Ind. Code § 28-1-21.6-2 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-2
"Commercial bank"
Status: in_force

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

As added by P.L.147-1990, SEC.2. Amended by P.L.42-1993, SEC.35.
Ind. Code § 28-6.1-14-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 14 / Section 28-6.1-14-4
Articles of conversion
Status: in_force

Sec. 4. (a) To effect the conversion, the converting savings bank must file articles of conversion showing the department's approval of the conversion with the following:

(1) The secretary of state.

(2) The county recorder of the county in which the principal office of the savings bank is located.

(b) The articles of conversion:

(1) must set forth the elements required by IC 28-12-2-1; and

(2) constitute the articles of incorporation of the new state bank or savings and loan association.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-2-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 2 / Section 28-6.1-2-2
Board
Status: in_force

Sec. 2. "Board" refers to either of the following:

(1) If the savings bank was organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993, the term refers to the board of trustees of the savings bank.

(2) If the savings bank is not described by subdivision (1), the term refers to the board of directors of the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-13-13-14 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-14
Liability insurance purchased and maintained by corporation
Status: in_force

Sec. 14. A corporation may purchase and maintain insurance on behalf of an individual:

(1) who is or was a director, an officer, an employee, or an agent of the corporation; or

(2) who, while a director, an officer, an employee, or an agent of the corporation, is or was serving at the request of the corporation as a director, an officer, a partner, a trustee, a manager, an employee, or an agent of another foreign or domestic corporation, partnership, joint venture, trust, limited liability company, employee benefit plan, or other enterprise;

against liability asserted against or incurred by the individual in the capacity described in subdivision (1) or (2). The corporation may purchase and maintain insurance under this section whether or not the corporation would have power to indemnify the individual against the same liability under section 8 or 9 of this chapter.

As added by P.L.14-1992, SEC.163. Amended by P.L.8-1993, SEC.459.
Ind. Code § 28-2-14-18 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-18
Succession to trust business of affiliated financial institution; resolution; filing; effective date
Status: in_force

Sec. 18. (a) As used in this section, "affiliate" includes the following:

(1) A financial institution.

(2) Any company that controls a financial institution and any other company that is controlled by the company that controls a financial institution.

(3) A bank subsidiary of a financial institution.

(4) Any company:

(A) that is controlled directly or indirectly, by a trust or otherwise, by or for the benefit of shareholders who beneficially or otherwise control, directly or indirectly, by trust or otherwise, the financial institution or any company that controls the financial institution; or

(B) in which a majority of the company's directors or trustees constitute a majority of the persons holding any such office with a financial institution or any company that controls the financial institution.

(5) Any:

(A) company, including a real estate investment trust, that is sponsored and advised on a contractual basis by the financial institution or any subsidiary or affiliate of the financial institution; or

(B) investment company with respect to which a financial institution or any affiliate of a financial institution is an investment advisor (as defined in section 2(a)(20) of the Investment Company Act of 1940 (15 U.S.C. 80a)).

(6) Any company that the department determines by regulation or order to have a relationship with the financial institution or any subsidiary or affiliate of the financial institution, such that covered transactions by the financial institution or its subsidiary with that company may be affected by the relationship to the detriment of the financial institution or its subsidiary.

(b) The term "affiliate" does not include the following:

(1) Any company engaged solely in holding the premises of the financial institution.

(2) Any company engaged solely in conducting a safe deposit business.

(3) Any company engaged solely in holding obligations of the United States or its agencies or obligations fully guaranteed by the United States or its agencies as to principal and interest.

(4) Any company whose control of a financial institution results from the exercise of rights arising from a bona fide debt previously contracted for. The exemption provided by this subdivision applies only:

(A) for the period specifically authorized under applicable state or federal law or regulation; or

(B) in the absence of a law or regulation described in clause (A), for a period of two (2) years after:

(i) the date of the company's exercise of the rights arising from the debt; or

(ii) the effective date of the company's action under item (i);

whichever is later.

Upon application by the company or the financial institution, the department may authorize, for good cause shown, an extension of the period of exemption allowed under this subdivision. Extensions granted by the department under this subdivision may not exceed three (3) years in total.

(c) As used in this section, "financial institution" means any of the following that is organized or reorganized under the laws of the United States or any state (as defined in IC 28-2-17-19) and that has been granted fiduciary powers:

(1) A bank.

(2) A bank and trust company.

(3) A savings bank.

(4) A trust company.

(5) A corporate fiduciary.

(6) An industrial loan and investment company.

(7) A savings association.

(8) A bank of discount and deposit.

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

(d) As used in this section, "trust business" means all rights, powers, and duties granted to or imposed on a financial institution in the exercise of its fiduciary powers, including the following:

(1) The authority to act as:

(A) the administrator, coadministrator, executor, coexecutor, trustee, or cotrustee of or in respect to any estate or trust;

(B) the guardian of any person or estate that is being administered under Indiana law;

(C) an agent;

(D) a custodian (including custodian under the Indiana Uniform Gifts to Minors Act); or

(E) an attorney-in-fact.

The authority conferred by this subdivision includes any other duties, powers, and appointments regularly administered by, granted to, or conferred upon trust departments established and maintained under IC 28-1-12-3(a) or the departments of national banks and other financial institutions that are authorized to exercise fiduciary powers.

(2) All rights, powers, and duties arising from having been named or designated in any capacity described in subdivision (1) in any will or other writing whenever executed, including wills and other writings naming the predecessor affiliate that are executed after the effective date of the resolution anticipated by subsection (e).

(e) The board of directors of any bank holding company or other company that controls a financial institution may adopt a resolution to cause an affiliated financial institution to succeed to part or all of the trust business of another affiliate it controls. If a financial institution is not controlled by another company, the board of directors of the financial institution may adopt a resolution to cause part or all of its trust business to succeed to an affiliated financial institution. If the board of directors adopts such a resolution and files a certified copy of it as required by subsection (f), the successor affiliate becomes successor fiduciary in place of the predecessor affiliate with all the rights, powers, and duties that were granted to or imposed on the predecessor affiliate. The rights, powers, and duties vest in the successor affiliate, after the taking effect of the succession, irrespective of the date upon which the relation is established, and irrespective of the date of any related written agreement establishing the relationship or of the date of the death of any decedent whose estate is being so administered. Nothing done in connection with the succession effects a renunciation or revocation of any letters of administration or letters testamentary pertaining to the relation, nor does it effect a removal or resignation from the executorship, trusteeship, or other fiduciary relationship.

(f) If a resolution is adopted under this section, the board of directors shall file a certified copy of the resolution with the department. The board of directors may file the copy in person or by certified mail. The effective date of the succession to part or all of the trust business, as set forth in the resolution, is the date provided in the resolution, which must not be before or more than thirty (30) days after the date of filing of the resolution. If the resolution provides no effective date, the effective date is the date of filing.

As added by P.L.280-1987, SEC.1. Amended by P.L.164-1988, SEC.7; P.L.257-1989, SEC.2; P.L.42-1993, SEC.66; P.L.262-1995, SEC.57; P.L.11-1998, SEC.7; P.L.213-2007, SEC.55; P.L.217-2007, SEC.53; P.L.90-2008, SEC.35.
Ind. Code § 28-7-5-25 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-25
Loss, destruction, or theft of pawn ticket
Status: in_force

Sec. 25. If a ticket is lost, destroyed, or stolen, the pledger shall so notify the pawnbroker in writing. Before delivering the collateral or issuing a new ticket, the pawnbroker shall require the pledger to make affidavit of the alleged loss, destruction, or theft of the ticket. Upon receipt of such affidavit, the pawnbroker shall permit the pledger either to redeem the loan or to receive a new ticket upon the payment of accrued interest and charges, and the pawnbroker shall incur no liability for so doing, unless the pawnbroker had previously received written notice of any adverse claim. The pawnbroker may collect a fee of three dollars ($3) for reissuing the pawn ticket or affecting the affidavit along with the current lawful charge for notary fee.

