Ind. Code § 28-2-14-12 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-12
Bank or bank holding companies; application for acquisition; investigation; hearing; approval or disapproval
Status: in_force

Sec. 12. (a) If a company or bank holding company desires to acquire a bank or a bank holding company under this chapter, the company or 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 those actions within ten (10) business days after receiving the application. Upon 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 acceptance of an application for processing, the department shall conduct an investigation, to the extent the department considers necessary, into the condition of the applicant and the bank or bank holding company proposed to be acquired. The director may require 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 employee of the department. If the department decides to hold a public hearing under this section, the department shall notify the applicant no later than thirty (30) days after the department's acceptance of an application for processing and at least twenty (20) days before the hearing. The director also shall send written notice to the principal office of the bank proposed to be acquired, or to the principal office of each bank subsidiary of the bank holding company proposed to be acquired, at least twenty (20) days before the hearing and shall require the applicant to 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 bank; or

(2) a bank subsidiary of the 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 expense, 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 a 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 bank or bank holding company proposed to be acquired.

(3) Whether the proposed merger or acquisition will result in a 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 bank or 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 bank or bank holding company proposed to be acquired.

(7) Whether the interest of the depositors and creditors 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 13 of this chapter, the finding required by section 14 of this chapter.

As added by P.L.265-1985, SEC.4. Amended by P.L.36-1987, SEC.12; P.L.33-1991, SEC.31; P.L.14-1992, SEC.109; P.L.122-1994, SEC.90.
Ind. Code § 28-1-8-5 — Indiana Code / Title 28 / Article 1 / Chapter 8 / Section 28-1-8-5
Dissenting shareholders; effective date of disposition; inapplicability to credit unions, mutual savings banks, and mutual savings associations
Status: in_force

Sec. 5. (a) This section does not apply to a shareholder of a credit union that is the subject of a proposed transaction concerning the sale, lease, exchange, or other disposition of the credit union's property or assets under this chapter.

(b) Subject to subsection (d), the rights of dissenting shareholders in the case of a merger or consolidation, as set forth in IC 28-1-7-21, apply to the sale, lease, exchange, or other disposition of the property and assets of a corporation under this chapter. Any dissenting shareholder shall have such rights and remedies as provided for in IC 28-1-7-21.

(c) For purposes of the application of IC 28-1-7-21 to this chapter, the "effective date" of a sale, lease, exchange, or other disposition under this chapter, within the meaning of IC 28-1-7-21, is the date upon which the disposition was authorized by the shareholders of the corporation.

(d) In a proposed disposition described in section 3(b) of this chapter, if the corporation that is the subject of the proposed disposition is a mutual savings bank or a mutual savings association, the rights and remedies for dissenting shareholders set forth in IC 28-1-7-21 do not apply.

Formerly: Acts 1933, c.40, s.141. As amended by P.L.263-1985, SEC.40; P.L.122-1994, SEC.77; P.L.27-2012, SEC.47; P.L.159-2017, SEC.30.
Ind. Code § 28-3-2-9 — Indiana Code / Title 28 / Article 3 / Chapter 2 / Section 28-3-2-9
Definitions
Status: in_force

Sec. 9. As used in this chapter:

(1) the term "bank or trust company" means any bank or trust company organized under the provisions of any statute of this state; and

(2) the term "national banking association" means any national bank organized under the laws of the United States.

Formerly: Acts 1953, c.69, s.9. As amended by P.L.263-1985, SEC.131; P.L.171-1996, SEC.41.
Ind. Code § 28-6.1-7-11 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-11
Equity investments in community development corporations and community based economic development; limits; exceptions to limits; exposure to liability
Status: in_force

Sec. 11. (a) As used in this section, "community based economic development" refers to activities that seek to address economic causes of poverty within specific geographic areas, revitalizing the economic and social base of low income communities through activities that include:

(1) affordable housing development;

(2) small business and micro-enterprise support;

(3) commercial, industrial, and retail revitalization, retention, and expansion;

(4) capacity development and technical assistance support for community development corporations;

(5) employment and training efforts;

(6) human resource development; and

(7) social service enterprises.

(b) As used in this section, "community development corporation" means a private, nonprofit corporation:

(1) whose board of directors is comprised primarily of community representatives and business, civic, and community leaders; and

(2) whose principal purpose includes the provision of:

(A) housing;

(B) community based economic development projects; and

(C) social services;

that primarily benefit low income individuals and communities.

(c) As used in this section, "capital and surplus" has the meaning set forth in IC 28-1-1-3(10).

(d) Subject to the limitations of this section, other laws, and any regulation, rule, policy, or guidance adopted by the department concerning investments in community based economic development, a savings bank may invest directly or indirectly in equity investments in a corporation, a limited partnership, a limited liability company, or another entity organized as:

(1) a community development corporation;

(2) an entity formed primarily to support community based economic development;

(3) an entity qualifying for the new markets tax credits under 26 U.S.C. 45D; or

(4) an entity approved by the director as being formed for a predominantly civic, community, or public purpose and that:

(A) primarily benefits low and moderate income individuals;

(B) primarily benefits low and moderate income areas;

(C) primarily benefits areas targeted for redevelopment by a government entity; or

(D) is a qualified investment under 12 CFR 25.23 for purposes of the Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.).

(e) Except as provided in subsection (f), the aggregate of all equity investments by a savings bank under subsection (d) may not exceed:

(1) five percent (5%) of the capital and surplus of the savings bank without the prior written approval of the director; and

(2) fifteen percent (15%) of the capital and surplus of the savings bank under any circumstances.

(f) In determining whether to permit the aggregate of all equity investments by a savings bank under subsection (d) to exceed five percent (5%) of the capital and surplus of the savings bank under subsection (e)(1), the director shall consider whether:

(1) the aggregate of all equity investments under subsection (d) will pose a significant risk to the affected deposit insurance fund; and

(2) the savings bank is adequately capitalized.

(g) A savings bank shall not make any investment under this section if the investment would expose the savings bank to unlimited liability.

As added by P.L.42-1993, SEC.72. Amended by P.L.136-1994, SEC.5; P.L.2-1995, SEC.114; P.L.27-2012, SEC.85.
Ind. Code § 28-13-2-8 — Indiana Code / Title 28 / Article 13 / Chapter 2 / Section 28-13-2-8
Shares subject to registration or transfer restrictions; previously issued shares; enforcement of restrictions against holder or transferee
Status: in_force

Sec. 8. (a) For purposes of this section, "shares" includes a security convertible into or carrying a right to subscribe for or acquire shares.

(b) The articles of incorporation, bylaws, an agreement among shareholders, or an agreement between shareholders and the corporation may impose restrictions on the transfer or registration of transfer of shares of any class or series of shares of the corporation. A restriction does not affect shares issued before the restriction was adopted unless the holders of the shares are parties to the restriction agreement or voted in favor of the restriction.

(c) A restriction on the transfer or registration of transfer of shares is valid and enforceable against the holder or a transferee of the holder if the restriction is authorized by this section and the restriction's existence is noted conspicuously on the front or back of the certificate or is contained in the information statement required by section 7(b) of this chapter. Unless so noted, a restriction is not enforceable against a person without knowledge of the restriction.

(d) A restriction on the transfer or registration of transfer of shares is authorized:

(1) to preserve exemptions under federal or state securities law; or

(2) for any other reasonable purpose.

(e) A restriction on the transfer or registration of transfer of shares may do any of the following:

(1) Obligate the shareholder first to offer the corporation or other persons separately, consecutively, or simultaneously an opportunity to acquire the restricted shares.

(2) Obligate the corporation or other persons separately, consecutively, or simultaneously to acquire the restricted shares.

(3) Require the corporation, the holders of any class of its shares, or another person to approve the transfer of the restricted shares, if the requirement is not manifestly unreasonable.

(4) Prohibit the transfer of the restricted shares to designated persons or classes of persons, if the prohibition is not manifestly unreasonable.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.2-2-3 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-3
Approval or disapproval of reorganization plan; conditional approval
Status: in_force

Sec. 3. (a) Upon receipt of an application for a mutual holding company reorganization under this article, 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.

(b) A proposed reorganization plan must be approved or disapproved by the department within ninety (90) days of its acceptance by the department and, if approved, may be subject to any conditions the department determines necessary.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-11-2-1 — Indiana Code / Title 28 / Article 11 / Chapter 2 / Section 28-11-2-1
Director; appointment; oath of office; term of office; salary; duties; expenses
Status: in_force

Sec. 1. (a) The governor shall appoint a qualified individual to be the director of the department. The appointment must be without regard to political beliefs or affiliations.

(b) The director shall take an oath of office before assuming office.

(c) The term of the director is four (4) years. However, the director serves at the pleasure of the governor during the term.

(d) The governor may reappoint the director.

(e) The governor shall fix the director's salary.

(f) The director:

(1) is the chief executive and administrative officer of the department; and

(2) has general supervision of the work of the department and each of the divisions and employees of the department;

subject to the orders and under the direction of the members.

(g) The director is entitled to receive actual and necessary travel and other expenses incurred in the performance of the director's duties.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-6.1-18-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-4
Liquidation orders; employment of necessary personnel
Status: in_force

Sec. 4. (a) If the department receives a statement under section 3 of this chapter, the department shall examine the business and affairs of the savings bank and may make additional investigation of the future prospects of the savings bank the department considers necessary.

(b) If the department finds from the examination that:

(1) the savings bank is solvent, or that the savings bank has sufficient assets with which to pay all of its depositors and all of its other liabilities; and

(2) it will be in the best interests of the depositors and other creditors of the savings bank that the savings bank's affairs be liquidated and that the savings bank be dissolved;

the department may enter a written order directing the liquidation and dissolution of the savings bank.

(c) As soon as practical after an order is issued under subsection (b), the department shall, by a separate order, appoint a special representative of the department to act during the course of the liquidation.

(d) During the course of the liquidation, the department may employ, fix the compensation of, remove, and discharge special representatives, assistants, accountants, agents, and attorneys as the department considers necessary.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-21.6-8 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-8
Conversion upon approval
Status: in_force

Sec. 8. Any savings association may, upon approval of the department and, if required by federal law, the primary federal regulator, effect a charter conversion.

As added by P.L.147-1990, SEC.2. Amended by P.L.27-2012, SEC.59.
Ind. Code § 28-1-21.8-14 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-14
Retention of branches
Status: in_force

Sec. 14. Notwithstanding IC 28-6.1-12, a stock savings bank created by a stock savings bank conversion may retain all branches lawfully established.

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-6.2-2-1.5 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-1.5
Reorganization as federal mutual holding company; approval of department and primary federal regulator; required transactions
Status: in_force

Sec. 1.5. (a) As used in this section, "primary federal regulator" means the federal agency primarily responsible for the regulation of mutual holding companies (as defined in IC 28-6.2-1-12).

(b) A mutual savings bank may, upon application to and with the approval by the department and the primary federal regulator, reorganize as a federal mutual holding company by undertaking a transaction or series of transactions substantially similar to those set forth in section 1 of this chapter.

As added by P.L.90-2008, SEC.39. Amended by P.L.27-2012, SEC.91.
Ind. Code § 28-11-4-12 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-12
Enforcement powers exercised against affiliate of financial institution
Status: in_force

Sec. 12. (a) The director of the department may exercise the enforcement powers of this chapter against an affiliate of a financial institution, or against an officer, a director, or an employee of the affiliate, as if the affiliate were a financial institution if the director determines that a practice of the affiliate, or of the officer, director, or employee, could cause either:

(1) the financial institution to suffer substantial loss or other damage; or

(2) the interests of the financial institution's depositors to be seriously prejudiced by reason of a violation, practice, or breach of fiduciary duty.

(b) In exercising the director's enforcement powers under this chapter against an officer, a director, or an employee of an affiliate, the director may:

(1) remove the officer, director, or employee from the person's office, position, or employment;

(2) prohibit any participation by the officer, director, or employee in the conduct of the affairs of any financial institution; or

(3) take both of the actions set forth in subdivisions (1) and (2).

(c) The director of the department may issue and serve upon the officer, director, or employee of the affiliate a notice of charges of the practice, violation, or act.

(d) For purposes of this section, affiliate has the meaning set forth in IC 28-1-18.2.

As added by P.L.215-1999, SEC.8. Amended by P.L.90-2008, SEC.73.
Ind. Code § 28-6.1-2-8 — Indiana Code / Title 28 / Article 6.1 / Chapter 2 / Section 28-6.1-2-8
Trustee
Status: in_force

Sec. 8. "Trustee" refers to a member of the board of a savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-7-1-22 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-22
Authority to borrow; limits; authority to receive public deposits and pledge securities
Status: in_force

Sec. 22. (a) A credit union may borrow from any source. The total borrowing of a credit union may not at any time exceed fifty per cent (50%) of the unimpaired shares capital and surplus of the credit union.

(b) A credit union may receive deposits of state and federal public funds, including the right to pledge securities or other assets for the repayment of the deposits if the pledge is permitted by applicable law or regulation.

Formerly: Acts 1961, c.182, s.22. As amended by P.L.263-1995, SEC.19; P.L.90-2008, SEC.45; P.L.35-2010, SEC.162.
Ind. Code § 28-13-9-6 — Indiana Code / Title 28 / Article 13 / Chapter 9 / Section 28-13-9-6
Staggering terms; groups of directors; expiration of terms
Status: in_force

Sec. 6. (a) The articles of incorporation or, if the articles of incorporation so authorize, the bylaws may provide for staggering the board of directors' terms by dividing the total number of directors into either:

(1) two (2) groups, with each group containing one-half (1/2) of the total, as near as may be; or

(2) three (3) groups, with each group containing one-third (1/3) of the total, as near as may be.

(b) If terms are staggered under subsection (a):

(1) the terms of directors in the first group expire at the first annual shareholders' meeting after the directors' election;

(2) the terms of the second group expire at the second annual shareholders' meeting after the directors' election; and

(3) the terms of the third group, if any, expire at the third annual shareholders' meeting after the directors' election.

At each annual shareholders' meeting held after the meetings specified in this subsection, directors shall be chosen for a term of two (2) years or three (3) years, as the case may be, to succeed those whose terms expire.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-22-11 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-11
Investigation
Status: in_force

Sec. 11. The department shall have power to investigate all foreign corporations with respect to the character of business in which such corporations propose to engage in Indiana.

Formerly: Acts 1933, c.40, s.334; Acts 1945, c.348, s.25. As amended by P.L.171-1996, SEC.16.
Ind. Code § 28-2-18-23 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-23
Conditions of establishment
Status: in_force

Sec. 23. A branch of an out-of-state bank may not be established in Indiana under this chapter unless the out-of-state bank:

(1) confirms in writing to the department that it will comply with all applicable laws of Indiana as long as it maintains a branch in Indiana; and

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

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-15-1-13 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-13
"Share account association"
Status: in_force

Sec. 13. "Share account association" means any savings association that has accounts representing interests in the shares of the savings association (referred to in this chapter as share accounts).

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-6.1-19-12 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-12
Orders directing dispositions
Status: in_force

Sec. 12. If the court finds that the disposition, as proposed in the resolution, is fair and will be in the best interests of the depositors and other creditors of the savings bank, the court shall enter an order directing the disposition, as set forth in the resolution, be carried out and assessing the costs of the proceeding against the objector.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-2-13-15 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-15
Foreign bank
Status: in_force

Sec. 15. As used in this chapter, "foreign bank" means a bank that has its principal office in a state other than Indiana or in the District of Columbia.

As added by P.L.265-1985, SEC.3.
Ind. Code § 28-1-29-2 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-2
Administration of chapter
Status: in_force

Sec. 2. The department shall adopt such rules and regulations as it deems advisable for the administration of this chapter, and to provide such forms and procedures as it determines to be necessary to carry out the provisions of such chapter.

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by P.L.42-1993, SEC.47.
Ind. Code § 28-1-2-26 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-26
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.28; Acts 1945, c.348, s.20; Acts 1949, c.164, s.1. As amended by P.L.33-1991, SEC.7. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-10-2-11 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-11
"LIBOR replacement date"
Status: in_force

Sec. 11. (a) As used in this chapter, "LIBOR replacement date" means the following:

(1) In the case of a LIBOR discontinuance event described in section 10(a)(1) or 10(a)(2) of this chapter, the later of:

(A) the date of the public statement or publication of information described in section 10(a)(1) or 10(a)(2) of this chapter, as applicable; or

(B) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR.

(2) In the case of a LIBOR discontinuance event described in section 10(a)(3) of this chapter, the date of the public statement or publication of information described in section 10(a)(3) of this chapter.

(b) With respect to a particular contract, security, or instrument, the term does not include a date that affects one (1) or more tenors of LIBOR in either of the following circumstances:

(1) If:

(A) the contract, security, or instrument:

(i) provides for only one (1) tenor of LIBOR; and

(ii) requires interpolation; and

(B) the tenor provided for can be interpolated from LIBOR tenors that are not affected on the date.

(2) If:

(A) the contract, security, or instrument permits a party to choose from more than one (1) tenor of LIBOR; and

(B) any of the specified tenors:

(i) is not affected on the date; or

(ii) can be interpolated from LIBOR tenors that are not affected on the date, if the contract, security, or instrument requires interpolation.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-14-1-8 — Indiana Code / Title 28 / Article 14 / Chapter 1 / Section 28-14-1-8
"The trust business"
Status: in_force

Sec. 8. (a) Engaging in "the trust business" means:

(1) acting as a fiduciary for hire as one's primary business purpose; or

(2) holding oneself out to the public as being willing to act as a fiduciary for hire as one's primary business purpose.

