Ind. Code § 28-8-4.1-201 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-201
Definitions; applicability
Status: in_force

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

(1) "Acting in concert" means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement.

(2) "Authorized delegate" means a person a licensee designates to engage in money transmission on behalf of the licensee.

(3) "Average daily money transmission liability", with respect to a calendar quarter, means:

(A) the sum of the amounts of a licensee's outstanding money transmission obligations in Indiana at the end of each day in the calendar quarter; divided by

(B) the total number of days in that calendar quarter.

For purposes of this subdivision, a "calendar quarter" is a quarter ending on March 31, June 30, September 30, or December 31.

(4) "Bank Secrecy Act" means:

(A) the Bank Secrecy Act (31 U.S.C. 5311 et seq.); and

(B) regulations adopted under the Bank Secrecy Act (31 U.S.C. 5311 et seq.).

(5) "Closed loop stored value" means stored value that is redeemable by the issuer only for goods or services provided by the issuer or the issuer's affiliate or by franchisees of the issuer or the issuer's affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value.

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

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

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

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

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

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

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

(9) "Eligible rating" means a credit rating of any of the three (3) highest rating categories provided by an eligible rating service, including any rating category modifiers, such as "plus" or "minus" for S&P Global, or an equivalent modifier for any other eligible rating service. The term includes the following:

(A) A long term credit rating equal to at least A- by S&P Global, or an equivalent long term credit rating for any other eligible rating service.

(B) A short term credit rating equal to at least A-2 by S&P Global, or an equivalent short term credit rating for any other eligible rating service.

In any case in which the credit ratings differ among eligible rating services, the highest rating applies in determining whether the credit rating is an "eligible rating" as defined in this subdivision.

(10) "Eligible rating service" means:

(A) a nationally recognized statistical rating organization, as defined by the United States Securities and Exchange Commission; or

(B) any other organization designated as such by the director.

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

(A) a bank;

(B) a credit union;

(C) a savings and loan association;

(D) a trust company;

(E) a corporate fiduciary;

(F) a savings association;

(G) a savings bank;

(H) an industrial bank; or

(I) an industrial loan company;

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

(12) "In Indiana", with respect to the location of a transaction, means the following:

(A) At a physical location in Indiana, for a transaction requested in person.

(B) For a transaction requested electronically or by telephone, a determination made by the provider of money transmission, by relying on the following, that the person requesting the transaction is in Indiana:

(i) Information, provided by the person, regarding the location of the individual's residential address or the business entity's principal place of business or other physical address location, as applicable.

(ii) Any records associated with the person that the provider of money transmission may have that indicate the person's location, including an address associated with an account.

(13) "Individual" means a natural person.

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

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

(16) "Material litigation" means litigation that, according to United States generally accepted accounting principles, is significant to a person's financial health and would be required to be disclosed in the person's annual audited financial statements, report to shareholders, or similar records.

(17) "Money" means a medium of exchange that is issued by the United States government or by a foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two (2) or more governments.

(18) "Monetary value" means a medium of exchange, whether or not redeemable in money.

(19) "Money transmission" means any of the following:

(A) Selling or issuing payment instruments to a person located in Indiana.

(B) Selling or issuing stored value to a person located in Indiana.

(C) Receiving money for transmission from a person located in Indiana.

The term does not include the provision of solely online or telecommunications services or network access. The term does not include development or use of software for noncustodial transfer of digital assets (as defined by IC 5-36-1-4).

(20) "MSB accredited state" means a state agency that is accredited by the Conference of State Bank Supervisors and Money Transmitter Regulators Association for money transmission licensing and supervision.

(21) "Multistate licensing process" means an agreement entered into by and among state regulators related to:

(A) coordinated processing of applications for money transmission licenses;

(B) applications for the acquisition and control of a licensee;

(C) control determinations; or

(D) notice and information requirements for a change of key individuals.

(22) "NMLS" means the Nationwide Multistate Licensing System and Registry:

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

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

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

(23) "Outstanding money transmission obligation", as established and extinguished in accordance with applicable state law, means:

(A) any payment instrument or stored value that:

(i) is issued or sold by a licensee to a person located in the United States, or reported as sold by an authorized delegate of the licensee to a person located in the United States; and

(ii) has not yet been paid or refunded by or for the licensee, or escheated in accordance with applicable abandoned property laws; or

(B) any money that:

(i) is received for transmission by a licensee, or by an authorized delegate of the licensee, from a person located in the United States; and

(ii) has not been received by the payee or refunded to the seller, or escheated in accordance with applicable abandoned property laws.

For purposes of this subdivision, a person is located "in the United States" if the person is located in any state, territory, or possession of the United States or in the District of Columbia, the Commonwealth of Puerto Rico, or a United States military installation located in a foreign country.

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

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

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

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

(D) either:

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

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

(25) "Payment instrument" means a written or electronic check, draft, money order, traveler's check, or other written or electronic instrument for the transmission or payment of money or monetary value, whether or not negotiable. The term does not include:

(A) stored value; or

(B) any instrument that:

(i) is redeemable by the issuer only for goods or services provided by the issuer or its affiliate, or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value; or

(ii) is not sold to the public but is issued and distributed as part of a loyalty, rewards, or promotional program.

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

(27) "Receiving money for transmission" means receiving money or monetary value in the United States for transmission within or outside the United States by electronic or other means. The term "money received for transmission" has a corresponding meaning.

(28) "Stored value" means monetary value representing a claim, against the issuer, that is evidenced by an electronic or digital record and that is intended and accepted for use as a means of redemption for money or monetary value, or payment for goods or services. The term includes "prepaid access" as defined in 31 CFR 1010.100. The term does not include:

(A) a payment instrument;

(B) closed loop stored value; or

(C) stored value not sold to the public but issued and distributed as part of a loyalty, rewards, or promotional program.

(29) "Tangible net worth" means the aggregate assets of a licensee, excluding all intangible assets, less liabilities, as determined in accordance with United States generally accepted accounting principles.

As added by P.L.198-2023, SEC.4. Amended by P.L.49-2026, SEC.12.
Ind. Code § 28-13-7-1 — Indiana Code / Title 28 / Article 13 / Chapter 7 / Section 28-13-7-1
Creation of voting trust; requisites
Status: in_force

Sec. 1. At least one (1) shareholder may create a voting trust, conferring on a trustee the right to vote or otherwise act for the shareholders by signing an agreement setting out the provisions of the trust that:

(1) may include anything consistent with the trust's purpose; and

(2) transfer the shareholders' shares to the trustee.

As added by P.L.14-1992, SEC.163. Amended by P.L.1-1993, SEC.211.
Ind. Code § 28-7-1-9.2 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-9.2
Request to exercise rights and privileges granted to federal credit unions; appeal
Status: in_force

Sec. 9.2. (a) As used in this section, "rights and privileges" means the power:

(1) to:

(A) create;

(B) deliver;

(C) acquire; or

(D) sell;

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

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

federal credit unions domiciled in Indiana.

(b) A credit union that intends to exercise any rights and privileges that are:

(1) granted to federal credit unions; but

(2) not authorized for credit unions under the Indiana Code (except for this section) or any rule adopted under the Indiana Code;

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

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

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

(1) federal credit unions domiciled in Indiana do not possess the requested rights and privileges;

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

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

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

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

(1) the department must:

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

(B) convene a hearing;

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

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

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

(g) If a credit union receives approval to exercise the requested rights and privileges granted to federal credit unions domiciled in Indiana, the department shall determine by order whether all credit unions may exercise the same rights and privileges. In making the determination required by this subsection, the department must ensure that the exercise of the rights and privileges by all credit unions will not:

(1) adversely affect their safety and soundness; or

(2) unduly constrain Indiana consumer protection provisions.

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

As added by P.L.63-2001, SEC.17, P.L.81-2001, SEC.6 and P.L.134-2001, SEC.19. Amended by P.L.73-2004, SEC.37; P.L.213-2007, SEC.67; P.L.217-2007, SEC.65; P.L.35-2010, SEC.149; P.L.84-2016, SEC.127.
Ind. Code § 28-6.1-6-14 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-14
Soliciting and writing insurance; acting as insurance producer for life insurance or annuity; prohibitions; authority to purchase and hold life insurance
Status: in_force

Sec. 14. (a) A savings bank may solicit and write insurance as an insurance producer or a broker for any insurance company authorized to do business in the state or states where the insurance producer or broker operates.

(b) A savings bank or its affiliate (as defined in IC 28-6.2-1-4) may act as an insurance producer for the sale of any life insurance policy or annuity contract issued by a life insurance company (as defined in IC 27-1-2-3) authorized to do business in the state or states where the insurance producer operates.

(c) A savings bank or its affiliate that acts as an insurance producer for the sale of a life insurance policy or an annuity contract under subsection (b):

(1) is subject to all requirements of IC 27 with respect to the insurance producer's activity in Indiana; and

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

(d) A savings bank or its affiliate may not condition:

(1) an extension of credit;

(2) a lease or sale of real or personal property;

(3) the performance of a service; or

(4) the amount charged for:

(A) extending credit;

(B) leasing or selling real or personal property; or

(C) performing services;

upon a person's purchase of a life insurance policy or an annuity contract from the savings bank or its affiliate.

(e) This section does not prohibit a savings bank or its affiliate from requiring that a person, as a condition to a transaction, obtain a life insurance policy from an insurance company acceptable to the savings bank or its affiliate.

(f) Subject to any limitations or restrictions that the department or a federal regulator may impose by regulation, rule, policy, or guidance, a savings bank 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 bank's board.

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

(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.42-1993, SEC.72. Amended by P.L.262-1995, SEC.67; P.L.188-1997, SEC.8; P.L.63-2001, SEC.14 and P.L.134-2001, SEC.16; P.L.130-2002, SEC.7; P.L.178-2003, SEC.92; P.L.10-2006, SEC.36 and P.L.57-2006, SEC.36; P.L.27-2012, SEC.84.
Ind. Code § 28-11-3-1 — Indiana Code / Title 28 / Article 11 / Chapter 3 / Section 28-11-3-1
Examination of financial institutions; independent audit; report of condition; data processing services; use of report by Federal Home Loan Bank; unauthorized actions concerning reports; examination of vendors
Status: in_force

Sec. 1. (a) The department shall examine the affairs of every financial institution as often as the department considers necessary. Examinations may be made without notice to the institution to be examined.

(b) In making an examination, the department may examine any of the officers or agents of the institution under oath.

(c) The department may require an independent audit by a certified public accountant, subject to the standards the department determines.

(d) The department, in the classification of assets, may disregard the amount of an asset in its analysis of capital adequacy of the financial institution until the amount of the asset is recovered.

(e) After the examiners complete the examination of a financial institution, the examiners:

(1) shall submit their written findings and recommendations to:

(A) the board of directors;

(B) other parties authorized by the board of directors and approved by the director; and

(C) in the case of a credit union, the supervisory committee of the credit union, in addition to the parties set forth in clauses (A) and (B); and

(2) may confer with the parties listed in subdivision (1) on the findings and recommendations.

(f) Upon the conclusion of an examination, a full, true, and detailed report of the condition of the financial institution shall be made to the department by the examiners in the form prescribed by the department.

(g) A financial institution subject to examination by the department may not cause, by contract or otherwise, any data processing or other similar service to be performed, either on or off its premises, until written assurances are furnished to the department by the financial institution and the entity providing the service that the performance of the service will be subject to regulation and examination by the department to the same extent as if the service were being performed by the financial institution on its own premises. Entities that provide data processing or other similar services to more than one (1) financial institution need only file one (1) written assurance to cover all financial institutions to which the entity provides services.

(h) The report of an examination conducted under this section:

(1) is the exclusive property of the department; and

(2) except as provided in subsection (i), shall not be distributed, published, or duplicated without the prior authorization of the director.

(i) A financial institution that is or seeks to become a member of the Federal Home Loan Bank System may provide a copy of a report of an examination conducted by the department to the Federal Home Loan Bank for the confidential use of the Federal Home Loan Bank if the director and the Federal Home Loan Bank have entered into a written agreement that provides that the report of the examination:

(1) remains the property of the department; and

(2) is not:

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

(B) subject to subpoena;

(C) subject to discovery; or

(D) admissible in evidence in any civil action.

(j) Except as provided in subsection (i), a person who knowingly or intentionally possesses, distributes, publishes, or duplicates a report of an examination conducted under this section without the prior authorization of the director commits a Class B misdemeanor.

(k) If a financial institution contracts with an outside vendor to provide a service that would otherwise be undertaken internally by the financial institution and be subject to the department's routine examination procedures, the person that provides the service to the financial institution 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 financial institution 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.33-1991, SEC.56. Amended by P.L.262-1995, SEC.75; P.L.90-2008, SEC.69; P.L.35-2010, SEC.196; P.L.159-2017, SEC.54.
Ind. Code § 28-8-6-907 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-907
Material false statement or omitting a material entry in a document; failure to file a document
Status: in_force

Sec. 907. (a) A person who knowingly or intentionally makes a material false statement, or omits a material entry, in a document filed or required to be filed under this chapter, with the intent to deceive the recipient of the document, commits a Class C misdemeanor.

(b) A person who knowingly or intentionally fails to file a document required to be filed under this chapter, commits a Class D infraction. However, the person commits a Class C infraction for a subsequent offense.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-3-2-3 — Indiana Code / Title 28 / Article 3 / Chapter 2 / Section 28-3-2-3
Shareholders' meeting; completion of conversion, merger, or consolidation
Status: in_force

Sec. 3. The board of directors of the bank or trust company and the board of directors of the national banking association shall each give notice of the time, place, and object of the shareholders' meeting, to act upon the plan of conversion, merger, or consolidation, to each of their respective shareholders of record, which notice may be waived specifically by any shareholder. The meeting of the shareholders of a bank or trust company shall be called in accordance with the provisions of IC 28-13, and the meeting of the shareholders of a national banking association shall be called in accordance with the provisions of the laws of the United States. The plan of conversion, merger, or consolidation shall be adopted provided the shareholders of at least two-thirds (2/3) of each class of the capital stock of the bank or trust company and the shareholders of at least two-thirds (2/3) of each class of the capital stock of the national banking association vote affirmatively in favor of such plan. The conversion of a bank or trust company into a national banking association shall be considered as completed upon the issuance of a national bank charter or other evidence of conversion by the comptroller of the currency. The conversion of a national banking association into a state bank shall be considered completed upon the acceptance of articles of incorporation by the department of financial institutions and the issuance of a certificate of incorporation by the secretary of state of the state of Indiana. The merger and consolidation of a bank or trust company with a national banking association shall be considered completed upon filing with the department of financial institutions a certificate of merger or consolidation executed by the comptroller of the currency. The merger and consolidation of a national banking association with a bank or trust company shall be considered completed upon the approval, by the department of financial institutions, of articles of merger or consolidation and the execution of a certificate of merger or consolidation by the secretary of state of the state of Indiana.

Formerly: Acts 1953, c.69, s.3. As amended by P.L.263-1985, SEC.130; P.L.171-1996, SEC.40.
Ind. Code § 28-1-12-2 — Indiana Code / Title 28 / Article 1 / Chapter 12 / Section 28-1-12-2
Control by court; accounts, statements, and reports
Status: in_force

Sec. 2. Every bank or trust company appointed as a fiduciary, pursuant to the provisions of this article, shall be subject at all times to the orders, judgments, and decrees of the court from which it shall have accepted any such trust, appointment, or commission, as to such trust or other fiduciary relationship, and shall render to such court such itemized and verified accounts, statements, and reports as may be required by law, or as such court shall determine, in relation to such particular trust or other fiduciary appointment.

Formerly: Acts 1933, c.40, s.184. As amended by P.L.263-1985, SEC.63.
Ind. Code § 28-15-11-14 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-14
Regulation of adjustable mortgage loans
Status: in_force

Sec. 14. Adjustable mortgage loans are subject to the following:

(1) Adjustments to the principal loan balance are permissible only if:

(A) the initial payment amount is sufficient to fully amortize the loan at the beginning of the loan term; and

(B) the payment amount is adjusted at least every five (5) years to amortize the loan at the current interest rate and principal loan balance over the remaining term of the loan.

(2) Prepayment in full or in part shall be allowed without penalty.

(3) Adjustments to the interest rate must correspond directly to the movement of the money cost index, subject to such rate-adjustment limitations, if any, as a savings association may provide. For the purposes of this subdivision:

(A) the initial money cost index value is the value of the money cost index most recently available within six (6) months before the date of the closing of the loan; and

(B) the interest rate at adjustment shall reflect the difference, in reference to the interest rate of the loan on the date of closing, between the initial money cost index value and either:

(i) the money cost index value most recently available as of the date of rate adjustment, if the payment is not simultaneously adjusted; or

(ii) the money cost index value most recently available as of the date of notification of a payment adjustment.

However, when the movement of the money cost index permits an interest rate increase, the savings association may decline to increase the interest rate by the indicated amount. The savings association may decrease the interest rate at any time.