Formerly: Acts 1935, c.195, s.25. As amended by P.L.14-1992, SEC.149.
Ind. Code § 28-14-3-16 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-16
Power to act in fiduciary capacity; acting as commissioner for sale of real estate without bond or security; administration of oaths
Status: in_force

Sec. 16. (a) Except as otherwise provided in this chapter, a corporate fiduciary has the power:

(1) to act:

(A) in every fiduciary capacity permitted by this article; and

(B) as commissioner for the sale of real estate, without bond or other security; and

(2) to administer oaths attested by the signature of its secretary or cashier and its seal whenever it is acting in a fiduciary capacity and whenever an individual acting in the same capacity is authorized by law to administer oaths.

(b) The court having jurisdiction of a corporate fiduciary may at any time, before or after the corporate fiduciary accepts a fiduciary appointment require the corporate fiduciary to give a bond or other security. If the corporate fiduciary fails to give a bond or security as required, the court may remove the corporate fiduciary and revoke the appointment.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-8-7-3 — Indiana Code / Title 28 / Article 8 / Chapter 7 / Section 28-8-7-3
"Operator"
Status: in_force

Sec. 3. As used in this chapter, "operator", with regard to a virtual currency kiosk, means a person that:

(1) owns; or

(2) engages in the business of operating;

the virtual currency kiosk, regardless of whether the person provides custodial or noncustodial services with regard to virtual currency.

As added by P.L.143-2026, SEC.2.
Ind. Code § 28-2-17-4 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-4
"Bank holding company" defined
Status: in_force

Sec. 4. As used in this chapter, "bank holding company" has the meaning set forth in 12 U.S.C. 1841(a)(1).

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-7-1-24.1 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-24.1
Repealed
Status: repealed

As added by P.L.35-2010, SEC.164. Repealed by P.L.186-2015, SEC.39.
Ind. Code § 28-8-5-18.4 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-18.4
Felony convictions or pleas; notice to department
Status: in_force

Sec. 18.4. (a) This section applies if, after a person has been issued a license or renewal license under this chapter, the licensee, or any individual described in section 11(b)(2) of this chapter, has been convicted of or pleaded guilty to a felony under the laws of Indiana or any other jurisdiction.

(b) If this section applies, the licensee shall provide to the department the information required under section 11(b)(2)(D) of this chapter:

(1) not later than thirty (30) days after the licensee or individual described in section 11(b)(2) of this chapter has been convicted of or pleaded guilty to the felony; or

(2) if the licensee's next license renewal fee under section 15 of this chapter is due before the date described in subdivision (1), along with the licensee's next license renewal fee under section 15 of this chapter.

As added by P.L.213-2007, SEC.89; P.L.217-2007, SEC.87. Amended by P.L.35-2010, SEC.188; P.L.186-2015, SEC.47.
Ind. Code § 28-1-29-0.5 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-0.5
Inapplicability; attorneys; depository financial institutions; third-party bill paying services
Status: in_force

Sec. 0.5. (a) This chapter does not apply to:

(1) an attorney at law authorized to practice in Indiana; or

(2) persons under the supervision and control of an attorney at law authorized to practice in Indiana;

to the extent the attorney's debt management services are incidental to the attorney's practice of law.

(b) This chapter does not apply to a depository financial institution (as defined in IC 28-1-1-6).

(c) This chapter does not apply to a third-party bill paying service with which the customer contracts solely for the customer's convenience of paying routine bills, in an arrangement in which the customer retains full control over all funds deposited. The types of payments made by a bill paying service are exempt from this chapter as long as the company's actions are not an attempt, as determined by the director, to circumvent limitations under this chapter.

As added by P.L.35-2010, SEC.118. Amended by P.L.216-2013, SEC.19.
Ind. Code § 28-1-11-3.2 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-3.2
Request to exercise rights and privileges granted to national bank; procedures; appeal
Status: in_force

Sec. 3.2. (a) As used in this section, "rights and privileges" means the power:

(1) to:

(A) create;

(B) deliver;

(C) acquire; or

(D) sell;

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

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

national banks domiciled in Indiana.

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

(1) granted to national banks; but

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

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

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

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

(1) national banks domiciled in Indiana do not possess the requested rights and privileges;

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

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

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

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

(1) the department must:

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

(B) convene a hearing;

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

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

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

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

(1) adversely affect their safety and soundness; or

(2) unduly constrain Indiana consumer protection provisions.

(h) If the department denies the request of a bank under this section to exercise any rights and privileges that are granted to national banks, the bank 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 bank is located. In an appeal under this section, the court shall determine the matter de novo.

As added by P.L.194-1997, SEC.2. Amended by P.L.73-2004, SEC.34; P.L.213-2007, SEC.39; P.L.217-2007, SEC.37; P.L.35-2010, SEC.117; P.L.84-2016, SEC.121.
Ind. Code § 28-6.1-8-9 — Indiana Code / Title 28 / Article 6.1 / Chapter 8 / Section 28-6.1-8-9
Investing in and selling shares of open-end investment companies
Status: in_force

Sec. 9. A savings bank may invest the money deposited in the savings bank in and sell shares of open-end investment companies, the portfolios of which consist solely of securities eligible for purchase and sale by national banking associations, on terms and conditions prescribed by federal law or regulation for national banking associations.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-5-4 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-4
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.92. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-1-8-0.5 — Indiana Code / Title 28 / Article 1 / Chapter 8 / Section 28-1-8-0.5
"Corporation"
Status: in_force

Sec. 0.5. As used in this chapter, "corporation" means:

(1) a bank;

(2) a trust company;

(3) a corporate fiduciary;

(4) a savings bank;

(5) a savings association;

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

(7) a credit union.

As added by P.L.171-1996, SEC.6. Amended by P.L.192-1997, SEC.3; P.L.79-1998, SEC.40; P.L.159-2017, SEC.25.
Ind. Code § 28-6.1-10-13 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-13
Establishment of trading accounts
Status: in_force

Sec. 13. A savings bank may establish a trading account for the purchase and resale of securities that are otherwise eligible for purchase or resale by the savings bank. The trading account must comply with the requirements established by policy or rule of the department.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-19-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-6
Judicial approval
Status: in_force

Sec. 6. (a) If the department approves the disposition under section 5 of this chapter, the two (2) copies of the resolution returned to the savings bank shall be submitted to the circuit court with jurisdiction in the county in which the savings bank is located.

(b) If, upon good cause shown by affidavit, the court is satisfied that the terms of the disposition are fair and in the best interests of the depositors and other creditors of the savings bank, the court shall:

(1) approve the disposition upon the terms and conditions set forth in the resolution; and

(2) indicate the approval on both copies of the resolution submitted to the court.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-9-6 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-6
Liquidating agent; authority
Status: in_force

Sec. 6. (a) The agent shall have the right and authority to collect all debts, dues, claims, and demands belonging to such corporation, and upon order of the court wherein the statement of all debts and liabilities of such corporation shall have been or may be filed, and upon such terms and conditions as shall be fixed by such court, the agent may:

(1) sell or otherwise dispose of all or any part of the assets and property, including real estate, at public or private sale after notice;

(2) compound all bad or doubtful debts, dues, claims, and demands or sell or otherwise dispose of the same at public or private sale after notice; and

(3) compromise all claims and demands against such corporation.