(b) Notwithstanding subsection (a), the following persons are not engaged in the trust business with respect to fiduciary services customarily performed by the following persons for compensation as traditionally incident to their regular business activities:

(1) Accountants.

(2) Attorneys.

(3) Banks.

(4) Credit unions.

(5) Industrial loan companies.

(6) Insurance brokers.

(7) Insurance companies.

(8) Investment advisers.

(9) National trust companies organized under the laws of the United States.

(10) Real estate brokers and sales agents.

(11) Savings and loan associations.

(12) Savings banks.

(13) Securities brokers and dealers.

(14) Real estate title insurance companies.

(15) Real estate escrow companies.

(16) Persons acting in a fiduciary capacity in activities relating to:

(A) a business organization in which the person is an officer or an employee; or

(B) an estate where the person is designated as a fiduciary by a will or a court order.

(17) Third-party administrators hired by trustees of split-interest charitable trusts, private foundations, charitable pooled income funds, charitable gift annuities, employee benefit plans, or retirement plans.

(c) Notwithstanding subsection (a), any individual or any organization described in Section 501 of the Internal Revenue Code is not engaged in the trust business for the purposes of this article.

(d) The department may determine that a person not specifically provided for under subsection (b) or (c) is not engaged in the trust business for the purposes of this article.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-8-6-505 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-505
Surety bond; requirements; amount
Status: in_force

Sec. 505. (a) An applicant for an earned wage access services 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) one hundred thousand dollars ($100,000); or

(2) an amount equal to the licensee's average daily provision of proceeds to Indiana consumers, as calculated for the most recently completed calendar quarter, up to a maximum of two hundred fifty thousand dollars ($250,000).

(c) A licensee that maintains a bond in the maximum amount of two hundred fifty thousand dollars ($250,000) set forth in subsection (b)(2) is not required to calculate the licensee's average daily provision of proceeds to Indiana consumers for purposes of this section.

(d) A licensee may exceed the maximum required bond amount of two hundred fifty thousand dollars ($250,000) set forth in subsection (b)(2).

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-9-2-8 — Indiana Code / Title 28 / Article 9 / Chapter 2 / Section 28-9-2-8
"Working day"
Status: in_force

Sec. 8. "Working day" means that part of any day on which a depository financial institution is open to the public for carrying on substantially all of its functions.

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-1-3.1-18 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-18
Articles of dissolution; duties of secretary of state
Status: in_force

Sec. 18. Upon presentation of the articles of dissolution as provided in section 17 of this chapter, the secretary of state shall:

(1) endorse the secretary of state's approval upon each of the triplicate copies of the articles if the secretary of state finds that they conform to law; and

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

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

(B) issue a certificate of dissolution to the department; and

(C) return the certificate of dissolution to the department, together with two (2) copies of the articles of dissolution bearing the endorsement of the secretary of state's approval.

As added by P.L.141-1984, SEC.2. Amended by P.L.1-2025, SEC.220.
Ind. Code § 28-1-31-9 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-9
Resulting commercial bank; rights, privileges, and duties
Status: in_force

Sec. 9. Upon conversion of an out-of-state financial institution, the resulting commercial bank:

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

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

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

As added by P.L.1-2006, SEC.490.
Ind. Code § 28-3-2-8 — Indiana Code / Title 28 / Article 3 / Chapter 2 / Section 28-3-2-8
Effect of conversion, merger, or consolidation on letters of administration, letters testamentary, or trusteeship
Status: in_force

Sec. 8. Nothing done in connection with the merger or consolidation of any bank or trust company with, or the conversion of any bank or trust company into a national banking association shall be deemed to be or to effect a renunciation or revocation of any letters of administration or letters testamentary, pertaining to such relation, or a removal or resignation from any such executorship or trusteeship or any other fiduciary relationship, nor to be of the same effect as if the executor or trustee or other fiduciary had died or had otherwise become incompetent to act.

Formerly: Acts 1953, c.69, s.8.
Ind. Code § 28-5-1-19 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-19
Exclusion from banking business; false advertising; desist orders
Status: in_force

Sec. 19. A company may not engage in the banking or trust business, operate a savings bank, commercial bank or trust company, advertise or hold itself out to the public as a bank, savings bank or trust company, or use the word "bank" in connection with its name or business in any of its advertising or literature. A company may not accept deposits or "savings accounts" or advertise or hold itself out to the public as accepting deposits of money or "savings accounts", unless the company maintains federal deposit insurance, as authorized by section 6(a)(16) of this chapter. A company may not advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner whatsoever, any statement or representation with regard to the rates, terms, or conditions for the lending of money, credit, goods, or things in action which is false, misleading, or calculated to deceive. If any company refers in any advertising matter to the rate of charge upon loans to be made by it, the department may require such company to state such rate of charge fully and clearly in such manner as it may deem necessary to prevent misunderstanding thereof by prospective borrowers. The department may order any company to desist from any conduct which it shall find to be a violation of this section.

Formerly: Acts 1935, c.181, s.19. As amended by P.L.269-1983, SEC.4; P.L.90-2008, SEC.37.
Ind. Code § 28-13-14-12 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-12
Articles of amendment; preparation and signature; presentation for approval or disapproval and filing
Status: in_force

Sec. 12. (a) The articles of amendment shall be prepared and signed in triplicate by:

(1) an officer of the corporation;

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

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

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

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

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-13-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 13 / Section 28-6.1-13-4
Publication of statements
Status: in_force

Sec. 4. (a) A savings bank shall, when required by the department, publish the savings bank's statement of condition in the form in which the statement of condition is required by the department as prescribed in this chapter.

(b) The statement of condition shall be published in a newspaper printed and published in the city or town in which the savings bank has its principal office, if a newspaper is printed in that city or town. If a newspaper is not printed in that city or town, the savings bank shall publish the statement of condition in a newspaper printed and published in the city or town nearest to the city or town of the savings bank's principal office.

(c) A statement of condition shall be published at the expense of the savings bank making the statement, and proof of publication shall be furnished the department in the form the department requires.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-7.5-4 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-4
Filing plan of exchange and statement disclosing required information with department
Status: in_force

Sec. 4. (a) The bank, trust company, corporate fiduciary, or stock savings bank and the holding company shall file with the department three (3) copies of the plan of exchange certified by an officer of each as having been approved in accordance with section 3 of this chapter. They shall also file a statement which includes:

(1) information as to the earnings and financial condition of the bank, trust company, corporate fiduciary, or stock savings bank as of the end of its last preceding year as filed with the department, and similar information, to the extent readily available, as of a date not earlier than one hundred twenty (120) days before the filing of the plan of exchange;

(2) a balance sheet of the holding company as of the date of the most recent statement of condition of the bank, trust company, corporate fiduciary, or stock savings bank required by subdivision (1);

(3) a pro forma balance sheet of the holding company based on the assumption that the plan of exchange was effective as proposed at the date of the balance sheet of the holding company required by subdivision (2);

(4) a description of the business intended to be done by the holding company and of any plans or proposals that the holding company may have to sell its assets or merge or consolidate with any other person, or to make any other material change in its investment policy, business, corporate structures, or management;

(5) a list of all persons who are or who have been selected to become directors or officers of the holding company, a description of their principal occupations, a list of all offices and positions held by them during the past five (5) years, and information about whether any of them:

(A) is under indictment for; or

(B) has been convicted of;

a felony involving fraud, deceit, or misrepresentation under the laws of Indiana or any other jurisdiction;

(6) a description of any plans or proposals that the holding company may have to liquidate the bank, trust company, corporate fiduciary, or stock savings bank to sell its assets or merge or consolidate it with any person, or to make any other material change in its investment policy, business, corporate structure, or management;

(7) a copy of a preliminary proxy or information statement prepared for distribution to the shareholders of the bank, trust company, corporate fiduciary, or stock savings bank setting forth all material facts relating to the holding company and the proposed plan of exchange; and

(8) such other information as the director may prescribe.

(b) The statement must:

(1) assert the completeness and accuracy of the information referred to in subsection (a)(1) through (a)(8); and

(2) be made under oath or affirmation by an officer of the bank, trust company, corporate fiduciary, or stock savings bank and an officer of the holding company.

If any material change occurs in the facts set forth in the statement filed with the department, an amendment setting forth the change, together with copies of all documents and other material relevant to the change, shall be filed with the department within five (5) business days after the parties learn of the change.

As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.63; P.L.262-1995, SEC.16; P.L.213-2007, SEC.36; P.L.217-2007, SEC.34; P.L.137-2014, SEC.23.
Ind. Code § 28-6.1-6-9 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-9
Exercising general banking powers; issuing money
Status: in_force

Sec. 9. A savings bank may exercise all the powers incidental, proper, necessary, or usual in carrying on a general banking business, but it may not issue bills to circulate as money.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-20-6 — Indiana Code / Title 28 / Article 1 / Chapter 20 / Section 28-1-20-6
Loans; misrepresenting age; estoppel by representation
Status: in_force

Sec. 6. When, in case of any loan made by any bank or trust company, the borrower, or any other person furnishing security on behalf of the borrower, shall, as an inducement to the bank or trust company to make the loan, represent to it, in writing, that he or she is eighteen (18) years of age or older, whereas in fact such person or persons are under the age of eighteen (18) years, or shall otherwise make any false statement or representation to the bank or trust company, and the bank or trust company is thereby deceived, and the loan is made in reliance upon such representation, neither the person so representing, nor any one in his or her behalf, nor any person otherwise legally liable to pay such loan, shall afterwards be allowed, as against such bank or trust company, to take advantage of the fact that the person making the representation was under eighteen (18) years of age, but each such person shall be estopped by such representation.

Formerly: Acts 1933, c.40, s.248; Acts 1973, P.L.280, SEC.5.
Ind. Code § 28-2-17-24 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-24
Examination of branch operations
Status: in_force

Sec. 24. (a) To the extent consistent with subsection (b), the department may make the examinations of any branch established and maintained in Indiana pursuant to this chapter by an out-of-state state bank as the department may consider necessary to determine whether the branch is being operated in compliance with the laws of Indiana and in accordance with safe and sound banking practices. The provisions of IC 28-11-3 shall apply to such examinations.

(b) The department may enter into cooperative, coordinating, and information-sharing agreements with any organization enumerated in IC 28-11-3-3 with respect to the periodic examination or other supervision of:

(1) any branch in Indiana of an out-of-state state bank; or

(2) any branch of an Indiana state bank in any host state;

and the department may accept the organization's reports of examination and reports of investigation instead of conducting its own examinations or investigations.

(c) The department may enter into agreements with any financial institution supervisory agency that has concurrent jurisdiction over an Indiana state bank or an out-of-state state bank operating a branch in Indiana pursuant to this chapter to:

(1) engage the services of such agency's examiners at a reasonable rate of compensation; or

(2) provide the services of the department's examiners to such agency at a reasonable rate of compensation.

Any such agreement shall be entered into under IC 36-1-7.

(d) The department may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch established and maintained in Indiana of an out-of-state state bank or any branch established and maintained by an Indiana state bank in any host state. The department may at any time take such actions independently if the department considers the actions to be necessary or appropriate to carry out its responsibilities under this chapter or to ensure compliance with the laws of Indiana. In the case of an out-of-state state bank, the department shall recognize:

(1) the exclusive authority of the home state regulator over corporate governance matters; and

(2) the primary responsibility of the home state regulator with respect to safety and soundness matters.

(e) Each out-of-state state bank that maintains one (1) or more branches in Indiana is subject to the provisions of IC 28-11-3-5. The fees may be shared with other financial institution supervisory agencies or any organization affiliated with or representing one (1) or more bank supervisory agencies in accordance with agreements between those agencies and the department.

(f) For the purposes of this chapter, the provisions of IC 28-1-2-30 apply to the following:

(1) An out-of-state bank.

(2) An out-of-state savings association.

(3) An out-of-state industrial loan and investment company.

As added by P.L.171-1996, SEC.36. Amended by P.L.79-1998, SEC.66.
Ind. Code § 28-6.1-19-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-5
Departmental approval
Status: in_force

Sec. 5. (a) Upon receiving a notice under section 4 of this chapter, the department shall conduct investigations it considers necessary.

(b) If the department is satisfied that the proposed disposition is fair and will be in the best interests of the depositors and other creditors of the savings bank, the department shall:

(1) indicate its approval on all copies of the resolution; and

(2) return two (2) of the copies to the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-20-8 — Indiana Code / Title 28 / Article 1 / Chapter 20 / Section 28-1-20-8
Bank or trust company required to close; custody of business and property; petition to reopen; decision; appeal; liquidation
Status: in_force

Sec. 8. (a) When and if any bank or trust company organized or reorganized under the provisions of this article, or any bank of discount and deposit or loan and trust and safe deposit company organized under any law enacted prior to February 24, 1933, shall be required to cease all banking operation within twenty (20) years from the time of its organization and promptly thereafter to close its business, such bank or trust company shall deliver over into the custody of the department all of its business and property for liquidation and the payment of its liabilities. Such delivery may be made by an instrument in writing executed pursuant to a resolution of the board of directors. Before, after, or contemporaneously with the delivery of all of its business and property to the department, such bank or trust company may, pursuant to a resolution of its boards of directors, file a petition with the department for authority to reopen its business and resume its banking operations. Such petition shall fix:

(1) the date of the organization of such bank or trust company;

(2) the day on which it desires to reopen its business and resume its banking operations, which may be the next succeeding business day after the delivery, or effective date of delivery fixed in any instrument in writing, of the business and property of such bank or trust company to the department;

(3) such other facts as the board of directors of such bank or trust company shall deem pertinent; and

(4) the information required by IC 28-1-15-1 and such other information as the department may prescribe or require.

Thereupon, the department shall make, or cause to be made, a careful investigation and examination of such bank or trust company, the qualifications and experience of the officers thereof, and the public necessity for such bank or trust company in the community in which it is or has been doing business, and the department, after such investigation and examination, shall, upon the basis of its findings with respect to all of the matters specified in this section, approve or disapprove the right of such bank or trust company to reopen its business and resume its banking operations.

(b) Upon the filing of any such petition more than thirty (30) days before the day upon which such bank or trust company shall desire to reopen its business and resume its banking operations, the department shall approve or disapprove such petition, in writing, and notify such bank or trust company of its action not later than the last business day immediately preceding the day upon which such bank or trust company shall have requested the right to reopen its business and resume its banking operations. In the event that the department shall disapprove the right of such bank or trust company to reopen its business and resume its banking operations, such bank or trust company may appeal such order of the department to the circuit court, superior court, or probate court of the county in which it has its principal office, and thereupon the matter shall be determined de novo.

(c) In the event that any bank or trust company shall deliver its business and property to the department and fail to file a request to reopen its business and resume its banking operations within ten (10) days after such delivery, or in the event that the department or the circuit court, superior court, or probate court if the decision of the department be appealed, shall disapprove the petition of any bank or trust company to reopen its business and resume its banking operations, such bank or trust company shall be liquidated pursuant to the provisions for voluntary liquidation contained in IC 28-1-9.

Formerly: Acts 1933, c.40, s.250. As amended by P.L.263-1985, SEC.74; P.L.84-2016, SEC.122.
Ind. Code § 28-1-11-14 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-14
Community and economic development investments and other public welfare investments; limits; exposure to liability
Status: in_force

Sec. 14. (a) As used in this section, "community based economic development" refers to activities that seek to address economic development through affordable housing development or the rehabilitation of qualified rehabilitated buildings or certified historic structures, or that seeks to address economic causes of poverty within specific geographic areas, revitalizing the economic and social base of low income communities through activities that include:

(1) small business and micro-enterprise support;

(2) commercial, industrial, and retail revitalization, retention, and expansion;

(3) capacity development and technical assistance support for community development corporations;

(4) employment and training efforts;

(5) human resource development; and

(6) social service enterprises.

(b) As used in this section, "community development corporation" means a private, nonprofit corporation:

(1) whose board of directors is comprised primarily of community representatives and business, civic, and community leaders; and

(2) whose principal purpose includes the provision of:

(A) housing;

(B) community based economic development projects; and

(C) social services;

that primarily benefit low-income individuals and communities.

(c) As used in this section, "capital and surplus" has the meaning set forth in IC 28-1-1-3(10).

(d) As used in this section, "community and economic development entity" has the meaning set forth in 12 CFR 24.2(c).

(e) As used in this section, "community development project" has the meaning set forth in 12 CFR 24.2(d).

(f) As used in this section, "public welfare investment" means any investment permitted by 12 CFR 24.3.

(g) Subject to the limitations of this section, other laws, and any regulation, rule, policy, or guidance adopted by the department concerning investments in community based economic development, any bank or trust company may invest directly or indirectly in equity investments in a corporation, a limited partnership, a limited liability company, or another entity organized as:

(1) a community development corporation;

(2) an entity formed primarily to support community based economic development;

(3) an entity qualifying for the new markets tax credits under 26 U.S.C. 45D;

(4) an entity approved by the director as being formed for a predominantly civic, community, or public purpose and that:

(A) primarily benefits low and moderate income individuals;

(B) primarily benefits low and moderate income areas;

(C) primarily benefits areas targeted for redevelopment by a government entity; or

(D) is a qualified investment under 12 CFR 25.23 for purposes of the Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.); or

(5) an entity making qualified rehabilitation expenditures with respect to a qualified rehabilitated building or certified historic structure, as such terms are defined in section 47 of the Internal Revenue Code of 1986 or a similar state historic tax credit program, as provided for in Section 619(d)(1)(E) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 1851(d)(1)(E)).