(4) The borrower may not be charged any costs or fees in connection with regularly scheduled adjustments to:

(A) the interest rate;

(B) the payment;

(C) the outstanding principal loan balance; or

(D) the loan term.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-10-2-8 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-8
"Fallback provisions"
Status: in_force

Sec. 8. As used in this chapter, "fallback provisions" means terms that are included in a contract, security, or instrument and that set forth a methodology or procedure for determining a benchmark replacement, including any terms relating to the effective date of the benchmark replacement, regardless of whether a benchmark replacement can be determined in accordance with the specified methodology or procedure.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-2-18-21 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-21
Powers of out-of-state bank; acquisition of branch
Status: in_force

Sec. 21. An out-of-state bank that meets the requirements of this chapter may establish and maintain a branch in Indiana through the acquisition of a branch.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-8-5-22.5 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-22.5
Failure to file renewal form or pay renewal fee; revocation or suspension of license
Status: in_force

Sec. 22.5. (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 applications prescribed by the director; or

(2) pay any license renewal fee described under section 15 of this chapter;

not later than 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 person's license; or

(2) appeal the revocation 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 license revocation or suspension, a license remains in force.

As added by P.L.176-1996, SEC.26. Amended by P.L.35-2010, SEC.191; P.L.89-2011, SEC.66.
Ind. Code § 28-8-4.1-901 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-901
Licensee's duty to forward money received for transmission; exception
Status: in_force

Sec. 901. (a) A licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that:

(1) the sender may be a victim of fraud; or

(2) a crime or violation of a law, rule, or regulation has occurred, is occurring, or may occur.

(b) If a licensee fails to forward money received for transmission in accordance with this section, the licensee must respond to inquiries from the sender by providing the reason for the failure unless providing a response would violate a state or federal law, rule, or regulation.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-15-11-5 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-5
"Graduated payment mortgage loan"
Status: in_force

Sec. 5. As used in this chapter, "graduated payment mortgage loan" or "GPM loan" means a mortgage loan under which:

(1) the scheduled repayments begin at a level lower than that of a comparable standard mortgage loan and rise to a point determined by the loan documents; and

(2) the period of the rise, the rate of increase, and the interest rate are fixed in the loan documents.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-6.1-12-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 12 / Section 28-6.1-12-3
Branches de novo and branches by acquisition; approval of department required; application; approval or disapproval by department; location; savings banks organized or operating before January 1, 1993; exemption from approval requirements
Status: in_force

Sec. 3. (a) Subject to this section, a savings bank is entitled to establish one (1) or more branches de novo and one (1) or more branches by acquisition in any location or locations within Indiana.

(b) A branch de novo may not be established under this section without the written approval of the department. A savings bank desiring to establish one (1) or more branches de novo under this section must file a written application to do so in the form, and containing the information, required by the director.

(c) The department may approve or disapprove the application. Before the department approves the application, the department shall determine to its satisfaction that the applicant savings bank will have adequate capital, sound management, and adequate future earnings prospects after the establishment of the branch. The investigation of the department relative to any application as required by this section shall be conducted without a public hearing.

(d) The location of a branch established under this section may be changed at any time to a location within Indiana when the change of location is authorized by the board of the savings bank and approved by the department.

(e) Except as provided in IC 28-6.1-6-23, a savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993, may not establish a branch by acquisition.

(f) A savings bank created as a result of a conversion under IC 28-1-30 may retain all branches in existence on the date of conversion.

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

As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994, SEC.98; P.L.192-1997, SEC.14; P.L.62-1999, SEC.4; P.L.69-2018, SEC.52.
Ind. Code § 28-6.2-7-2 — Indiana Code / Title 28 / Article 6.2 / Chapter 7 / Section 28-6.2-7-2
Liquidation of mutual holding company; filing federal bankruptcy court petition
Status: in_force

Sec. 2. (a) The department may file a petition with the federal bankruptcy court requesting the liquidation of a mutual holding company under 12 U.S.C. 1467(a)(o)(9) and Title 11, United States Code, upon:

(1) the default of the resulting savings bank, any acquiree savings bank, or any subsidiary savings bank of the mutual holding company that was in the mutual form when acquired;

(2) the default of the mutual holding company; or

(3) foreclosure on any pledge by the mutual holding company of subsidiary savings bank stock.

(b) Except as provided in subsection (a), the net proceeds of any liquidation of a mutual holding company shall be transferred to the members of the mutual holding company under the articles of reorganization of the mutual holding company.

(c) If:

(1) the FDIC incurs a loss from a default of any savings bank subsidiary of a mutual holding company; and

(2) that mutual holding company is liquidated under subsection (a);

the FDIC shall succeed to the membership interests of the depositors of the savings bank, to the extent of the FDIC's loss.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-1-1-2 — Indiana Code / Title 28 / Article 1 / Chapter 1 / Section 28-1-1-2
Application of article
Status: in_force

Sec. 2. This article applies to every financial institution and to other corporations and individuals as may by law after July 1, 1933, be subjected to the provisions of this article.

Formerly: Acts 1933, c.40, s.2. As amended by P.L.263-1985, SEC.2; P.L.42-1993, SEC.19.
Ind. Code § 28-5-1-8 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-8
Limitation of total obligation of single borrower; exceptions; loans to officers, agents, and employees; violation; offense; credit exposure from derivative transactions
Status: in_force

Sec. 8. (a) Except as otherwise provided in subsections (c), (d), and (e), the total obligation of any person, firm, limited liability company, or corporation to any industrial loan and investment company shall at no time exceed fifteen percent (15%) of the amount of the capital and surplus of the company.

(b) The term "obligations" as used in this section means the direct liability of the maker or acceptor of paper discounted with or sold to any such company, and the liability of the indorser, drawer, or guarantor who obtains a loan from, or discounts paper with or sells paper under the person's guaranty to any such company, and, in the case of obligations of a copartnership or association, includes only those obligations of the several members thereof directly related to the copartnership or association, and, in the case of obligations of a corporation, includes all obligations of all subsidiaries thereof in which such corporation owns or controls a majority interest.

(c) Subsection (a) does not apply to the following:

(1) Obligations arising out of the discount of commercial or business paper actually owned by the person, firm, limited liability company, or corporation negotiating such paper.

(2) Obligations of the United States or any instrumentality thereof or of this state, or of any municipal corporation or taxing district thereof, or obligations fully insured by the federal housing administrator as to principal; however, the department may, under such rules and regulations as it may prescribe, limit the total amount that may be invested by any industrial loan and investment company in any one (1) obligation or in any class of obligations described in subdivisions (1) and (2).

(3) Obligations arising out of the agreement to repurchase, or the guaranty or endorsement of, retail installment sales contracts by a retail seller or subsequent assignee. However, this subdivision does not apply in any case where such company purchasing such paper does not become the absolute owner, or in any case where installment payments are collected by a prior owner of the paper, or by a retail seller of the goods represented thereby.

(4) Obligations arising out of the agreement to repurchase, or the guaranty or indorsement of, title-retaining real estate installment sales contracts by a seller, or subsequent assignees; however, this subdivision does not apply in any case where such company purchasing such contracts does not become the absolute owner, or in any case where installment payments are collected by a prior owner of the contracts or by a seller of such contracts.

(5) Obligations of the borrower arising out of loans in which the borrower has no personal liability but which are secured by bailment leases or the rentals due and to become due thereunder; and the rights of the lessor in said leases and the property being leased thereunder, and which loans are to be repaid out of said rentals due and to become due under said leases; or obligations arising out of the guaranty, endorsement, or assignment of bailment leases or the rentals due and to become due thereunder by the lessor. However, this subdivision does not apply in any such case where such company does not have the right or does not actually collect the rentals due or to become due thereunder.

(d) Obligations to an industrial loan and investment company of any subsidiary or subsidiaries of the company engaged in business for the purpose provided in section 6(a)(15) of this chapter shall at no time exceed in the case of one (1) subsidiary ten percent (10%) of the capital and surplus of the company or, in the case of more than one (1) subsidiary, in the aggregate twenty percent (20%) of the capital and surplus of the company unless in either case the department shall approve a larger percentage.

(e) Obligations to an industrial loan and investment company of any subsidiary or subsidiaries of the company engaged in business for the purpose provided in section 6(a)(14) of this chapter shall at no time exceed in the aggregate thirty percent (30%) of the amount of the capital and surplus of the company or such larger sum as the department may approve.

(f) Except as otherwise provided in this subsection and in section 9 of this chapter, no loan shall be made, directly or indirectly, by any industrial loan and investment company, to any active executive officer, agent, or employee thereof. The board of directors or executive committee of any industrial loan and investment company may, by resolution, duly entered in the records of the proceedings of the board or committee, authorize loans to or extend lines of credit to:

(1) any active executive officer, agent, or employee of such industrial loan and investment company in any amount not exceeding, at any one (1) time outstanding:

(A) ten thousand dollars ($10,000); plus

(B) ten thousand dollars ($10,000) which may be used for the sole purpose of educating the children of such active executive officer, agent, or employee as hereinafter provided; or

(2) directors not holding any office in such industrial loan and investment company, and not acting as an agent or employee thereof.

The board or committee may likewise authorize loans to or extend lines of credit to firms, limited liability companies, or corporations in which active executive officers, agents or employees or directors may be partners, members, or stockholders, but the total amount of the obligations of all such active executive officers, agents, or employees, and directors, or other firms, limited liability companies, or corporations in which such active executive officers, agents, employees, and directors are partners, members, or stockholders, shall not at any time exceed fifteen percent (15%) of the total resources of the industrial loan and investment company at the time any such loan or extension of credit is made. Loans and lines of credit permitted by this subsection shall be made only on authorization by a majority of all of the directors or members of the executive committee of such industrial loan and investment company, and by the affirmative vote of all directors or members of the executive committee present at the meeting, and such authorization may be general and need not be given for each loan or line of credit extended. However, such general authorization shall be voted upon at least annually. When a line of credit has been extended pursuant to this subsection to any such active executive officer, agent, or employee or to any such director, or to any firm, corporation, limited liability company, or partnership in which an active executive officer, agent, employee, or director may be a partner, member, or stockholder, any notes or other instruments evidencing an indebtedness to the industrial loan and investment company, and any renewals or extensions thereof, need not be authorized as otherwise required by this subsection if such loan, or any renewal or any extension thereof, is within the terms of the authorization of the line of credit theretofore extended by the directors or executive committee to such active executive officer, agent, or employee, or to such director, or to any firm, corporation, limited liability company, or partnership in which any active executive officer, agent, employee, or director may be a partner, member or stockholder. The department, under such general rules and regulations as it may prescribe, which shall apply to all industrial loan and investment companies alike, may require full collateral security for all loans of the types permitted by this subsection and, for the purpose of providing that such security may be adequate, may specify the types thereof that may be pledged. Subject to section 9 of this chapter, the limitations of this subsection shall not apply to a loan by an industrial loan and investment company to an active executive officer, agent, or employee thereof made upon the security of real estate whereupon such active executive officer, agent, or employee maintains the person's actual residence. The term "actual residence" includes a two (2) family dwelling unit if one (1) of such units is occupied by the active executive officer, agent, or employee of the industrial loan and investment company.

(g) An officer or director of any industrial loan and investment company who knowingly violates subsection (f) commits a Level 4 felony.

(h) For purposes of any lending limits set forth in this section with respect to an industrial loan and investment company, the total loans and extensions of credit by an industrial loan and investment company includes any credit exposure to a person arising from a derivative transaction (as defined in 12 U.S.C. 84(b)(3)) between the industrial loan and investment company and the person.

Formerly: Acts 1935, c.181, s.8; Acts 1937, c.105, s.4; Acts 1949, c.229, s.1; Acts 1955, c.20, s.3; Acts 1969, c.129, s.2; Acts 1971, P.L.399, SEC.3; Acts 1973, P.L.284, SEC.3. As amended by Acts 1977, P.L.293, SEC.2; Acts 1979, P.L.265, SEC.2; P.L.8-1993, SEC.448; P.L.213-2007, SEC.59; P.L.217-2007, SEC.57; P.L.158-2013, SEC.300; P.L.186-2015, SEC.35.
Ind. Code § 28-6.2-5-1 — Indiana Code / Title 28 / Article 6.2 / Chapter 5 / Section 28-6.2-5-1
Investment and acquisition powers; other powers
Status: in_force

Sec. 1. A mutual holding company may do the following:

(1) Invest in or acquire control of:

(A) a bank, savings bank, or savings association; or

(B) the holding company of a bank, savings bank, or savings association.

(2) Acquire a mutual savings bank or mutual savings association by merger with an interim or existing subsidiary savings bank of the mutual holding company from which the mutual holding company has members.

(3) Acquire control of another mutual holding company by:

(A) merging with or into it; or

(B) merging it with or into a subsidiary interim holding company;

with the consent of the department and subject to conditions the department may prescribe, upon an affirmative vote of at least two-thirds (2/3) of the board of each entity.

(4) Acquire control of a savings bank holding company or savings association holding company in the stock form with the written approval of the department. An acquired holding company may be held as a subsidiary or merged into the mutual holding company.

(5) Invest in or acquire control of any corporation that is engaged exclusively in activities approved by the department.

(6) Invest in securities in which a savings bank may invest in under IC 28-6.1.

(7) Engage in activities in which a savings bank may engage in under IC 28-6.1.

(8) Furnish or perform management services for a subsidiary.

(9) Hold, manage, or liquidate assets owned or acquired from a subsidiary.

(10) Hold or manage property that the mutual holding company or a subsidiary uses.

(11) Engage in any activity that the federal reserve board permits a bank holding company to engage in under 12 CFR 225, subpart C, unless limited or prohibited by the department.

(12) Convert itself and any savings bank subsidiary into a mutual savings bank under a plan that:

(A) is approved by the department;

(B) provides that the converting mutual holding company ceases to engage in activities in which the converted savings bank may not engage; and

(C) provides that stock in a subsidiary savings bank that is not held by the converting mutual holding company is redeemed.

As added by P.L.122-1994, SEC.101. Amended by P.L.79-1998, SEC.79.
Ind. Code § 28-2-17-20.1 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-20.1
Repealed
Status: repealed

As added by P.L.11-1998, SEC.8. Repealed by P.L.89-2011, SEC.78.
Ind. Code § 28-1-29-10.5 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-10.5
Record keeping and retention; examinations and investigations; payment of costs; court order compelling compliance; confidentiality; department's investigatory and enforcement authority; cooperative regulatory agreements; examination of vendors
Status: reserved

Sec. 10.5. (a) A licensee shall maintain in the licensee's business any books, accounts, and records that enable the department to determine whether the licensee is complying with this chapter. The books, accounts, and records shall be preserved for at least two (2) years after making the final entry of any agreement recorded in the books, accounts, and records. A licensee is subject to IC 28-1-2-30.5 with respect to any records maintained by the licensee.

(b) In administering this chapter and in order to determine whether this chapter is being complied with by a person engaging in acts subject to this chapter, the department may examine the records of a person and may make investigations of a person as necessary to determine compliance. Records subject to examination under this section include the following:

(1) Training, operating, and policy manuals.

(2) Minutes of:

(A) management meetings; and

(B) other meetings.

(3) Other records that the department determines are necessary to perform the department's investigation or examination.

(c) The department may also administer oaths or affirmations, subpoena witnesses, compel a witness's attendance, adduce evidence, and require the production of any matter that is relevant to the investigation. The department shall determine whether:

(1) the records maintained are sufficient; and

(2) the person has made the required information reasonably available.

(d) If the department:

(1) investigates; or

(2) examines the books and records of;

a person that is subject to this chapter, the person shall pay all reasonably incurred costs of the investigation or examination in accordance with the fee schedule adopted by the department under IC 28-11-3-5. Any costs required to be paid under this subsection 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.

(e) The department shall be given free access to the records wherever located. If the person's records are located outside Indiana, at the discretion of the director, the records shall be made available to the department at a convenient location within Indiana, or the person shall pay the reasonable and necessary expenses for the department or the department's representative to examine the records where the records are maintained.

(f) If a person fails to:

(1) obey a subpoena without a lawful excuse; or

(2) give testimony;

the department may apply to a civil court for an order compelling compliance.

(g) The department shall not make public the name or identity of a person whose acts or conduct the department investigates under this section or the facts disclosed in the investigation. However, this subsection does not apply to disclosures of enforcement proceedings under this chapter.

(h) 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.

(i) The department may:

(1) enter into a cooperative arrangement with another federal or state agency having authority over debt management companies; and

(2) exchange with the agency information about a person subject to this chapter, including information obtained during an examination of the person.

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

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

(2) otherwise cease conducting business with the person refusing the examination.