(b) The agent may prosecute, defend, or participate in any and all actions which were pending against the corporation when he was appointed and may likewise defend any action instituted thereafter. The agent shall, in the name of the corporation and on its behalf, execute, acknowledge, and deliver all deeds, conveyances, assignments, releases, or other instruments necessary and proper to effect any sale, lease, or transfer of real estate or personal property or to carry into effect any power conferred or duty imposed by this article. All such instruments shall be sealed with the corporate seal.

Formerly: Acts 1933, c.40, s.147; Acts 1935, c.5, s.24. As amended by P.L.263-1985, SEC.45.
Ind. Code § 28-8-6-1001 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-1001
Applicability of rulemaking statute; notice to licensees and license applicants
Status: in_force

Sec. 1001. (a) Rules promulgated by the director or the department under 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.222-2025, SEC.5.
Ind. Code § 28-1-32-3 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-3
"Effective time of the conversion"
Status: in_force

Sec. 3. As used in this chapter, "effective time of the 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 conversion.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-1-21.4-9 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-9
Duty of department to prescribe procedures
Status: in_force

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

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

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

(2) The conversion plan must be adopted by at least a majority of the board of directors of the savings association.

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

(4) The conversion plan must be conditioned upon the approval of at least a majority of the total number of votes eligible to be cast at a regular or special meeting of the voting parties. In obtaining the approval of the conversion plan by the voting parties, the converting savings association shall provide to the voting parties the information regarding the conversion plan that the department requires. In determining the information that must be provided, the department shall give due consideration to the requirements of the regulations of the primary federal regulator relating to proxy statements governed by Section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n).

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

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.52; P.L.27-2012, SEC.56.
Ind. Code § 28-7-5-22 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-22
Presumptive right of ticket holder to redeem; compliance with local ordinance or law concerning pledge retention
Status: in_force

Sec. 22. (a) The holder of a ticket described in section 21 of this chapter shall be presumed to be the person entitled to redeem the pledge, and, except as provided in subsection (b), the pawnbroker shall deliver the pledge to the person presenting the ticket, upon payment of principal, interest and charge.

(b) If a local ordinance or other law requires the retention of the pledge for a specific period of time, the pawnbroker shall comply with the local ordinance or other law if the retention period does not exceed ten (10) days.

Formerly: Acts 1935, c.195, s.22. As amended by P.L.14-1992, SEC.147; P.L.35-2010, SEC.177.
Ind. Code § 28-12-6-2 — Indiana Code / Title 28 / Article 12 / Chapter 6 / Section 28-12-6-2
Conclusive proof of compliance with conditions precedent; exception
Status: in_force

Sec. 2. The filing of the articles of incorporation with the secretary of state is conclusive proof that the incorporators satisfied all conditions precedent to incorporation except in a proceeding by the state to cancel or revoke the incorporation or involuntarily dissolve the corporation.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-8-6-801 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-801
Required actions
Status: in_force

Sec. 801. A provider required to be licensed under this chapter shall do the following:

(1) Develop and implement policies and procedures to:

(A) respond to questions raised by consumers; and

(B) address complaints from consumers;

in an expedient manner.

(2) Whenever the provider offers a consumer the option to receive proceeds for a fee or solicits a tip, gratuity, or other donation:

(A) offer that consumer at least one (1) reasonable option to obtain proceeds at no cost;

(B) clearly explain to the consumer how to elect each no cost option offered;

(C) ensure that any no cost option offered is clearly displayed and is in the same:

(i) color;

(ii) font;

(iii) font size; and

(iv) general location;

as any option to obtain proceeds that has a fee associated with it;

(D) ensure that any option to obtain proceeds that has a fee associated with the delivery of the proceeds is not the default option;

(E) ensure that if a consumer elects to not pay a tip, gratuity, or other donation, any fee amount charged to the consumer as part of an earned wage access services transaction is not increased because of the consumer's decision to not pay a tip, gratuity, or other donation; and

(F) ensure that, if a consumer elects a no cost option, initiate the delivery of the proceeds to the consumer not later than one (1) business day after the consumer initiates an earned wage access services transaction with the provider.

(3) Before entering into an agreement with a consumer to provide earned wage access services, do both of the following:

(A) Inform the consumer of the consumer's rights under the agreement.

(B) Fully and clearly disclose all fees associated with the earned wage access services to be provided.

(4) Inform the consumer of the fact of or obtain the consent of the consumer to any material changes to the terms and conditions of the earned wage access services before implementing those changes for that consumer.

(5) Allow the consumer to cancel use of the provider's earned wage access services:

(A) at any time; and

(B) without incurring a cancellation fee imposed by the provider.

(6) Comply with all applicable local, state, and federal privacy and information security laws.

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

(A) clearly and conspicuously disclose to the consumer immediately before each transaction that a tip, gratuity, or other donation:

(i) is voluntary; and

(ii) may be in the amount of zero dollars ($0); and

(B) clearly and conspicuously disclose in the provider's service contract with the consumer that tips, gratuities, or other donations are voluntary and that the offering of earned wage access services, including:

(i) the amount of proceeds that a consumer is eligible to request;

(ii) the frequency with which proceeds are provided to a consumer; and

(iii) the level or cost of any service provided to the consumer in connection with an earned wage access services transaction;

is not contingent on whether the consumer pays any tip, gratuity, or other donation, or on the amount of the tip, gratuity, or other donation.

(8) Provide proceeds to a consumer by any means mutually agreed upon by the provider and the consumer.

(9) If the provider seeks repayment of outstanding proceeds or the payment of fees or other amounts owed (including voluntary tips, gratuities, or other donations) in connection with earned wage access services provided under this chapter from a consumer's deposit account, including by means of electronic funds transfer, the provider must do the following:

(A) Comply with applicable provisions of the federal Electronic Funds Transfer Act (15 U.S.C. 1693 et seq.).

(B) Reimburse the consumer for the full amount of any overdraft or nonsufficient funds fees that are imposed on the consumer by the consumer's depository financial institution if the overdraft or nonsufficient funds fees resulted from the provider's attempt to seek payment of any outstanding proceeds, fees, or other amounts (including voluntary tips, gratuities, or other donations) under this chapter:

(i) on a date before; or

(ii) in an incorrect amount from;

the date or amount disclosed to the consumer. However, a provider is not subject to the requirements of this clause with respect to the payment of any outstanding proceeds, fees, or other amounts incurred by a consumer through fraudulent or other unlawful means.

(10) Ensure that the provider's software application does not do any of the following:

(A) Subject a user of the software application to unsolicited electronic mail advertisements or surveys, if the user has elected to not receive electronic mail advertisements or surveys, as required by 15 U.S.C. 7701-7713.

(B) Subject a user of the software application to unsolicited electronic advertisements or surveys, based on the individual user's:

(i) use of the provider's software application;

(ii) location; or

(iii) behavior;

if the user has elected to not receive the electronic advertisements or surveys.

(C) Display an unsolicited electronic notification to a user of the software application unless the user has elected to receive electronic notifications.