(h) Subject to any regulation, rule, policy, or guidance adopted by the department, any bank or trust company may invest directly or indirectly in any:

(1) community and economic development entity;

(2) community development project; or

(3) other public welfare investment;

as long as the investment is in compliance with 12 CFR 24.

(i) Except as provided in subsection (j), the aggregate of all equity investments by a bank or trust company under subsections (g) and (h) may not exceed:

(1) five percent (5%) of the capital and surplus of the bank or trust company without the prior written approval of the director; and

(2) fifteen percent (15%) of the capital and surplus of the bank or trust company under any circumstances.

(j) In determining whether to permit the aggregate of all equity investments by a bank or trust company under subsections (g) and (h) to exceed five percent (5%) of the capital and surplus of the bank or trust company under subsection (i)(1), the director shall consider whether:

(1) the aggregate of all equity investments under subsections (g) and (h) will pose a significant risk to the affected deposit insurance fund; and

(2) the bank or trust company is adequately capitalized.

(k) A bank or trust company shall not make any investment under this section if the investment would expose the bank or trust company to unlimited liability.

As added by P.L.27-2012, SEC.52. Amended by P.L.73-2016, SEC.19; P.L.31-2022, SEC.2; P.L.11-2023, SEC.90.
Ind. Code § 28-1-2-31 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-31
Acceptance of examination by federal authority
Status: in_force

Sec. 31. The department may, in its discretion, accept any examination of any financial institution made by federal authority in lieu of the examination made under the provisions of this article.

Formerly: Acts 1933, c.40, s.33. As amended by P.L.263-1985, SEC.9.
Ind. Code § 28-13-11-7 — Indiana Code / Title 28 / Article 13 / Chapter 11 / Section 28-13-11-7
Additional considerations affecting board actions or recommendations; approval of majority of disinterested directors; conclusive presumption of validity
Status: in_force

Sec. 7. (a) In taking or declining to take any action, or in making or declining to make any recommendation to the shareholders of the corporation with respect to any matter, a board of directors of a corporation may, in the board's discretion, consider both the short term and long term best interests of the corporation.

(b) The board of directors shall take into account, and weigh as the directors consider appropriate, the effects of the action or recommendation on the corporation's shareholders and the other corporate constituent groups and interests listed or described in section 4 of this chapter, as well as any other factors considered pertinent by the directors under section 4 of this chapter.

(c) If a determination is made under this section with the approval of a majority of the disinterested directors of the board of the directors, that determination shall conclusively be presumed to be valid unless, after reasonable investigation, it can be demonstrated that the determination was not made in good faith.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-8-7 — Indiana Code / Title 28 / Article 6.1 / Chapter 8 / Section 28-6.1-8-7
Becoming Federal Reserve System member and exercising conferred powers
Status: in_force

Sec. 7. A savings bank may do any of the following to become a member of the Federal Reserve System and exercise all powers, not in conflict with Indiana law, conferred on a member of the Federal Reserve Act:

(1) Purchase and hold, for the purpose of becoming a member of the Federal Reserve System, so much of the capital stock of a federal reserve bank to qualify the savings bank for membership under the Federal Reserve Act (12 U.S.C. 221 et seq.).

(2) Do any of the following regarding federal deposit insurance:

(A) Make a deposit with the Federal Deposit Insurance Corporation to qualify the savings bank for membership in any fund for insurance of deposits provided by 12 U.S.C. 1811 through 1833e.

(B) Purchase and hold the amount of the capital stock of the Federal Deposit Insurance Corporation that will qualify the savings bank for membership in a fund described in clause (A).

(C) Exercise all powers, not in conflict with Indiana law, conferred upon members of a fund described in clause (A) or stockholders of the Federal Deposit Insurance Corporation.

(D) Anything necessary or appropriate to acquire and maintain insurance of the savings bank's deposits in accordance with federal law.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-33-13 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-13
Winding up activities
Status: in_force

Sec. 13. The department may authorize the credit union resulting from a charter conversion under this chapter to do the following:

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

(2) Retain for a transitional period any assets that the mutual savings bank legally held at the effective time of the charter conversion 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 charter conversion.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-11-4-9 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-9
Civil penalty
Status: in_force

Sec. 9. (a) A civil penalty imposed on a director or an officer under section 7 of this chapter may not exceed one thousand dollars ($1,000) per day for each practice, violation, or act found to exist in the final order.

(b) In determining the amount of a civil penalty assessed under section 7 of this chapter, the following factors shall be considered:

(1) The appropriateness of the civil penalty with respect to the financial resources and good faith of the individual charged.

(2) The gravity of the practice, violation, or act.

(3) The history of previous practices, violations, or acts.

(4) The economic benefit derived by the individual from the practice, violation, or act.

(5) Other factors that justice requires.

(c) A financial institution may not indemnify a director or an officer for a civil penalty imposed under section 7 of this chapter.

(d) Civil penalties shall be deposited in the financial institutions fund established by IC 28-11-2-9.

As added by P.L.33-1991, SEC.56. Amended by P.L.89-2011, SEC.71.
Ind. Code § 28-8-5-6 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-6
Licensed casher of checks
Status: in_force

Sec. 6. As used in this chapter, "licensed casher of checks" means a person licensed by the department to engage in business pursuant to the provisions of this chapter.

As added by P.L.42-1993, SEC.86.
Ind. Code § 28-1-18.2-4 — Indiana Code / Title 28 / Article 1 / Chapter 18.2 / Section 28-1-18.2-4
Powers of department; assessment of expenses; penalty for refusal to permit examination
Status: in_force

Sec. 4. (a) In making the examination of an affiliate of a bank or trust company, the department has the same powers with respect to the examination as are conferred upon it in the examination of the affairs of a bank or trust company by IC 28-11-3.

(b) The expenses incurred in making examinations of affiliates may be assessed by the department upon the affiliates examined, in proportion to the assets or resources held by the affiliates, upon the days of examination of the various affiliates, and in the manner and at the rate as fixed and prescribed by the department under IC 28-11-3-5.

(c) If an affiliate refuses to pay expenses assessed under subsection (b), or fails to do so within sixty (60) days after the date of the assessment, the expenses may be assessed against the affiliated bank or trust company, and, when so assessed, must be paid by that bank or trust company.

(d) If an affiliate of a bank or trust company refuses to permit the department to make an examination, the bank or trust company with which the affiliate is affiliated is subject to a penalty of not more than one hundred dollars ($100) for each day that the refusal continues. The penalty may be assessed by the department and collected in the same manner as expenses of examination.

As added by P.L.33-1991, SEC.18.
Ind. Code § 28-2-5-1 — Indiana Code / Title 28 / Article 2 / Chapter 5 / Section 28-2-5-1
Proclamation of disaster area; meeting of board of public depository
Status: in_force

Sec. 1. Within thirty (30) days after the governor has designated any area or areas of the state of Indiana as disaster areas by his proclamation, the board of public depository shall meet for the purpose of determination as to whether low cost loans are needed by the victims of the disaster.

Formerly: Acts 1967, c.148, s.1.
Ind. Code § 28-1-30-10 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-10
Articles of mutual bank conversion
Status: in_force

Sec. 10. (a) The converting credit union shall file articles of mutual bank conversion, approved in writing by the director, with the secretary of state.

(b) The effective date of the mutual bank conversion is the date and time that the approved articles of mutual bank conversion are filed with the secretary of state, unless a later effective date is specified in the articles of mutual bank conversion.

(c) The converting credit union shall record a copy of the articles of mutual bank conversion with the county recorder of the county where the principal office of the mutual bank is located.

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-6.1-3-10 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-10
Quorum
Status: in_force

Sec. 10. (a) A quorum of the board of a savings bank consists of at least a majority of the trustees.

(b) Except as provided in subsection (c), the president or a vice president of the board must be present for a quorum to exist. Notwithstanding subsection (c), if the number of trustees is fifteen (15) or more, a quorum must consist of at least seven (7) trustees, with the president or a vice president present.

(c) The board may provide in the bylaws that the quorum consists of more than a majority of the trustees. If the bylaws provide for a quorum of nine (9) or more trustees, the bylaws may provide that a quorum exists without the presence of the president or a vice president of the board.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-9-2-6 — Indiana Code / Title 28 / Article 9 / Chapter 2 / Section 28-9-2-6
"Depository financial institution"
Status: in_force

Sec. 6. "Depository financial institution" means a financial institution that is organized or reorganized under Indiana law, the law of another state, or United States law. The term includes:

(1) a commercial bank;

(2) a trust company;

(3) a credit union;

(4) a savings bank;

(5) a savings association;

(6) a bank of discount and deposit;

(7) an industrial loan and investment company; or

(8) a similar financial institution to those listed in subdivisions (1) through (7);

if that financial institution has the financial institution's principal place of business or a branch in Indiana.

As added by P.L.258-1989, SEC.2. Amended by P.L.42-1993, SEC.87; P.L.79-1998, SEC.82.
Ind. Code § 28-13-10-6 — Indiana Code / Title 28 / Article 13 / Chapter 10 / Section 28-13-10-6
Committees; approval of creation and appointment; applicability of chapter; powers and duties; compliance with standards of conduct for directors
Status: in_force

Sec. 6. (a) Unless the articles of incorporation or bylaws provide otherwise, a board of directors may create at least one (1) committee and appoint members of the board of directors to serve on the committees. Each committee may have at least one (1) member, who serves at the pleasure of the board of directors.

(b) The creation of a committee and appointment of members to the committee must be approved by the greater of:

(1) a majority of all the directors in office when the action is taken; or

(2) the number of directors required by the articles of incorporation or bylaws to take action under section 5 of this chapter.

(c) Sections 1 through 5 of this chapter, which govern meetings, action without meetings, notice and waiver of notice, and quorum and voting requirements of the board of directors, apply to committees and the members of committees as well.

(d) To the extent specified by the board of directors or in the articles of incorporation or bylaws, each committee may exercise the authority of the board of directors under IC 28-13-9-1.

(e) A committee may not do any of the following:

(1) Authorize distributions. However, a committee or an executive officer of the corporation designated by the board of directors may authorize or approve a reacquisition of shares or other distribution if done according to a formula or method or within a range prescribed by the board of directors.

(2) Approve or propose to shareholders action that this article requires to be approved by shareholders.

(3) Fill vacancies on the board of directors or on any of the board of directors' committees.

(4) Except to the extent permitted by subdivision (7), amend articles of incorporation under IC 28-13-14-2.

(5) Adopt, amend, or repeal bylaws.

(6) Approve a plan of merger not requiring shareholder approval.

(7) Authorize or approve the issuance or sale or a contract for sale of shares, or determine the designation and relative rights, preferences, and limitations of a class or series of shares. However, the board of directors may authorize a committee or an executive officer of the corporation designated by the board of directors to take the action described in this subdivision within limits prescribed by the board of directors.

(f) The creation of, delegation of authority to, or action by a committee does not alone constitute compliance by a director with the standards of conduct described in IC 28-13-11-1.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-11-7 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-7
Testamentary and probate fiduciary appointments
Status: in_force

Sec. 7. Any bank or trust company shall have power to be appointed and to accept the appointment and act as executor or trustee under the last will and testament, or as administrator, with or without the will annexed, of the estate of any deceased person, and to be appointed and to act under the order of appointment of any court of competent jurisdiction as executor of or trustee under any last will and testament, whenever it shall be the successor to any corporation appointed in such last will and testament, whether such succession is the result of merger, consolidation or otherwise. Whenever a natural person is appointed with such corporation in any appointment as receiver, guardian, commissioner, trustee, executor, administrator with or without the will annexed, his appointment may be under such limitation of powers, and upon such terms and conditions as to the possession and control of the trust assets by such corporation, or otherwise, and as to the bond or security, if any, to be given by him, as the person appointed and such corporation may agree and the court or judge making the appointment shall approve. Whenever any natural person who is appointed in any fiduciary capacity is required to give a bond or security for the faithful performance of his duties, such corporation shall have the power and authority to guarantee or become surety for such natural person if such corporation shall take possession and control of the assets belonging to any such estate or other fiduciary relationship, and if approved by the court having jurisdiction of the fiduciary.

Formerly: Acts 1933, c.40, s.176.
Ind. Code § 28-13-17-8 — Indiana Code / Title 28 / Article 13 / Chapter 17 / Section 28-13-17-8
Financial subsidiary activities engaged in as principal or new financial subsidiary activities
Status: in_force

Sec. 8. (a) A financial institution may not establish, control, or hold an interest of a financial subsidiary that engages in financial subsidiary activities as principal or commence any new financial subsidiary activity under this section or under 12 U.S.C. 1831w(a) unless the following occur:

(1) An application has been filed with the department before the financial subsidiary of the financial institution conducts financial subsidiary activities.

(2) The department determines that the financial subsidiary activity poses no significant adverse effects to the safety and soundness of the financial institution and approves the application. An approval under this subdivision may be made subject to conditions and restrictions determined necessary by the department to prevent unsafe or unsound banking practices.

(3) The financial institution and the financial subsidiary comply with 12 U.S.C. 371c and 12 U.S.C. 371c-1, as if the subsidiary were a financial subsidiary, as defined in 12 U.S.C. 371c(e)(1).

(4) All financial institution affiliates of the financial institution are well-capitalized, as defined in the appropriate capital regulation and guidance of each financial institution's primary federal regulator, and the financial institution complies with the capital deduction requirement in accordance with 12 CFR 362.4(e)(1) through 12 CFR 362.4(e)(3), discloses that capital separation in any published financial statements and does not consolidate the financial subsidiary's assets and liabilities with those of the financial institution in any published financial statements.

(5) The financial institution and the financial subsidiary meet the financial and operational safeguards applicable to a financial subsidiary of a national bank conducting the same activities as provided in 12 U.S.C. 24a(d).

(b) A financial institution that controls or holds an interest in a financial subsidiary engaged in a financial subsidiary activity must comply with the requirements of subsection (a)(2) through (a)(5), as long as the financial institution's financial subsidiary is engaged in the financial subsidiary activity.

As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.
Ind. Code § 28-1-2-7 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-7
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.10; Acts 1935, c.5, s.2; Acts 1945, c.348, s.6; Acts 1967, c.260, s.1; Acts 1971, P.L.394, SEC.7. Amended by Acts 1978, P.L.2, SEC.2801. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-5-3-2 — Indiana Code / Title 28 / Article 5 / Chapter 3 / Section 28-5-3-2
Loans; misrepresenting age; estoppel by representation
Status: in_force

Sec. 2. When, in case of any loan made by any industrial loan and investment company organized under the laws of this state, the borrower or any other person furnishing security on behalf of the borrower, shall, as an inducement to such industrial loan and investment company to make the loan, represent to it, in writing, that he or she is eighteen (18) years of age or older or otherwise make any false statement or representation to any such industrial loan and investment company, and such company is deceived, and the loan is made in reliance upon such representation, neither the person so representing nor any one in his or her behalf nor any person otherwise legally liable to pay such loan, shall afterwards be allowed, as against such industrial loan and investment company, to take advantage of the fact that the person making the representation was under eighteen (18) years of age, but each person shall be estopped by such representation.

Formerly: Acts 1953, c.46, s.2; Acts 1973, P.L.280, SEC.10. As amended by P.L.134-2001, SEC.15.
Ind. Code § 28-14-7-2 — Indiana Code / Title 28 / Article 14 / Chapter 7 / Section 28-14-7-2
Statements of condition
Status: in_force

Sec. 2. (a) The department may in any year require a corporate fiduciary to prepare and submit as many statements of condition as the department considers necessary.

(b) Statements of condition required by the department under this section must be:

(1) verified; and

(2) prepared and submitted:

(A) on the forms; and

(B) on the dates;

designated in notices given by the director.

(c) Statements of condition required by the department under this section must include a statement summarizing fiduciary activities engaged in by the corporate fiduciary.

(d) The department is authorized to provide copies of a report submitted under this section upon request at a cost established by the department.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-8-1 — Indiana Code / Title 28 / Article 1 / Chapter 8 / Section 28-1-8-1
Disposition of property and assets; authority; compliance with procedures
Status: in_force

Sec. 1. A corporation may sell, lease, exchange, or otherwise dispose of all or substantially all of its property and assets, including good will, by complying with the provisions of this chapter.

Formerly: Acts 1933, c.40, s.137. As amended by P.L.263-1985, SEC.37; P.L.122-1994, SEC.73; P.L.262-1995, SEC.26; P.L.27-2012, SEC.44.
Ind. Code § 28-1-1-1 — Indiana Code / Title 28 / Article 1 / Chapter 1 / Section 28-1-1-1
Short title
Status: in_force

Sec. 1. This article shall be known and may be cited as The Indiana Financial Institutions Act.

Formerly: Acts 1933, c.40, s.1. As amended by P.L.263-1985, SEC.1.
Ind. Code § 28-1-21.4-10 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-10
Voting rights
Status: in_force

Sec. 10. The voting parties of a mutual savings association have the voting rights set forth in IC 28-13-6-2 with respect to a charter conversion of the mutual savings association under this chapter.

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.53.
Ind. Code § 28-6.1-4-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 4 / Section 28-6.1-4-3
Special service compensation
Status: in_force

Sec. 3. (a) A savings bank that has accumulated a surplus of at least five percent (5%) upon its deposits may pay board members who render special personal service (beyond the ordinary duty of attending meetings and serving upon committees other than of examination) compensation determined by the board.