As added by P.L.35-2010, SEC.134. Amended by P.L.137-2014, SEC.25; P.L.5-2015, SEC.61.
Ind. Code § 28-1-21.9-12 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-12
Rights and obligations of converted stock savings banks
Status: in_force

Sec. 12. At the effective time of the charter conversion, the resulting stock savings bank:

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

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

(3) succeeds by operation of law to all rights and property of the converting savings bank; and

(4) is subject to all debts, obligations, and liabilities of the converting savings bank as if the stock savings bank had incurred the debts and liabilities.

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.46.
Ind. Code § 28-6.1-6-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-5
Receiving savings and demand deposits
Status: in_force

Sec. 5. (a) A savings bank may receive savings deposits and, subject to subsection (b), demand deposits.

(b) If a savings bank accepts demand deposits, the savings bank shall establish and maintain the reserve balances prescribed by law applicable to banks and trust companies or by any general rules of the department, when the law, rules, and regulations apply to all banks and trust companies alike.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-7.1-6 — Indiana Code / Title 28 / Article 1 / Chapter 7.1 / Section 28-1-7.1-6
Director's determination of resulting entity's viability; conditions; authority of director to act; applicability of law governing mergers and consolidations; waiver of law
Status: in_force

Sec. 6. (a) The director may determine under section 5(1)(B) of this chapter, based upon information then available to the director, that a voluntary supervisory conversion will likely result in a depository financial institution becoming a viable entity with stock ownership if all the following are satisfied:

(1) The depository financial institution resulting from the conversion will be adequately capitalized.

(2) The depository financial institution resulting from the conversion, and any person acquiring capital stock in the depository financial institution resulting from the conversion, will comply with all applicable supervisory policies.

(3) The depository financial institution involved in, or the one (1) or more entities resulting from, the conversion will be insured by the Federal Deposit Insurance Corporation.

(4) The voluntary supervisory conversion is in the best interest of:

(A) the depository financial institution involved in, or the one (1) or more entities resulting from, the conversion; and

(B) the public.

(5) The voluntary supervisory conversion will not injure or be detrimental to:

(A) the depository financial institutions involved in, or the one (1) or more entities resulting from, the conversion; or

(B) the public interest.

(b) The director may act on a voluntary supervisory merger, consolidation, sale, or other disposition on behalf of the department.

(c) Except as otherwise provided in this chapter, a provision of IC 28-1-7 concerning mergers or consolidations applies to a voluntary supervisory conversion under this chapter unless the director determines that the provision should be waived or considered inapplicable with respect to a particular voluntary supervisory conversion. The director may make a determination described in this subsection if the director finds, in the director's discretion, that the determination will:

(1) facilitate the consummation of the voluntary supervisory conversion; and

(2) in the director's judgment and considering the available information under the prevailing circumstances, result in one (1) or more entities that are more favorable to the public than if:

(A) the provision were not waived or considered inapplicable; or

(B) the voluntary supervisory conversion were not approved.

As added by P.L.89-2011, SEC.33. Amended by P.L.6-2012, SEC.192.
Ind. Code § 28-6.1-10-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-1
Application of limitations
Status: in_force

Sec. 1. The limitations imposed by this chapter do not apply to the following:

(1) Direct or indirect obligations of the United States.

(2) Direct obligations of a United States territory or insular possession.

(3) Direct obligations of the state or a municipal corporation or taxing district in Indiana.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-2-16-17 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-17
Foreign bank holding company acquisition of Indiana bank or bank holding company; application; investigation; factors considered; findings; conditions and restrictions upon acquisition
Status: in_force

Sec. 17. (a) If a foreign bank holding company desires to acquire an Indiana bank or Indiana bank holding company under this chapter, the foreign bank holding company must file an application for approval of the acquisition with the department on forms prescribed by the department. Upon receipt of an application under this section, the department may:

(1) accept the application for processing;

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

(3) return the application if it is substantially incomplete.

The department shall take one (1) of the actions listed in this subsection within ten (10) business days after receiving the application. Within ten (10) business days after acceptance of an application for processing, the department shall notify the applicant and the bank or bank holding company proposed to be acquired of its acceptance of the application. The applicant shall publish notice of the acceptance of the application 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 a bank subsidiary of the bank holding company proposed to be acquired.

(b) Upon accepting an application for processing under subsection (a)(1), the department shall conduct an investigation, to the extent the department considers necessary, into the condition of the applicant and the Indiana bank or Indiana bank holding company proposed to be acquired. The department may request additional information from the applicant and may hold public hearings with respect to the proposed acquisition. The department may require the applicant to produce any additional information the department considers necessary for the hearing. The department shall commence any public hearing held under this section not less than thirty (30) days and not more than sixty (60) days after the department's acceptance of an application for processing. The hearing shall be held at a place, date, and time specified by the department. The department may assign the task of conducting the hearing to a member or an employee of the department. If the department decides to hold a public hearing under this section, the department shall send written notice to 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 department shall also send written notice to the principal office of the Indiana bank proposed to be acquired or to the principal office of each Indiana bank subsidiary of the Indiana bank holding company proposed to be acquired at least twenty (20) days before the hearing and shall publish notice of the hearing at least twenty (20) days before the hearing in a newspaper of general circulation in each county in which is located the principal office or a branch of:

(1) the Indiana bank; or

(2) an Indiana bank subsidiary of the Indiana bank holding company;

proposed to be acquired. The shareholders of the bank or bank holding company proposed to be acquired and the shareholders of the applicant may appear and offer evidence at the hearing. 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 applicant shall pay all expenses of publication, court reporter fees, department expenses, appropriate department per diem expenses, and hearing room fees, as determined by the department.

(c) The department shall either approve or disapprove the proposed acquisition within:

(1) sixty (60) days after the acceptance of an application for processing, if the department elects not to hold a public hearing; or

(2) thirty (30) days after any public hearing held with respect to the proposed acquisition, if the department elects to hold a public hearing.

The department may extend the period for consideration of the application, upon written notice to the applicant, if the department determines that further information from the applicant is necessary for its decision or that any material information submitted is substantially inaccurate. However, an extension may not exceed an additional thirty (30) days.

(d) The department may not authorize an acquisition under this chapter unless the provisions of this chapter have been met.

(e) In deciding whether to approve an acquisition under this chapter, the department shall consider the following factors:

(1) Whether the banks already controlled by the applicant are operated in a safe, sound, and prudent manner.

(2) Whether the financial condition of the applicant or any of its affiliates will jeopardize the financial stability of the Indiana bank or Indiana bank holding company proposed to be acquired.

(3) Whether the proposed merger or acquisition will result in an Indiana bank that has inadequate capital, unsatisfactory management, or poor earnings prospects.

(4) Whether banks already controlled by the applicant have provided adequate and appropriate services, including services contemplated by the Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.), to the communities in which they are located.

(5) Whether the applicant proposes to provide adequate and appropriate services, including services contemplated by the Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.), in the communities served by the Indiana bank or Indiana bank holding company proposed to be acquired.

(6) Whether the management or other principals of the applicant are qualified by character and financial responsibility to control and operate in a legal and proper manner the Indiana bank or Indiana bank holding company proposed to be acquired.

(7) Whether the interest of the depositors and creditors of the Indiana bank or Indiana bank holding company proposed to be acquired and the interest of the public generally will be jeopardized by the proposed acquisition.

(8) Whether the applicant furnishes all the information the department requires in reaching its decision.

(9) If the department holds a hearing under section 18 of this chapter, the finding required by section 19 of this chapter.

(f) The department shall make any acquisition by a foreign bank holding company subject to any conditions, restrictions, and requirements that:

(1) would apply to the acquisition by an Indiana bank holding company of a bank or bank holding company in the state where the foreign bank holding company has its principal place of business; and

(2) would not apply to the acquisition of a bank or bank holding company in that state by a bank holding company that controls only banks located in that state.

As added by P.L.279-1987, SEC.9. Amended by P.L.33-1991, SEC.43; P.L.262-1995, SEC.59; P.L.171-1996, SEC.35.
Ind. Code § 28-6.1-6-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-3
Loaning money; engaging in tax equity finance transactions
Status: in_force

Sec. 3. (a) A savings bank may loan money.

(b) Subject to any regulation, rule, policy, or guidance adopted by the department, pursuant to its lending authority, a savings bank may 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 subsection is separate from, and does not limit, any investment authorities available to a savings bank. A tax equity finance transaction is subject to the substantive legal requirements of a loan, including, without limitation, IC 28-6.1-9.

As added by P.L.42-1993, SEC.72. Amended by P.L.31-2022, SEC.3.
Ind. Code § 28-2-17-11 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-11
"Home state regulator" defined
Status: in_force

Sec. 11. As used in this chapter, "home state regulator" means, with respect to an out-of-state state bank, the bank supervisory agency of the state in which the bank is organized or reorganized.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-14-3-7 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-7
Benefits; incentives; stock purchase programs
Status: in_force

Sec. 7. (a) A corporate fiduciary may do the following:

(1) Pay benefits, offer incentives, and establish benefit plans and incentive plans for an existing or a former director, officer, employee, and agent of the corporate fiduciary.

(2) Adopt stock purchase programs for employees and:

(A) grant options to purchase;

(B) issue; and

(C) sell;

shares of the capital stock of the corporate fiduciary to the employees of the corporate fiduciary or to a trustee on behalf of the employees of the corporate fiduciary.

(b) A corporate fiduciary may act as the trustee to whom shares of the capital stock of the corporate fiduciary are issued and sold on behalf of the employees of the corporate fiduciary under subsection (a)(2).

(c) A corporate fiduciary granting options and issuing capital stock in connection with a stock purchase plan for its employees under subsection (a)(2) is not required to first offer the capital stock to the shareholders of the corporate fiduciary.

(d) A corporate fiduciary granting options and issuing capital stock in connection with a stock purchase plan for its employees under subsection (a)(2) may offer the capital stock to the shareholders for such consideration (but not less than par value), and upon such terms and conditions, as are approved by the:

(1) board of directors of the corporate fiduciary;

(2) holders of a majority of the shares of the corporate fiduciary who are entitled to vote with respect to the issuance of the capital stock; and

(3) director.

(e) In the absence of actual fraud in the transaction, the judgment of the board of directors of a corporate fiduciary as to the sufficiency of the consideration for the issuance of options in connection with a stock purchase plan under subsection (a)(2) is conclusive.

(f) A corporate fiduciary exercising the powers granted in this section may, to the extent approved by the director, have authorized and unissued stock that is required to fulfill a stock option arrangement or another arrangement authorized by this section.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-5-8.5 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-8.5
Shareholders' derivative proceedings; procedure
Status: in_force

Sec. 8.5. (a) A person may not commence a proceeding in the right of a corporation unless the person was a shareholder of the corporation when the transaction complained of occurred or unless the person became a shareholder through transfer by operation of law from one who was a shareholder at that time. The derivative proceeding may not be maintained if it appears that the person commencing the proceeding does not fairly and adequately represent the interests of the shareholders in enforcing the right of the corporation.

(b) A complaint in a proceeding brought in the right of a corporation must be verified and allege with particularity the demand made, if any, to obtain action by the board of directors, and either that the demand was refused or ignored or why the shareholder did not make the demand. Whether or not a demand for action was made, if the corporation commences an investigation of the charges made in the demand or complaint (including an investigation commenced under subsection (d)), the court may stay any proceeding until the investigation is completed.

(c) A proceeding commenced under this section 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. 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 it finds that the proceeding was commenced without reasonable cause.

(d) Unless prohibited by the articles of incorporation, the board of directors may establish a committee consisting of three (3) or more disinterested directors or other disinterested persons to determine:

(1) whether the corporation has a legal or equitable right or remedy; and

(2) whether it is in the best interests of the corporation to pursue that right or remedy, if any, or to dismiss a proceeding that seeks to assert that right or remedy on behalf of the corporation.

(e) In making a determination under subsection (d), the committee is not subject to the direction or control of or termination by the board. A vacancy on the committee may be filled by the majority of the remaining members by selection of another disinterested director or other disinterested person.

(f) If the committee determines that pursuit of a right or remedy through a derivative proceeding or otherwise is not in the best interests of the corporation, the merits of that determination shall be presumed to be conclusive against any shareholder making a demand or bringing a derivative proceeding with respect to such right or remedy, unless such shareholder can demonstrate that:

(1) the committee was not disinterested, as described in subsection (g); or

(2) the committee's determination was not made after an investigation conducted in good faith.

(g) For purposes of this section, a director or other person is disinterested if the director or other person:

(1) has not been made a party to a derivative proceeding seeking to assert the right or remedy in question, or has been made a party but only on the basis of a frivolous or insubstantial claim or for the sole purpose of seeking to disqualify the director or other person from serving on the committee;

(2) is able under the circumstances to render a determination in the best interests of the corporation; and

(3) is not an officer, employee, or agent of the corporation or of a related corporation. However, an officer, employee, or agent of the corporation or a related corporation who meets the standards of subdivisions (1) through (2) shall be considered disinterested in any case in which the right or remedy under scrutiny is not assertable against a director or officer of the corporation or the related corporation.

(h) For purposes of this section, "shareholder" includes a beneficial owner whose shares are held in a voting trust or held by a nominee on the owner's behalf.

As added by P.L.266-1987, SEC.9.
Ind. Code § 28-8-4.1-1002 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1002
Surety bond; amount of required security
Status: in_force

Sec. 1002. (a) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the director.

(b) Subject to subsections (c) and (d), the amount of the required security under this section is the greater of:

(1) three hundred thousand dollars ($300,000); or

(2) an amount equal to the licensee's average daily money transmission liability in Indiana calculated for the most recently completed calendar quarter, up to a maximum of five hundred thousand dollars ($500,000).

(c) A licensee that maintains a bond in the maximum amount of five hundred thousand dollars ($500,000) set forth in subsection (b)(2) is not required to calculate the licensee's average daily money transmission liability in Indiana for purposes of this section.

(d) A licensee may exceed the maximum required bond amount pursuant to section 1004(a)(5) of this chapter.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-2-16-24 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-24
Repealed
Status: repealed

As added by P.L.279-1987, SEC.9. Amended by P.L.262-1995, SEC.63. Repealed by P.L.215-1999, SEC.16.
Ind. Code § 28-1-7-21 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-21
Dissenters' rights; notice; method of asserting rights; payment for shareholder's shares; withdrawal of demand; determination of value; submission of certificates
Status: in_force

Sec. 21. (a) This section does not apply to a shareholder of a:

(1) mutual savings bank; or

(2) mutual savings association;

that is the subject of a proposed merger or consolidation under this chapter.

(b) A shareholder entitled to vote on the adoption of an agreement of merger or consolidation may dissent from the merger or consolidation and obtain payment of the value of the shareholder's shares in the manner provided in this section.

(c) If a proposed merger or consolidation is submitted to a vote at a shareholders' meeting, the meeting notice must state that shareholders are or may be entitled to assert dissenters' rights under this section.

(d) A shareholder who desires to assert dissenters' rights under this section must:

(1) deliver to the corporation before the vote is taken written notice of the shareholder's demand for payment for the shareholder's shares if the proposed action is effected; and

(2) not vote the shareholder's shares in favor of the proposed action.

(e) If the merger or consolidation is effected, the surviving or new corporation shall pay to the shareholder, upon surrender of the certificate or certificates representing the shareholder's shares, the value of the shares as of the day before the date on which the vote was taken approving the merger or consolidation. A shareholder failing to satisfy the requirements of subsection (d) is not entitled to payment for the shareholder's shares under this section. Immediately after the vote is taken approving the merger or consolidation, the shareholder, except as otherwise provided in subsection (f), is entitled to payment only as provided in this section, ceases to be a shareholder, and is not entitled to vote or to exercise any other rights of a shareholder.

(f) A demand for payment made under subsection (d) may not be withdrawn unless the corporation consents to the withdrawal. With respect to a shareholder who has made a demand for payment, the right of the shareholder to be paid the value of his shares ceases and his status as a shareholder is restored without prejudice to any corporate proceedings which may have been taken during the interim, and the shares held by the shareholder shall be treated for all purposes as if no objection and demand had been made by the shareholder, if:

(1) the shareholder's request to withdraw the shareholder's demand is consented to by the corporation;

(2) the merger or consolidation is abandoned;

(3) the shareholders revoke the authority to effect the merger or consolidation;

(4) a petition for the determination of value by a court is not filed within the time provided in this section; or

(5) a court of competent jurisdiction determines that the shareholder is not entitled to the relief provided by this section.

(g) Within ten (10) days after the merger or consolidation is effected, the surviving or new corporation shall mail or deliver written notice of the date of that action to each dissenting shareholder who has made demand under this section. For purposes of giving this notice, the corporation shall use the shareholder's address which appears on the corporate records. In the notice the corporation shall include a written offer to the shareholder to pay for the shareholder's shares at a specified price considered by the corporation to be the value of them. If within thirty (30) days after the date on which the merger or consolidation was effected the value of the shares is agreed upon between a dissenting shareholder and the surviving or new corporation, the surviving or new corporation shall make payment to the shareholder for the shares. The surviving or new corporation shall make the payment within ninety (90) days after the date on which the merger or consolidation was effected, upon surrender of the certificate or certificates representing the shares. Upon payment of the agreed value, the dissenting shareholder ceases to have any interest in the shares.