(D) Access a user's location, except for purposes of verifying that a user is located in Indiana at the time the user creates an account with the provider, unless the user has authorized the provider's software application to access the user's location.

(11) Ensure that any data that the provider receives under subdivision (10) is not sold or shared, except as follows:

(A) In connection with a law enforcement investigation or legal proceeding.

(B) As necessary to provide earned wage access services to the user.

(C) The user authorizes the provider to sell or share the data.

(12) Sell consumer data to a lender (as defined in IC 37-3-2-5) licensed under IC 37-3.

(13) Share consumer data with a lender (as defined in IC 37-3-2-5) licensed under IC 37-3.

As added by P.L.222-2025, SEC.5. Amended by P.L.115-2026, SEC.66.
Ind. Code § 28-13-13-4 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-4
"Liability" defined
Status: in_force

Sec. 4. As used in this chapter, "liability" means the obligation to pay a judgment, settlement, penalty, fine, including an excise tax assessed with respect to an employee benefit plan, or reasonable expenses incurred with respect to a proceeding.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-21.7-6 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-6
"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 its principal office in Indiana. The term includes federally chartered savings associations and savings banks, and state savings and loan associations and building and loan associations, but only if held in the mutual form of ownership.

As added by P.L.147-1990, SEC.3.
Ind. Code § 28-6.1-19-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-3
Disposition of property and assets
Status: in_force

Sec. 3. A savings bank may, at any time if otherwise lawful, dispose of all or substantially all of its property and assets, including good will, upon terms and conditions and for consideration the savings bank considers beneficial.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-8-4.1-706 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-706
Record keeping; required information; retention
Status: in_force

Sec. 706. (a) A licensee shall maintain the following records, for use in determining its compliance with this chapter, for at least three (3) years:

(1) A record of each outstanding money transmission obligation sold.

(2) A general ledger, posted at least monthly, containing all asset, liability, capital, income, and expense accounts.

(3) Bank statements and bank reconciliation records.

(4) Records of outstanding money transmission obligations.

(5) Records of each outstanding money transmission obligation paid during the three (3) year period described in this section.

(6) A list of known names and addresses of all the licensee's authorized delegates.

(7) Any other records the director reasonably requires by rule.

(b) The items described in subsection (a) may be maintained in any form of record.

(c) The records described in this section may be maintained outside Indiana if they are made accessible to the department upon at least seven (7) business days advance notice that is sent by the director in a record.

(d) All records maintained by the licensee under this section are open to inspection by the department under section 403(a) of this chapter.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-2-18-12 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-12
"Home state" defined
Status: in_force

Sec. 12. As used in this chapter, "home state" means the following:

(1) With respect to a state bank, the state under the laws of which the bank is organized or reorganized.

(2) With respect to a national bank, the state in which the main office of the bank is located.

(3) With respect to a foreign bank, the state determined to be the home state of the foreign bank under 12 U.S.C. 3103(c).

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-7-1-31.3 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-31.3
Credit union officials; discharge of duties; indemnification
Status: in_force

Sec. 31.3. (a) As used in this section, "official" means an individual who is or who was a director, committee member, officer, or employee of a credit union.

(b) An official of a credit union shall discharge the duties of the official's position in good faith and with the degree of diligence, care, and skill that an ordinarily prudent person would exercise under similar circumstances in a like position. In discharging the official's duties, an official may rely upon:

(1) the opinion of legal counsel for the credit union;

(2) the report of an independent appraiser selected with reasonable care by:

(A) the board; or

(B) an officer of the credit union; or

(3) financial statements of the credit union:

(A) represented to the official to be correct by the:

(i) chief executive officer; or

(ii) officer of the credit union having charge of the credit union's records; or

(B) stated in a written report by an independent public or certified public accountant or firm of accountants fairly to reflect the financial condition of the credit union.

(c) As used in this section, "credit union" includes all other credit unions that become related to a credit union by a consolidation or merger and the resulting or continuing credit union.

(d) A credit union may indemnify a director, a committee member, an officer, an employee, or an agent to the extent and in the same manner that a corporation may indemnify a director, committee member, officer, employee, or agent under IC 28-13-13-2 through IC 28-13-13-13.

As added by P.L.35-2010, SEC.168.
Ind. Code § 28-1-21.7-2 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-2
"Effective time of the mutual bank conversion"
Status: in_force

Sec. 2. As used in this chapter, "effective time of the mutual bank conversion" means:

(1) the date that articles of mutual bank conversion are filed with the secretary of state; or

(2) the date designated in the articles of mutual bank conversion.

As added by P.L.147-1990, SEC.3. Amended by P.L.122-1994, SEC.83.
Ind. Code § 28-5-1-17 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-17
Rules and regulations
Status: in_force

Sec. 17. The department may by a majority vote of the members of the commission promulgate rules and regulations for any of the following purposes:

(1) Prescribing the methods and standards to be used in making the examinations and evaluating the assets and prescribing the forms of reports of any company to which this act is applicable.

(2) Defining what is a safe or an unsafe manner and a safe or unsafe condition for conducting and transacting business by any company to which this chapter is applicable.

(3) For the establishment of safe and sound methods for the transaction of business by any such company and for safeguarding the interests of creditors and shareholders thereof and, subject to section 6(a)(1) and (c) of this chapter, the rate of interest paid or to be paid, or service charges to be collected by any such company upon its certificates of investment or other evidences of indebtedness issued by it.

(4) For the administration and termination of the affairs of any such company which is in voluntary or involuntary liquidation or whose business and property have been taken possession of by the department pursuant to IC 28-1. And the department may take possession of the business and property of any such company in the same manner and reorganize or liquidate the same under the conditions with reference to other financial institutions as prescribed in IC 28-1.

Formerly: Acts 1935, c.181, s.17; Acts 1937, c.105, s.5; Acts 1949, c.229, s.2. As amended by Acts 1978, P.L.2, SEC.2817; Acts 1982, P.L.169, SEC.2.
Ind. Code § 28-8-4.1-502 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-502
Multistate licensing processes and nationwide protocols for licensing; director's authority to use the NMLS
Status: in_force

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

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

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

(B) multistate licensing processes; and

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

(b) To fulfill the purposes of this chapter, the director may establish relationships or contracts with the NMLS or other entities designated by the NMLS to enable the director to:

(1) collect and maintain records;

(2) coordinate multistate licensing processes and supervision processes;

(3) process fees; and

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

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

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

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

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-6.1-6-18 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-18
Acting in probate
Status: in_force

Sec. 18. (a) A savings bank may do any of the following:

(1) Act as the personal representative of the estate of a deceased individual.

(2) Act as the trustee under the last will and testament of a deceased individual.

(3) Act under court appointment as personal representative or trustee under a last will and testament, when the savings bank is the successor to a corporation appointed in the last will and testament.

(b) When an individual is appointed with a savings bank as receiver, guardian, commissioner, trustee, or personal representative, the individual's appointment may be under the limitation of powers and upon the terms and conditions of possession and control of the trust assets by the savings bank, or otherwise. If the individual is required to give bond or security, the bond or security shall be as:

(1) the individual and the savings bank agree; and

(2) approved by the court or judge making the appointment.