(b) A board member for whom special service compensation is under consideration by the board may not vote upon the question.

(c) If, after special compensation is paid to a board member under subsection (a), the savings bank's surplus becomes impaired so as to be less than five percent (5%) of its deposits, the special compensation to the board member shall cease until the surplus is again at least five percent (5%) of deposits.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-15-2-3 — Indiana Code / Title 28 / Article 15 / Chapter 2 / Section 28-15-2-3
Denial of rights and privileges; appeal
Status: in_force

Sec. 3. If the department denies the request of a savings association under section 2 of this chapter to exercise any rights and privileges that are granted to federal savings associations, the savings association 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 savings association is located. In an appeal under this section, the court shall determine the matter de novo.

As added by P.L.193-1997, SEC.2. Amended by P.L.84-2016, SEC.130.
Ind. Code § 28-1-21.8-15 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-15
Articles of conversion
Status: in_force

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

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

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

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-1-21.7-4 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-4
"Mutual bank conversion"
Status: in_force

Sec. 4. As used in this chapter, "mutual bank conversion" means the conversion of a savings association to a mutual bank.

As added by P.L.147-1990, SEC.3.
Ind. Code § 28-7-1-0.1 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-0.1
Application of certain amendments to chapter
Status: in_force

Sec. 0.1. The amendments made to section 9(9) of this chapter by P.L.14-1992 apply to expenditures made by credit unions after July 1, 1992, for buildings or other office space.

As added by P.L.220-2011, SEC.464.
Ind. Code § 28-7-1-33.1 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-33.1
Merger of credit unions; surviving credit union organized under federal or other state law; department approval not required
Status: in_force

Sec. 33.1. The approval of the department of the merger of two (2) or more credit unions is not required under this chapter if the credit union surviving the merger is an institution organized or reorganized under the laws of the United States or a state (as defined in IC 28-2-17-19) other than Indiana. However, the surviving credit union shall:

(1) notify the department of the merger;

(2) provide satisfactory evidence to the department of compliance with the requirements of IC 28-1-22 relating to foreign corporations, if applicable; and

(3) provide satisfactory evidence to the department of compliance with the requirements of section 34 of this chapter relating to credit unions organized in other states, if applicable.

As added by P.L.73-2016, SEC.27.
Ind. Code § 28-12-3-4 — Indiana Code / Title 28 / Article 12 / Chapter 3 / Section 28-12-3-4
Change of name
Status: in_force

Sec. 4. Any corporation may, with the prior approval of the department, change its corporate name at any time by amending its articles of incorporation under IC 28-13-14.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-11-4-4 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-4
Director's notice of intent to issue order; contents; hearing; final order; removal of officer, director, or employee; suspension or prohibition pending final order; official record
Status: in_force

Sec. 4. (a) A notice issued under this chapter must:

(1) contain a statement of the facts constituting the alleged practice, violation, or breach;

(2) state the facts alleged in support of the violation, practice, or breach;

(3) state the director's intention to enter an order under section 3(a) of this chapter;

(4) be delivered to the board of directors of the financial institution;

(5) be delivered to the officer, director, or employee concerned; and

(6) specify the procedures that must be followed to initiate a hearing to contest the facts alleged.

(b) If a hearing is requested within ten (10) days after service of the written notice, the department shall hold a hearing concerning the alleged practice, violation, or breach. The hearing shall be held not later than forty-five (45) days after receipt of the request. The department, based on the evidence presented at the hearing, shall enter:

(1) a final order under section 7 of this chapter for the immediate removal of the officer, director, or employee affected;

(2) a final order under section 7 of this chapter prohibiting further participation by the officer, director, or employee, in any manner, in the conduct of affairs of any financial institution;

(3) a final order under section 7 of this chapter requiring the financial institution and its directors, officers, employees, and agents to:

(A) cease and desist from the practice or violation; or

(B) take affirmative action to correct the conditions resulting from the practice or violation;

(4) a final order consisting of any combination of orders described in subdivisions (1) through (3);

(5) a reprimand of the individuals, entities, or other persons concerned; or

(6) a dismissal of the entire matter.

(c) If no hearing is requested within the time specified in subsection (b), the director may proceed to issue a final order described in subsection (b)(1), (b)(2), (b)(3), or (b)(4) on the basis of the facts set forth in the written notice.

(d) An officer, director, or employee who is removed from a position under a removal order that has become final may not participate in the conduct of the affairs of any financial institution without the approval of the director.

(e) The director may, for the protection of the financial institution or the interests of its depositors, suspend from office or prohibit from participation in the affairs of the financial institution an officer, a director, or an employee of a financial institution who is the subject of a written notice served by the director under section 3(a) of this chapter. A suspension or prohibition under this subsection becomes effective upon service of the notice. Unless stayed by a court in a proceeding authorized by subsection (f), the suspension or prohibition shall remain in effect pending completion of the proceedings related to the written notice served under section 3(a) of this chapter and until the effective date of an order entered by the department under subsection (b) or the director under subsection (c). Copies of the notice shall also be served upon the financial institution or subsidiary of which the person is an officer, a director, or an employee.

(f) Not more than ten (10) days after an officer, a director, or an employee has been suspended from office or prohibited from participation in the conduct of the affairs of the financial institution or subsidiary under subsection (e), the officer, director, or employee may apply to a court having jurisdiction for a stay of the suspension or prohibition pending completion of the proceedings related to the notice served under section 3(a) of this chapter, and the court may stay the suspension of prohibition.

(g) The department shall maintain an official record of a proceeding under this chapter.

As added by P.L.33-1991, SEC.56. Amended by P.L.122-1994, SEC.109; P.L.258-2003, SEC.20; P.L.10-2006, SEC.75 and P.L.57-2006, SEC.75; P.L.35-2010, SEC.199.
Ind. Code § 28-1-2-27 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-27
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.29; Acts 1935, c.5, s.4. As amended by P.L.263-1985, SEC.8. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-8-4.1-1102 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1102
Prohibition against designating current authorized delegate; order to show cause; findings by the department; entry of order; relinquishment of designation as authorized agent; existing contractual obligations; emergency or temporary order
Status: in_force

Sec. 1102. (a) The director may issue to a licensee an order to show cause why the licensee should not be prohibited from designating a current authorized delegate of the licensee as an authorized delegate, or from having the licensee's ability to designate a current authorized delegate as an authorized delegate for a period determined by the department.

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

(1) include:

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

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

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

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

(A) a reasonable opportunity to be heard; and

(B) show the licensee's compliance with all lawful requirements concerning the designation of an authorized delegate;

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

(c) After the meeting described in subsection (b)(1)(A), the department may prohibit the licensee from designating, or suspend the licensee's ability to designate, a current authorized delegate as an authorized delegate if the department finds that:

(1) the authorized delegate has repeatedly and willfully violated:

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

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

(2) the authorized delegate does not meet the authorized delegate qualifications set forth in this chapter;

(3) the authorized delegate obtained the designation for the benefit of, or on behalf of, a person who does not qualify for the authorized delegate designation;

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

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

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

(7) the authorized delegate has been convicted of a violation of a state or federal money laundering statute;

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

(9) the authorized delegate has engaged in an unsafe or unsound practice.

(d) Whenever the department prohibits a licensee from designating, or suspends a licensee's ability to designate, an authorized delegate, the department shall enter an order to that effect and notify the licensee of:

(1) the prohibition or suspension;

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

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

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

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

(e) Any authorized delegate may relinquish its designation as an authorized delegate by notifying the department in writing of the relinquishment. However, a relinquishment under this subsection does not affect the authorized delegate's liability for acts previously committed and coming within the scope of this chapter.

(f) If the director determines it to be in the public interest, the director may pursue an order either prohibiting the licensee from designating a current authorized delegate as an authorized delegate, or suspending the licensee from designating a current authorized delegate as an authorized delegate for a period of time, after the authorized delegate has relinquished its designation under subsection (e).

(g) If an authorized delegate's designation as an authorized delegate is revoked, suspended, or relinquished, the revocation, suspension, or relinquishment does not impair or affect any obligation owed by that person under any existing lawful contracts.

(h) If the director has just cause to believe an emergency exists from which it is necessary to protect the interests of the public, the director may proceed with the revocation of an authorized delegate's designation as an authorized delegate through an emergency or another temporary order.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-21.7-3 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-3
"Mutual bank"
Status: in_force

Sec. 3. (a) As used in this chapter, "mutual bank" means a mutual savings bank governed by IC 28-6.1.

(b) A reference in IC 28-6.1 to formation and operation of a savings bank by a board means formation by conversion under this chapter and operation by a board of directors elected by members under IC 28-13.

(c) IC 28-6.1-3 does not apply to mutual banks formed by conversion under this chapter.

As added by P.L.147-1990, SEC.3. Amended by P.L.42-1993, SEC.39.
Ind. Code § 28-8-4.1-501 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-501
Engaging in the business of money transmission; license required; exceptions; license not transferrable or assignable
Status: in_force

Sec. 501. (a) A person may not:

(1) engage in the business of money transmission; or

(2) advertise, solicit, or hold itself out as providing money transmission;

unless the person is licensed under this chapter.

(b) Subsection (a) does not apply to:

(1) a person that is:

(A) an authorized delegate of a person licensed under this chapter; and

(B) acting within the scope of authority conferred by a written contract with the licensee; or

(2) a person that is exempt under section 301 of this chapter and does not engage in money transmission outside the scope of the exemption.

(c) A license issued under section 505 of this chapter is not transferable or assignable.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-8-4.1-1110 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1110
Applicability of rulemaking statute; notice to licensees and license applicants
Status: in_force

Sec. 1110. (a) Rules and regulations promulgated by the director or the department under authority conferred by this chapter must be adopted in accordance with IC 4-22-2.

(b) At the time the director or department files a notice of proposed adoption, amendment, or repeal of a rule under this chapter for public comment, a copy of the notice must be sent by first class mail postage prepaid to all licensees and applicants for licenses under this chapter as of the time the notice is sent.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-6.1-7-8 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-8
Purchasing and constructing buildings to be leased to public authorities
Status: in_force

Sec. 8. (a) A savings bank may purchase or construct buildings and hold legal title to a building to be leased to a municipal corporation or other public authority, for public purposes, having resources sufficient to make payment of all rentals as the payments become due.

(b) A lease agreement shall provide that upon expiration, the lessee will become the owner of the building.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-33-8 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-8
Requirements and procedures
Status: in_force

Sec. 8. (a) Except as provided in section 8.1 of this chapter for the conversion of a mutual savings bank into a federally chartered credit union, the department shall prescribe procedures for charter conversions under this chapter.

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

(1) The mutual savings bank must prepare and submit to the department a conversion plan that provides the terms and conditions required by the department for a charter conversion under this chapter.

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

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

(4) The conversion plan must be conditioned upon the approval of not less than a majority of the total number of votes eligible to be cast at a regular or special meeting of the voting parties. The director of the department must approve the method used to notify the voting parties of the meeting held to consider the conversion plan. The director of the department may require the converting mutual savings bank to provide the voting parties with information regarding the conversion plan.

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

As added by P.L.1-2006, SEC.492. Amended by P.L.213-2007, SEC.53; P.L.217-2007, SEC.51.
Ind. Code § 28-13-16-1 — Indiana Code / Title 28 / Article 13 / Chapter 16 / Section 28-13-16-1
"Qualifying subsidiary" defined
Status: in_force

Sec. 1. As used in this chapter, "qualifying subsidiary" means a foreign or domestic corporation or limited liability company in which a financial institution has more than fifty percent (50%) ownership.

As added by P.L.215-1999, SEC.10.
Ind. Code § 28-1-21.6-6 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-6
"Savings association"
Status: in_force

Sec. 6. As used in this chapter, "savings association" means an institution (as defined in 12 U.S.C. 1813(b)) that maintains the principal office of the institution in Indiana. The term includes federally chartered savings associations and savings banks, and state savings and loan associations and building and loan associations, whether in stock or mutual form of ownership. The term does not include mutual savings banks.

As added by P.L.147-1990, SEC.2.
Ind. Code § 28-14-5-5 — Indiana Code / Title 28 / Article 14 / Chapter 5 / Section 28-14-5-5
Purchase for own account and sale of shares of investment companies and mortgage backed securities
Status: in_force

Sec. 5. A corporate fiduciary may purchase for its own account and sell:

(1) shares of investment companies, the portfolios of which consist solely of securities that are eligible for purchase and sale by national banking associations; and

(2) mortgage backed securities that are eligible for purchase and sale by national banking associations, only to the extent that a national banking association can purchase and sell mortgage backed securities.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-8-6-403 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-403
Examination or investigation of a licensee by the director; provision of records to the director by a licensee
Status: in_force

Sec. 403. (a) The director may conduct an examination or investigation of a licensee or otherwise take independent action authorized by this chapter, or by a rule adopted or order issued under this chapter, as reasonably necessary or appropriate to administer and enforce this chapter and rules implementing this chapter. The director may:

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

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

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

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

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

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

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

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

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-13-10-8 — Indiana Code / Title 28 / Article 13 / Chapter 10 / Section 28-13-10-8
Examination of corporation statement; departmental accounting and auditing standards; examination of corporation's holding company
Status: in_force

Sec. 8. The board of directors shall cause the corporation to be examined one (1) time each calendar year by a certified public accountant. The board of directors shall submit the examination and a complete statement of the condition of the corporation to the department. The department may require additional information. The department may establish the accounting and auditing standards necessary to define the examination requirements of this section by policy or rule. An examination of a corporation's holding company shall satisfy the requirements of this section if done in accordance with standards prescribed by department policy or rule.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-11-4-11 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-11
Persons suspended or prohibited from participation
Status: in_force

Sec. 11. An individual who:

(1) is suspended or prohibited from participating in the conduct of the affairs of a financial institution under section 6 or 7 of this chapter; and

(2) after the suspension or prohibition knowingly or intentionally participates, directly or indirectly, in the management of the financial institution;

commits a Level 6 felony.

As added by P.L.33-1991, SEC.56. Amended by P.L.35-2010, SEC.203; P.L.158-2013, SEC.302.
Ind. Code § 28-8-4.1-406 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-406
Outside vendor providing services to licensee; department's authority to examine; expense of examination; refusal to permit examination
Status: in_force

Sec. 406. If a licensee contracts with an outside vendor to provide a service that would otherwise be undertaken internally by the licensee and be subject to the department's routine examination procedures, the person that provides the service to the licensee shall, at the request of the director, submit to an examination by the department. If the director determines that an examination under this section 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 section refuses to permit the examination to be made, the director may order any licensee that receives services from the person refusing the examination to:

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

(2) otherwise cease conducting business with the person.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-6.2-1-5 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-5
"Associate" defined
Status: in_force

Sec. 5. "Associate", when indicating a relationship between persons, means:

(1) any corporation or organization, other than the applicant or a majority-owned subsidiary of the applicant, of which the person:

(A) is an officer or a partner; or

(B) is directly or indirectly the beneficial owner of ten percent (10%) or more of any class of equity securities;

(2) any trust or other estate:

(A) in which the person has a substantial beneficial interest; or

(B) for which the person serves as trustee or in a similar fiduciary capacity;

however, the term does not apply to any employee stock benefit plan in which the person has a substantial beneficial interest or serves as a trustee or in a similar fiduciary capacity; and

(3) any relative or spouse of the natural person, or any relative of the spouse, who:

(A) has the same home as the person; or

(B) is a director or an officer of the applicant or of any of the applicant's parent organizations or subsidiaries.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-5-1-6 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-6
Corporate powers
Status: in_force

Sec. 6. (a) Every company may exercise all the powers conferred upon domestic corporations by IC 23-1 but only to the extent that those powers may be necessary, convenient, or expedient to accomplish the purposes for which it is organized. Subject to the restrictions and limitations contained in this chapter, every company may exercise the following powers:

(1) To issue, negotiate, and sell its secured or unsecured certificates of investment or indebtedness, subject to subdivision (16), upon terms and conditions, in any form, and payable at times that are not inconsistent with this chapter and, subject to subsection (c), bearing a rate of interest approved by the department.

(2) To make, purchase, discount, or otherwise acquire extensions of credit under IC 37-2.

(3) To lend money without security or upon the security of comakers, personal endorsement, or the mortgage of real or personal property or the mortgage or pledge of bailment leases or rentals due and to become due thereunder and other choses in action, and to contract for interest, discount, fees, charges, or other consideration fixed or permitted by any laws of Indiana concerning interest, discount, or usury.

(4) To discount, purchase, or otherwise acquire notes, bills of exchange, acceptances, bailment leases, and the property covered thereby or the rentals due or to become due thereunder or other choses in action and, subject to such restrictions the department imposes, to become owner or lessor of personal or real property acquired upon the request and for the use of a customer, and to incur additional obligations incident to becoming an owner or lessor of the property. The liability of a lessee under the lease does not constitute an obligation (as defined in section 8 of this chapter).

(5) To purchase or construct buildings and hold legal title to them, to be leased for public purposes to municipal corporations or other public authorities having resources sufficient to make payment of all rentals as they become due. Each lease agreement shall provide that upon expiration, the lessee shall become owner of the building.