(h) If within the period of thirty (30) days a dissenting shareholder and the surviving or new corporation do not so agree, then either the corporation or the dissenting shareholder may file a petition in any circuit or superior court in the county in Indiana where the principal office of the corporation is located requesting that the court determine the value of the shares. However, the petition must be filed within ninety (90) days after the effective date of the merger or consolidation. Two (2) or more dissenting shareholders may join as plaintiffs or be joined as defendants in the action, and two (2) or more actions may be transferred and consolidated to avoid inconsistent results and promote judicial economy. The jurisdiction of the court is plenary and exclusive.

(i) The court shall render judgment against the surviving or new corporation for payment of an amount equal to the value of each dissenting share multiplied by the number of dissenting shares that any dissenting shareholder who is a party is entitled to require the surviving or new corporation to purchase. The judgment is payable only upon the endorsement and delivery to the surviving or new corporation of the certificates for the shares described in the judgment. Any party may appeal from the judgment.

(j) Within twenty (20) days after the merger or consolidation is effected, the shareholder shall submit the certificate or certificates representing the shareholder's shares to the corporation for notation on the certificate or certificates that demand for payment has been made. The shareholder's failure to do so, at the option of the corporation, terminates the shareholder's rights under this section unless a court of competent jurisdiction, for good and sufficient cause shown, otherwise directs. If shares represented by a certificate on which notation has been so made are transferred, each new certificate issued for those shares shall bear a similar notation together with the name of the original dissenting holder of the shares, and a transferee of the shares acquires by the transfer no rights in the corporation other than those which the original dissenting shareholder had after making demand for payment of the value of the shares.

Formerly: Acts 1933, c.40, s.134; Acts 1965, c.356, s.9. As amended by P.L.238-1983, SEC.9; P.L.33-1991, SEC.13; P.L.14-1992, SEC.72; P.L.262-1995, SEC.10; P.L.27-2012, SEC.40.
Ind. Code § 28-13-1-1 — Indiana Code / Title 28 / Article 13 / Chapter 1 / Section 28-13-1-1
Number of shares; classes of shares; preferences; limitations; relative rights
Status: in_force

Sec. 1. The articles of incorporation must prescribe the number of shares that the corporation is authorized to issue. If more than one (1) class of shares is authorized by the articles of incorporation, the articles of incorporation must prescribe the number of shares in each class and a distinguishing designation for each class. Before the issuance of shares of a class, the preferences, limitations, and relative rights of the class must be described in the articles of incorporation. All shares of a class must have preferences, limitations, and relative rights identical with those of other shares of the same class except to the extent otherwise permitted by section 4 of this chapter.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-13-4 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-4
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.198; Acts 1935, c.5, s.34; Acts 1939, c.102, s.5. As amended by P.L.263-1985, SEC.66. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-7-5-34 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-34
Delivery of pledge; necessity of surrender of pawn ticket
Status: in_force

Sec. 34. A pawnbroker shall not be required to deliver a pledge except upon surrender of the ticket, unless the ticket be impounded or its negotiation enjoined by a court.

Formerly: Acts 1935, c.195, s.33. As amended by P.L.263-1985, SEC.195; P.L.14-1992, SEC.155.
Ind. Code § 28-1-23.2-2 — Indiana Code / Title 28 / Article 1 / Chapter 23.2 / Section 28-1-23.2-2
"Eligible depository financial institution"
Status: in_force

Sec. 2. As used in this chapter, "eligible depository financial institution" means a credit union that is organized or reorganized under Indiana law with the express power to receive and accept deposits of money subject to withdrawal by any of the methods set forth in IC 28-1-23-16.

As added by P.L.135-2014, SEC.3.
Ind. Code § 28-5-1-11 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-11
Acquisition or conveyance of real estate; purposes
Status: in_force

Sec. 11. (a) Any such company shall have the power to purchase, hold and convey real estate for the following purposes and for no others:

(1) Such as shall be necessary for the convenient transaction of its business, but the cost or value of such real estate as carried on its books shall not exceed fifty percent (50%) of the amount of its capital and surplus, without the written consent of the department.

(2) Such as shall be conveyed to it in satisfaction of debts or obligations previously contracted in the course of its dealings, or in exchange for real estate so conveyed to it.

(3) Such as it shall purchase at sales under judgments or decrees of foreclosure on mortgages held by such company or shall acquire as additional security for obligations due such company.

(4) Such as shall have been sold under a title-retaining, installment, real estate sales contract, the term of which does not exceed twelve (12) years, where such contract is either purchased by it or taken as collateral security for a loan. However, the total cost of all real estate sold on title-retaining installment sales contracts as carried on the books of the company shall not at any one (1) time exceed five percent (5%) of the total resources of the company when such real estate title-retaining installment sales contracts were acquired without the written approval of the department.

(b) No such company shall hold the title or possession of any real estate purchased or otherwise acquired to secure any debts or obligations due to it, for a longer period than ten (10) years after such real estate is or has been purchased or otherwise acquired without the consent in writing of the department. However, any such company may sell any real estate so purchased or otherwise acquired by it under a title-retaining installment real estate sales contract, the term of which shall not exceed twelve (12) years, and hold title or possession thereof until the same is conveyed to the purchaser thereof under the terms and provisions of any such contract.

(c) For the purposes of subsection (a)(1), real estate purchased or held for the convenient transaction of the business of a company includes the following:

(1) Real estate on which the principal office or a branch office of the company is located.

(2) Real estate that is the location of facilities supporting the operations of the company, such as parking facilities, data processing centers, loan production offices, automated teller machines, night depositories, facilities necessary for the operations of a company subsidiary, or other facilities that are approved by the director.

(3) Real estate that the board of directors of the company expects, in good faith, to use as a company office or facility in the future.

(d) If real estate referred to in subsection (c)(3) is held by a company for one (1) year without being used as a company office or facility, the board of directors of the company shall state, by resolution, definite plans for the use of the real estate. A resolution adopted under this subsection shall be made available for inspection by the department.

(e) Real estate referred to in subsection (c)(3) may not be held by a company for more than three (3) years without being used as a company office or facility unless:

(1) the board of directors of the company, by resolution:

(A) reaffirms annually that the company expects to use the real estate as a company office or facility in the future; and

(B) explains the reason why the real estate has not yet been used as a company office or facility; and

(2) the director determines that:

(A) the continued holding of the real estate by the company does not endanger the safety and soundness of the company; and

(B) the company is holding the real estate to use the real estate in the future for one (1) of the purposes set forth in subsection (c)(1) or (c)(2).

(f) Real estate referred to in subsection (c)(3) may not be held by a company for more than ten (10) years without being used as a company office or facility unless the department consents in writing to the continued holding of the real estate by the company.

(g) If a company closes a principal or branch office or a facility on, or discontinues operations on, real estate described in subsection (c)(1) or (c)(2), the company shall divest itself of the real estate not later than five (5) years from the date of the closing or discontinuation.

Formerly: Acts 1935, c.181, s.11; Acts 1947, c.135, s.2; Acts 1955, c.20, s.5; Acts 1972, P.L.198, SEC.1. As amended by P.L.14-1992, SEC.112; P.L.213-2007, SEC.60; P.L.217-2007, SEC.58; P.L.73-2016, SEC.23.
Ind. Code § 28-9-3-4 — Indiana Code / Title 28 / Article 9 / Chapter 3 / Section 28-9-3-4
Adverse claim by money judgment creditor attempting to garnish deposit account; accountability of depository institution; interrogatories; actions required of adverse claimant
Status: in_force

Sec. 4. (a) This section applies to an adverse claimant who is a money judgment creditor attempting to garnish a deposit account.

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

(c) A depository institution is not required to respond to interrogatories regarding deposit accounts at the depository financial institution unless the adverse claimant has complied with subsection (d).

(d) An adverse claimant shall do all of the following:

(1) Provide the depository financial institution notice of garnishment proceedings, the unpaid amount of the judgment, and sufficient identifying information about the judgment defendant to enable the depository financial institution reasonably to verify the judgment defendant as the depositor.

(2) Serve or cause to be served upon the depository financial institution an order to answer interrogatories.

(3) If the judgment defendant is an individual, serve or cause to be served upon the depository financial institution a copy of a notice, or an apparently valid order containing a notice, issued by a court that is directed to the judgment defendant (which is to be used by the depository financial institution to comply with IC 28-9-4-2(a)(3)) and that:

(A) states that the adverse claimant has or may have served or caused to be served upon one (1) or more depository financial institutions notice that may result in the placing of a hold on deposit accounts maintained by the judgment defendant, either individually or jointly with another person, in such depository financial institutions;

(B) states that under federal and state law certain funds are exempt from garnishment, including Social Security, Supplemental Security Income, veterans benefits, and certain disability pension benefits, and that there may be other exemptions from garnishment under federal or state law;

(C) states that if the judgment defendant or another person who maintains a deposit account jointly with the judgment defendant believes that some or all of the funds in the deposit account on which a hold may have been placed are exempt, such person is entitled to a prompt hearing for the purpose of presenting evidence to establish exemptions and seeking removal of the hold; and

(D) has attached to it a preprinted detachable form that may be used by the judgment defendant or other person maintaining a deposit account jointly with the judgment defendant in requesting the prompt hearing specified in clause (C) and that generally instructs such person as to how the form should be used in requesting this hearing.

(4) Serve or cause to be served upon the depository financial institution an apparently valid order issued by a court that expressly directs the depository financial institution to place a hold on a deposit account identified in the order whenever the conditions under subdivisions (1) through (3) are met.

(5) Pay to the depository financial institution five dollars ($5) for each judgment defendant identified by the adverse claimant under subdivision (1). This fee may not be assessed as a cost to the judgment defendant in the action.

(e) An order issued under subsection (d)(4):

(1) is subject to the limitations under IC 28-9-4-2 concerning the duration of the restriction and the amount to be restricted; and

(2) may be terminated or modified to reflect valid exemptions of a depositor that the court has considered.

(f) A depository financial institution is not required to pay funds in a deposit account to an adverse claimant unless the adverse claimant serves the depository financial institution with a final order in garnishment directing the payment of the lesser of:

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

(2) the balance in the account at the time of receipt of the documents and process.

As added by P.L.258-1989, SEC.2. Amended by P.L.197-1991, SEC.1; P.L.198-1991, SEC.1; P.L.1-1992, SEC.157; P.L.89-1998, SEC.1.
Ind. Code § 28-2-17-29 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-29
Waiver of concentration limitation
Status: in_force

Sec. 29. (a) Pursuant to 12 U.S.C. 1831u(b)2(D), the statewide concentration limitation as provided for in 12 U.S.C. 1831u(b)2(B) may be waived by order of the department for a particular interstate merger transaction for good cause shown.

(b) When determining good cause for the purposes of this section, the department shall, at a minimum, consider the factors enumerated in IC 28-2-16-17(e).

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-15-4-1 — Indiana Code / Title 28 / Article 15 / Chapter 4 / Section 28-15-4-1
Depositors
Status: in_force

Sec. 1. A person becomes a depositor when the person is accepted by the savings association.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-7-1-26 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-26
Repealed
Status: repealed

Formerly: Acts 1961, c.182, s.26. As amended by P.L.263-1985, SEC.179; P.L.263-1995, SEC.23. Repealed by P.L.35-2010, SEC.209.
Ind. Code § 28-1-23-6 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-6
Restrictions on incorporation and organization
Status: in_force

Sec. 6. (a) Except as provided in subsection (b), a mutual savings bank or a mortgage guarantee company may not be incorporated or organized under Indiana law.

(b) A mutual savings bank may be organized with all rights and privileges under IC 28-6.1 only by a mutual bank conversion under IC 28-1-21.7.

Formerly: Acts 1933, c.40, s.356; Acts 1937, c.33, s.41. As amended by P.L.263-1985, SEC.100; P.L.147-1990, SEC.8; P.L.42-1993, SEC.45; P.L.79-1998, SEC.61.
Ind. Code § 28-1-13-1.8 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-1.8
Limit on obligations secured by documents or instruments covering livestock; dealer discount of paper securing sale of dairy cattle with payment guaranteed by seller
Status: in_force

Sec. 1.8. (a) Loans and extensions of credit secured by shipping documents or instruments transferring or securing title covering livestock or giving a lien on livestock when the market value of the livestock securing the obligation is not at any time less than one hundred fifteen percent (115%) of the face amount of the note covered are subject under this section, notwithstanding the collateral requirements set forth in section 1.5(b) of this chapter, to a maximum limitation equal to twenty-five percent (25%) of the capital and surplus.

(b) Loans and extensions of credit that arise from the discount by dealers in dairy cattle of paper given in payment for dairy cattle, which paper carries a full recourse endorsement or unconditional guarantee of the seller and that are secured by the cattle being sold, are subject under this section, notwithstanding the collateral requirements set forth in section 1.5(b) of this chapter, to a limitation of twenty-five percent (25%) of the capital and surplus.

As added by P.L.14-1992, SEC.90. Amended by P.L.141-2005, SEC.7.
Ind. Code § 28-5-2-2 — Indiana Code / Title 28 / Article 5 / Chapter 2 / Section 28-5-2-2
Payment after death of certificate holder
Status: in_force

Sec. 2. If any certificate holder of any industrial loan and investment company shall die, leaving unpledged certificates in such company and no executor of the will or administrator of the estate has been appointed, such company, may, in its discretion, pay the value of such certificates to the widow, widower, or next of kin, or may apply the value of such certificates to the payment of funeral expenses or the expenses of the last sickness or other just debts of the decedent. As a condition of such payment, such company shall require proof by affidavit as to the parties in interest and shall also require the filing of proper waivers and the execution of a bond of indemnity with proper sureties from the parties interested, and a proper acquittance and receipt for such payment by the person to whom such payment is made shall fully release the company, and such company shall not thereafter be held liable to the decedent's executor or administrator thereafter appointed, or to any other person.

Formerly: Acts 1953, c.61, s.2. As amended by P.L.254-1997(ss), SEC.27; P.L.79-2017, SEC.71.
Ind. Code § 28-1-23.5-5 — Indiana Code / Title 28 / Article 1 / Chapter 23.5 / Section 28-1-23.5-5
Electronic activity authorized as part of financial institution's business
Status: in_force

Sec. 5. (a) An electronic activity is authorized for a financial institution as part of the financial institution's business if the activity is described in:

(1) IC 28-1-11, with respect to a bank;

(2) IC 28-7-1, with respect to a credit union;

(3) IC 28-6.1, with respect to a savings bank;

(4) IC 28-15, with respect to a savings association; or

(5) any other state statute that applies to a financial institution described in subdivisions (1) through (4).

(b) In determining whether an electronic activity is authorized as part of a financial institution's business, the director shall consider the following:

(1) Whether the activity is functionally equivalent to, or a logical outgrowth of, a recognized activity of the type of financial institution under consideration.

(2) Whether the activity strengthens the financial institution by benefiting its customers or its business.

(3) Whether the activity involves risks similar in nature to those already assumed by the type of financial institution under consideration.

(4) Whether the activity may be conducted by:

(A) the same, or functionally equivalent type, of federally chartered financial institution; or

(B) the same, or functionally equivalent type, of financial institution that:

(i) is organized or reorganized under the laws of another state; and

(ii) does business in Indiana;

under the authority of applicable federal or state statutes, regulations, or supervisory policies.

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

Formerly: Acts 1933, c.40, s.120; Acts 1965, c.356, s.6. As amended by P.L.238-1983, SEC.7. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-1-18.2-1.1 — Indiana Code / Title 28 / Article 1 / Chapter 18.2 / Section 28-1-18.2-1.1
"Company" defined
Status: in_force

Sec. 1.1. As used in this chapter, "company" means a corporation, limited liability company, partnership, business trust, association, or similar organization. Unless specifically excluded, the term includes a bank.

As added by P.L.14-1992, SEC.95. Amended by P.L.8-1993, SEC.441.
Ind. Code § 28-1-13-10 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-10
Prohibition against accepting compensation for procuring loan; exception for bona fide employment or compensation agreements
Status: in_force

Sec. 10. (a) Except as otherwise provided, and subject to subsection (b), an officer, director, owner, partner, employee, or attorney of any bank or trust company who stipulates for, receives, or consents or agrees to receive, any fee, commission, gift, or thing of value, from any person, for the purpose of procuring or endeavoring to procure for any person any loan from or the purchase or discount of any paper, note, draft, check, or bill of exchange by the bank or trust company, commits a Class A misdemeanor.

(b) The prohibitions set forth in subsection (a) do not apply to a bank's or a trust company's:

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

(2) compensation agreements with third party independent contractors.

