
Liquidating agent; appointment; powers
Status: in_force

Sec. 5. Upon the authorization of the dissolution by the shareholders, the board of directors, with the approval of the department, shall appoint one (1) or more liquidating agents, and their successors, designated as "agent" in this chapter, to act for and on behalf of the corporation, which agent shall have the power and authority to liquidate such corporation subject to such limitations as may be imposed by the board of directors not inconsistent with the provisions of this article. Such agent shall proceed to:

(a) cause a notice that the corporation is about to be dissolved to be published once in a newspaper of general circulation in the county in which the principal office of the corporation is located;

(b) dispose of all trust property as prescribed in section 7 of this chapter, and all property of the kind described in IC 28-1-3.1-14, in the same manner as a receiver is authorized to dispose of such property;

(c) collect all of the corporate assets and, for that purpose, may bring all actions, in his own name, that are necessary;

(d) enforce and collect, in his own name, the liability imposed by law upon shareholders, in the same manner and to the same extent as a receiver is authorized to enforce and collect such liability upon involuntary liquidation, as provided in IC 28-1-3.1-15;

(e) pay and discharge all of the corporate debts and liabilities in the same manner as is prescribed for a receiver in IC 28-1-3.1-6; and

(f) distribute the remaining corporate assets and property among the shareholders or such other persons as may be designated in the articles of incorporation, according to their respective interests, after the provisions of subdivisions (a) through (e) of this section shall have been fully complied with.

Formerly: Acts 1933, c.40, s.146. As amended by P.L.263-1985, SEC.44.
Ind. Code § 28-1-29-4 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-4
Suspension or revocation of license; order to show cause; order of suspension or revocation; relinquishment of license; existing contracts; emergency order for revocation
Status: in_force

Sec. 4. (a) The department may issue to a licensee an order to show cause why the licensee's license should not be revoked or suspended for a period determined by the department.

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

(1) include:

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

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

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

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

(A) a reasonable opportunity to be heard; and

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

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

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

(1) the licensee has repeatedly and willfully violated:

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

(B) any other state or federal law, regulation, or rule applicable to debt management companies;

(2) the licensee does not meet the licensing qualifications set forth in section 5 of this chapter;

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

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

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

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

(1) the revocation or suspension;

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

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

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

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

(e) Any person holding a license to operate a debt management company may relinquish the license by notifying the department in writing of the relinquishment. However, a relinquishment under this subsection does not affect the person's liability for acts previously committed and coming within the scope of this chapter.

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

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

(h) If the director of the department has just cause to believe an emergency exists from which it is necessary to protect the interests of the public, the director may proceed with the revocation of a license through an emergency or another temporary order under IC 4-21.5-4.

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by P.L.42-1993, SEC.49; P.L.176-1996, SEC.15; P.L.196-1996, SEC.2; P.L.80-1998, SEC.10; P.L.213-2007, SEC.45; P.L.217-2007, SEC.43; P.L.35-2010, SEC.121; P.L.27-2012, SEC.71; P.L.186-2015, SEC.32.
Ind. Code § 28-7-1-10 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-10
Membership; identification; qualified groups; membership cards
Status: in_force

Sec. 10. (a) The membership of credit unions shall be clearly and specifically identified. The membership of a credit union shall be limited to one (1) or more qualified groups of persons, immediate family members of the persons in the qualified group or groups, and organizations of those persons. For purposes of this section, a qualified group consists of:

(1) persons having a common bond of occupation, trade, or professional association;

(2) members of a labor organization;

(3) members of a church;

(4) persons engaged in a common trade or profession within a well defined geographical location;

(5) employees of the credit union;

(6) persons who are members of a farm bureau cooperative, or other farm bureau organization, and who have subscribed to one (1) or more shares; or

(7) persons who reside or are employed within a community.

(b) A credit union may expand its membership with an additional qualified group or groups upon prior approval of the department.

(c) Membership cards must be kept on file and maintained in the credit union's main office for inspection by examiners and must contain at least the following information:

(1) Account number, name, address, date of birth, signature of member, and the date signed.

(2) A statement that the member is eligible for membership in the credit union by reason of employment, membership, affiliation, association, or other relationship with the organization, institution, corporation, or entity included in the credit union's field of membership.

(3) Date, signature, and title of person authorized to record approval by the board, membership officer, or executive committee.