(c) When an individual who is appointed in a fiduciary capacity is required to give a bond or security for the faithful performance of duties, the savings bank may guarantee or become surety for the individual if:

(1) the savings bank takes possession and control of the assets involved; and

(2) approved by the court having jurisdiction of the fiduciary.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-8-4.1-1204 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1204
Corporations and limited liability companies as licensees; good standing in state of incorporation
Status: in_force

Sec. 1204. A licensee that is a corporation or a limited liability company must at all times be in good standing with the secretary of state of the state in which the licensee was incorporated.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-15-3 — Indiana Code / Title 28 / Article 1 / Chapter 15 / Section 28-1-15-3
Furnishing information on condition of bank or trust company to federal agencies
Status: in_force

Sec. 3. The department may furnish to the federal reserve board, to the federal reserve bank of which a bank or trust company may be or may become a member, to the Federal Deposit Insurance Corporation, to any other like agency of the federal government approved by the department, or to the examiners duly appointed by the federal reserve board, by a federal reserve bank, by the Federal Deposit Insurance Corporation, or any other like agency of the federal government approved by the department, copies of all examinations of the bank or trust company which is or may become a member of the federal reserve bank system, or whose deposits are or may become insured by the Federal Deposit Insurance Corporation, and may disclose to the examiners any information in reference to the condition of the affairs of the bank or trust company which is or may become a member of the federal reserve bank system, or whose deposits are or may become insured by the Federal Deposit Insurance Corporation.

Formerly: Acts 1933, c.40, s.213; Acts 1935, c.5, s.39. As amended by P.L.8-1991, SEC.14.
Ind. Code § 28-1-29-8 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-8
Agreement between licensee and debtor; contents; delivery of electronic record; debtor's right to terminate; creditor's decision to reject or withdraw from plan; notice to creditors; payments; budget analysis; term of agreement; carrying on other business; toll free communication system; good faith
Status: in_force

Sec. 8. (a) An agreement between a licensee and a debtor must:

(1) be in a written form;

(2) be dated and signed by the licensee and the debtor;

(3) include the name of the debtor and the address where the debtor resides;

(4) include the name, business address, and telephone number of the licensee;

(5) be delivered to the debtor immediately upon formation of the agreement; and

(6) disclose the following:

(A) The services to be provided.

(B) The amount or method of determining the amount of all fees and charges, individually itemized, to be paid by the debtor.

(C) The schedule of payments to be made by or on behalf of the debtor, including the amount of each payment, the date on which each payment is due, and an estimate of the date of the final payment.

(D) If a plan provides for regular periodic payments to creditors:

(i) each creditor of the debtor to which payment will be made, the amount owed to each creditor, and any concessions the licensee reasonably believes each creditor will offer; and

(ii) the schedule of expected payments to each creditor, including the amount of each payment and the date on which the payment will be made.

(E) Each creditor that the licensee believes will not participate in the plan and to which the licensee will not direct payment.

(F) The manner in which the licensee will comply with the licensee's obligations under section 9(k) of this chapter.

(G) That:

(i) the licensee may terminate the agreement for good cause, upon return of unexpended money of the debtor; and

(ii) the debtor may contact the department with any questions or complaints regarding the licensee.

(H) The address, telephone number, and Internet address or web site of the department.

(I) That the debtor has a right to terminate the agreement at any time without penalty (notwithstanding the close-out fee as permitted by section 8.3(d) of this chapter) or obligation.

(J) That the debtor authorizes any bank insured by the Federal Deposit Insurance Corporation in which the licensee or the licensee's agent has established a trust account to disclose to the department any financial records relating to the trust account.

(K) That the licensee shall notify the debtor within five (5) days after learning of a creditor's final decision to reject or withdraw from a plan under the agreement.

(b) For purposes of subsection (a)(5), delivery of an electronic record occurs when:

(1) the record is made available in a format in which the debtor may retrieve, save, and print the record; and

(2) the debtor is notified that the record is available.

(c) A debtor may exercise the debtor's right to terminate the agreement at any time without penalty (notwithstanding the close-out fee as permitted by section 8.3(d) of this chapter) or obligation, as described in subsection (a)(6)(I), by giving the licensee written or electronic notice, in which event:

(1) the licensee shall:

(A) refund all unexpended money that the licensee or the licensee's agent has received from or on behalf of the debtor for the reduction or satisfaction of the debtor's debt; and

(B) notify immediately in writing all creditors in the debt management plan of the cancellation by the contract debtor; and

(2) all powers of attorney granted by the debtor to the licensee are revoked and ineffective.

(d) A licensee's notice of a creditor's final decision to reject or withdraw from a plan under the agreement, as described in subsection (a)(6)(K) must include:

(1) the identity of the creditor; and

(2) a statement that the debtor has the right to modify or terminate the agreement.

(e) All creditors included in the plan must be notified of the contract debtor's and licensee's relationship.

(f) A licensee shall give to the contract debtor a dated receipt for each payment, at the time of the payment, unless the payment is made by check, money order, or automated clearinghouse withdrawal as authorized by the contract debtor.

(g) A licensee may not enter into an agreement with a debtor unless the licensee does the following:

(1) Conducts a thorough, written budget analysis of the debtor.

(2) Determines, based on the analysis of the information provided by the debtor or otherwise available to the licensee, that:

(A) a debt management plan is a suitable solution for the debtor; and

(B) the debtor can reasonably meet the payments required under a proposed debt management plan.

(3) If:

(A) the licensee has made a determination described in subdivision (2)(A); and

(B) the debtor's current monthly expense and debt payments exceed the debtor's net income;

establishes a written plan that supplements the debt management plan and specifies the manner by which it will be possible for the debtor to meet the payment obligations under a proposed debt management plan.

(h) A licensee may not enter into an agreement with a debtor for a period longer than sixty (60) months.

(i) A licensee may carry on other business at a location where the licensee engages in debt management services unless the licensee carries on other business for the purpose of evasion or violation of this chapter.

(j) A licensee shall maintain a toll free communication system, staffed at a level that reasonably permits a contract debtor to speak to a counselor, debt specialist, or customer service representative, as appropriate, during ordinary business hours.

(k) A debt management company shall act in good faith in all matters under this chapter.

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by Acts 1981, P.L.256, SEC.4; P.L.42-1993, SEC.54; P.L.196-1996, SEC.3; P.L.63-2001, SEC.13 and P.L.134-2001, SEC.14; P.L.213-2007, SEC.48; P.L.217-2007, SEC.46; P.L.3-2008, SEC.220; P.L.90-2008, SEC.31; P.L.1-2009, SEC.148; P.L.35-2010, SEC.127; P.L.89-2011, SEC.41; P.L.27-2012, SEC.73; P.L.216-2013, SEC.26; P.L.186-2015, SEC.33; P.L.73-2016, SEC.22; P.L.85-2017, SEC.102; P.L.159-2017, SEC.34; P.L.69-2018, SEC.47.
Ind. Code § 28-2-18-3 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-3
"Acquisition of a branch" defined
Status: in_force

Sec. 3. As used in this chapter, "acquisition of a branch" means the acquisition of a branch or branches located in a host state, without engaging in an interstate merger transaction (as defined in IC 28-2-17-15).

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-1-11-12.5 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-12.5
Federal home loan bank; investments; membership; loans; transfer, assignment, and pledge of bonds, notes, contracts, mortgages, securities, and other property
Status: in_force

Sec. 12.5. Subject to any limitations imposed by the department through policy, a bank or trust company may do any of the following:

(1) Invest the money deposited in the bank or trust company in the shares of the capital stock, bonds, debentures, notes, or other obligations of a federal home loan bank of the United States.

(2) Become a member of the federal home loan bank of the district in which Indiana is located or an adjoining district.