(6) To invest in bonds, notes, or certificates which are:

(A) the direct or indirect obligations of the United States or of the state;

(B) obligations of mutual funds or financial institutions if the obligations represent a participation in a fund invested in, or are secured by, direct or indirect obligations of the United States owned by the mutual fund or financial institution;

(C) the direct obligations of a civil or school county, township, city, town, other taxing district, or municipality of Indiana;

(D) a special taxing district in Indiana;

(E) issued by or in the name of:

(i) the trustees of Indiana University;

(ii) the trustees of Purdue University;

(iii) the trustees of Ball State University;

(iv) the trustees of Indiana State University; or

(v) the Indiana finance authority;

(F) issued by or in the name of any municipality of Indiana and payable from the revenues to be derived from the operation of facilities for the production or distribution of water, electricity, gas, or from the operation of sewage works; or

(G) the obligations of any Indiana toll road commission, public library, or schoolhouse holding corporation first mortgage bonds;

which district, municipality, taxing unit, or corporation is not then in default in the payment of either principal or interest on any of its funded obligations and has not so defaulted for a period of more than six (6) months within the five (5) year period immediately preceding the purchase of the securities.

(7) To invest in bonds, notes, or debentures rated in one (1) of the first four (4) classifications established by one (1) or more standard rating services specified by the department that satisfy requirements of marketability prescribed periodically by the department that are the obligations of a person, a firm, a limited liability company, a corporation, a state, a territory, an insular possession of the United States, or a county, township, town, city, taxing district, or municipality thereof which is not then in default in the payment of either principal or interest on any of its funded obligations and has not so defaulted within the five (5) year period immediately preceding the purchase of the securities and other investment securities prescribed by the department by rule. As used in this section, the term "investment securities" means marketable obligations evidencing indebtedness of a person, firm, limited liability company, or corporation in the form of bonds, notes, or debentures commonly known as "investment securities" and the definition of the term "investment securities" prescribed by the department by rule. Except as is otherwise provided in this chapter or otherwise permitted by law, nothing contained in this subdivision authorizes the purchase by an industrial loan and investment company of shares of stock or other securities, unless the purchase is necessary to prevent loss under a debt previously contracted in good faith and stocks or other securities so purchased or acquired shall, within six (6) months from the time of its purchase, be sold or disposed of at public or private sale, unless otherwise ordered by the department.

(8) To invest in bonds or debentures issued under and by the authority of the Federal Home Loan Bank Act (12 U.S.C. 1421 through 1429), or of the Home Owners' Loan Act (12 U.S.C. 1461 through 1468), or obligations issued by or for farm credit banks, and banks for cooperatives under the Farm Credit Act of 1971 (12 U.S.C. 2001 through 2279aa-14).

(9) To invest in insured shares of an insured savings association organized under the laws of Indiana, and in insured shares of an insured federal savings association whose principal place of business is located in Indiana; and in certificates of indebtedness or investment of an industrial loan and investment company organized under the laws of Indiana. However, not more than twenty percent (20%) of the resources of the company may be invested in the insured shares of any such association nor more than ten percent (10%) of the company's capital and surplus in such certificates of industrial loan and investment companies.

(10) To make loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance by the federal housing administrator, and to obtain insurance from the administrator.

(11) To make loans secured by mortgage on real property or leasehold if:

(A) the mortgage is insured by the federal housing administrator; or

(B) the company makes a commitment to insure and to obtain insurance from the administrator, if the mortgage is not insured by the federal housing administrator.

(12) 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 insured by national mortgage associations.

(13) To discount, purchase, or otherwise acquire charge accounts, and drafts and bills of exchange evidencing charge accounts and to impose and collect monthly service charges and maintenance charges on charge accounts, drafts, or bills of exchange which are owned or acquired in amounts agreed upon between the company and the obligor, or obligors, on charge accounts, drafts, and bills of exchange.

(14) To purchase or otherwise acquire property, real or personal, tangible or intangible, in which the company has a security interest to secure a debt owing to the company contracted in good faith or the purchase or acquisition of which property is considered expedient to prevent loss from a debt owing to the company contracted in good faith, and for such purpose to engage in any lawful business considered necessary or expedient by the company to preserve, protect, or make saleable the property. Property thus purchased or acquired shall be sold and disposed of within two (2) years, or a longer period permitted by the department, after the purchase or acquisition.

(15) To act as trustee of a trust created in the United States and forming part of a stock bonus, pension, or profit sharing plan that is qualified for tax treatment under Section 401(d) of the Internal Revenue Code, and to act as trustee or custodian of an individual retirement account within the meaning of Section 408 of the Internal Revenue Code, if the funds of that trust or account are only invested in certificates of investment or indebtedness of the company or in obligations or securities issued by that company. All funds held under this subdivision in a fiduciary capacity may be commingled by the company for appropriate investment purposes. However, individual records shall be kept by the fiduciary for each participant and shall show in proper detail all transactions engaged in under the authority of this subdivision.

(16) To do anything necessary and appropriate to obtain or maintain federal deposit insurance under the Federal Deposit Insurance Corporation Act (12 U.S.C. 1811 through 1833e) or insurance under any other federal or Indiana law providing insurance for certificates of investment or indebtedness issued by a company. A company that obtains and maintains federal deposit insurance is not required to obtain approval from the department concerning the rate of interest payable on, or the form, the terms, or the conditions of the certificates of investment or indebtedness, and the company may exercise all of the powers that are conferred upon institutions maintaining federal deposit insurance that are not in conflict with Indiana law.

(17) To become a member of a federal home loan bank and acquire, own, pledge, sell, assign, or otherwise dispose of shares of the capital stock of a federal home loan bank.

(18) To borrow money and procure advances from a federal home loan bank and to transfer, assign to, and pledge with the federal home loan bank any of the bonds, notes, contracts, mortgages, securities, or other property of the company held or acquired as security for the payment of the loans and advances.

(19) To possess and exercise all rights, powers, and privileges conferred upon and do and perform all acts and things required of members or shareholders of a federal home loan bank, or by the provisions of 12 U.S.C. 1421 through 1449.

(20) Subject to section 6.3 of this chapter, to exercise the rights and privileges (as defined in section 6.3(a) of this chapter) that are or may be granted to national banks domiciled in Indiana.

(b) No law of this state prescribing the nature, amount, or form of security or requiring security upon which loans or advances of credit may be made, or prescribing or limiting interest rates upon loans or advances of credit, or prescribing or limiting the period for which loans or advances of credit may be made, applies to loans, advances of credit, or purchases made pursuant to subsection (a)(10), (a)(11), or (a)(12).

(c) If any national or state chartered bank or savings association is not limited by law with regard to the rate of interest payable on any type or category of checking account, savings account, or deposit, certificate of deposit, membership share, or other account, then industrial loan and investment companies are similarly not limited with regard to the interest payable on certificates of investment or indebtedness.

Formerly: Acts 1935, c.181, s.6; Acts 1937, c.105, s.3; Acts 1955, c.20, s.2; Acts 1969, c.129, s.1; Acts 1971, P.L.399, SEC.2; Acts 1973, P.L.284, SEC.2; Acts 1975, P.L.44, SEC.5. As amended by Acts 1977, P.L.293, SEC.1; Acts 1979, P.L.265, SEC.1; Acts 1982, P.L.169, SEC.1; P.L.269-1983, SEC.1; P.L.141-1984, SEC.10; P.L.2-1987, SEC.42; P.L.20-1990, SEC.11; P.L.8-1991, SEC.28; P.L.42-1993, SEC.71; P.L.262-1995, SEC.64; P.L.194-1997, SEC.3; P.L.79-1998, SEC.70; P.L.215-1999, SEC.6; P.L.235-2005, SEC.204; P.L.2-2007, SEC.355; P.L.162-2007, SEC.39; P.L.213-2007, SEC.57; P.L.217-2007, SEC.55; P.L.115-2026, SEC.60.
Ind. Code § 28-1-20.1-1 — Indiana Code / Title 28 / Article 1 / Chapter 20.1 / Section 28-1-20.1-1
"Deposit account"
Status: in_force

Sec. 1. As used in this chapter, "deposit account" has the meaning set forth in IC 28-9-2-5.

As added by P.L.88-2024, SEC.1.
Ind. Code § 28-1-30-8 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-8
Transitional period
Status: in_force

Sec. 8. (a) During a transitional period not to exceed ten (10) years from the effective date of the conversion, the department may authorize the resulting mutual bank to do the following:

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

(2) Retain any assets legally held by the credit union at the time of the mutual bank conversion that may not be held by a mutual bank.

(3) Attain and maintain sixty percent (60%) of its assets in investments that qualify under 26 U.S.C. 7701(a)(19).

(b) The terms and conditions of any transitional period under this section are at the discretion of the department.

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-7-1-19 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-19
Capital; lien on shares; transfer of shares; use of secondary capital; safety and soundness; regulations regarding prompt corrective action and risk based net worth
Status: reserved

Sec. 19. (a) The capital of a credit union shall consist of the payments on shares which have been made to it by members. A credit union may attach a lien on the shares of any member with outstanding obligations to the credit union. A credit union may, upon the resignation of a member, cancel the shares of such member, and apply the withdrawal value of such shares towards the liquidation of the member's obligations. Fully paid up shares of a credit union may be transferred to any qualified member upon such terms as the bylaws provide. If a federal credit union is authorized by the federal regulatory authority with jurisdiction or by federal law to use one (1) or more forms of secondary capital, the department may by rule, order, or declaratory ruling allow a credit union to use one (1) or more forms of secondary capital. The rule, order, or declaratory ruling must include disclosure requirements concerning the conditions for return of the secondary capital and the liquidation priority of the secondary capital.

(b) A credit union shall maintain capital consistent with the safety and soundness necessary to support the risk in the credit union's activities, as determined appropriate by the director. The National Credit Union Administration's:

(1) prompt corrective action; and

(2) risk based net worth;

regulations set forth in 12 CFR 702.101, 12 CFR 702.102, 12 CFR 702.103, 12 CFR 702.104, and 12 CFR 702.105 apply to all credit unions.

Formerly: Acts 1961, c.182, s.19; Acts 1969, c.133, s.5. As amended by P.L.263-1995, SEC.17; P.L.35-2010, SEC.160; P.L.197-2023, SEC.14.
Ind. Code § 28-12-4-1 — Indiana Code / Title 28 / Article 12 / Chapter 4 / Section 28-12-4-1
Accompanying terms
Status: in_force

Sec. 1. The articles of incorporation submitted to the department for approval must be accompanied by the following:

(1) An application in the form prescribed by the department and containing such information as the department may require.

(2) The deposit of money in an amount determined by the department to be sufficient to defray the expenses of the department in performing its duties under this chapter.

(3) Evidence satisfactory to the department that the corporation has or will have capital in at least the amount of the capital stated in the articles of incorporation.

(4) Evidence satisfactory to the department that the corporation is applying for deposit insurance from the Federal Deposit Insurance Corporation or its successor in interest, unless the corporation is being organized solely as a corporate fiduciary.

(5) Evidence satisfactory to the department that the corporation has or will have adequate insurance coverage on the date the corporation begins operation.

As added by P.L.14-1992, SEC.162. Amended by P.L.262-1995, SEC.82.
Ind. Code § 28-14-6-4 — Indiana Code / Title 28 / Article 14 / Chapter 6 / Section 28-14-6-4
Duty to keep books of account and minutes of corporate proceedings
Status: in_force

Sec. 4. A corporate fiduciary shall keep correct and complete books of accounts and minutes of the proceedings of shareholders, directors, executives, and finance committees.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-13-11-5 — Indiana Code / Title 28 / Article 13 / Chapter 11 / Section 28-13-11-5
Exemption from personal liability; inapplicability in departmental proceedings
Status: in_force

Sec. 5. (a) A director is not liable for any action taken as a director, or any failure to take any action, unless:

(1) the director has breached or failed to perform the duties of the director's office under sections 1 through 4 of this chapter; and

(2) the breach or failure to perform constitutes willful misconduct or recklessness.

(b) The exemption from liability provided by this section does not apply to any proceeding brought by the department against a director.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.2-4-4 — Indiana Code / Title 28 / Article 6.2 / Chapter 4 / Section 28-6.2-4-4
Effective date
Status: in_force

Sec. 4. The effective date of the articles of reorganization and amendments to the articles of reorganization must be the date of recording in the office of the secretary of state, unless a delayed effective date is specified in the articles of reorganization.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-1-2-32 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-32
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.34. As amended by Acts 1978, P.L.2, SEC.2805. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-12-5-1 — Indiana Code / Title 28 / Article 12 / Chapter 5 / Section 28-12-5-1
Written or stamped approval; official seal and signature
Status: in_force

Sec. 1. (a) If the department approves the application, the department shall write or stamp on the articles of incorporation the following:

(1) The words "Approved by the Department of Financial Institutions of the State of Indiana".

(2) The date of the approval.

(b) The department shall place the impression of the seal of the department and the signature of the director or the director's authorized designee beneath the approval stamp.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-1-5-7 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-7
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.95; Acts 1935, c.5, s.17; Acts 1965, c.356, s.1; Acts 1967, c.115, s.1; Acts 1975, P.L.285, SEC.1. As amended by P.L.36-1987, SEC.3. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-1-7.5-13 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-13
Exemption from requirements of IC 28-1-2-23
Status: in_force

Sec. 13. An acquisition by a holding company of control of a bank, trust company, corporate fiduciary, or stock savings bank is exempt from the requirements of IC 28-1-2-23 if the acquisition is made under this chapter.

As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.71; P.L.262-1995, SEC.24.
Ind. Code § 28-8-4.1-503 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-503
Application for license; contents; applications by business entities; required fees; director's authority to waive or substitute requirements
Status: in_force

Sec. 503. (a) Applicants for a license shall apply in a form and by a medium prescribed by the director. Each application must contain the content set forth by rule, regulation, instruction, or procedure of the department. The required content for an application may be changed or updated in accordance with applicable law in order to carry out the purposes of this chapter and maintain consistency with NMLS licensing standards and practices. Each application submitted to the department must state or contain the following, as applicable:

(1) The legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting its business.

(2) A list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the ten (10) year period immediately preceding the submission of the application.

(3) A description of any money transmission previously provided by the applicant and the money transmission that the applicant seeks to provide in Indiana.

(4) A list of the applicant's proposed authorized delegates and the locations in Indiana where the applicant and its authorized delegates propose to engage in money transmission.

(5) A list of other states in which the applicant is licensed to engage in money transmission and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state.

(6) Information concerning any bankruptcy or receivership proceedings affecting the applicant or a person in control of the applicant.

(7) A sample contract form for authorized delegates, if applicable.

(8) A form of payment instrument or stored value, as applicable.

(9) The name and address of any federally insured depository financial institution through which the applicant plans to conduct money transmission.

(10) Any other information the director or the NMLS reasonably requires with respect to the applicant.

(b) If an applicant is a corporation, limited liability company, partnership, or another legal entity, the applicant shall also provide the following:

(1) The:

(A) date of the applicant's incorporation or formation; and

(B) state or country of incorporation or formation.

(2) If applicable, a certificate of good standing from the state or country in which the applicant was incorporated or formed.

(3) A brief description of the structure or organization of the applicant, including any parents or subsidiaries of the applicant, and whether any parents or subsidiaries are publicly traded.

(4) For the ten (10) year period immediately preceding the submission of the application, the legal name, any fictitious or trade name, all business and residential addresses, and the employment, as applicable, of each:

(A) key individual with respect to; and

(B) person in control of:

the applicant.

(5) For the ten (10) year period immediately preceding the submission of the application, a list of any criminal convictions and material litigation in which a person, other than an individual, in control of the applicant has been involved.

(6) A copy of audited financial statements of the applicant for the most recent fiscal year and for the two (2) year period immediately preceding the submission of the application or, if determined to be acceptable by the director, certified unaudited financial statements for the most recent fiscal year or for another period acceptable to the director.

(7) A certified copy of unaudited financial statements of the applicant for the most recent fiscal quarter.

(8) If the applicant is a publicly traded corporation, a copy of the most recent report filed with the United States Securities and Exchange Commission under Section 13 of the federal Securities Exchange Act of 1934 (15 U.S.C. 78m).

(9) If the applicant is a wholly owned subsidiary of:

(A) a corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed under Section 13 of the federal Securities Exchange Act of 1934 (15 U.S.C. 78m); or

(B) a corporation publicly traded outside the United States, a copy of similar documentation filed with the regulator of the parent corporation's domicile outside the United States.

(10) The name and address of the applicant's registered agent in Indiana.

(11) Any other information the director reasonably requires with respect to the applicant.

(c) A nonrefundable application fee, as set by the department, and a license fee, as set by the department, must accompany an application for a license under this section.

(d) 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 § 28-5-1-3 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-3
Definitions; department's powers
Status: in_force

Sec. 3. As used in this chapter and unless a different meaning appears from the context:

(a) The term "capital and surplus" or "unimpaired capital and unimpaired surplus" has the meaning set forth in 12 CFR 32.2.

(b) The term "company" shall mean and include any corporation to which this chapter is applicable.

(c) The term "department" means the department of financial institutions of the state of Indiana.

(d) The department is hereby authorized to approve the issue of capital and investment notes and capital debentures by any company to create capital and surplus, but no such notes and debentures shall be authorized or approved by the department unless such notes and debentures shall, by their terms, provide that the debt, including all accrued and unpaid interest, evidenced thereby shall be subordinate, in order of priority on liquidation, to all of the obligations of the company to the holders of its installment and fully paid certificates of indebtedness or investment and creditors other than such creditors and holders who have expressly agreed otherwise and other than creditors who are such by reason of the ownership of such notes or debentures which the department is authorized to approve by this section.