Formerly: Acts 1961, c.182, s.10; Acts 1974, P.L.130, SEC.3. As amended by Acts 1982, P.L.170, SEC.2; P.L.271-1983, SEC.1; P.L.52-1985, SEC.10; P.L.14-1992, SEC.124; P.L.263-1995, SEC.8; P.L.53-2002, SEC.2; P.L.35-2010, SEC.150.
Ind. Code § 28-2-17-10 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-10
"Home state" defined
Status: in_force

Sec. 10. As used in this chapter, "home state" means the following:

(1) With respect to a state bank, the state under the laws of which the bank is organized or reorganized.

(2) With respect to a national bank, the state in which the main office of the bank is located.

(3) With respect to a foreign bank, the state determined to be the home state of the foreign bank under 12 U.S.C. 3103(c).

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-1-33-17 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-17
Rulemaking authority
Status: in_force

Sec. 17. The department may adopt rules under IC 4-22-2 or policies to implement this chapter.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-2-18-9 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-9
"Department" defined
Status: in_force

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

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-6.2-1-15 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-15
"Person" defined
Status: in_force

Sec. 15. "Person" means an individual or company.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-13-4-1 — Indiana Code / Title 28 / Article 13 / Chapter 4 / Section 28-13-4-1
Power of board of directors to make distributions
Status: in_force

Sec. 1. A board of directors may authorize and the corporation may make distributions to the corporation's shareholders subject to restriction by the articles of incorporation and the limitations in section 3 of this chapter.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-9-4 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-4
Restrictions on dividends and business pending payment of debts and liabilities
Status: in_force

Sec. 4. After the vote of the shareholders shall have been taken, as hereinbefore provided, no dividend or profits shall be paid to the shareholders, nor shall any part of the capital be withdrawn by or paid to the shareholders, in any manner whatsoever, nor shall such corporation transact any business whatsoever except such as may be necessary or incidental to its dissolution, until all of the debts and liabilities of the corporation of every kind are fully paid.

Formerly: Acts 1933, c.40, s.145.
Ind. Code § 28-14-3-9 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-9
Investment and reinvestment of assets
Status: in_force

Sec. 9. (a) Notwithstanding any other law, a corporate fiduciary, in exercising investment discretion in its fiduciary capacity with respect to the investment and reinvestment of assets, may invest and reinvest the assets, subject to the standard set forth in IC 30-4-3-3(c), in the securities of any open-end or closed-end management investment company or investment trust registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.).

(b) If a corporate fiduciary invests or reinvests assets under subsection (a), the fact that the corporate fiduciary or any affiliate of the corporate fiduciary is:

(1) providing services to the investment company or trust as investment adviser, sponsor, distributor, custodian, transfer agent, registrar, or otherwise; and

(2) receiving reasonable remuneration for the services provided;

does not preclude the corporate fiduciary from investing in the securities of the investment company or trust.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-6.1-11-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 11 / Section 28-6.1-11-3
Limitation on investments; investments in holding corporations
Status: in_force

Sec. 3. (a) Except with the approval of the department, the sum invested in real property used for the convenient transaction of business may not exceed fifty percent (50%) of the unimpaired capital stock, surplus, and retained earnings of the savings bank.

(b) The investment may be made in the stock of a corporation organized to own and hold the real property occupied and used wholly or in part by the savings bank.

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

Sec. 4. As used in IC 28-11, "fund" refers to the financial institutions fund established by IC 28-11-2-9.

As added by P.L.33-1991, SEC.2.
Ind. Code § 28-1-18.2-1.2 — Indiana Code / Title 28 / Article 1 / Chapter 18.2 / Section 28-1-18.2-1.2
"Subsidiary" defined
Status: in_force

Sec. 1.2. As used in this chapter, "subsidiary" with respect to a specified company means a company that is controlled by the specified company.

As added by P.L.14-1992, SEC.96.
Ind. Code § 28-1-23.2-9 — Indiana Code / Title 28 / Article 1 / Chapter 23.2 / Section 28-1-23.2-9
Director actions
Status: in_force

Sec. 9. The director may do any of the following:

(1) Prescribe the form or manner in which an eligible depository financial institution may seek approval from the department to offer a prize linked savings program to eligible individuals.

(2) Adopt rules, policies, or guidance concerning the conduct of prize linked savings programs in Indiana.

(3) Examine the conduct of an eligible depository financial institution's prize linked savings program.

(4) Issue cease and desist orders or otherwise exercise the department's enforcement powers under IC 28-11-4 for a violation of this chapter.