(3) Borrow money from:

(A) a federal home loan bank described in subdivision (2);

(B) the Federal Deposit Insurance Corporation; or

(C) any other corporation.

(4) Transfer, assign to, and pledge with a federal home loan bank described in subdivision (2), the Federal Deposit Insurance Corporation, or other corporation any of the bonds, notes, contracts, mortgages, securities, or any other property of the bank or trust company held or acquired as security for the payment of loans entered into under subdivision (3).

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

As added by P.L.258-2003, SEC.5.
Ind. Code § 28-2-17-26 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-26
Rules
Status: in_force

Sec. 26. The department may adopt policies or adopt rules under IC 4-22-2 it determines necessary or appropriate to implement this chapter.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-7-1-33 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-33
Merger of credit unions; submission of resolutions and joint agreement to department; approval or disapproval; shareholder vote; articles of merger
Status: in_force

Sec. 33. (a) Except as provided in section 33.1 of this chapter, any two (2) or more credit unions may, with the approval of the department, merge. This section authorizes the merger of a credit union organized under this chapter with a credit union organized under any other law.

(b) The board of directors of each credit union participating in the merger must by majority vote approve a joint agreement of merger.

(c) After the resolutions approving a joint agreement of merger have been adopted by the board of directors of each credit union, the credit unions shall submit the resolutions and joint agreement to the department for approval. The department may, in the department's discretion, approve or disapprove the resolution and joint agreement. In deciding whether to approve or disapprove the resolution and joint agreement under this section, the department shall consider the following factors:

(1) Whether the surviving credit union resulting from the proposed transaction will be operated in a safe, sound, and prudent manner.

(2) Whether the financial condition of any credit union subject to the proposed transaction will jeopardize the financial stability of any other credit unions subject to the proposed transaction.

(3) Whether the proposed transaction will result in a credit union that has inadequate capital, unsatisfactory management, or poor earnings prospects.

(4) Whether the proposed transaction, in the department's judgment and considering the available information under the prevailing circumstances, will result in an institution that is more favorable to the stakeholders than if the entities were to remain separate.

(5) Whether the management or other principals of the credit union that will result from the proposed transaction are qualified by character and financial responsibility to control and operate in a legal and proper manner the resulting credit union.

(6) Whether the credit unions subject to the proposed transaction furnish all the information the department requires in reaching the department's decision.

(d) If the joint agreement is approved by the department, any credit union whose existence will terminate as a result of the merger shall submit the joint agreement to a vote of its shareholders as directed by the resolution of the board of directors. A majority of the shareholders voting may approve the joint agreement. However, the department may permit the merger to become effective without the affirmative vote of the membership of a credit union if that credit union is in danger of insolvency or if the qualified group or groups associated with the credit union either have ceased or will soon cease to exist.

(e) After approval of the joint agreement by the shareholders of the merging credit unions, each credit union shall execute in triplicate articles of merger, on forms furnished by the department, which shall set forth the following:

(1) The time and place of the meeting of the board of directors at which the plan was approved.

(2) The vote by which the plan was approved by the board.

(3) A copy of the resolution or other action by which the plan was agreed upon.

(4) The time and place of the meeting of the members at which the plan was approved.

(5) The vote by which the plan was approved by the members.

(f) The articles, joint agreement, and resolutions shall be delivered to the department for certification, which shall be evidenced in the manner prescribed in IC 28-12-5, and shall be presented to the secretary of state for filing. The secretary of state shall file one (1) copy of the articles of merger and shall issue a certificate of merger and two (2) copies of the articles of merger to the surviving credit union. The date on which the secretary of state issues the certificate of merger is the effective date of the merger.

(g) The articles of merger shall be filed with the county recorder of the county in which the principal office of the surviving credit union is located.

Formerly: Acts 1974, P.L.130, SEC.9. As amended by Acts 1979, P.L.267, SEC.5; Acts 1982, P.L.170, SEC.5; P.L.270-1983, SEC.9; P.L.52-1985, SEC.11; P.L.14-1992, SEC.130; P.L.263-1995, SEC.29; P.L.35-2010, SEC.169; P.L.73-2016, SEC.26; P.L.222-2025, SEC.4.
Ind. Code § 28-1-20.1-3 — Indiana Code / Title 28 / Article 1 / Chapter 20.1 / Section 28-1-20.1-3
"Depositor"
Status: in_force

Sec. 3. As used in this chapter, "depositor" has the meaning set forth in IC 28-9-2-4.

As added by P.L.88-2024, SEC.1.
Ind. Code § 28-1-32-8 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-8
Conversion procedures
Status: in_force

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

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

(1) The savings association must prepare and submit to the department a conversion plan that provides the terms and conditions required by the department for the conversion of the mutual savings association into a credit union.

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

(3) Upon approval of the conversion plan by the board of directors of the savings association, 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 on 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 savings association to provide the voting parties with information regarding the conversion plan.

(5) The savings association must provide to the department additional relevant information requested by the department regarding the conversion plan.

As added by P.L.1-2006, SEC.491. Amended by P.L.213-2007, SEC.51; P.L.217-2007, SEC.49.
Ind. Code § 28-1-11-4 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-4
Investments; deposit of funds
Status: in_force

Sec. 4. (a) Except as otherwise provided in this article, the business of dealing in investment securities by any bank or trust company is limited to purchasing and selling securities without recourse, solely upon the order and for the account of customers and in no event for its own account. A bank or trust company may not underwrite or guarantee all or any part of any issue of securities other than obligations issued or guaranteed by or on behalf of the state or any political subdivision of the state or any agency or instrumentality of either. A bank or trust company may purchase for its own account and sell investment securities under such limitations and restrictions as the department prescribes by regulation, rule, policy, or guidance, but in no event may the total amount of the investment securities of any one (1) obligor or maker, purchased or held by a bank or trust company for its own account, exceed at any time ten percent (10%) of the amount of the total equity capital of the bank or trust company. The limitations imposed by this section do not apply to the direct or indirect obligations of the United States or the direct obligations of a United States territory or insular possession or of the state of Indiana or any municipal corporation or taxing district in Indiana. A bank or trust company may purchase for its own account and sell shares of stock in federal or state chartered small business investment companies that have received a permit or license to operate under the federal Small Business Investment Act (15 U.S.C. 681). However, a bank or trust company may not acquire shares in any small business investment company if, upon the making of that acquisition, the aggregate amount of shares in small business investment companies then held by the bank would exceed five percent (5%) of its total equity capital.

(b) A bank or trust company may purchase for its own account and sell:

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

(2) collateralized obligations that are eligible for purchase and sale by national banking associations. However, a bank or trust company may purchase for its own account and sell the obligations only to the extent that a national banking association can purchase and sell those obligations.

(c) A bank or trust company may deposit its funds in:

(1) a federally chartered savings association;

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

(3) a bank organized and operated according to federal law or the laws of any state or the District of Columbia;

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

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

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

(2) is in default; or

(3) is otherwise considered speculative by the director.

(e) A bank or trust company may purchase for its own account a security that is not rated by a generally recognized security rating service if:

(1) the bank or trust company at the time of purchase obtains financial information that is adequate to document the investment quality of the security; and

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

(f) Except as otherwise authorized by this title, a bank or trust company may not acquire for its own account, whether by purchase or otherwise, any share of stock of a corporation that is not a subsidiary of that bank or trust company unless the acquisition is considered expedient to prevent loss from a debt previously contracted in good faith. Any shares of stock or other ownership interest in a corporation or another entity thus acquired by a bank or trust company and that would not have been eligible for acquisition shall be sold and disposed of within six (6) months from the date of acquisition unless the director grants an extension of time for the sale and disposition.