Formerly: Acts 1935, c.181, s.3; Acts 1937, c.105, s.2; Acts 1955, c.20, s.1; Acts 1971, P.L.399, SEC.1. As amended by P.L.263-1985, SEC.150; P.L.213-2007, SEC.56; P.L.217-2007, SEC.54; P.L.3-2008, SEC.221.
Ind. Code § 28-11-1-8 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-8
Officers; election; term of office
Status: in_force

Sec. 8. (a) During the first meeting after June 30 of each year, the members shall elect the following officers:

(1) One (1) member as vice chairman.

(2) One (1) individual, who need not be a member, as secretary.

(3) Other officers considered necessary by the members.

(b) The officers elected under subsection (a) hold office for one (1) year and until their successors are elected and qualified.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-6.1-16-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 16 / Section 28-6.1-16-3
Conversion procedure
Status: in_force

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

(1) The conversion must be proposed by the board of the savings bank in a resolution of conversion.

(2) The resolution of conversion must be adopted by an affirmative vote of at least two-thirds (2/3) of the board members.

(3) The savings bank must provide all relevant information requested by the department in connection with the conversion.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-7.5-7 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-7
Submission of plan of exchange to shareholders; procedures; voting rights; approval; abandonment
Status: in_force

Sec. 7. (a) If a plan of exchange is approved by the department, the plan shall be submitted to a vote of the shareholders of the bank, trust company, corporate fiduciary, or stock savings bank and, if the articles of incorporation of the holding company are to be amended in the plan, to a vote of the shareholders of the holding company, at the meeting or meetings of the shareholders directed by the resolutions of the board of directors of the corporation approving the plan of exchange. Each shareholder of the bank, trust company, corporate fiduciary, or stock savings bank shall be provided with a copy of a proxy or information statement setting forth material facts regarding the holding company and the plan of exchange at the same time as the shareholder is provided with the notice of the meeting. Three (3) copies of the definitive proxy or information statement, one (1) of which shall be marked to indicate the changes from the preliminary statement filed under section 4 of this chapter, shall be filed with the department by the bank, trust company, corporate fiduciary, or stock savings bank not later than the date the statement is first sent, given, or delivered to shareholders.

(b) Each outstanding share of the bank, trust company, corporate fiduciary, or stock savings bank and, if the articles of incorporation of the holding company are to be amended in the plan, the holding company, is entitled to one (1) vote, regardless of class, on the approval of the plan of exchange unless the articles of incorporation in effect at the time of the vote provide for special, conditional, or limited voting rights, or for no right to vote. The holders of the outstanding shares of a class of the bank, trust company, corporate fiduciary, or stock savings bank and, if the articles of incorporation of the holding company are to be amended in the plan, the holding company are entitled to vote as a separate class on a proposed plan of exchange if the plan would:

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

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

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

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

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

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

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

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

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

(c) The plan of exchange is approved by the shareholders of a corporation when affirmative votes representing at least a majority (or such greater portion as the articles of incorporation may require) of the outstanding shares are received from shareholders entitled to vote on the plan. Notwithstanding shareholder adoption of the plan of exchange and at any time before the filing of articles of exchange with the secretary of state under section 9 of this chapter, the plan of exchange may be abandoned by a resolution of the board of directors of the bank, trust company, corporate fiduciary, or stock savings bank or of the holding company.

As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.66; P.L.262-1995, SEC.19; P.L.213-2007, SEC.37; P.L.217-2007, SEC.35.
Ind. Code § 28-15-16-1 — Indiana Code / Title 28 / Article 15 / Chapter 16 / Section 28-15-16-1
Applicability
Status: in_force

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

As added by P.L.258-2003, SEC.31.
Ind. Code § 28-14-6-5 — Indiana Code / Title 28 / Article 14 / Chapter 6 / Section 28-14-6-5
Stock transfer book; shareholders list
Status: in_force

Sec. 5. A corporate fiduciary shall keep at its principal office:

(1) an original or a duplicate stock transfer book; or

(2) records setting forth:

(A) the names and addresses of all shareholders; and

(B) the number of shares held by each shareholder; or

(3) the records described in subdivisions (1) and (2).

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-22-20 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-20
Change of business before approval; personal liability of officers and directors
Status: in_force

Sec. 20. If a foreign corporation changes the nature of the business it transacts in Indiana before the business receives the department's approval, the officers and directors of such corporation shall be severally liable for the liabilities of the corporation that result from the corporation's transaction of that business in Indiana.

Formerly: Acts 1933, c.40, s.343. As amended by P.L.263-1985, SEC.93; P.L.14-1992, SEC.105; P.L.171-1996, SEC.23; P.L.11-1998, SEC.5.
Ind. Code § 28-10-2-10 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-10
"LIBOR discontinuance event"
Status: in_force

Sec. 10. (a) As used in this chapter, "LIBOR discontinuance event" means the earliest to occur of any of the following:

(1) A public statement or publication of information that:

(A) is made by, or on behalf of, the administrator of LIBOR;

(B) announces that the administrator has ceased or will cease to provide LIBOR, whether permanently or indefinitely; and

(C) when made, there is no successor administrator that will continue to provide LIBOR.

(2) A public statement or publication of information that:

(A) is made by the regulatory supervisor for the administrator of LIBOR, the United States Federal Reserve System, an insolvency official with jurisdiction over the administrator of LIBOR, a resolution authority with jurisdiction over the administrator of LIBOR, or a court or entity with similar insolvency or resolution authority over the administrator of LIBOR;

(B) states that the administrator of LIBOR has ceased or will cease to provide LIBOR, whether permanently or indefinitely; and

(C) when made, there is no successor administrator that will continue to provide LIBOR.

(3) A public statement or publication of information that:

(A) is made by the regulatory supervisor for the administrator of LIBOR; and

(B) announces that LIBOR is no longer representative.

(b) With respect to a particular contract, security, or instrument, the term does not include a public statement or publication of information that affects one (1) or more tenors of LIBOR in either of the following circumstances:

(1) If:

(A) the contract, security, or instrument:

(i) provides for only one (1) tenor of LIBOR; and

(ii) requires interpolation; and

(B) the tenor provided for can be interpolated from LIBOR tenors that are not affected by the public statement or publication of information.

(2) If:

(A) the contract, security, or instrument permits a party to choose from more than one (1) tenor of LIBOR; and

(B) any of the specified tenors:

(i) is not affected by the public statement or publication of information; or

(ii) can be interpolated from LIBOR tenors that are not affected by the public statement or publication of information, if the contract, security, or instrument requires interpolation.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-8-6-803 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-803
Limitation on fee amount charged in connection with an earned wage access services transaction
Status: in_force

Sec. 803. A fee described in section 201(11)(A) of this chapter shall not exceed:

(1) an amount; or

(2) a percentage of the proceeds delivered to a consumer;

that exceeds the limitation set forth in IC 28-8-5-17(a)(2).

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-11-4-7 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-7
Final order; remedies; consent presumed; confidentiality
Status: in_force

Sec. 7. (a) If, after a hearing held under section 4(b) of this chapter, the department finds that the conditions specified in section 2 or 3 of this chapter have been established, the department may issue a final order. If a hearing is not requested within the time specified in section 4(b) of this chapter, the director may issue a final order on the basis of the facts set forth in the written notice served under section 3(a) of this chapter.

(b) Unless the director has entered into a consent agreement described in section 5 of this chapter, a final order must include separately stated findings of fact and conclusions of law for all aspects of the order.

(c) A final order may do any of the following:

(1) Require the financial institution and its directors, officers, employees, and agents to do any of the following:

(A) Cease and desist from the practice or violation.

(B) Take affirmative action to correct the conditions resulting from the practice or violation.

(2) Suspend or prohibit a director, an officer, or an employee from participating in the affairs of a financial institution or subsidiary.

(3) Impose a civil penalty not to exceed the amount specified in section 9 of this chapter.

(d) A final order shall be issued in writing within ninety (90) days after conclusion of a hearing held under section 4(b) of this chapter, unless this period is waived or extended with the written consent of all parties or for good cause shown.

(e) If the financial institution, director, or officer does not appear individually or by a duly authorized representative at a hearing held under section 4(b) of this chapter, the financial institution, director, or officer is considered to have consented to the issuance of a final order.

(f) The director may keep a final order confidential if the director determines that the immediate release of the order would endanger:

(1) the stability of the financial institution; or

(2) the security of depositors' funds.

However, after two (2) years after the date of its issuance, a final order is no longer confidential under IC 28-1-2-30.

As added by P.L.33-1991, SEC.56. Amended by P.L.258-2003, SEC.23; P.L.90-2008, SEC.71; P.L.35-2010, SEC.201.
Ind. Code § 28-2-16-11 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-11
"Indiana bank" defined
Status: in_force

Sec. 11. As used in this chapter, "Indiana bank" means a bank that has its principal office in Indiana.

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-6.1-4-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 4 / Section 28-6.1-4-1
Compensation
Status: in_force

Sec. 1. A savings bank may pay its officers, board members, and employees reasonable compensation for services rendered that the board of the savings bank determines.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.2-1-11 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-11
"Member" defined
Status: in_force

Sec. 11. As used in this chapter, "member" means any depositor or borrower of a savings bank subsidiary of a mutual holding company that is entitled, under a statute or the articles of incorporation or bylaws of the mutual holding company, to vote on matters affecting the mutual holding company.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-14-3-19 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-19
Compensation for fiduciary services; counsel fees
Status: in_force

Sec. 19. (a) A corporate fiduciary has the power to demand and receive, for the faithful performance and discharge of services performed under the powers vested in the corporate fiduciary by this article:

(1) reasonable compensation, or compensation as fixed by agreement of the parties;

(2) all advances necessarily paid out and expended in the discharge and performance of its duties; and

(3) unless otherwise agreed upon, interest at the legal rate on the advances referred to in subdivision (2).

(b) The advances referred to in subsection (a) may include the compensation paid for the employment of legal services when necessary for the protection of a trust or other fiduciary relation.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-8-4.1-1206 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1206
Administration by division of consumer credit
Status: in_force

Sec. 1206. The division of consumer credit within the department is responsible for the administration of this chapter.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-5-1-26 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-26
Requirement to provide property tax information in certain transactions
Status: in_force

Sec. 26. With respect to a residential real property financing or refinancing, an industrial loan and investment company shall comply with IC 6-1.1-12-43.

As added by P.L.64-2004, SEC.30.
Ind. Code § 28-7-1-34 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-34
Out-of-state credit unions; branch offices in Indiana; approval of department or exemption from approval; field of membership; application; denial, suspension, or revocation of application; compliance; examinations; agreements between department and other supervisory agencies
Status: in_force

Sec. 34. (a) A credit union organized under the laws of another state may establish a branch office in Indiana if:

(1) the credit union:

(A) files an application with the department; or

(B) otherwise meets criteria established by the department to be exempt from application;

(2) the branch office is necessary to serve members within the field of membership of the credit union;

(3) the field of membership of the credit union is consistent with the laws of Indiana;

(4) the law of the state in which the credit union was organized provides for the establishment of a branch office in that state by an Indiana credit union; and

(5) either:

(A) the department approves the application of the credit union; or

(B) the credit union meets the department's established criteria to be exempt from the department's approval.

(b) If the credit union that has established a branch office in Indiana is subsequently granted an expansion of its field of membership by its chartering state, the expanded field of membership must be approved by the department before the expanded field of membership can be served in Indiana. If an out-of-state credit union desires to establish a branch office in Indiana and that credit union's field of membership is an incorporated entity, the incorporated entity may not be admitted to do business in Indiana as a foreign corporation by the secretary of state's office until the department has approved the entry of the credit union to establish a branch office.

(c) Subject to subsection (a)(1)(B), the department shall provide to a credit union desiring to establish a branch office in Indiana an application, which must provide at least the following information:

(1) The credit union's financial condition.

(2) The credit union's field of membership and the number of members to be served in Indiana.

(3) The proposed location of any branch offices.

(4) A letter of approval from the supervisory agency in the state in which the credit union's principal office is located, including a statement indicating whether such supervisory agency conducts periodic examinations of the credit union.

(5) A statement that the credit union, with respect to its operation in this state, will comply with all applicable state and federal laws, rules, and regulations, as determined by the director.

(d) The department shall approve or deny an application within one hundred twenty (120) days. The department may deny the application or suspend or revoke an application previously approved if it finds any of the following:

(1) That the credit union is insolvent or in imminent danger of insolvency.

(2) That the credit union does not have the approval of its supervisory agency.

(3) That the credit union fails to meet the requirements of subsection (e).

(4) A failure to comply with any written agreement or final order of the department or chartering supervisory agency that has regulatory authority over the credit union.

(5) That the credit union has been serving an expanded field of membership in Indiana before obtaining the approval of the department for the expansion in the field of membership.

(e) Any out-of-state credit union that has been approved to establish branch offices in this state shall, in addition to such other provisions of law applicable to credit unions, comply with the following:

(1) Designate a resident agent for the service of process in this state.

(2) Submit a copy of all reports required by its supervisory agency, unless otherwise required by the department to submit reports prescribed by the department.

(3) Submit a copy of every:

(A) regulatory examination report; and

(B) insurance examination report;

to the department.

(4) Conduct its lending activities in accordance with Indiana law.

(f) The department may examine such a branch office if it has reason to believe that the branch office is not operating in compliance with laws, rules, or regulations. The reasonable cost of any such examination authorized by this subsection shall be paid by the credit union.

(g) For purposes of this section, IC 28-1-2-30 applies to information obtained by or provided to the department concerning branch offices established under this section.

(h) The department may enter into cooperative, coordinating, and information sharing agreements with an organization listed in IC 28-11-3-3 with respect to the periodic examination or other supervision of a branch:

(1) in Indiana of an out-of-state credit union; or

(2) of an Indiana state credit union in a host state;

and the department may accept the organization's reports of examination and reports of investigation instead of conducting the department's own examinations or investigations.

(i) The department may enter into agreements with a financial institution supervisory agency that has concurrent jurisdiction over an Indiana state credit union or an out-of-state credit union operating a branch in Indiana under this chapter to:

(1) engage the services of the agency's examiners at a reasonable rate of compensation; or

(2) provide the services of the department's examiners to the agency at a reasonable rate of compensation.

An agreement under this subsection is subject to IC 36-1-7.

(j) The department may enter into joint examinations or joint enforcement actions with other credit union supervisory agencies having concurrent jurisdiction over a branch established and maintained in Indiana by an out-of-state credit union or a branch established and maintained by an Indiana state credit union in a host state. The department may take action independently if the department considers the action to be necessary or appropriate to carry out its responsibilities under this chapter or to ensure compliance with Indiana law.

(k) An out-of-state credit union that maintains at least one (1) branch in Indiana is subject to IC 28-11-3-5. Fees may be shared with other financial institution supervisory agencies or an organization affiliated with or representing at least one (1) credit union supervisory agency under agreements between those parties and the department.

As added by P.L.271-1983, SEC.2. Amended by P.L.166-1988, SEC.2; P.L.263-1995, SEC.30; P.L.192-1997, SEC.21; P.L.11-1998, SEC.19; P.L.213-2007, SEC.69; P.L.217-2007, SEC.67; P.L.69-2018, SEC.58.
Ind. Code § 28-2-18-28 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-28
Notice of actions causing a change of control
Status: in_force

Sec. 28. Each out-of-state state bank that has established and maintains a branch in Indiana pursuant to this chapter, or the home state regulator of the bank, shall give at least thirty (30) days prior written notice, or shorter notice as is consistent with applicable state or federal law, to the department of any merger, consolidation, or other transaction that would cause a change of control with respect to the bank or any bank holding company that controls the bank, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended (12 U.S.C. 1817(j)) or the federal Bank Holding Company Act of 1956, as amended (12 U.S.C. 1841 et seq.) or any successor statutes to those statutes.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-7-5-21.5 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-21.5
Required disclosure of information
Status: in_force

Sec. 21.5. A pawnbroker is required to disclose to a debtor in a pawn transaction the information required by the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) and by regulations adopted under that act.

As added by P.L.172-1997, SEC.21. Amended by P.L.80-1998, SEC.18; P.L.159-2017, SEC.42.
Ind. Code § 28-6.1-7-10 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-10
Repealed
Status: repealed

As added by P.L.42-1993, SEC.72. Repealed by P.L.215-1999, SEC.16.
Ind. Code § 28-5-3-1 — Indiana Code / Title 28 / Article 5 / Chapter 3 / Section 28-5-3-1
Purchase of certificates of investment or indebtedness; no age restriction
Status: in_force

Sec. 1. All persons, regardless of age, may become purchasers of instalment or fully paid certificates of investment or indebtedness issued by any industrial loan and investment company organized under the laws of this state. When any such certificate of investment or indebtedness is purchased by or in the name of a person under the age of eighteen (18) years any such certificate of investment or indebtedness or interest credited in respect thereto may be paid to, redeemed or withdrawn by such person by check, endorsement receipt or other written instrument, which check, endorsement receipt or other instrument in writing shall constitute a receipt or acquittance, if the same is signed by such person, and shall be a valid release and discharge to the industrial loan and investment company for all payments, redemptions or withdrawals so made to the same extent as if such person were eighteen (18) years of age.

Formerly: Acts 1953, c.46, s.1; Acts 1973, P.L.280, SEC.9.
Ind. Code § 28-13-9-3 — Indiana Code / Title 28 / Article 13 / Chapter 9 / Section 28-13-9-3
Size of board; articles and bylaws; annual election of directors
Status: in_force

Sec. 3. (a) A board of directors must consist of at least three (3) individuals, with the number specified in or fixed in accordance with the articles of incorporation or bylaws. The articles of incorporation or bylaws may provide that the number of directors may be determined by resolution of the board of directors.