As added by P.L.135-2014, SEC.3.
Ind. Code § 28-6.1-6-23 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-23
Requesting mergers, consolidations, and joinings
Status: in_force

Sec. 23. Notwithstanding any other provision of this article, a savings bank may request under IC 28-1-7-25 or IC 28-3-2-10 that the department order its merger, consolidation, or other joining with a bank or trust company organized under IC 28-1 or with a national banking association.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-23.5-9 — Indiana Code / Title 28 / Article 1 / Chapter 23.5 / Section 28-1-23.5-9
Performing authorized or required activities through electronic means
Status: in_force

Sec. 9. A financial institution may perform, provide, or deliver through electronic means or facilities any activity, function, product, or service that it is otherwise authorized or required to perform, provide, or deliver by nonelectronic means or facilities, subject to the following:

(1) The approval of the customer or member to or for whom the activity, function, product, or service is performed, provided, or delivered.

(2) The:

(A) safety and soundness requirements; and

(B) state or federal supervisory guidance;

that the director would apply if the activity were conducted by nonelectronic means or facilities.

As added by P.L.10-2006, SEC.32 and P.L.57-2006, SEC.32.
Ind. Code § 28-1-2-22 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-22
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.25; Acts 1941, c.83, s.1; Acts 1967, c.260, s.2; Acts 1969, c.280, s.1. As amended by P.L.263-1985, SEC.6; P.L.33-1991, SEC.3. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-6.1-18-7 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-7
Taking charge of business and assets by department; notice of departmental actions
Status: in_force

Sec. 7. The department shall do the following:

(1) Immediately take charge of the business and assets of the savings bank.

(2) Give notice of:

(A) the department's orders directing the liquidation and dissolution of the savings bank; and

(B) the appointment of the department's special representative;

by posting copies of the orders in a conspicuous place in the lobby of the savings bank and by one (1) publication of the notice in a newspaper of general circulation, printed in the English language and published in the county where the savings bank is located. The department shall also file a copy of its order appointing a special representative in the court in which the order was filed under section 5 of this chapter.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-20.1-6 — Indiana Code / Title 28 / Article 1 / Chapter 20.1 / Section 28-1-20.1-6
Amendment of a deposit account agreement; depositor's consent to an amendment to a deposit account agreement
Status: in_force

Sec. 6. A deposit account agreement may be changed or amended from time to time, subject to the terms of the deposit account agreement. A depositor's continued maintenance of a deposit account after the effective date of any change or amendment to the deposit account agreement, as described in a written notice provided by the depository financial institution to the depositor, constitutes prima facie evidence of the depositor's intent to accept the change or amendment for which notice was provided.

As added by P.L.88-2024, SEC.1.
Ind. Code § 28-5-1-16 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-16
Records retention policy
Status: in_force

Sec. 16. (a) The 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) the availability of information contained in the company records from other sources.

(b) Except for records that must be permanently retained, a company may dispose of a record that has been retained for the period required and in the manner required by the records retention policy. A company is not under a duty to produce the record in an action or proceeding after the disposal of the record.

(c) The department may require each such company to prepare and submit such reports of condition as are deemed necessary in any year, and if the department so orders, any such company shall publish such statement of condition in the manner and form prescribed by the department.

Formerly: Acts 1935, c.181, s.16. As amended by P.L.263-1985, SEC.154; P.L.11-1998, SEC.10.
Ind. Code § 28-2-18-24 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-24
Authorized activities; acquisition of additional branches; investigation; provisions and fees
Status: in_force

Sec. 24. (a) An out-of-state state bank that establishes and maintains one (1) or more branches in Indiana under this chapter may conduct at the branch or branches only those activities that are expressly authorized under the laws of Indiana for Indiana state banks.

(b) An Indiana state bank may conduct any activities at any branch located outside Indiana that are permissible for a bank organized or reorganized by the host state in which the branch is located. However, if Indiana law specifically prohibits an activity that is permitted by the host state, the department may by order waive the prohibition if the department determines that the involvement of out-of-state branches of Indiana state banks in the particular activities conducted in the host state would not threaten the safety or soundness of banks. This section does not authorize a bank located in Indiana to engage in an activity in Indiana that has been waived under this provision.

(c) An out-of-state bank that has established or acquired a branch or branches in Indiana under this chapter may establish or acquire additional branches in Indiana to the same extent that any Indiana bank may establish or acquire a branch in Indiana under applicable federal and state law.

(d) The branch or branches of an out-of-state bank that are established and maintained in Indiana under this chapter shall be subject to the provisions and fees of IC 37-2 to the same extent as a bank located in Indiana.

As added by P.L.171-1996, SEC.37. Amended by P.L.115-2026, SEC.59.
Ind. Code § 28-6.1-2-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 2 / Section 28-6.1-2-1
Application of definitions
Status: in_force

Sec. 1. The definitions in this chapter apply throughout this article.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-30-12 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-12
Rules and policies
Status: in_force

Sec. 12. The department may adopt rules under IC 4-22-2 or policies to implement this chapter.