Formerly: Acts 1933, c.40, s.204. As amended by Acts 1978, P.L.2, SEC.2809; P.L.159-2017, SEC.32.
Ind. Code § 28-6.2-7-5 — Indiana Code / Title 28 / Article 6.2 / Chapter 7 / Section 28-6.2-7-5
Use of proxies
Status: in_force

Sec. 5. Whenever a mutual savings bank or mutual holding company is required by this chapter to obtain membership approval for a transaction, the savings bank or mutual holding company may use any existing proxy conferring general authority to vote on any and all matters at any meeting of members if the member granting the proxy:

(1) has been furnished a proxy statement regarding the proposed transaction; and

(2) does not revoke the proxy before the vote at the meeting at which the transaction will be considered.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-13-14-13 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-13
Change of corporate name; record of articles of amendment
Status: in_force

Sec. 13. If a corporation amends its articles of incorporation to change its corporate name, the corporation may, after the amendment has become effective, file for record with the county recorder of each county in Indiana in which the corporation has real property at the time the amendment becomes effective a file-stamped copy of the articles of amendment. The validity of a change in name is not affected by a corporation's failure to record the articles of amendment.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-7-5-6 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-6
Repealed
Status: repealed

Formerly: Acts 1935, c.195, s.6. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-6.1-5-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 5 / Section 28-6.1-5-3
Form of coverage
Status: in_force

Sec. 3. Fidelity coverage may be provided in either of the following ways:

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

(2) Through establishment of a separate reserve fund within the savings bank for that purpose.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-21.7-12 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-12
Transitional powers
Status: in_force

Sec. 12. The department may authorize the resulting mutual bank to do the following:

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

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

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 mutual bank conversion.

As added by P.L.147-1990, SEC.3. Amended by P.L.42-1993, SEC.41.
Ind. Code § 28-7-1-25 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-25
Dividends
Status: in_force

Sec. 25. Dividends may be declared by the board of directors, after making provision for the required reserves. The board of directors may declare separate dividend periods and rates for each type of share account.

Formerly: Acts 1961, c.182, s.25; Acts 1969, c.133, s.8; Acts 1974, P.L.130, SEC.8. As amended by Acts 1979, P.L.267, SEC.4; P.L.263-1995, SEC.22.
Ind. Code § 28-11-2-3 — Indiana Code / Title 28 / Article 11 / Chapter 2 / Section 28-11-2-3
Employees; salaries and benefits; contractors to assist with examinations; contracts not subject to approval
Status: in_force

Sec. 3. (a) The director, on behalf of the department, shall employ qualified individuals as assistants, deputies, supervisors, and other necessary employees. Individuals employed by the director are not subject to job classifications or compensation schedules established under IC 4-15. The technical or professional qualification of an applicant shall be determined by examination, by professional rating, or as the director determines. Salaries and benefits for employees of the department shall be:

(1) established by the members, upon recommendation of the director; and

(2) paid from the financial institutions fund established by section 9 of this chapter.

In making a recommendation under subdivision (1), the director may recommend salaries and benefits substantially equivalent to those paid by the Federal Deposit Insurance Corporation or other federal agencies that supervise financial institutions.

(b) The director may enter into contracts, including contracts for the services of a qualified independent contractor to assist the department in the examination process under this article. Notwithstanding IC 4-13-2-14.1, contracts executed under this section are not subject to the approval of:

(1) the director of the budget agency; or

(2) the commissioner of the Indiana department of administration.

As added by P.L.33-1991, SEC.56. Amended by P.L.141-2005, SEC.20; P.L.213-2007, SEC.96; P.L.217-2007, SEC.94.
Ind. Code § 28-1-2-8 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-8
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.11; Acts 1935, c.5, s.3; Acts 1945, c.348, s.7. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-11-5-10 — Indiana Code / Title 28 / Article 11 / Chapter 5 / Section 28-11-5-10
Financial institutions organized as limited liability companies; treatment as financial institution organized in stock form; exclusive authority of department to regulate; prior approval of department required
Status: in_force

Sec. 10. (a) Subject to subsection (g), a financial institution described in section 1 of this chapter that is subject to this chapter may:

(1) be organized as a limited liability company;

(2) convert to a limited liability company; or

(3) merge with or into a limited liability company;

under the laws of Indiana or the United States, including any rules or regulations adopted or promulgated under the laws of Indiana or the United States.

(b) A financial institution organized as a limited liability company is subject to:

(1) IC 23-18; and

(2) this title.

If a provision of IC 23-18 conflicts with a provision of this title or with any rule of the department, the provision of this title or the rule of the department controls.

(c) Any filing required to be made under IC 23-18 shall be made in the same manner as for a financial institution that is organizing or is organized in stock form.

(d) The department may prescribe any requirements for:

(1) the articles of organization; and

(2) the operating agreement;

of a financial institution that is organized and operates as a limited liability company.

(e) The department has the exclusive authority under this title to regulate a financial institution organized as a limited liability company. A financial institution that is a limited liability company is subject to the department's authority in the same manner as a bank that is organized in stock form.

(f) A financial institution that is a limited liability company is subject to the provisions of this title that apply to banks, except for the provisions concerning corporate governance (IC 28-13), in the same manner as a financial institution that is organized in stock form, subject to the following:

(1) In the case of a manager managed limited liability company, "director" means a manager of the limited liability company.

(2) In the case of a member managed limited liability company, "director" means a member of the limited liability company.

(g) A financial institution may not:

(1) organize as;

(2) convert to; or

(3) merge with or into;

a limited liability company without the prior approval of the department under this title.

As added by P.L.90-2008, SEC.76. Amended by P.L.27-2012, SEC.108; P.L.13-2013, SEC.74.
Ind. Code § 28-11-5-2 — Indiana Code / Title 28 / Article 11 / Chapter 5 / Section 28-11-5-2
Approval of articles of incorporation and organization and establishment of financial institutions
Status: in_force

Sec. 2. (a) A financial institution may not be organized, incorporated, or engage in business in Indiana until the department has approved the following:

(1) The articles of incorporation of the proposed financial institution.

(2) The organization and establishment of the financial institution in the city or town in which the incorporators propose to establish the financial institution.

(b) A person who violates this section commits a Class A misdemeanor.

As added by P.L.42-1993, SEC.91.
Ind. Code § 28-7-5-10.5 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-10.5
Repealed
Status: repealed

As added by P.L.10-2006, SEC.43 and P.L.57-2006, SEC.43. Repealed by P.L.159-2017, SEC.40.
Ind. Code § 28-10-2-13 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-13
"Recommended spread adjustment"
Status: in_force

Sec. 13. As used in this chapter, "recommended spread adjustment" means a spread adjustment, or method for calculating or determining the spread adjustment, that:

(1) is selected or recommended by a relevant recommending body for:

(A) a recommended benchmark replacement;

(B) a particular type of contract, security, or instrument; and

(C) a particular term;

to account for the effects of the transition or change from LIBOR to the recommended benchmark replacement; and

(2) may:

(A) have a positive or negative value; or

(B) equal zero (0).

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-1-7-17 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-17
Secretary of state; approval of articles of consolidation; issuance of certificates of consolidation and incorporation
Status: in_force

Sec. 17. Upon the filing of the articles of consolidation, 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 consolidation and incorporation to the new corporation; and

(4) return the remaining copies of the approved articles of consolidation, together with the certificate of consolidation and incorporation, to the new corporation or to its designated agent.

Formerly: Acts 1933, c.40, s.130. As amended by P.L.122-1994, SEC.55.
Ind. Code § 28-1-32-12 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-12
Winding up activities
Status: in_force

Sec. 12. The department may authorize the credit union resulting from a conversion under this chapter to do the following:

(1) Wind up any activities that the savings association was legally engaged in at the effective time of the conversion but that otherwise are not permitted to credit unions.

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

The terms and conditions of the winding up of activities under subdivision (1) and the retention of assets under subdivision (2) are subject to the discretion of the department. However, the transitional period during which activities may be carried out under subdivision (1) or assets may be retained under subdivision (2) may not exceed ten (10) years after the effective time of the conversion.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-8-5-8 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-8
Location
Status: in_force

Sec. 8. As used in this chapter, "location" means a fixed or ambulatory place of business approved by the department.

As added by P.L.42-1993, SEC.86.
Ind. Code § 28-13-5-3 — Indiana Code / Title 28 / Article 13 / Chapter 5 / Section 28-13-5-3
Special meeting; corporations of 50 or fewer shareholders
Status: in_force

Sec. 3. A corporation with not more than fifty (50) shareholders must hold a special meeting of shareholders as follows:

(1) On call of the corporation's board of directors or the person or persons, including shareholders or officers, specifically authorized to do so by the articles of incorporation or bylaws.

(2) If the holders of at least twenty-five percent (25%) of all the votes entitled to be cast on any issue proposed to be considered at the proposed special meeting sign, date, and deliver to the corporation's secretary one (1) or more written demands for the meeting describing the purpose or purposes for which the meeting is to be held.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-15-11-8 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-8
"Mortgage loan"
Status: in_force

Sec. 8. As used in this chapter, "mortgage loan" means:

(1) a loan:

(A) secured by a mortgage on real estate that is improved by a dwelling intended for occupancy by at least one (1) and not more than four (4) families; and

(B) that includes:

(i) the note;

(ii) the mortgage; and

(iii) any other documents constituting the loan transaction; or

(2) a loan:

(A) secured by a mortgage on real estate that is improved by a combination home and business building; and

(B) that includes:

(i) the note;

(ii) the mortgage; and

(iii) any other documents constituting the loan transaction.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-7-1-17.1 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-17.1
Repealed
Status: repealed

As added by P.L.141-2005, SEC.17. Amended by P.L.90-2008, SEC.42; P.L.35-2010, SEC.158. Repealed by P.L.129-2020, SEC.14.
Ind. Code § 28-1-7-25 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-25
Savings banks; request for order to merge, consolidate, or join with acquiring bank or trust company; requirements
Status: in_force

Sec. 25. (a) A savings bank organized before January 1, 1993, may request that the department order the savings bank to merge, consolidate, or join with an acquiring institution that is a bank, bank of discount and deposit, savings bank formed after December 31, 1992, savings association, or trust company.

(b) A savings bank may make a request under subsection (a) only if its board of trustees has, at a regular or special meeting called for that purpose, by a vote of at least two-thirds (2/3) of the then qualified and acting trustees, adopted a resolution stating that in the opinion of the board, the merger, consolidation, or other joining together is in the best interests of the depositors and other creditors of the savings bank.

(c) The department may order a merger, consolidation, or other joining requested under subsection (a) if it determines that:

(1) the depositors of the savings bank would not receive any liquidating dividend upon the dissolution of the savings bank; and

(2) the acquiring institution is willing to be the surviving corporation.

(d) The approval of the depositors of a savings bank organized before January 1, 1993, is not required for a merger, consolidation, or joining together under this section.

(e) To facilitate a merger, consolidation, or joining together under this section, the department may convert the charter, form of ownership, or operating powers of a savings bank into the charter, form of ownership, or operating powers of the acquiring institution.

As added by P.L.263-1983, SEC.2. Amended by P.L.122-1994, SEC.59; P.L.79-1998, SEC.39.
Ind. Code § 28-1-22-3 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-3
Restrictions on name
Status: in_force

Sec. 3. A foreign corporation shall not use or assume a name which could not be taken by a domestic corporation under the provisions of IC 28-12-3.

Formerly: Acts 1933, c.40, s.326. As amended by P.L.263-1985, SEC.86; P.L.14-1992, SEC.102; P.L.171-1996, SEC.10.
Ind. Code § 28-13-6-7 — Indiana Code / Title 28 / Article 13 / Chapter 6 / Section 28-13-6-7
Quorum for voting requirement for shareholders comprising voting groups
Status: in_force

Sec. 7. (a) If the articles of incorporation or this article provide for voting by a single voting group on a matter, action on that matter is taken when voted upon by that voting group as provided in section 6 of this chapter.

(b) If the articles of incorporation or this article provide for voting by two (2) or more voting groups on a matter, action on that matter is taken only when voted upon by each of those voting groups counted separately as provided in section 6 of this chapter. A matter may be voted on by one (1) voting group even though no vote is taken by another voting group entitled to vote on the matter.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-2-18-22 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-22
Notice of proposed transaction
Status: in_force

Sec. 22. An out-of-state bank that desires to:

(1) establish and maintain a de novo branch; or

(2) acquire a branch in Indiana pursuant to this chapter;

shall provide written notice of the proposed transaction to the department not later than the date on which the bank applies to the responsible federal bank supervisory agency for approval to establish the branch.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-6.1-15-9 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-9
Prerequisites to doing business
Status: in_force

Sec. 9. (a) Except as is incidental to its conversion or to obtaining payment for shares of its capital stock, the bank or trust company may not exercise any new power, right, or authority conferred by its conversion, transact any business, or incur any indebtedness, until both of the following occur:

(1) One (1) of the copies of the articles of incorporation with the indicated approval of the secretary of state has been filed with the county recorder of the county in which the principal office of the bank or trust company is located.

(2) The amount of the capital stock of the bank or trust company has been fully paid in.

(b) If the bank or trust company violates this section, its officers and directors are severally liable for any debts or liabilities of the bank or trust company arising from the violation.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.2-7-7 — Indiana Code / Title 28 / Article 6.2 / Chapter 7 / Section 28-6.2-7-7
Adoption of rules to implement chapter
Status: in_force

Sec. 7. The department may adopt rules under IC 4-22-2 or adopt policies necessary to implement this chapter.

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

Sec. 2. As used in this chapter, "acquiring bank" means the surviving bank in a merger of banks, the new corporation in a consolidation of banks, or the bank that purchases all, or substantially all, of the assets of another bank.

As added by P.L.265-1985, SEC.3.
Ind. Code § 28-1-32-2 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-2
"Credit union"
Status: in_force

Sec. 2. As used in this chapter, "credit union" has the meaning set forth in IC 28-7-1-0.5(3).

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-5-1-24 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-24
Repealed
Status: repealed

Formerly: Acts 1935, c.181, s.22. Repealed by Acts 1978, P.L.2, SEC.2824.
Ind. Code § 28-8-4.1-1005 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1005
Policy of insurance against loss by criminal act or act of dishonesty; required sum
Status: in_force

Sec. 1005. A licensee shall maintain a policy of insurance, issued by an insurer authorized to do business in Indiana, that insures the applicant against loss by a criminal act or by an act of dishonesty. The principal sum of the policy shall be at least equal to the amount of the surety bond required under section 1002 of this chapter.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-6.1-6-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-1
Discounting, negotiating, selling, and guaranteeing evidences of debt
Status: in_force

Sec. 1. A savings bank may discount, negotiate, sell, and guarantee promissory notes, bonds, drafts, acceptances, bills of exchange, and other evidences of debt.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-13-7-2 — Indiana Code / Title 28 / Article 13 / Chapter 7 / Section 28-13-7-2
Duties of voting trustee; agreement and list
Status: reserved

Sec. 2. When a voting trust agreement is signed, the trustee shall prepare a list of the names and addresses of all owners of beneficial interests in the trust, together with the number and class of shares each transferred to the trust, and deliver copies of the list and agreement to the corporation's principal office.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-10-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-3
Dealing requirements
Status: in_force

Sec. 3. Except as otherwise provided in this article, a savings bank may deal in investment securities only by purchasing and selling securities without recourse, solely upon the order and for the account of customers.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-8-4.1-602 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-602
Adding or replacing key individual; notice to department; department's authority to disapprove; time frames; licensee subject to multistate licensing process
Status: in_force

Sec. 602. (a) A licensee adding or replacing any key individual shall:

(1) provide notice in a manner prescribed by the director not later than fifteen (15) days after the effective date of the key individual's appointment; and

(2) provide information as required by section 504 of this chapter not later than forty-five (45) days after the effective date.

(b) Not later than ninety (90) days after the date on which a notice provided under subsection (a) is determined by the director to be complete, the department may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual would not be in the best interests of:

(1) the public; or

(2) the customers of the licensee;

so as to permit the individual to be a key individual of such licensee.

(c) A notice of disapproval under subsection (b) must contain a statement of the basis for disapproval and shall be sent to the licensee and the disapproved individual. A licensee that receives a notice of disapproval under subsection (b) may appeal the denial to the department for an administrative review under IC 4-21.5-3.

(d) If a notice provided under subsection (a) is not disapproved within ninety (90) days after the date on which the notice was determined by the director to be complete, the key individual is considered approved.

(e) If a multistate licensing process includes a key individual notice and review and approval process as described in this section, and a licensee avails itself or is otherwise subject to the multistate licensing process:

(1) the director may accept the determination of another state if the investigating state has sufficient staffing, expertise, and minimum standards for the purpose of this section; or

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

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-21.4-14 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-14
Transitional period
Status: in_force

Sec. 14. The department may authorize the resulting stock savings association to do the following:

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

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

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.176-1996, SEC.14. Amended by P.L.79-1998, SEC.57.
Ind. Code § 28-7-5-29 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-29
Liability for loss to pledger; due care
Status: in_force

Sec. 29. A pawnbroker shall be liable for the loss of a pledge resulting from the pawnbroker's failure to exercise reasonable care in regard to it, but the pawnbroker shall not be liable for the loss of a pledge which could not have been avoided by the exercise of reasonable care. The burden of proof to establish due care shall be upon the pawnbroker.