(b) The articles of incorporation or bylaws may establish a variable range for the size of the board of directors by fixing a minimum and maximum number of directors. However, the minimum must be at least three (3) directors. If a variable range is established, the number of directors may be fixed or changed from time to time, within the minimum and maximum, in the bylaws or by resolution of the board of directors.

(c) Directors are elected at the first annual shareholders' meeting and at each subsequent annual meeting unless the directors' terms are staggered under section 6 of this chapter.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-19-7 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-7
Copies of dissolution resolutions
Status: in_force

Sec. 7. If the court approves the disposition under section 6 of this chapter, one (1) copy of the resolution shall be filed in the office of the circuit court clerk and the other copy shall be retained by the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-10-2-7 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-7
"Determining person"
Status: in_force

Sec. 7. As used in this chapter, "determining person", with respect to a particular contract, security, or instrument, means:

(1) a person specified as the determining person with respect to the contract, security, or instrument; or

(2) if there is not a person specified as the determining person with respect to the contract, security, or instrument, the following, in order of priority:

(A) A person with the authority, right, or obligation to determine the benchmark replacement that will take effect on the LIBOR replacement date.

(B) If there is not a person described in clause (A) with respect to the contract, security, or instrument, a person with the authority, right, or obligation to calculate or determine a valuation, payment, or other measurement based on a benchmark.

(C) If there is not a person described in clause (A) or (B) with respect to the contract, security, or instrument, a person with the authority, right, or obligation to notify other persons of the occurrence of a LIBOR discontinuance event, a LIBOR replacement date, or a benchmark replacement.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-2-13-20 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-20
Repealed
Status: repealed

As added by P.L.265-1985, SEC.3. Amended by P.L.279-1987, SEC.4; P.L.36-1987, SEC.10; P.L.5-1988, SEC.153; P.L.259-1989, SEC.1. Repealed by P.L.33-1991, SEC.57.
Ind. Code § 28-1-29-11 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-11
Impounding books, records, and accounts
Status: in_force

Sec. 11. Upon affidavit of any person, or other information that the licensee has failed to comply with the provisions of this chapter, and after a preliminary investigation indicates probable cause that a violation has occurred, the department shall have authority to impound such books, records, and accounts as it deems necessary.

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by P.L.263-1985, SEC.108; P.L.42-1993, SEC.56.
Ind. Code § 28-7-5-38.1 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-38.1
Violations; civil penalty
Status: in_force

Sec. 38.1. If the department determines, after notice and opportunity to be heard, that a person has violated this chapter, the department may, in addition to or instead of all other remedies available under this chapter, impose on the person a civil penalty that does not exceed ten thousand dollars ($10,000) per violation.

As added by P.L.90-2008, SEC.54. Amended by P.L.35-2010, SEC.179.
Ind. Code § 28-7-5-20 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-20
Signature and thumbprint of pledger; electronic record
Status: in_force

Sec. 20. The pawnbroker shall at the time of making a loan or purchase require the signature and right thumbprint of the pledger on all pawn tickets, bills of sale, or ledger cards retained by the licensee. If the person is unable to write, the person shall sign by mark. In such event, the pawnbroker shall record on the signature card such information as will enable the pawnbroker to identify the person in case of the loss of the ticket. If the person does not have a right thumb, any other existing finger may be used. However, a clear print must be obtained. A pawnbroker that maintains an electronic record of a thumbprint obtained under this section satisfies the record keeping requirement of this section if the electronic record is capable of being reproduced.

Formerly: Acts 1935, c.195, s.20. As amended by P.L.263-1985, SEC.193; P.L.14-1992, SEC.145; P.L.45-1995, SEC.30; P.L.129-2020, SEC.18.
Ind. Code § 28-10-2-2 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-2
"Benchmark"
Status: in_force

Sec. 2. As used in this chapter, "benchmark" means an index of interest rates or dividend rates that is used, in whole or in part, as the basis of, or as a reference for, calculating or determining any valuation, payment, or other measurement under or with respect to a contract, security, or instrument.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-1-8-3 — Indiana Code / Title 28 / Article 1 / Chapter 8 / Section 28-1-8-3
Submission of resolution to department; conditions for approval; economic benefits to officers or directors
Status: in_force

Sec. 3. (a) Before a proposed disposition described in section 1 of this chapter is submitted to a vote of the shareholders, the resolution proposing the disposition shall be submitted for the approval of the department.

(b) Subject to section 5(d) of this chapter, and any approvals required under federal law, the department may approve a resolution if the corporation has and will have assets in excess of the corporation's liabilities and either of the following applies:

(1) The corporation intends to merge out of existence under IC 28-1-7-1 or IC 28-7-1-33, as applicable.

(2) The corporation intends to voluntarily dissolve under IC 28-1-9 or IC 28-7-1-27.1, as applicable.

(c) An officer or a director of a corporation whose proposed disposition is approved by the department under subsection (b) may not negotiate for or receive any economic benefit in connection with any sale of assets under this chapter, except for:

(1) compensation and other benefits paid to the officer or director and to officers and directors of the purchasing institution in the ordinary course of business;

(2) any economic benefit realized by all shareholders as a result of the disposition; or

(3) any economic benefit received as part of a compensation or benefit plan existing at the time of the disposition and approved before the initiation of sale negotiations.

(d) If the department approves a resolution submitted under this section, the department shall:

(1) write or stamp on the resolution:

(A) the words "Approved by the Department of Financial Institutions of the State of Indiana"; and

(B) the date of the approval; and

(2) place the impression of the seal of the department and the signature of the director or the director's authorized designee beneath the approval stamp.

Formerly: Acts 1933, c.40, s.139. As amended by P.L.263-1985, SEC.39; P.L.14-1992, SEC.76; P.L.122-1994, SEC.75; P.L.35-2010, SEC.114; P.L.27-2012, SEC.46; P.L.159-2017, SEC.28.
Ind. Code § 28-6.2-2-6 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-6
Articles of reorganization; filing
Status: in_force

Sec. 6. After a mutual holding company reorganization plan is approved by the department, the person applying for a mutual holding company reorganization must file articles of reorganization under IC 28-6.2-4, to effect the reorganization.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-12-8-2 — Indiana Code / Title 28 / Article 12 / Chapter 8 / Section 28-12-8-2
Liability of officers and directors for unauthorized business; dissenters; exemption
Status: in_force

Sec. 2. If a corporation transacts any business in violation of section 1 of this chapter, the officers and directors of the corporation, upon learning of the action, are jointly and severally liable for the debts or liabilities of the corporation so incurred or arising from the transactions. The liability imposed by this section does not apply to those officers and directors who dissented to the action and caused their written dissent to be filed in the principal office of the corporation.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-6.2-5-6 — Indiana Code / Title 28 / Article 6.2 / Chapter 5 / Section 28-6.2-5-6
Acquisition of additional shares of stock
Status: in_force

Sec. 6. A mutual holding company may, at any time, and without prior approval of the department, acquire additional shares of the stock of a subsidiary savings bank.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-2-5-2 — Indiana Code / Title 28 / Article 2 / Chapter 5 / Section 28-2-5-2
Determination of need for low cost loans; interest rate
Status: in_force

Sec. 2. If the board of public depository determines that low cost loans are needed for use of the victims of the disaster it shall, by rule or regulation, establish interest rates of not less than one per cent (1%) nor more than five per cent (5%) for terms of not less than six (6) months nor more than seventy-two (72) months' duration, unless the board in anticipation of the possibility of any such disaster, has, in the manner provided by law, already put into effect such rules and regulations in compliance with the provisions of this chapter.

Formerly: Acts 1967, c.148, s.2. As amended by Acts 1979, P.L.264, SEC.1.
Ind. Code § 28-13-15-2 — Indiana Code / Title 28 / Article 13 / Chapter 15 / Section 28-13-15-2
Greater quorum or voting requirements; shareholders meeting; directors prohibited from action
Status: in_force

Sec. 2. (a) If expressly authorized by the articles of incorporation, the shareholders may adopt or amend a bylaw that fixes a greater quorum or voting requirement for shareholders or voting groups of shareholders than is required by this article.

(b) A bylaw that fixes a greater quorum or voting requirement for shareholders under subsection (a) may not be adopted, amended, or repealed by the board of directors.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-22-10 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-10
Premature transaction of business; personal liability of officers and directors
Status: in_force

Sec. 10. If a foreign corporation transacts business in this state before it has received the approval of the department, the officers and directors of the corporation shall be severally liable for the liabilities of the corporation that result from the corporation's transaction of business in Indiana.

Formerly: Acts 1933, c.40, s.333. As amended by P.L.171-1996, SEC.15; P.L.11-1998, SEC.3.
Ind. Code § 28-1-11-6 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-6
Appointment as fiduciary
Status: in_force

Sec. 6. Any bank or trust company may be appointed and act under the order of appointment of any court of competent jurisdiction as commissioner for the sale of real estate, guardian of the person and estate of persons under the age of eighteen (18) years, and incapacitated persons (as defined in IC 29-3-1-7.5), or as trustee, receiver, conservator, or committee of the property or estate of a person, corporation, or company, in insolvency or bankruptcy proceedings, or as depository of money paid into court, whether for the benefit of a person, regardless of age, corporation, or party, and in any other fiduciary capacity.

Formerly: Acts 1933, c.40, s.175; Acts 1973, P.L.280, SEC.3. As amended by P.L.33-1989, SEC.27.
Ind. Code § 28-14-4-1 — Indiana Code / Title 28 / Article 14 / Chapter 4 / Section 28-14-4-1
Power to purchase or convey real estate necessary for convenient transaction of business
Status: in_force

Sec. 1. (a) A corporate fiduciary has the power to purchase, hold, and convey real estate as necessary for the convenient transaction of its business.

(b) Real property that may be purchased or held for the convenient transaction of the business of a corporate fiduciary includes the following:

(1) Real property on which the principal office or a trust office of the corporate fiduciary is located.

(2) Real property that is the location of facilities supporting the operations of the corporate fiduciary.

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

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-7-5-35 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-35
Conflicting claims; sale of pledge subject to adjudication
Status: in_force

Sec. 35. If more than one (1) person shall claim the right to redeem a pledge, the pawnbroker shall incur no liability for refusing to deliver the pledge until the respective rights of the claimants shall have been adjudicated. If no action be brought against the pawnbroker by either party within the period for which the pawnbroker is required under section 30 of this chapter to hold the pledge, or within one (1) month after notice of an adverse claim, the pawnbroker may proceed to sell the pledge subject to adjudication of the parties' rights.

Formerly: Acts 1935, c.195, s.34. As amended by P.L.263-1985, SEC.196; P.L.14-1992, SEC.156; P.L.258-2003, SEC.15.
Ind. Code § 28-7-5-26 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-26
Alteration of pawn ticket; effect
Status: in_force

Sec. 26. The alteration of a ticket shall not excuse the pawnbroker who issued it from liability to deliver the pledge according to the terms of the ticket as originally issued, but shall relieve the pawnbroker of any other liability to the pledger or holder of the ticket.

Formerly: Acts 1935, c.195, s.25a. As amended by P.L.14-1992, SEC.150.
Ind. Code § 28-14-7-4 — Indiana Code / Title 28 / Article 14 / Chapter 7 / Section 28-14-7-4
Duty to report shortages and irregularities
Status: in_force

Sec. 4. A corporate fiduciary is subject to the reporting requirements concerning shortages and irregularities that are set forth in IC 28-13-10-10(e).

As added by P.L.262-1995, SEC.90. Amended by P.L.63-2001, SEC.29 and P.L.134-2001, SEC.31.
Ind. Code § 28-14-5-7 — Indiana Code / Title 28 / Article 14 / Chapter 5 / Section 28-14-5-7
Prohibition on purchases of stock of nonsubsidiaries
Status: in_force

Sec. 7. Except as otherwise authorized by this title, a corporate fiduciary may not purchase any share of stock of a corporation that is not a subsidiary of the corporate fiduciary.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-3.1-2 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-2
Authority of department to take possession of business and property; conditions; duties of department
Status: in_force

Sec. 2. (a) The department may take possession of the business and property of any financial institution except a creditor licensed to make supervised or regulated loans under IC 37-2, whenever it appears to the department that the financial institution:

(1) is insolvent or in imminent danger of insolvency;

(2) is in an unsafe or unsound condition;

(3) has refused to pay its deposits or obligations in accordance with the terms under which those deposits or obligations were incurred;

(4) has refused to submit its records and affairs for inspection or examination by the department or federal authorities;

(5) has violated any court order, statute, rule, or regulation of the department or its articles of incorporation and that continued control of its own affairs threatens injury to the public, the financial community, its depositors, or other creditors;

(6) requests through its board of directors that the department take possession for the benefit of depositors, other creditors, shareholders, or other persons;

(7) has an impairment of its capital (the capital of a bank or trust company shall, for the purpose of this subdivision, be considered to be unimpaired so long as the sound value of its assets over and above its liabilities, exclusive of liabilities for capital notes, debentures, and capital stock, as determined by the department, equals or exceeds the minimum capital or capital stock required by the department for a bank or trust company);

(8) has neglected or refused, for a period of thirty (30) days, to comply with the terms of a duly issued order of the department, essential to preserve the solvency of the financial institution;

(9) has failed to pay the fees charged by the department under IC 28-11-3-5 after due notice of the amount of the fee has been given;

(10) has breached a fiduciary duty under IC 30-4-3-6; or

(11) has violated IC 30-4-3-7 in a way that has caused or may cause harm to fiduciary accounts.

(b) When the department makes a determination to take possession of the business and property of a financial institution under subsection (a), the department shall:

(1) make a finding to that effect and enter that finding on the records of the proceedings of the department; and

(2) cause a certified copy of the finding to be served on the president or other executive officer actively in charge of the financial institution and demand possession of the business, property, and records of the financial institution from the officer. The financial institution shall immediately surrender the possession to the department.

(c) The department or its receiver is not required to become the owner of any property to fulfill the liquidation requirements of this chapter.

As added by P.L.141-1984, SEC.2. Amended by P.L.33-1991, SEC.9; P.L.262-1995, SEC.4; P.L.176-2019, SEC.55; P.L.115-2026, SEC.57.
Ind. Code § 28-14-7.5-9 — Indiana Code / Title 28 / Article 14 / Chapter 7.5 / Section 28-14-7.5-9
Adoption of rules
Status: in_force

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

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
Ind. Code § 28-1-31-5 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-5
"Out-of-state financial institution"
Status: in_force

Sec. 5. As used in this chapter, "out-of-state financial institution" means a bank or savings bank organized under the laws of any other state or the United States that has a branch or branches in Indiana that were established under IC 28-2-17 or IC 28-2-18.

As added by P.L.1-2006, SEC.490.
Ind. Code § 28-15-1-2 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-2
"Automated teller machine"
Status: in_force

Sec. 2. "Automated teller machine" means unmanned electronic or mechanical equipment that performs routine financial transactions for the public.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-6.1-13-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 13 / Section 28-6.1-13-1
Number of statements required
Status: in_force

Sec. 1. The department may require every savings bank to prepare and submit to the department as many statements of condition as necessary in any year. The department may not require a savings bank to publish more than two (2) statements of condition under this chapter in any year.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-19-8 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-8
Court approval prerequisite to dissolution
Status: in_force

Sec. 8. The disposition may not take place until the court approves it.

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

Sec. 3. Unless a different meaning is required by the context, the following definitions apply throughout this article:

(1) "Financial institution" means any bank, trust company, corporate fiduciary, savings association, credit union, savings bank, bank of discount and deposit, or industrial loan and investment company organized or reorganized under the laws of this state, and includes licensees under IC 37-1, IC 37-2, and 750 IAC 9.

(2) "Bank" or "bank or trust company" means a financial institution organized or reorganized as a bank, bank of discount and deposit, or trust company under the laws of this state with the express power to receive and accept deposits of money subject to withdrawal by check, and possessing such other rights and powers granted by the provisions of this article in express terms or by implication. The term "bank" or "bank or trust company" does not include a savings association, credit union, or industrial loan and investment company.

(3) "Domestic corporation" means a corporation formed under the laws of this state, and "foreign corporation" means every other corporation.

(4) "Articles of incorporation" includes both the original articles of incorporation and any and all amendments thereto, except where the original articles of incorporation only are expressly referred to, and includes articles of merger and consolidation, and, in the case of corporations organized before July 1, 1933, articles of reorganization, and all amendments thereto.

(5) "Incorporator" means one (1) of the signers of the original articles of incorporation.

(6) "Subscriber" means one who subscribes for shares of stock in a financial institution.

(7) "Shareholder" means one who is a holder of record of shares of stock in a financial institution.

(8) "Capital stock" means the aggregate amount of the par value of all shares of capital stock.

(9) "Capital" means the aggregate amount paid in on the shares of capital stock of a financial institution issued and outstanding.

(10) "Capital and surplus" or "unimpaired capital and unimpaired surplus" has the meaning set forth in 12 CFR 32.2.

(11) "Assets" includes all of the property and rights of every kind of a financial institution, and the term "fixed assets" means such assets as are not intended to be sold or disposed of in the ordinary course of business.

(12) "Principal office" means that office maintained by the financial institution in this state, the address of which is required by the provisions of this article to be kept on file in the office of the secretary of state.