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-2-14-8 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-8
Deposits
Status: in_force

Sec. 8. As used in this chapter, "deposits" means the sum of the total demand deposits and total time and savings deposits of a particular bank as shown in its most recently filed consolidated report of condition in the possession of the Board of Governors of the Federal Reserve System or other supervising agency.

As added by P.L.265-1985, SEC.4.
Ind. Code § 28-1-21.6-7 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-7
"Voting parties"
Status: in_force

Sec. 7. As used in this chapter, "voting parties" means in the case of a mutual savings association the mutual savings association's depositors or members, and in the case of a stock savings association the stock savings association's stockholders. Voting parties have the voting rights stipulated by the bylaws of the converting savings association.

As added by P.L.147-1990, SEC.2.
Ind. Code § 28-14-7.5-2 — Indiana Code / Title 28 / Article 14 / Chapter 7.5 / Section 28-14-7.5-2
Applications of definitions
Status: in_force

Sec. 2. Except as otherwise provided, the definitions in IC 28-14-1 apply throughout this chapter.

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
Ind. Code § 28-1-18.2-1 — Indiana Code / Title 28 / Article 1 / Chapter 18.2 / Section 28-1-18.2-1
"Affiliate" defined; scope of term
Status: in_force

Sec. 1. (a) As used in this chapter, "affiliate" means any of the following:

(1) Any company that controls a bank and any other company that is controlled by the company that controls a bank.

(2) A bank subsidiary of a bank.

(3) Any company:

(A) that is controlled directly or indirectly, by a trust or otherwise, by or for the benefit of shareholders who beneficially or otherwise control, directly or indirectly, by trust or otherwise, the bank or any company that controls the bank; or

(B) in which a majority of its directors or trustees constitute a majority of the persons holding any such office with a bank or any company that controls the bank;

(4) Any:

(A) company, including a real estate investment trust, that is sponsored and advised on a contractual basis by the bank or any subsidiary or affiliate of the bank; or

(B) investment company with respect to which a bank or any affiliate of a bank is an investment advisor (as defined in section 2(a)(20) of the Investment Company Act of 1940 (15 U.S.C. 80a)).

(5) Any company that the department determines by regulation or order to have a relationship with the bank or any subsidiary or affiliate of the bank, such that covered transactions by the bank or its subsidiary with that company may be affected by the relationship to the detriment of the bank or its subsidiary.

(b) The term "affiliate" does not include the following:

(1) Any company, other than a bank, that is a subsidiary of a bank, unless a determination is made under section 1(a)(5) of this chapter not to exclude such subsidiary company from the definition of affiliate.

(2) Any company engaged solely in holding the premises of the bank.

(3) Any company engaged solely in conducting a safe deposit business.

(4) Any company engaged solely in holding obligations of the United States or its agencies or obligations fully guaranteed by the United States or its agencies as to principal and interest.

(5) Any company where control results from the exercise of rights arising out of a bona fide debt previously contracted, but only for the period of time specifically authorized under applicable state or federal law or regulation, or in the absence of such law or regulation, for a period of two (2) years from the date of the exercise of such rights or the effective date of the act, whichever date is later, subject, upon application, to authorization by the department for good cause shown of extensions in the aggregate shall not exceed three (3) years.

As added by P.L.33-1991, SEC.18. Amended by P.L.14-1992, SEC.94.
Ind. Code § 28-6.1-10-11 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-11
Investments in casualty insurance companies
Status: in_force

Sec. 11. (a) Notwithstanding any other provision of this article, a savings bank may invest in a casualty insurance company organized solely for the purpose of insuring banks, trust companies, and bank holding companies and their officers and directors from and against liabilities, including those covered by bankers' blanket bonds and director and officer liability insurance and other public liability insurance.

(b) An investment under this section must take the form of:

(1) the purchase for the savings bank's own account of shares of stock of the casualty insurance company or shares of stock of an association of banks organized for the purpose of funding the casualty insurance company; or

(2) loans to such an association of banks.