Formerly: Acts 1935, c.195, s.28. As amended by P.L.14-1992, SEC.153.
Ind. Code § 28-8-4.1-504 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-504
Required information for individuals; investigative background reports; director's authority to waive or substitute requirements
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 NMLS 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 unless the person currently resides outside the United States and has resided outside the United States for the last ten (10) years.

(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) If an individual described in subsection (a) has resided outside the United States at any time in the last ten (10) years, the individual shall also provide an investigative background report prepared by an independent search firm that meets the following requirements:

(1) At a minimum, the search firm shall:

(A) demonstrate that it has sufficient knowledge and resources, and employs accepted and reasonable methodologies, to conduct the research for the background report; and

(B) not be affiliated with, or have an interest with respect to, the individual it is researching.

(2) The investigative background report must be written in the English language and must, at a minimum, contain the following information with respect to the individual during the ten (10) years covered by the investigative background report:

(A) If available in the individual's current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to produce such a report, including a search of court data in the countries, provinces, states, cities, towns, and contiguous areas, as applicable, in which the individual resided and worked.

(B) Criminal records information, including convictions for felonies or misdemeanors, or similar convictions for violations of law, in the countries, provinces, states, cities, towns, and contiguous areas, as applicable, in which the individual resided and worked.

(C) Employment history.

(D) Media history, including an electronic search of national and local publications, wire services, and business applications.

(E) Regulatory history in the financial services industry, including money transmission, securities, banking, insurance, and mortgage related industries.

(c) The director may:

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

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

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-2-18-26 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-26
Enforcement actions
Status: in_force

Sec. 26. (a) If the department determines that a branch maintained by an out-of-state state bank in Indiana is being operated:

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

(2) in an unsafe and unsound manner;

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

(b) The department shall:

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

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

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-1-21.4-4 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-4
"Effective time of the charter conversion"
Status: in_force

Sec. 4. As used in this chapter, "effective time of the charter conversion" means the date:

(1) that the articles of conversion are filed with the secretary of state under section 16 of this chapter; or

(2) designated in the articles of conversion.

As added by P.L.176-1996, SEC.14.
Ind. Code § 28-7-1-19.2 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-19.2
Classification as undercapitalized or lower; mandatory supervisory requirements and restrictions; discretionary supervisory actions
Status: in_force

Sec. 19.2. (a) A credit union that is classified as undercapitalized or lower must do the following:

(1) Increase the credit union's net worth in accordance with section 19.1 of this chapter.

(2) Submit a net worth restoration plan to the director at the time and in the manner specified by the director. If the credit union:

(A) has a net worth ratio of less than five percent (5%); and

(B) either:

(i) fails to submit a net worth restoration plan required by this subdivision; or

(ii) materially fails to implement a net worth restoration plan submitted under this subdivision and approved by the director;

the credit union shall be reclassified as significantly undercapitalized as described in 12 CFR 702.102(a)(4)(ii).

(3) Beginning on the effective date of the credit union's classification as undercapitalized or lower, not permit the credit union's assets to increase beyond the credit union's assets as of the end of the preceding quarter unless one (1) of the following applies:

(A) The director and the credit union's share insurer have approved a net worth restoration plan that provides for an increase in total assets and:

(i) the assets of the credit union are increasing consistent with the approved plan; and

(ii) the credit union is implementing steps to increase the credit union's net worth ratio consistent with the approved plan.

(B) The director and the credit union's share insurer have not approved a net worth restoration plan, but the credit union's total assets are increasing because of increases in the balances (as of the end of the preceding quarter) of one (1) or more of the following:

(i) The credit union's total accounts receivable and accrued income on loans and investments.

(ii) Total cash and cash equivalents.

(iii) Total loans outstanding, as long as the amount of the credit union's total loans outstanding does not exceed the sum of the credit union's total assets plus the balance, as of the end of the preceding quarter, of the credit union's unused commitments to lend and unused lines of credit.

A credit union with one (1) or more increased balances under this clause may not offer rates on shares that exceed the prevailing rates on shares in the credit union's relevant market area, and may not establish or acquire any additional branch office.

(4) Beginning on the effective date of the credit union's classification as undercapitalized or lower, not increase the total dollar amount of member business loans (including loans outstanding and unused commitments to lend) above the total dollar amount of member business loans (including loans outstanding and unused commitments to lend) as of the end of the preceding quarter, unless the credit union is permitted to do so by the director and the credit union's share insurer.

(b) Subject to the applicable procedures for issuing, reviewing, and enforcing directives under this chapter, the director may, by directive, take one (1) or more of the following actions with respect to an undercapitalized credit union having a net worth ratio of less than five percent (5%) (or with respect to a director, officer, or employee of such a credit union) if the director determines that the action is necessary to carry out the purposes of section 19(b) of this chapter:

(1) Prohibit the credit union from, directly or indirectly:

(A) acquiring any interest in any business entity or financial institution;

(B) establishing or acquiring any additional branch office; or

(C) engaging in any new line of business;

unless the director has approved the credit union's net worth restoration plan, the credit union is implementing the plan, and the director determines that the proposed action is consistent with and will further the objectives of the plan.

(2) Restrict the credit union's transactions with a credit union service organization, or require the credit union to reduce or divest the credit union's ownership interest in a credit union service organization.

(3) Restrict the dividend rates that the credit union pays on shares to the prevailing rates paid on comparable accounts and maturities in the relevant market area, as determined by the director. However, the director may not retroactively restrict a dividend rate already declared with respect to shares acquired before a restriction is imposed under this subdivision.

(4) Prohibit any growth in the credit union's assets, or in a category of assets, or require the credit union to reduce the credit union's assets or a category of the credit union's assets.

(5) Require the credit union or the credit union's credit union service organization to alter, reduce, or terminate any activity that poses excessive risk to the credit union, as determined by the director.

(6) Prohibit the credit union from accepting all or certain nonmember deposits, as specified by the director.

(7) Require the credit union to dismiss from office one (1) or more directors or senior executive officers. A dismissal under this subdivision shall not be construed to be a formal administrative action for removal.

(8) Require the credit union to employ qualified senior executive officers, who, if the director and the credit union's share insurer so specify, shall be subject to the approval of the director and the credit union's share insurer.

(9) Restrict or require any other action by the credit union, to the extent the director and the credit union's share insurer determine that the restriction or requirement will carry out the purposes of section 19(b) of this chapter better than any of the restrictions or requirements set forth in subdivisions (1) through (8).

(c) An undercapitalized credit union that:

(1) has a net worth ratio of at least five percent (5%); or

(2) is classified as undercapitalized in accordance with 12 CFR 702.102(a)(3)(ii) for having a risk based capital ratio of less than eight percent (8%), as calculated under 12 CFR 702.104;

is subject to the discretionary supervisory actions set forth in subsection (b) if the credit union fails to comply with one (1) or more mandatory supervisory requirements or restrictions set forth in subsection (a), or if the credit union fails to timely implement a net worth restoration plan, as described in 12 CFR 702.111 and approved by the director, including a failure to meet the prescribed steps to increase the credit union's net worth ratio.

As added by P.L.197-2023, SEC.16.
Ind. Code § 28-2-14-19 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-19
Assumed business names; bank holding companies; resolutions
Status: in_force

Sec. 19. (a) The board of directors of a bank holding company that adopts a resolution under section 18(c) of this chapter may in that resolution or a subsequent resolution provide that all or a part of the trust business of an Indiana affiliate of the bank holding company may be conducted under an assumed business name specified in the resolution.

(b) A copy of the resolution must be:

(1) certified by the secretary or the assistant secretary of the bank holding company;

(2) filed with the department; and

(3) recorded in the county recorder's office:

(A) in each county in which an Indiana affiliate affected by the resolution maintains an office at which trust business is conducted under an assumed business name provided for in the resolution; and

(B) on or before the earlier of:

(i) thirty (30) days after the adoption of the resolution; or

(ii) the first day trust business is conducted in any county under the assumed business name provided for in the resolution.

As added by P.L.196-1991, SEC.1.
Ind. Code § 28-8-5-12 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-12
Issuance and refusal of licenses; evidence of compliance; criminal background checks
Status: in_force

Sec. 12. (a) The department shall determine the financial responsibility, business experience, character, and general fitness of the applicant before issuing the license.

(b) The department may refuse to issue a license for any of the following reasons:

(1) Any of the following has been convicted of a felony under the laws of Indiana or any other jurisdiction:

(A) An executive officer, director, or manager of the applicant, or any other individual having a similar status or performing a similar function for the applicant.

(B) Any person directly or indirectly owning of record or owning beneficially at least ten percent (10%) of the outstanding shares of any class of equity security of the applicant.

(2) The application was submitted for the benefit of, or on behalf of, a person who does not qualify for a license.

(c) The director of the department may request evidence of compliance with this section by the licensee at:

(1) the time of application;

(2) the time of renewal of the licensee's license; or

(3) any other time considered necessary by the director.

(d) For purposes of subsection (c), evidence of compliance may include:

(1) criminal background checks, including a national criminal history background check (as defined in IC 10-13-3-12) by the Federal Bureau of Investigation for any individual described in subsection (b)(1);

(2) credit histories; and

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

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

As added by P.L.42-1993, SEC.86. Amended by P.L.80-1998, SEC.22; P.L.63-2001, SEC.21 and P.L.134-2001, SEC.23; P.L.10-2006, SEC.63 and P.L.57-2006, SEC.63; P.L.213-2007, SEC.87; P.L.217-2007, SEC.85; P.L.90-2008, SEC.64; P.L.35-2010, SEC.186.
Ind. Code § 28-6.1-2-2.5 — Indiana Code / Title 28 / Article 6.1 / Chapter 2 / Section 28-6.1-2-2.5
Repealed
Status: repealed

As added by P.L.136-1994, SEC.4. Repealed by P.L.27-2012, SEC.83.
Ind. Code § 28-1-2-5 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-5
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.8; Acts 1945, c.348, s.5; Acts 1971, P.L.394, SEC.5. As amended by P.L.263-1985, SEC.4. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-13-9-10 — Indiana Code / Title 28 / Article 13 / Chapter 9 / Section 28-13-9-10
Compensation; fixing
Status: in_force

Sec. 10. Unless the articles of incorporation or bylaws provide otherwise, the board of directors may fix the compensation of directors.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-12-11-2 — Indiana Code / Title 28 / Article 12 / Chapter 11 / Section 28-12-11-2
Requirements for corporations merged with existing corporations
Status: in_force

Sec. 2. (a) This section applies only to a corporation that is organized or reorganized under Indiana law and is any of the following:

(1) A bank and trust company.

(2) A bank.

(3) A savings bank.

(4) A trust company.

(5) A savings association.

(6) An industrial loan and investment company.

(7) A credit union.

(8) A corporate fiduciary.

(9) A bank of discount and deposit.

(10) A loan and trust and safe deposit company.

(b) Notwithstanding section 1 of this chapter, the amount of capital stock of a corporation to be organized under this title shall be one hundred dollars ($100) if an existing corporation will be merged into or otherwise acquired by the corporation for which application has been made.

(c) The new corporation may not transact business before the merger except as incidental to the merger.

(d) Before completion of the merger, the department may conduct any examination into the affairs and records of any party to the merger, as determined by the director to be necessary.

(e) Upon completion of the merger, the resulting corporation is subject to the paid-in capital requirement of this title.

As added by P.L.42-1993, SEC.92. Amended by P.L.122-1994, SEC.118; P.L.213-2007, SEC.102; P.L.217-2007, SEC.100.
Ind. Code § 28-8-4.1-802 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-802
Money transmission on behalf of unlicensed or nonexempt person prohibited; joint and several liability
Status: in_force

Sec. 802. (a) A person shall not engage in the business of money transmission on behalf of a person who is not:

(1) licensed under this chapter; or

(2) exempt under section 301 of this chapter.

(b) A person that engages in the business of money transmission on behalf of a person described in subsection (a)(1) or (a)(2):

(1) provides money transmission to the same extent as if the person were a licensee; and

(2) is jointly and severally liable with the unlicensed or nonexempt person.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-5-1-20 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-20
Repealed
Status: repealed

Formerly: Acts 1935, c.181, s.20. As amended by Acts 1937, c.105, s.6. Repealed by Acts 1971, P.L.366, SEC.10.
Ind. Code § 28-1-2-9 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-9
Repealed
Status: repealed

Formerly: Acts 1933 c.40, s.12; Acts 1941, c.35, s.3; Acts 1945, c.348, s.8; Acts 1971, P.L.394, SEC.8. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-13-2-7 — Indiana Code / Title 28 / Article 13 / Chapter 2 / Section 28-13-2-7
Classes or series of shares without certificates; furnishing shareholder information
Status: in_force

Sec. 7. (a) Unless the articles of incorporation or bylaws provide otherwise, the board of directors of a corporation may authorize the issue of some or all of the shares of any or all classes or series without certificates. The authorization does not affect shares already represented by certificates until the certificates are surrendered to the corporation.

(b) Within a reasonable time after the issue or transfer of shares without certificates, the corporation shall send the shareholder a written statement of the information required on certificates by section 6(b) and 6(c) of this chapter, and, if applicable, section 8 of this chapter.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-15-14-6 — Indiana Code / Title 28 / Article 15 / Chapter 14 / Section 28-15-14-6
Organization of new savings association; bylaws
Status: in_force

Sec. 6. After the conversion of a federal savings association into a state chartered savings association under section 4 of this chapter, the organization of the savings association shall be completed in the manner provided by IC 28-12, except that bylaws for the savings association:

(1) may be adopted by the members of the federal association when the members adopt the resolution authorizing the conversion; and

(2) may become effective upon the issuance of the certificate of incorporation under section 4(g) of this chapter.

As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.21.
Ind. Code § 28-3-2-10 — Indiana Code / Title 28 / Article 3 / Chapter 2 / Section 28-3-2-10
Savings banks; request for order to merge, consolidate, or join with acquiring national banking association; requirements
Status: in_force

Sec. 10. (a) A savings bank may request that the department order the savings bank to merge, consolidate, or otherwise join with an acquiring institution that is a national banking association.

(b) A savings bank may make a request under subsection (a) only if its board of trustees has, at a regular or special meeting called for that purpose, by a vote of at least two-thirds (2/3) of the then qualified and acting trustees, adopted a resolution stating that in the opinion of the board, the merger, consolidation, or other joining together is in the best interests of the depositors and other creditors of the savings bank.

(c) The department may order a merger, consolidation, or other joining requested under subsection (a) if it determines that:

(1) the depositors of the savings bank would not receive any liquidating dividend upon the dissolution of the savings bank; and

(2) the acquiring institution is willing to be the surviving corporation.

(d) The approval of the depositors of a savings bank is not required for a merger, consolidation, or joining together under this section.

(e) A savings bank and an acquiring institution may not merge, consolidate, or join together under this section if they are located in different counties.

(f) When two (2) or more institutions merge, consolidate, or join together under this section, the resulting institution may maintain as a branch office any principal or branch office of the institution or institutions with which it merged, consolidated, or joined together.

(g) To facilitate a merger, consolidation, or joining together under this section, the department may convert the charter, form of ownership, or operating powers of a savings bank into the charter, form of ownership, or operating powers of the acquiring institution.

As added by P.L.263-1983, SEC.4.
Ind. Code § 28-8-5-2.5 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-2.5
Check cashing transaction
Status: in_force

Sec. 2.5. As used in this chapter, "check cashing transaction" means a transaction under this chapter in which there is no written or implied agreement to hold the check for more than three (3) business days.

As added by P.L.80-1998, SEC.21.
Ind. Code § 28-14-6-1 — Indiana Code / Title 28 / Article 14 / Chapter 6 / Section 28-14-6-1
Access and examination by department
Status: in_force

Sec. 1. (a) Books and records of the corporate fiduciary must be reasonably accessible to the department.

(b) If the records of a corporate fiduciary are located outside Indiana:

(1) the records shall be made available to the department at a convenient location within Indiana; or

(2) the corporate fiduciary shall pay the reasonable and necessary expenses for the department or its representative to examine the records where they are maintained.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-22-12 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-12
Affidavit stating location of principal office and name of agent for service of process
Status: in_force

Sec. 12. A foreign corporation admitted to do business in this state shall keep on file with the secretary of state an affidavit setting forth the location of its principal office in this state, and the name of a person who serves as its agent or representative on whom legal process may be served.

Formerly: Acts 1933, c.40, s.335. As amended by P.L.171-1996, SEC.17.
Ind. Code § 28-13-14-6 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-6
Notice of meeting
Status: in_force

Sec. 6. The corporation shall notify each shareholder, whether or not entitled to vote, of the proposed shareholders' meeting in accordance with IC 28-13-5-8. The notice of meeting must also do the following:

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

(2) Contain or be accompanied by a copy or summary of the amendment.