(g) Notwithstanding any other provision of this article, a bank or trust company may purchase for its own account shares of stock of a banker's bank insured by the Federal Deposit Insurance Corporation or a holding company that owns or controls a banker's bank insured by the Federal Deposit Insurance Corporation. For the purposes of this subsection, a "banker's bank" is a bank (as defined in IC 28-2-14-2):

(1) the stock of which is owned exclusively by other banks (as defined in IC 28-2-14-2), or by a bank holding company the stock of which is owned exclusively by other banks (as defined in IC 28-2-14-2); and

(2) that is engaged exclusively in providing services to other banks (as defined in IC 28-2-14-2), and to their officers, directors, and employees.

A bank's or trust company's holdings of the stock of an insured banker's bank or of a holding company that owns or controls an insured banker's bank may not exceed ten percent (10%) of the capital and surplus of the bank or trust company. A bank or trust company may not purchase the stock of an insured banker's bank or of a holding company that owns or controls an insured banker's bank if, after the purchase, the bank or trust company would own more than five percent (5%) of any class of voting securities of the banker's bank or holding company.

(h) Notwithstanding any other provision of this article, a bank or trust company may invest in a casualty insurance company organized solely for the purpose of insuring banks, trust companies, and bank holding companies and their officers and directors from and against liabilities, including those covered by bankers' blanket bonds and director and officer liability insurance and other public liability insurance. The investment must take the form of:

(1) the purchase for the bank's or trust company's own account of shares of stock of the casualty insurance company or shares of stock of an association of banks organized for the purpose of funding the casualty insurance company; or

(2) loans to such an association of banks.

The total investment of any bank or trust company under this subsection may not exceed five percent (5%) of the capital and surplus of the bank or trust company.

(i) Any bank or trust company may establish or acquire a subsidiary that engages in:

(1) the sale, distribution, or underwriting of securities issued by investment companies (as defined in Section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3); or

(2) the underwriting or distribution of securities backed by or representing an interest in mortgages.

(j) As used in this section, "total equity capital" means unimpaired capital stock, unimpaired surplus, unimpaired undivided profits, subordinated debt that has been approved by the state or federal regulatory agencies, and one hundred percent (100%) of loan reserves.

(k) The department may define an investment security by department policy or by rule.

(l) A bank or trust company may establish a trading account for the purchase and resale of securities that are otherwise eligible for purchase or resale by the bank or trust company. The trading account must comply with the requirements established by policy or rule of the department.

(m) A bank or trust company that purchases a security for its own account shall maintain sufficient records of the security to allow the security to be properly identified by the department for examination purposes.

Formerly: Acts 1933, c.40, s.173; Acts 1935, c.5, s.26; Acts 1937, c.33, s.18; Acts 1959, c.125, s.1; Acts 1965, c.356, s.10; Acts 1967, c.260, s.11; Acts 1971, P.L.394, SEC.28. As amended by P.L.141-1984, SEC.7; P.L.265-1985, SEC.2; P.L.169-1986, SEC.1; P.L.36-1987, SEC.8; P.L.165-1988, SEC.1; P.L.164-1988, SEC.3; P.L.8-1991, SEC.11; P.L.42-1993, SEC.27; P.L.176-1996, SEC.12; P.L.192-1997, SEC.4; P.L.79-1998, SEC.44; P.L.192-2003, SEC.3; P.L.89-2011, SEC.34; P.L.27-2012, SEC.51; P.L.186-2015, SEC.29; P.L.159-2017, SEC.31.
Ind. Code § 28-6.2-1-10 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-10
"FDIC" defined
Status: in_force

Sec. 10. As used in this chapter, "FDIC" refers to the federal deposit insurance corporation.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-3-3-2 — Indiana Code / Title 28 / Article 3 / Chapter 3 / Section 28-3-3-2
Limitation of actions
Status: in_force

Sec. 2. Any creditor, shareholder, or other interested person failing to object in writing within sixty (60) days after the first publication of any notice given pursuant to the provisions of section 1 of this chapter shall be forever barred from thereafter asserting any claim against the financial institution, the liquidating agent, or his surety.

Formerly: Acts 1941, c.157, s.2. As amended by P.L.263-1985, SEC.132.
Ind. Code § 28-7-1-8 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-8
Unauthorized use of name "credit union"; violations
Status: in_force

Sec. 8. (a) The use of any name or title that contains the words "credit union", or that means "credit union" in any language, is unlawful unless the name is used by:

(1) a corporation authorized to use the words "credit union" under Indiana or United States law; or

(2) the Indiana Credit Union League, Inc., and its affiliates.

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

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

Formerly: Acts 1961, c.182, s.8. As amended by Acts 1978, P.L.2, SEC.2820; P.L.52-1985, SEC.8; P.L.263-1995, SEC.6; P.L.141-2005, SEC.12.
Ind. Code § 28-1-9-14 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-14
Articles of dissolution; presentation to department and to secretary of state
Status: in_force

Sec. 14. The articles of dissolution shall be executed in triplicate, in the form prescribed by the department, by the president or a vice-president and by the secretary or cashier of the corporation, and shall be verified by the oaths of the officers signing such articles, and shall be presented in triplicate to the department as (and) to the secretary of state, at their offices, as hereinafter provided, accompanied by an affidavit of the publisher of the newspaper wherein the notice of dissolution was published, as hereinbefore provided, as to the publication of such notice, and by the fees prescribed by law.

Formerly: Acts 1933, c.40, s.155.
Ind. Code § 28-7-5-11 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-11
License renewal; application; fees
Status: in_force

Sec. 11. (a) To remain in force, a license must be renewed not later than December 31 of each year, beginning with the year following the date of issuance. A licensee may renew a license issued under this chapter by filing a renewal application prescribed by the director. The department shall prescribe the form of the renewal application. To be accepted for processing, a renewal application must be accompanied by:

(1) the license renewal fee fixed by the department under IC 28-11-3-5; and

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

(b) The department may fix a daily late fee under IC 28-11-3-5 for a:

(1) renewal application; or

(2) license renewal fee;

that is received by the department after December 31.

Formerly: Acts 1935, c.195, s.11. As amended by P.L.263-1985, SEC.188; P.L.14-1992, SEC.139; P.L.42-1993, SEC.76; P.L.45-1995, SEC.27; P.L.35-2010, SEC.174; P.L.89-2011, SEC.53; P.L.69-2018, SEC.59.
Ind. Code § 28-1-20-1.1 — Indiana Code / Title 28 / Article 1 / Chapter 20 / Section 28-1-20-1.1
Statements of account; dormant accounts; service and maintenance charges
Status: in_force

Sec. 1.1. (a) When a statement of account has been delivered by a bank or savings bank to a depositor, the account, after the period of three (3) years from the date of its delivery, shall be deemed finally adjusted and its correctness conclusively presumed. A statement of account or a passbook is delivered to a depositor, within the meaning of this subsection, when received by the depositor or the depositor's agent in person or when mailed to the depositor at the depositor's last known address. This section does not relieve the depositor from the duty of exercising due diligence in the examination of the statement of account. A depositor must immediately notify the bank or savings bank upon discovery of any error in the statement of account.