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

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-20-1 — Indiana Code / Title 28 / Article 1 / Chapter 20 / Section 28-1-20-1
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.243; Acts 1937, c.33, s.33; Acts 1943, c.7, s.1; Acts 1965, c.356, s.19. As amended by Acts 1976, P.L.123, SEC.1; Acts 1979, P.L.258, SEC.2; Acts 1979, P.L.259, SEC.2. Repealed by Acts 1980, P.L.40, SEC.10.
Ind. Code § 28-1-9-2 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-2
Authority to liquidate and dissolve; resolution; submission to shareholders; vote required
Status: in_force

Sec. 2. Any bank, trust company, corporate fiduciary, savings bank organized after December 31, 1992, bank of discount and deposit, or savings association may liquidate its affairs and dissolve in the manner prescribed in this chapter. Whenever the board of directors, by a resolution adopted by a majority vote of the members of such board, shall deem it advisable to submit the question of dissolution, or whenever the board of directors shall be requested in writing by the holders of a majority of the outstanding shares of capital stock to submit the question of dissolution, the board of directors shall submit the question of dissolving the corporation to a vote of the shareholders of the corporation entitled to vote at such meeting as may be designated in such request, or, in the absence of such request or of such designation, in such resolution. The designated meeting may be an annual or a special meeting of the shareholders. If the designated meeting is an annual meeting, notice of the question of dissolution shall be included in the notice of the annual meeting. If the designated meeting is a special meeting of the shareholders, such special meeting shall be called by the board of directors, and notice of such meeting shall be given at the time and in the manner provided in IC 28-13-14-6. The dissolution shall be authorized, subject to the provisions of section 3 of this chapter, upon receiving the affirmative votes of the holders of two-thirds (2/3) of the outstanding shares of stock of the corporation unless the corporation is a savings association authorized to dissolve by the provisions of this section, in which case the affirmative votes of the holders of a majority of the outstanding shares of stock shall be sufficient and dissolution shall thereby be authorized.

Formerly: Acts 1933, c.40, s.143. As amended by P.L.263-1985, SEC.42; P.L.14-1992, SEC.77; P.L.122-1994, SEC.78; P.L.262-1995, SEC.27; P.L.79-1998, SEC.42.
Ind. Code § 28-1-7.5-15 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-15
Limitations of IC 28-2-14 unaffected
Status: in_force

Sec. 15. This chapter does not affect the limitations imposed on bank holding companies by IC 28-2-14.

As added by P.L.238-1983, SEC.10. Amended by P.L.19-1986, SEC.48.
Ind. Code § 28-2-14-11 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-11
Repealed
Status: repealed

As added by P.L.265-1985, SEC.4. Amended by P.L.279-1987, SEC.6; P.L.164-1988, SEC.6; P.L.147-1990, SEC.4. Repealed by P.L.33-1991, SEC.57.
Ind. Code § 28-1-22-7 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-7
Application for admission; filing with secretary of state; certificate of admission; issuance; contents
Status: in_force

Sec. 7. Upon submission of a foreign corporation's application for admission, the department shall issue to the foreign corporation a certificate of admission, which shall be filed with the secretary of state. The secretary of state shall file one (1) copy of the certificate of admission issued by the department and shall issue to the corporation an original and a duplicate certificate of admission. The certificate of admission issued by the secretary of state must set forth the name of the corporation and the state or country where it was incorporated.

Formerly: Acts 1933, c.40, s.330. As amended by P.L.171-1996, SEC.12; P.L.63-2001, SEC.10 and P.L.134-2001, SEC.11.
Ind. Code § 28-1-33-7 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-7
Conversion authority
Status: in_force

Sec. 7. With the approval of the department, a mutual savings bank may convert its charter under this chapter.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-1-21.7-1 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-1
"Department"
Status: in_force

Sec. 1. As used in this chapter, "department" means the department of financial institutions and, if applicable, the department's authorized delegate.

As added by P.L.147-1990, SEC.3.
Ind. Code § 28-6.1-3-9 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-9
Bylaws, rules, and regulations
Status: in_force

Sec. 9. (a) Subject to Indiana law, the board of a savings bank may from time to time make bylaws, rules, and regulations as the board considers proper for the following purposes:

(1) Election of officers.

(2) Prescribing the powers and duties of the officers.

(3) The manner of discharging the powers and duties of the officers.

(4) Appointment of committees.

(5) Prescribing the duties of committees.

(6) Generally for transacting the business of the corporation.

(b) The board shall send a copy of bylaws, rules, and regulations and any amendments to the bylaws, rules, or regulations to the state comptroller.

As added by P.L.42-1993, SEC.72. Amended by P.L.9-2024, SEC.490.
Ind. Code § 28-13-17-6 — Indiana Code / Title 28 / Article 13 / Chapter 17 / Section 28-13-17-6
"Equity capital" defined
Status: in_force

Sec. 6. As used in this chapter, "equity capital" includes, in addition to an equity investment, a debt instrument issued by a financial subsidiary, if the instrument qualifies as capital of the financial subsidiary under any federal or state law, regulation, or interpretation applicable to the financial subsidiary.

As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.
Ind. Code § 28-1-21.9-13 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-13
Transitional period
Status: in_force

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

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

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

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

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.47.