As added by P.L.14-1992, SEC.163. Amended by P.L.63-2001, SEC.24 and P.L.134-2001, SEC.26.
Ind. Code § 28-7-1-10.5 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-10.5
Repealed
Status: repealed

As added by P.L.35-2010, SEC.152. Repealed by P.L.89-2011, SEC.78.
Ind. Code § 28-1-5-3 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-3
Principal office; change of location
Status: in_force

Sec. 3. Every corporation shall maintain an office or place of business in this state, which shall be known as the "principal office", and which shall be located in a county in which the corporation conducts business. The post office address of the principal office shall be stated in the original articles of incorporation, at the time of the incorporation. Thereafter, the location of the principal office may be changed at any time or from time to time when authorized by the board of directors and approved by the department, by filing with the secretary of state on or before the day on which the change is to take effect, a certificate signed by the president or a vice president and by the secretary or cashier of the corporation and verified by one of the officers signing the certificate, stating the change to be made and reciting that the change is made pursuant to authorization by the board of directors.

Formerly: Acts 1933, c.40, s.91. As amended by P.L.33-1991, SEC.12.
Ind. Code § 28-7-5-19 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-19
Loan record requisites; data recording methods
Status: in_force

Sec. 19. (a) Every pawnbroker shall keep a record in ink that must include the following:

(1) The name, date of birth, and address of the pledger, or where the pledge is made by a person acting as agent for a disclosed principal, the names, dates of birth, and addresses of principal and agent.

(2) The date of the transaction.

(3) The amount of the loan.

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

(5) The serial number of the loan.

(6) The date on which each loan was paid in full, renewed, or unredeemed.

(7) An itemization of principal, interest, and additional fees collected.

(8) An itemization of fees authorized under IC 28-7-5-25.

(9) The total of all charges collected.

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

(b) Other methods of recording data, such as electronic or computerized methods, may be used provided written printouts or hard copies of the required data are readily available. The record keeping system of a licensee shall be made available in Indiana for examination. The department shall determine the sufficiency of the records and whether the licensee has made the required information reasonably available.

Formerly: Acts 1935, c.195, s.19. As amended by P.L.14-1992, SEC.144; P.L.42-1993, SEC.79; P.L.80-1998, SEC.16; P.L.163-2001, SEC.3.
Ind. Code § 28-6.1-10-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-6
Purchase and sale of investment securities for bank's own account under department rules; limitation on investment securities
Status: in_force

Sec. 6. (a) Subject to subsection (b), a savings bank may purchase for its own account and sell investment securities under limitations and restrictions the department prescribes by regulation, rule, policy, or guidance.

(b) The total amount of the investment securities of any one (1) obligor or maker, purchased or held by any savings bank for its own account may not at any time exceed ten percent (10%) of the amount of the total equity capital of the savings bank.

As added by P.L.42-1993, SEC.72. Amended by P.L.27-2012, SEC.88.
Ind. Code § 28-10-3-1 — Indiana Code / Title 28 / Article 10 / Chapter 3 / Section 28-10-3-1
"Corporation"
Status: in_force

Sec. 1. As used in this chapter, "corporation" means any:

(1) bank;

(2) trust company;

(3) corporate fiduciary;

(4) savings bank;

(5) savings association;

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

(7) credit union; or

(8) bank of discount and deposit;

organized or reorganized under the laws of this state.

As added by P.L.30-2024, SEC.6.
Ind. Code § 28-1-33-3 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-3
"Credit union"
Status: in_force

Sec. 3. As used in this chapter, "credit union" has the meaning set forth in IC 28-7-1-0.5(3).

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-11-4-5 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-5
Consent to a final order
Status: in_force

Sec. 5. If the director of the department enters into a consent to a final order under section 7 of this chapter with a financial institution, director, officer, or employee, the director is not required to issue and serve a notice of charges upon the financial institution, director, or officer under section 2 or 3 of this chapter. A consent agreement may be negotiated and entered into before or after the issuance of a notice of charges.

As added by P.L.33-1991, SEC.56. Amended by P.L.122-1994, SEC.110; P.L.262-1995, SEC.77; P.L.258-2003, SEC.21; P.L.141-2005, SEC.23.
Ind. Code § 28-1-11-5 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-5
Real estate
Status: in_force

Sec. 5. (a) In addition to the powers set forth in section 3.1 of this chapter, any bank or trust company shall have power to purchase, hold, and convey real estate for the following purposes, and for no others:

(1) Such as shall be necessary for the convenient transaction of its business.

(2) Such as shall be mortgaged to it or to its assignor immediate or remote, in good faith by way of security for debts.

(3) Such as shall be conveyed to it in satisfaction of debts contracted in the course of its dealings, or in satisfaction of debts, notes, or mortgages purchased by or assigned to it, or in exchange for real estate so conveyed to it.

(4) Such as it shall purchase at sales under judgments, decrees, or mortgages held by the bank or trust company or shall purchase to secure debts due it.

(b) Except with the approval in writing of the department, after July 1, 1933, the sum invested 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 such bank or trust company. Such investment may be made in the stock of a corporation organized to own and hold the real estate and building occupied and used wholly or in part by such bank or trust company.

(c) No bank or trust company shall hold the title or possession of any real estate purchased or otherwise acquired to secure any debts due to it for a longer period than ten (10) years after such real estate is or has been purchased or otherwise acquired, or after July 1, 1933, without the consent in writing of the director unless the bank or trust company has entered into a bona fide contract that is being performed in accordance with its terms.

(d) For the purposes of subsection (a)(1), real estate purchased or held for the convenient transaction of the business of a bank or trust company includes the following:

(1) Real estate on which the principal office or a branch office of the bank or trust company is located.

(2) Real estate that is the location of facilities supporting the operations of the bank or trust company, such as parking facilities, data processing centers, loan production offices, automated teller machines, night depositories, facilities necessary for the operations of a bank or trust company subsidiary, or other facilities that are approved by the director.

(3) Real estate that the board of directors of the bank or trust company expects, in good faith, to use as a bank or trust company office or facility in the future.

(e) If real estate referred to in subsection (d)(3) is held by a bank or trust company for one (1) year without being used as a bank or trust company office or facility, the board of directors of the bank or trust company shall state, by resolution, definite plans for the use of the real estate. A resolution adopted under this subsection shall be made available for inspection by the director.

(f) Real estate referred to in subsection (d)(3) may not be held by a bank or trust company for more than three (3) years without being used as a bank or trust company office or facility unless:

(1) the board of directors of the bank or trust company, by resolution:

(A) reaffirms annually that the bank or trust company expects to use the real estate as a bank or trust company office or facility in the future; and

(B) explains the reason why the real estate has not yet been used as a bank or trust company office or facility; and

(2) the director determines that:

(A) the continued holding of the real estate by the bank or trust company does not endanger the safety and soundness of the bank or trust company; and

(B) the bank or trust company is holding the real estate to use the real estate in the future for one (1) of the purposes set forth in subsection (d)(1) or (d)(2).

(g) Real estate referred to in subsection (d)(3) may not be held by a bank or trust company for more than ten (10) years without being used as a bank or trust company office or facility unless the director consents in writing to the continued holding of the real estate by the bank or trust company.

(h) If a bank or trust company closes a principal or branch office or a facility on, or discontinues operations on, real estate described in subsection (d)(1) or (d)(2), the bank or trust company shall divest itself of the real estate not later than five (5) years from the date of the closing or discontinuation.

Formerly: Acts 1933, c.40, s.174; Acts 1935, c.5, s.27; Acts 1943, c.86, s.1; Acts 1959, c.39, s.1; Acts 1965, c.356, s.11; Acts 1967, c.260, s.12. As amended by P.L.263-1985, SEC.59; P.L.14-1992, SEC.82; P.L.213-2007, SEC.40; P.L.217-2007, SEC.38; P.L.216-2013, SEC.18; P.L.73-2016, SEC.18.
Ind. Code § 28-7-1-2 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-2
Repealed
Status: repealed

Formerly: Acts 1961, c.182, s.2. Repealed by Acts 1977, P.L.294, SEC.14.
Ind. Code § 28-1-20.1-2 — Indiana Code / Title 28 / Article 1 / Chapter 20.1 / Section 28-1-20.1-2
"Deposit account agreement"
Status: in_force

Sec. 2. As used in this chapter, "deposit account agreement" means an agreement that:

(1) is between a depository financial institution and a depositor; and

(2) governs a deposit account.

As added by P.L.88-2024, SEC.1.
Ind. Code § 28-15-1-10 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-10
"Property improvement loan"
Status: in_force

Sec. 10. "Property improvement loan" means a loan to the owners of real estate, the proceeds of which are used to improve or equip real estate or a structure upon it.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-6.2-1-21 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-21
"Stock benefit plan" defined
Status: in_force

Sec. 21. "Stock benefit plan" means any defined benefit plan or defined contribution plan. The term includes:

(1) an employee stock ownership plan;

(2) a stock bonus plan;

(3) a profit-sharing plan; or

(4) any other plan of a mutual holding company or any of its subsidiaries or affiliates;

whether or not the plan, with its related trust, meets the qualifying requirements under section 401 of the Internal Revenue Code.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-8-4.1-301 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-301
Exempt persons
Status: in_force

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

(1) An operator of a payment system, to the extent that the operator provides processing, clearing, or settlement services, between or among licensees or persons exempt under this section, in connection with wire transfers, credit card transactions, debit card transactions, stored value transactions, automated clearinghouse transactions, or similar funds transfers.

(2) A person appointed as an agent of a payee to collect and process a payment from a payor to the payee for goods or services, other than money transmission itself, provided to the payor by the payee, if all of the following apply:

(A) There exists a written agreement, between the payee and the agent, directing the agent to collect and process payments from payors on the payee's behalf.

(B) The payee holds the agent out to the public as accepting payments for goods or services on the payee's behalf.

(C) Payment for the goods and services is treated as received by the payee upon receipt by the agent, so that the payor's obligation is extinguished, and there is no risk of loss to the payor, if the agent fails to remit the funds to the payee.

(3) A person that acts as an intermediary by processing payments between a person that has directly incurred an outstanding money transmission obligation to a sender, and the sender's designated recipient, if the person:

(A) is properly licensed or exempt from licensing requirements under this chapter;

(B) provides a receipt, electronic record, or other written confirmation to the sender identifying the person as the provider of money transmission in the transaction; and

(C) bears sole responsibility to satisfy the outstanding money transmission obligation to the sender, including the obligation to make the sender whole in connection with any failure to transmit the funds to the sender's designated recipient.

(4) The United States, or a department, agency, or instrumentality of the United States, or its agent.

(5) Money transmission by the United States Postal Service or by an agent of the United States Postal Service.

(6) A state, county, or city, or any other:

(A) governmental agency; or

(B) governmental subdivision or instrumentality;

of a state, or its agent.

(7) A federally insured depository financial institution, bank holding company, office of an international banking corporation, foreign bank that establishes a federal branch under the International Bank Act (12 U.S.C. 3102), corporation organized under the Bank Service Corporation Act (12 U.S.C. 1861-1867), or corporation organized under the Edge Act (12 U.S.C. 611-633).

(8) Any of the following that is organized under the laws of any state of the United States:

(A) A trust company.

(B) A corporate fiduciary.

(C) An industrial loan corporation.

(9) Electronic funds transfer of governmental benefits for a federal, state, county, or governmental agency by a contractor on behalf of:

(A) the United States or a department, agency, or instrumentality of the United States; or

(B) a state or governmental subdivision, agency, or instrumentality.

(10) A:

(A) board of trade designated as a contract market under the federal Commodity Exchange Act (7 U.S.C. 1-25); or

(B) person that, in the ordinary course of business, provides clearance and settlement services for a board of trade;

to the extent of its operation as or for such a board.

(11) A registered futures commission merchant under federal commodities laws, to the extent of its operation as such a merchant.

(12) A person registered as a securities broker-dealer under federal or state securities laws, to the extent of its operation as such a broker-dealer.

(13) An individual employed by:

(A) a licensee;

(B) an authorized delegate; or

(C) a person exempted from the licensing requirements of this chapter;

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

(14) A person expressly appointed as a third party service provider to or agent of an entity exempt under subdivision (7), solely to the extent that:

(A) the service provider or agent is engaging in money transmission on behalf of, and pursuant to a written agreement with, the exempt entity, and the agreement sets forth the specific functions that the service provider or agent is to perform; and

(B) the exempt entity assumes all risk of loss and all legal responsibility for satisfying the outstanding money transmission obligations, owed to purchasers and holders of those outstanding money transmission obligations, upon the service provider's or agent's receipt of the purchasers' or holders' money or monetary value.

(15) A person exempt by regulation or order if the director finds that:

(A) an exemption is in the public interest; and

(B) regulation of the person is not necessary for the purposes of this chapter.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-6.1-18-12 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-12
Powers and restrictions of department
Status: in_force

Sec. 12. (a) During the ten (10) day period after the publication required by section 7 of this chapter, the department may make orders regarding the deposits of the savings bank that the department considers in the best interests of all the depositors and creditors of the savings bank.

(b) Except as provided in this chapter, the department, insofar as is applicable and practical, has the same powers and is subject to the same restrictions as if the savings bank were insolvent.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-7-2.5-6 — Indiana Code / Title 28 / Article 7 / Chapter 2.5 / Section 28-7-2.5-6
Amounts available to members, depositors, and creditors; new shares, deposits, and assets; return of control to board
Status: in_force

Sec. 6. (a) While a credit union is in conservatorship under this chapter, the department may require the conservator to set aside and make available for:

(1) withdrawal by members and depositors; or

(2) payment to other creditors;

on a pro rata basis, any amounts that, in the opinion of the department, may be safely and prudently used for the purposes described in subdivisions (1) through (2).

(b) The department may permit a conservator appointed under this chapter to receive new shares and deposits after the credit union is placed in conservatorship. Shares and deposits received by a conservator while a credit union is in conservatorship are not subject to any limitation with respect to payment or withdrawal. The conservator shall segregate any:

(1) shares or deposits; or

(2) new assets acquired on account of shares and deposits;

received after the credit union is placed in conservatorship from the shares, deposits, and assets held by the credit union at the time the credit union is placed in conservatorship.

(c) A conservator shall not use any shares, deposits, or assets received after the credit union is placed in conservatorship to:

(1) liquidate any indebtedness of the credit union existing at the time the credit union is placed in conservatorship; or

(2) pay any subsequent indebtedness incurred to liquidate any indebtedness of the credit union existing at the time the credit union is placed in conservatorship.

(d) Any shares or deposits received after a credit union is placed in conservatorship shall be:

(1) kept in cash;

(2) invested in direct obligations of the United States; or

(3) deposited in depository institutions designated by the department.

(e) If a credit union placed in conservatorship under this chapter is returned to the control of the credit union's board of directors, the protections provided under subsections (b), (c), and (d) (with respect to shares and deposits received while the credit union is in conservatorship) do not apply after fifteen (15) days after the date control of the credit union is returned to the board. Before returning control of the credit union to the credit union's board, the conservator shall publish a notice, in a form approved by the department, stating:

(1) the date on which the affairs of the credit union will be returned to the control of the credit union's board; and

(2) that the protections provided under subsections (b), (c), and (d) (with respect to shares and deposits received while the credit union is in conservatorship) do not apply after fifteen (15) days after the date identified under subdivision (1).

The conservator shall send, by United States mail, a copy of the notice to every person that purchased shares or deposited money in the credit union after the credit union is placed in conservatorship and before control of the credit union is returned to the credit union's board.

As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
Ind. Code § 28-15-5-2 — Indiana Code / Title 28 / Article 15 / Chapter 5 / Section 28-15-5-2
Depositor; status after withdrawal request
Status: in_force

Sec. 2. A member who has made a deposit withdrawal request does not cease to be a depositor until the request is paid.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-6.2-3-7 — Indiana Code / Title 28 / Article 6.2 / Chapter 3 / Section 28-6.2-3-7
Noncompleted stock issuance plan; termination; extensions
Status: in_force

Sec. 7. A stock issuance plan will be terminated if not completed within the time specified in the plan unless an extension is:

(1) requested in writing for good cause shown; and

(2) approved in writing by the department.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-5-1-9 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-9
Mortgage loans
Status: in_force

Sec. 9. An industrial loan and investment company, hereinafter in this section sometimes called "company" may, subject to the requirements of this section, make or acquire a loan secured by a first lien upon real estate (including a leasehold) located in any state or the District of Columbia in an amount and for terms not to exceed (a) in the case of improved real estate, including farmland, (i) three-fourths (3/4) of the appraised value if the terms of the loan require substantially equal payments at successive intervals of not more than one (1) year each and if the terms of the loan are such as would require the payment of forty percent (40%) of the principal of and all interest on the loan within a period of ten (10) years or (ii) nine-tenths (9/10) of the appraised value if the terms of the loan require substantially equal payments at successive intervals of not more than one (1) year each and if the terms of the loan are such as would require the payment of all principal and interest on the loan within a period of thirty (30) years, except that the date of the initial payment of principal on a loan to a business borrower may be deferred for a period of not to exceed three (3) years from the date of the loan; or (b) in the case of unimproved real estate, one-half (1/2) the appraised value for a term not to exceed five (5) years or two-thirds (2/3) of the appraised value for a term not to exceed five (5) years if utilities, roads, or streets necessary for the development of such real estate have been completed. If the money borrowed on real estate is to be used for erecting improvements, and if the money is to be advanced as the work progresses, in such event, the appraised value for purposes of the loan shall be based upon the condition of the real estate when such improvements shall have been completed.