(13) "Subscription" means any written agreement or undertaking, accepted by a financial institution, for the purchase of shares of capital stock in the financial institution.

(14) "Department" means the department of financial institutions.

(15) "Member" means a member of the department of financial institutions.

(16) "Branch" means any office, agency, mobile unit, messenger service, or other place of business at which deposits are received, checks paid, or money lent. The term does not include:

(A) the principal office of a bank;

(B) the principal office of an affiliate;

(C) a branch of an affiliate;

(D) an automated teller machine;

(E) a night depository;

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

(G) a loan production office;

(H) a deposit production office; or

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

(17) "Subsidiary" means any foreign or domestic corporation or limited liability company in which the parent bank, savings bank, savings association, or industrial loan and investment company had at least eighty percent (80%) ownership before July 1, 1999, or is formed or acquired in accordance with IC 28-13-16 after June 30, 1999.

(18) "Savings bank" means a financial institution that:

(A) was organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993;

(B) is formed as the result of a conversion under:

(i) IC 28-1-21.7;

(ii) IC 28-1-21.8;

(iii) IC 28-1-21.9; or

(iv) IC 28-1-30; or

(C) is incorporated under IC 28-12.

(19) "Corporate fiduciary" means a financial institution whose primary business purpose is to engage in the trust business (as defined in IC 28-14-1-8) and the execution and administration of fiduciary accounts as a nondepository trust company incorporated under Indiana law.

Formerly: Acts 1933, c.40, s.3a; Acts 1945, c.348, s.1; Acts 1965, c.356, s.23; Acts 1971, P.L.394, SEC.1. As amended by Acts 1977, P.L.289, SEC.1; P.L.262-1983, SEC.1; P.L.42-1993, SEC.20; P.L.122-1994, SEC.39; P.L.262-1995, SEC.1; P.L.192-1997, SEC.1; P.L.79-1998, SEC.34; P.L.62-1999, SEC.1; P.L.215-1999, SEC.1; P.L.213-2007, SEC.34; P.L.217-2007, SEC.32; P.L.89-2011, SEC.31; P.L.27-2012, SEC.35; P.L.137-2014, SEC.22; P.L.115-2026, SEC.53.
Ind. Code § 28-13-17-2 — Indiana Code / Title 28 / Article 13 / Chapter 17 / Section 28-13-17-2
"Financial subsidiary" defined
Status: in_force

Sec. 2. As used in this chapter, "financial subsidiary" means a foreign or domestic corporation or limited liability company that is controlled by one (1) or more financial institutions that engages in a financial subsidiary activity.

As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.
Ind. Code § 28-1-7.5-8 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-8
Dissenting shareholders; demand for payment of value of shares; withdrawal of demand; determination of value; procedures; limitations
Status: in_force

Sec. 8. (a) If a shareholder votes in opposition to a plan of exchange at the meeting at which the plan is adopted by the shareholders, the shareholder may, within thirty (30) days after the date of the meeting, make written objection to the exchange and demand that the bank, trust company, corporate fiduciary, or stock savings bank pay him the value of his shares. If the plan of exchange is effected, the bank, trust company, corporate fiduciary, or stock savings bank shall pay to the shareholder, upon surrender of the certificate or certificates representing his shares, the value of the shares as of the day before the date on which the vote was taken approving the plan of exchange. Any shareholder failing to make demand within the thirty (30) day period is bound by the terms of the plan of exchange. Immediately after making such a demand, the shareholder, except as provided in subsection (b), is entitled to payment 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.

(b) A demand for payment made under subsection (a) may not be withdrawn unless the bank, trust company, corporate fiduciary, or stock savings bank 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 his demand is consented to by the bank, trust company, corporate fiduciary, or stock savings bank;

(2) the plan of exchange is abandoned;

(3) the shareholders revoke the authority to effect the exchange;

(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.

(c) Within ten (10) days after the plan of exchange is effected, the bank, trust company, corporate fiduciary, or stock savings bank shall mail or deliver written notice of the date of that action to each dissenting shareholder who has made demand under this section. The bank, trust company, corporate fiduciary, or stock savings bank shall use the shareholder's address which appears on the corporate records. The notice 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 the shares. If within thirty (30) days after the date on which the plan of exchange was effected the value of the shares is agreed upon, the bank, trust company, corporate fiduciary, or stock savings bank shall make payment to the shareholder for the shares. The bank, trust company, corporate fiduciary, or stock savings bank shall make the payment within ninety (90) days after the date on which the plan of exchange was effected, upon surrender of the certificates representing the shares. Upon payment of the agreed value, the dissenting shareholder ceases to have any interest in the shares.

(d) If within the period of thirty (30) days a dissenting shareholder and the bank, trust company, corporate fiduciary, or stock savings bank do not agree, then either the bank, trust company, corporate fiduciary, or stock savings bank or the dissenting shareholder may file a petition in a circuit or superior court in the county in this state where the principal office of the bank, trust company, corporate fiduciary, or stock savings bank is located requesting that the court determine the value of the shares. However, such a petition must be filed within ninety (90) days after the date on which the plan of exchange was effected.

(e) The court shall render judgment against the bank, trust company, corporate fiduciary, or stock savings bank 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 bank, trust company, corporate fiduciary, or stock savings bank to purchase. The judgment is payable only upon the endorsement and delivery to the bank, trust company, corporate fiduciary, or stock savings bank of the certificates for the shares described in the judgment. Any party may appeal from the judgment.

(f) Within twenty (20) days after payment is demanded for a shareholder's shares, the shareholder shall submit the certificates to the bank, trust company, corporate fiduciary, or stock savings bank for notation on the certificates that demand for payment has been made. The failure of the shareholder to do so, at the option of the bank, trust company, corporate fiduciary, or stock savings bank, terminates the shareholder's rights under this section unless a court, for good and sufficient cause shown, otherwise directs. If shares are transferred, each new certificate issued for those shares shall bear a 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 bank, trust company, corporate fiduciary, or stock savings bank other than those which the original dissenting shareholder had after making demand for payment of the value of the shares.

As added by P.L.238-1983, SEC.10. Amended by P.L.122-1994, SEC.67; P.L.262-1995, SEC.20.
Ind. Code § 28-2-16-16 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-16
Repealed
Status: repealed

As added by P.L.279-1987, SEC.9. Amended by P.L.164-1988, SEC.9; P.L.147-1990, SEC.7; P.L.33-1991, SEC.42; P.L.42-1993, SEC.69; P.L.122-1994, SEC.93; P.L.262-1995, SEC.58. Repealed by P.L.171-1996, SEC.44.
Ind. Code § 28-1-5-14 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-14
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.101a; Acts 1965, c.356, s.22. Repealed by P.L.143-1984, SEC.1.
Ind. Code § 28-1-15-2 — Indiana Code / Title 28 / Article 1 / Chapter 15 / Section 28-1-15-2
Publication of statement of condition
Status: in_force

Sec. 2. Every bank and trust company shall, when required by the department, publish its statement of condition in the form in which it is required by the department, as prescribed in section 1 of this chapter. Such statement of condition shall be published in a newspaper printed and published in the city or town in which such bank or trust company has its principal office, if a newspaper be printed in such city or town or, if no newspaper be printed in such city or town, then in the newspaper printed and published in the city or town nearest thereto in the same county or in an adjoining county. All such statements of condition shall be published at the expense of the bank or trust company making such statement, and such proof of publication shall be furnished the department as it may require.

Formerly: Acts 1933, c.40, s.212. As amended by P.L.263-1985, SEC.69.
Ind. Code § 28-1-2-21 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-21
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.24. Repealed by Acts 1979, P.L.17, SEC.55.
Ind. Code § 28-14-3-5 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-5
Securities held by clearing corporation
Status: in_force

Sec. 5. (a) Notwithstanding any other law, a corporate fiduciary holding securities in a fiduciary capacity is authorized to deposit or arrange for the deposit of the securities in a clearing corporation.

(b) When securities are deposited in a clearing corporation under subsection (a), certificates representing securities of the same class of the same issuer may be merged and held in the name of the nominee of the clearing corporation. The records of the corporate fiduciary acting as custodian, managing agent, or custodian for a fiduciary must at all times show the name of the party for whose account the securities are deposited.

(c) Title to the securities held by the clearing corporation under this section may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-2-17-5 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-5
"Bank supervisory agency"
Status: in_force

Sec. 5. As used in this chapter, "bank supervisory agency" means:

(1) any agency of another state with primary responsibility for organizing and supervising banks; and

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

As added by P.L.171-1996, SEC.36. Amended by P.L.27-2012, SEC.79.
Ind. Code § 28-14-4-6 — Indiana Code / Title 28 / Article 14 / Chapter 4 / Section 28-14-4-6
Investment in stock of corporation holding real estate and buildings used by corporate fiduciary
Status: in_force

Sec. 6. Investments by a corporate fiduciary under this chapter may be made in the stock of a corporation that is organized to own and hold the real property and building occupied and used wholly or in part by the corporate fiduciary.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-6.2-2-2.5 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-2.5
Voting rights of voting parties
Status: in_force

Sec. 2.5. The voting parties of a reorganizing mutual savings bank have the voting rights set forth in IC 28-13-6-2 with respect to a reorganization of a mutual savings bank under this chapter.

As added by P.L.11-1998, SEC.14.
Ind. Code § 28-6.1-6-22 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-22
Receiving fees, commissions, gifts, and things of value
Status: in_force

Sec. 22. Except as otherwise provided by law, an officer, a trustee, an employee, an agent, or an attorney of a savings bank commits a Class A misdemeanor if the individual stipulates for, receives, or agrees to receive a fee, commission, gift, or thing of value from any person for the purpose of procuring or attempting to procure for any person:

(1) a loan from a savings bank; or

(2) the purchase or discount of any paper, note, draft, check, or bill of exchange by a savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-12-3-1 — Indiana Code / Title 28 / Article 12 / Chapter 3 / Section 28-12-3-1
Unauthorized purpose or power indicated by name
Status: in_force

Sec. 1. A corporation may not use as a part of its corporate name any word or phrase that indicates or implies any purpose or power not possessed by a corporation that may be organized under this chapter.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-9-4-1 — Indiana Code / Title 28 / Article 9 / Chapter 4 / Section 28-9-4-1
Receipt of notice from an adverse claimant who is not a money judgment creditor; hold on deposit account
Status: in_force

Sec. 1. (a) Upon receipt of the notice required under IC 28-9-3-3(b)(1), a depository financial institution shall place a hold on the deposit account described in the notice the amount in controversy that is specified by the notice.

(b) If within three (3) working days after receipt by a depository financial institution of the notice required under IC 28-9-3-3(b)(1), the adverse claimant has failed to serve or cause to be served an apparently valid order directing the depository financial institution to hold or restrict the funds in a deposit account against which an adverse claim is asserted, the depository financial institution shall treat the deposit account as if no notice of an adverse claim had been given.

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-1-9-1 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-1
Surrender of corporate rights before commencement of business; certificate of incorporators
Status: in_force

Sec. 1. With the approval in writing of the department, the incorporators named in the articles of incorporation of any corporation organized under the provisions of this article may surrender the certificate of incorporation and all of the corporate rights and franchises of the corporation, at any time within one (1) year from the date of the issuance of the certificate and before the issuance of any of the shares of capital stock of the corporation and before the beginning by it of the business for which it was formed, by presenting to the secretary of state, at his office, accompanied by the fees prescribed by law, a certificate, in triplicate, signed and verified by the joint and several oaths of a majority of the incorporators, in the form prescribed by the secretary of state, showing that no shares of the capital stock of the corporation have been issued and that the amount, if any, actually paid in on the shares, less any part thereof disbursed for necessary expenses, has been returned to those entitled thereto, that such business has not been begun, that no debts remain unpaid, and that they surrender all rights and franchises.

Formerly: Acts 1933, c.40, s.142. As amended by P.L.263-1985, SEC.41.
Ind. Code § 28-1-21.4-5.1 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-5.1
"Primary federal regulator"
Status: in_force

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

(1) savings associations; or

(2) savings association holding companies;

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

As added by P.L.27-2012, SEC.55.
Ind. Code § 28-1-9-13 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-13
Articles of dissolution; execution and filing; contents
Status: in_force

Sec. 13. Upon the completion of the dissolution, the corporation shall execute and file articles of dissolution, setting forth the following:

(1) The name of the corporation.

(2) The place where its principal office is located.

(3) The date of the meeting of the shareholders at which the dissolution was authorized and a copy of the notices of the meeting.

(4) A copy of the resolution of the shareholders authorizing the dissolution.

(5) The manner of the resolution's adoption and the vote by which adopted.

(6) A copy of the notice published.

(7) The names and addresses of the then existing directors and officers of the corporation.

(8) A copy of the order of the department authorizing the dissolution of the corporation.

(9) A brief summary showing the manner in which the corporate debts and liabilities were disposed of or paid.

(10) A complete itemized list, in a format approved by the director of the department, of all the corporate assets and property distributed to the corporation's shareholders and any other information required by the director of the department.

Formerly: Acts 1933, c.40, s.154; Acts 1937, c.33, s.16. As amended by P.L.216-2013, SEC.17; P.L.136-2018, SEC.207.
Ind. Code § 28-1-33-4 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-4
"Effective time of the charter conversion"
Status: in_force

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

(1) the date on which articles of conversion are filed with the secretary of state; or

(2) the date designated in the articles of conversion as the effective time of the charter conversion.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-2-7-2 — Indiana Code / Title 28 / Article 2 / Chapter 7 / Section 28-2-7-2
Order for bond at initiation of proceedings; notice to show cause
Status: in_force

Sec. 2. The court in which said estate, trust, receivership, action, matter, or proceeding is pending may, at the time it is filed or instituted, refuse to permit said fiduciary to take advantage and have the benefits of section 1 of this chapter or may, at any time during the pendency thereof, cause a written notice to be served upon said fiduciary to show cause why an order should not be entered, requiring it to file the bond or bonds which it would be or have been required to file but for the provisions of section 1 of this chapter, and it shall be stated in said notice the date upon which a hearing thereon shall be held.

Formerly: Acts 1945, c.248, s.2. As amended by P.L.263-1985, SEC.120.
Ind. Code § 28-13-4-3 — Indiana Code / Title 28 / Article 13 / Chapter 4 / Section 28-13-4-3
Dividends; approval of department required; retained net income; exemption from approval requirements
Status: in_force

Sec. 3. (a) A corporation may declare a dividend of so much of the undivided profits of the corporation as is considered expedient by the board of directors.

(b) A corporation must obtain the approval of the department for the payment of a dividend if the total of all dividends declared by the corporation during the calendar year, including the proposed dividend, would exceed the sum of the net income for the year to date combined with its retained net income for the previous two (2) years.

(c) As used in subsection (b), "retained net income" means the net income of a specified period, calculated under the consolidated report of income instructions, less the total amount of all dividends declared for the specified period.

(d) The department may establish criteria for a corporation to be exempt from the dividend approval requirements of this section. In establishing the criteria, the department shall consider:

(1) the corporation's composite uniform financial institutions rating assigned as a result of the corporation's most recent federal or state examination, or in the case of a corporate fiduciary, the corporate fiduciary rating assigned as a result of the corporate fiduciary's most recent state examination;

(2) the resulting Tier 1 leverage capital ratio; and

(3) the existence of any corrective or supervisory order or agreement.

As added by P.L.14-1992, SEC.163. Amended by P.L.122-1994, SEC.119; P.L.262-1995, SEC.84; P.L.176-1996, SEC.28; P.L.11-1998, SEC.22; P.L.90-2008, SEC.77.
Ind. Code § 28-15-10-1 — Indiana Code / Title 28 / Article 15 / Chapter 10 / Section 28-15-10-1
"Foreign savings association" defined
Status: in_force

Sec. 1. As used in this chapter, "foreign savings association" means:

(1) a savings association:

(A) that is organized or reorganized under the laws of any other state or territory of the United States, including the District of Columbia; and

(B) whose home office is located outside Indiana; or

(2) a federal savings association whose home office is located outside Indiana.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-1-33-11 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-11
Requirements for approval
Status: in_force

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

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

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

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

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

(5) The proposed membership of the resulting credit union will comply with the membership requirements of IC 28-7-1-10.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-1-21.9-9.5 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-9.5
Voting rights
Status: in_force

Sec. 9.5. The voting parties of a savings bank have the voting rights set forth in IC 28-13-6-2 with respect to a charter conversion of the savings bank under this chapter.

As added by P.L.262-1995, SEC.43.
Ind. Code § 28-12-2-2 — Indiana Code / Title 28 / Article 12 / Chapter 2 / Section 28-12-2-2
Permissible elements
Status: in_force

Sec. 2. The articles may set forth other provisions not inconsistent with law.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-2-18-30 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-30
Severability
Status: in_force

Sec. 30. (a) After May 30, 1997, the provisions of this chapter are severable in the manner provided in IC 1-1-1-8(b).

(b) If, after May 30, 1997:

(1) any provision of this chapter; or

(2) the application of a provision of this chapter;

is found by any court in the United States with jurisdiction to be invalid as to any bank, bank holding company, foreign bank, or another person or circumstances, or to be superseded by federal law, the remaining provisions of this chapter shall not be affected and shall continue to apply to any bank, bank holding company, foreign bank, or other person or circumstance.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-15-11-13 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-13
Repealed
Status: repealed

As added by P.L.193-1997, SEC.2. Repealed by P.L.35-2010, SEC.209.