The department may by rule or regulation increase or decrease the fraction of the appraised value which may be loaned with real estate as security and may increase or decrease the terms for which such loans may be made if the department finds that it is in the interest of the economy of the state and in conformity with sound financial practice.

In a case in which a loan subject to this section is made to finance construction of an improvement and such loan is combined with a permanent loan to continue after completion of construction, the term of the construction loan or that portion of the term not in excess of three (3) years, shall not be counted against the maximum term for the permanent loan permitted under this section but such combined construction loan and permanent loan shall be subject to all other requirements of this section.

For the purpose of this section, a "leasehold" shall mean the interest, which is security for a loan, of a lessee of real estate under a lease which on the date of the loan has an unexpired term extending at least five (5) years beyond the maturity of the loan, or contains a right of renewal, which may be exercised by the mortgagee, extending at least five (5) years beyond the maturity of the loan. The requirements for a loan subject to this section shall be: (i) the loan shall be evidenced by a bond, note, or other obligation and the lien securing such loan shall be obtained by a mortgage, deed of trust, or judgment; (ii) the lien shall be a first lien (except for a lien of taxes, assessments, or charges which are not yet due or which are payable without penalty) unless all prior liens are held by the company and the aggregate of all loans by the company secured by liens on the real estate satisfy all other requirements of this section pertaining to such loans; (iii) insurance against loss from fire on all buildings on the real estate which are included in the appraised value, issued by insurers acceptable to the company and authorized to do business where the real estate is located and in form and amount satisfactory to the company, shall be maintained during the term of the loan by or at the expense of the borrower, except that the company may at its own expense maintain such insurance covering only its interest as lender; and (iv) the borrower shall pay all expenses in connection with the loan for title insurance, searches and certificates, appraisal fees and fees for preparation and recording of documents.

The appraised value of the real estate offered for security shall be determined by one (1) or more competent persons who shall report such valuation in writing to such company. The written report so made shall be signed and in the event that such company makes such a loan, shall be kept on file by it subject to inspection by the department.

The foregoing limitations and restrictions shall not apply to real estate loans which are (1) mentioned in sections 6(a)(10), (11), and (12) of this chapter and the regulations issued thereunder insofar as said sections and regulations apply to loans on the security of real estate; and (2) made under 38 U.S.C. 1801 through 1825 and the regulations issued under that federal law, insofar as said federal law and regulations apply to loans on the security of real estate, and under such limitations and restrictions as the department may, by regulation, prescribe.

The limitations set forth in this section shall not apply to mortgages taken as additional security for loans otherwise authorized by this chapter or as security for any loans which are in default or to second mortgages. Loans made to businesses where the company looks for repayment out of the operations of the borrower's business, relying primarily on the borrower's general credit standing and forecast of operations, with or without other security, but wishes to take a mortgage on the borrower's real estate as a precaution against contingencies, shall not be considered as real estate loans within the meaning of this section and, therefore, shall not be subject to the limitations of this section.

Any loan made upon the security of real estate which exceeds the maximum fraction of the appraised value of such real estate will not be in violation of this section so long as that portion of the loan in excess of the maximum fraction of the appraised value of the real estate is fully guaranteed or is fully secured by collateral consisting of a savings deposit, certificate of deposit, certificates of indebtedness or investment, assignment of rent, life insurance, or other collateral security to which the company has ready access and a first claim.

Subject to the limitations and restrictions of this section, any industrial loan and investment company, in addition to being permitted to make loans as provided by this section, may purchase, acquire, hold, and dispose of any loan, made to any other person, firm, limited liability company, or corporation and the notes and mortgages securing such loan. Before any such loan shall be purchased by any industrial loan and investment company the real estate securing such loan shall be appraised in the manner provided by this section for appraisement of the real estate offered as security for a loan to be made by such industrial loan and investment company.

Subject to the limitations of this section relating to the fraction of the appraised value which may be loaned on real estate as security, a company may make variable rate mortgage loans and rollover mortgage loans subject to the same limitations and rights provided state chartered banks and federally chartered banks under IC 28-1-13.5.

Formerly: Acts 1935, c.181, s.9; Acts 1947, c.135, s.1; Acts 1955, c.20, s.4; Acts 1971, P.L.399, SEC.4; Acts 1973, P.L.284, SEC.4. As amended by Acts 1979, P.L.265, SEC.3; Acts 1980, P.L.176, SEC.7; P.L.8-1993, SEC.449; P.L.176-1996, SEC.17.
Ind. Code § 28-6.1-18-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-5
Civil actions; filing
Status: in_force

Sec. 5. (a) Not later than five (5) days after entry of the order directing the liquidation of the savings bank, the department shall file a copy of the order with the circuit court clerk of the county in which the savings bank is located.

(b) Upon the filing of an order under subsection (a), the clerk shall:

(1) note the filing upon the records of the court; and

(2) enter the cause as a civil action upon the docket of the court under the name and style of "In the Matter of the Liquidation of _______________" (inserting the name of the savings bank).

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-3.1-9 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-9
Late claims
Status: in_force

Sec. 9. Any claims filed after the one hundred eighty (180) day claim period prescribed by section 8 of this chapter and subsequently accepted by the receiver or allowed by the receivership court shall be entitled to share in the distribution of assets only to the extent of the undistributed assets in the hands of the receiver on the date the claims are accepted or allowed. 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.104.
Ind. Code § 28-6.1-8-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 8 / Section 28-6.1-8-3
Making FHA loans, advances of credit, and purchases of obligations
Status: in_force

Sec. 3. (a) Subject to rules of the department, a savings bank may do the following:

(1) Make loans and advances of credit and purchases of obligations representing loans and advances of credit eligible for insurance by the federal housing administrator, and to obtain such insurance.

(2) 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.

(3) To purchase, invest in, and dispose of notes or bonds secured by mortgage or trust deed insured by the federal housing administrator or debentures issued by the federal housing administrator, or 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, advances, or credit; or

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

does not apply to loans, advances of credit, or purchases made under subsection (a).

(c) A rule adopted by the department under this section may apply to one (1) or more savings banks and to one (1) or more localities in Indiana as the department determines.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-7-5-30 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-30
Two month redemption period; public access prohibited; unredeemed property subject to sale
Status: in_force

Sec. 30. (a) Subject to subsections (b) and (c), upon the expiration of two (2) months from the maturity of the loan, a pawned article becomes the property of the pawnbroker and is subject to sale.

(b) Subsection (a) applies only if the pledger is given a reasonable opportunity during:

(1) the term of the loan; and

(2) the two (2) month period described in subsection (a);

to repay the loan and redeem the pawned article.

(c) During the term of the loan and the two (2) month period described in subsection (a), the pawnbroker may not allow the public to have access to the pawned article.

Formerly: Acts 1935, c.195, s.29. As amended by P.L.271-1985, SEC.1; P.L.14-1992, SEC.154; P.L.80-1998, SEC.19; P.L.163-2001, SEC.6; P.L.258-2003, SEC.14; P.L.10-2006, SEC.48 and P.L.57-2006, SEC.48; P.L.213-2007, SEC.74; P.L.217-2007, SEC.72; P.L.27-2012, SEC.98; P.L.216-2013, SEC.38.
Ind. Code § 28-6.2-2-7 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-7
Membership rights
Status: in_force

Sec. 7. A mutual holding company that acquires a stock savings bank other than a resulting savings bank or an acquiree savings bank shall not confer any membership rights upon the depositors or borrowers of that savings bank, unless the savings bank is merged into a mutual savings bank from which the mutual holding company draws members, in which case the depositors of the stock savings bank shall receive the same membership rights as other depositors of the savings bank into which the stock savings bank is merged.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-13-9-7 — Indiana Code / Title 28 / Article 13 / Chapter 9 / Section 28-13-9-7
Resignation; notice; effective date
Status: in_force

Sec. 7. (a) A director may resign at any time by delivering written notice:

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

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

(b) A resignation is effective when the notice is delivered unless the notice specifies a later effective date.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-15-1-1 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-1
Applicability of definitions
Status: in_force

Sec. 1. The definitions in this chapter apply throughout IC 28-15, except where the context requires otherwise.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-6.1-19-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-4
Resolutions of disposition
Status: in_force

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

(b) The resolution may be adopted at a regular meeting or a special meeting of the board called for that purpose.

(c) The resolution must contain the following:

(1) A description of the property to be disposed of.

(2) The terms and conditions of and the consideration for the proposed disposition.

(3) A statement to the effect that in the opinion of the board, the disposition will be in the best interests of the depositors and other creditors of the savings bank.

(d) Three (3) copies of the resolution, certified by the president and the secretary of the savings bank, must be filed with the department.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-21.7-11 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-11
Powers and duties of resulting mutual bank
Status: in_force

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

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

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

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

As added by P.L.147-1990, SEC.3.
Ind. Code § 28-1-13-5 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-5
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.199; Acts 1935, c.5, s.35. As amended by Acts 1982, P.L.167, SEC.1; P.L.263-1985, SEC.67. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-8-7-7 — Indiana Code / Title 28 / Article 8 / Chapter 7 / Section 28-8-7-7
"Virtual currency transaction"
Status: in_force

Sec. 7. As used in this chapter, "virtual currency transaction" means:

(1) an exchange of virtual currency for:

(A) money;

(B) bank credit; or

(C) another form of virtual currency; or

(2) an exchange of:

(A) money; or

(B) bank credit;

for virtual currency;

conducted through a virtual currency kiosk.

As added by P.L.143-2026, SEC.2.
Ind. Code § 28-6.2-7-1 — Indiana Code / Title 28 / Article 6.2 / Chapter 7 / Section 28-6.2-7-1
Conversion to stock form
Status: in_force

Sec. 1. A mutual holding company may convert from mutual to stock form in accordance with a plan of conversion approved by the department under procedures substantially the same as for the conversion of a mutual savings bank contained in IC 28-1-21.9.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.1-6-21 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-21
Acting in fiduciary capacity
Status: in_force

Sec. 21. (a) Except as otherwise provided in this article, a savings bank may act:

(1) in a fiduciary capacity permitted by this article; and

(2) as commissioner for the sale of real estate;

without bond or other security.

(b) When a savings bank is acting in a fiduciary capacity, the savings bank may administer oaths attested by the signature of the savings bank's secretary or cashier and the savings bank's seal in the same fashion as an individual acting in the same capacity may administer oaths.

(c) The court having jurisdiction of the fiduciary may require a bond or other security at any time. Upon failure of the savings bank to give a bond or security as required, the court may remove the savings bank and revoke the savings bank's appointment.

(d) A savings bank may not pledge or deposit any of its assets as a condition to the exercise of any of its powers as a fiduciary.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-7.1-8 — Indiana Code / Title 28 / Article 1 / Chapter 7.1 / Section 28-1-7.1-8
Plan of conversion; adoption by board; contents
Status: in_force

Sec. 8. A majority of the board of directors of a depository financial institution with mutual ownership must adopt a plan of voluntary supervisory conversion. The plan adopted must include the following:

(1) The name and address of the depository financial institution.

(2) The name and address of each proposed purchaser of conversion shares and a description of that purchaser's relationship to the depository financial institution.

(3) The title, per unit par value, number, and per unit and aggregate offering price of shares that the converted depository financial institution will issue.

(4) The number and percentage of shares that each investor will purchase or acquire in a merger or other combination.

(5) The aggregate number and percentage of shares that each director or officer of the converted depository financial institution, and any affiliates (as defined in IC 28-1-18.2-1) or associates (as defined in 12 CFR 563b.25) of the director or officer, will purchase.

(6) A description of any liquidation account to be established in connection with the voluntary supervisory conversion.

(7) Certified copies of all resolutions of the board of directors of the depository financial institution relating to the conversion.

As added by P.L.89-2011, SEC.33. Amended by P.L.27-2012, SEC.41.
Ind. Code § 28-1-33-15 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-15
Filing articles of charter conversion
Status: in_force

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

(b) The converting mutual savings bank shall record copies of the articles of charter conversion with the county recorder of the county where the principal office of the credit union will be located.

(c) The articles of charter conversion constitute articles of incorporation of the resulting credit union and must set forth the elements required in IC 28-7-1-1(b).

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-12-7-4 — Indiana Code / Title 28 / Article 12 / Chapter 7 / Section 28-12-7-4
Place of organizational meeting
Status: in_force

Sec. 4. An organizational meeting may be held only in Indiana.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-8-4.1-1202 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1202
Severability of provisions
Status: in_force

Sec. 1202. The provisions of this chapter are severable in the manner provided by IC 1-1-1-8(b).

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-3-2-6 — Indiana Code / Title 28 / Article 3 / Chapter 2 / Section 28-3-2-6
Effect of conversion, merger, or consolidation on property, rights, privileges, powers, duties, and functions of state bank
Status: in_force

Sec. 6. At the time when the merger or consolidation of a bank or trust company with or the conversion of a bank or trust company into a national banking association, or under such charter as may be issued thereafter, becomes effective, all of the property of such bank or trust company, including all of its rights, title and interest in and to any and all property of whatsoever kind, whether real, personal or mixed, and to things in action, and to every right, privilege, interest and asset of any value or benefit whatsoever, then existing, belonging or pertaining to it, or which would inure to it, shall, immediately, by act of law, and without any conveyance or transfer, and without any further act or deed, be vested in and become the property of such national banking association, which shall have, hold and enjoy the same, in its own right, as fully and to the same extent as the same was possessed, held and enjoyed by such bank or trust company; and such national banking association shall be deemed to be a continuation of the entity and of the identity of such bank or trust company, and all of the rights, obligations and relations of such bank or trust company to or in respect to any person, estate, creditor, depositor, trustee or beneficiary of any trust, and in, or in respect to, any executorship or trusteeship, or in any other trust or fiduciary capacity, or appointment thereto, shall remain unimpaired, and such national banking association, at the time of the taking effect of such merger, consolidation or conversion, shall succeed to all of such rights, obligations, relations, appointments, and trusts, and the duties and liabilities connected therewith, and shall execute and perform each and every such trust or relation in the same manner as though such national banking association had itself been appointed to and/or assumed such trust or relation, including the obligations and liabilities connected therewith.

Formerly: Acts 1953, c.69, s.6.
Ind. Code § 28-2-18-4 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-4
"Bank" defined
Status: in_force

Sec. 4. (a) Except as provided in subsection (b), as used in this chapter, "bank" has the meaning set forth in 12 U.S.C. 1813(h).

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

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

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-7-2.5-5 — Indiana Code / Title 28 / Article 7 / Chapter 2.5 / Section 28-7-2.5-5
Possession of books, records, and assets; conservation of assets; powers and obligations of conservator; rights of parties
Status: in_force

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

(1) take possession of the books, records, and assets of the credit union; and

(2) take any action necessary to conserve the assets of the credit union pending:

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

(B) other disposition of the credit union's business as provided by law.

(b) A conservator appointed under this chapter:

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

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

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

As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
Ind. Code § 28-1-23.5-6 — Indiana Code / Title 28 / Article 1 / Chapter 23.5 / Section 28-1-23.5-6
Electronic activity incidental to financial institution's business
Status: in_force

Sec. 6. (a) An electronic activity is authorized for a financial institution as incidental to the financial institution's business if the activity is convenient or useful to an activity that is:

(1) specifically authorized for the type of financial institution under consideration; or

(2) otherwise part of the business of the type of financial institution under consideration.

(b) In determining whether an electronic activity is authorized as incidental to a financial institution's business, the director may consider whether the activity:

(1) facilitates the production or delivery of the financial institution's products or services;

(2) enhances the financial institution's ability to sell or market its products or services;

(3) improves the effectiveness or efficiency of the financial institution's operations; or

(4) enables the financial institution to:

(A) use capacity acquired for its operations as a financial institution; or

(B) otherwise avoid economic loss or waste.

As added by P.L.10-2006, SEC.32 and P.L.57-2006, SEC.32.
Ind. Code § 28-2-17-12 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-12
"Host state" defined
Status: in_force

Sec. 12. As used in this chapter, "host state" means a state, other than the home state of a bank, in which the bank:

(1) maintains; or

(2) seeks to establish and maintain;

a branch.

As added by P.L.171-1996, SEC.36.