(b) Any bank, savings bank, or trust company may impose and collect a monthly service charge and maintenance charge on dormant accounts, in amounts that:

(1) are reasonable, as determined by resolution of the board of directors; and

(2) are properly disclosed to the bank's, savings bank's, or trust company's depositors.

(c) For the purpose of this section:

(1) a transaction account (as defined in 12 CFR 204.2(e)) is considered a dormant account after one (1) year from the date of the last transaction recorded on the books of the bank, savings bank, or trust company with respect to the account; and

(2) any other account that is not a transaction account (as defined in 12 CFR 204.2(e)) is considered a dormant account after three (3) years from the date of the last transaction recorded on the books of the bank, savings bank, or trust company with respect to the account.

(d) Any bank, savings bank, or trust company may impose and collect monthly service charges and maintenance charges on active accounts that are carried by it on its books, in such amounts as may be agreed upon between it and its depositors.

(e) This section is applicable to national banking associations doing business in this state.

As added by Acts 1980, P.L.40, SEC.9. Amended by P.L.258-1989, SEC.1; P.L.122-1994, SEC.80; P.L.215-1999, SEC.3; P.L.89-2011, SEC.35.
Ind. Code § 28-15-11-15 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-15
Restrictions on graduated payment adjustable mortgage loans
Status: in_force

Sec. 15. A savings association may make graduated payment adjustable mortgage loans subject to the requirements set forth in section 14 of this chapter, except that:

(1) the amount of the scheduled monthly payment at the beginning of the loan may be insufficient to fully amortize the loan; and

(2) during a period of not more than ten (10) years beginning with the closing date of the loan, the scheduled payments must rise sufficiently to amortize the loan at the then existing interest rate and principal balance over the then remaining loan term, and thereafter the monthly payments must be adjusted every five (5) years to a level sufficient to fully amortize the loan.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-14-4-2 — Indiana Code / Title 28 / Article 14 / Chapter 4 / Section 28-14-4-2
Real property held without use for one year
Status: in_force

Sec. 2. (a) If real property referred to in section 1(b)(3) of this chapter is held for one (1) year without being used by the corporate fiduciary as an office or a facility, the board of directors of the corporate fiduciary shall state by resolution definite plans for the use of the real property.

(b) A resolution adopted under this section shall be made available for inspection by the department.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-7-5-9.1 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-9.1
Change in control of licensee; application to department; time frame for department's decision; conditions for approval; duty of licensee to report transfer of securities; director's discretion to require new license
Status: in_force

Sec. 9.1. (a) As used in this section, "control" means possession of the power directly or indirectly to:

(1) direct or cause the direction of the management or policies of a licensee, whether through the beneficial ownership of voting securities, by contract, or otherwise; or

(2) vote at least twenty-five percent (25%) of the voting securities of a licensee, whether the voting rights are derived through the beneficial ownership of voting securities, by contract, or otherwise.

(b) An organization or an individual acting directly, indirectly, or through or in concert with one (1) or more other organizations or individuals may not acquire control of any licensee unless the department has received and approved an application for change in control. The department has not more than one hundred twenty (120) days after receipt of an application to issue a notice approving the proposed change in control. The application must contain the name and address of the organization, individual, or individuals who propose to acquire control and any other information required by the director.

(c) The period for approval under subsection (b) may be extended:

(1) in the discretion of the director for an additional thirty (30) days; and

(2) not more than two (2) additional times for not more than forty-five (45) days each time if:

(A) the director determines that the organization, individual, or individuals who propose to acquire control have not submitted substantial evidence of the qualifications described in subsection (d);

(B) the director determines that any material information submitted is substantially inaccurate; or

(C) the director has been unable to complete the investigation of the organization, individual, or individuals who propose to acquire control because of any delay caused by or the inadequate cooperation of the organization, individual, or individuals.

(d) The department shall issue a notice approving the application only after it is satisfied that both of the following apply:

(1) The organization, individual, or individuals who propose to acquire control are qualified by competence, experience, character, and financial responsibility to control and operate the licensee in a legal and proper manner.

(2) The interests of the owners and creditors of the licensee and the interests of the public generally will not be jeopardized by the proposed change in control.

(e) The director may determine, in the director's discretion, that subsection (b) does not apply to a transaction if the director determines that the direct or beneficial ownership of the licensee will not change as a result of the transaction.

(f) The president or other chief executive officer of a licensee shall report to the director any transfer or sale of securities of the licensee that results in direct or indirect ownership by a holder or an affiliated group of holders of at least ten percent (10%) of the outstanding securities of the licensee. The report required by this subsection must be made not later than ten (10) days after the transfer of the securities on the books of the licensee.

(g) Depending on the circumstances of the transaction, the director may reserve the right to require the organization, individual, or individuals who propose to acquire control of a licensee to apply for a new license under section 4 of this chapter, instead of acquiring control of the licensee under this section.

As added by P.L.89-2011, SEC.52. Amended by P.L.6-2012, SEC.197.
Ind. Code § 28-11-1-9 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-9
Meetings
Status: in_force

Sec. 9. Each year the members shall hold the following:

(1) Regular meetings at times specified by resolution of the members.

(2) Special meetings at the call of the chairman.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-1-21.6-3 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-3
"Department"
Status: in_force

Sec. 3. As used in this chapter, "department" means the Indiana department of financial institutions and, if applicable, the department's authorized delegate.

As added by P.L.147-1990, SEC.2.
Ind. Code § 28-7-5-18 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-18
Repealed
Status: repealed

Formerly: Acts 1935, c.195, s.18. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-8-4.1-801 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-801
Authorized delegate; required contract; contents; notice of action taken against license; money held in trust for benefit of licensee; subdelegates prohibited
Status: in_force

Sec. 801. (a) As used in this section, "remit" means to:

(1) make direct payments of money to a licensee or its representative authorized to receive money; or

(2) deposit money in a bank in an account specified by the licensee.

(b) Before conducting business through an authorized delegate or allowing a person to act as an authorized delegate on its behalf, a licensee must:

(1) adopt, and update as necessary, written policies and procedures reasonably designed to ensure that the licensee's authorized delegates comply with applicable state and federal law;

(2) enter into a written contract that complies with subsection (d); and

(3) conduct a reasonable risk based background investigation sufficient for the licensee to determine whether the authorized delegate has complied and will likely comply with applicable state and federal law.

(c) An authorized delegate must operate in full compliance with this chapter.

(d) The written contract required by subsection (b)(2) must be signed by the licensee and the authorized delegate and, at a minimum, must do the following:

(1) Appoint the person signing the contract as the licensee's authorized delegate with the authority to conduct money transmission on behalf of the licensee.

(2) Set forth:

(A) the nature and scope of the relationship between the licensee and the authorized delegate; and

(B) the respective rights and responsibilities of the parties.

(3) Require the authorized delegate to agree to fully comply with all applicable state and federal laws, rules, and regulations pertaining to money transmission, including this chapter and regulations implementing this chapter, and relevant provisions of the Bank Secrecy Act and the USA Patriot Act of 2001 (P.L. 107-56).

(4) Require the authorized delegate to remit and handle money and monetary value in accordance with the terms of the contract between the licensee and the authorized delegate.

(5) Impose a trust on money and monetary value, net of fees, received for money transmission, for the benefit of the licensee.

(6) Require the authorized delegate to prepare and maintain records as required by this chapter or regulations implementing this chapter, or as reasonably requested by the director.

(7) Include an acknowledgment that the authorized delegate consents to examination or investigation by the director.

(8) State that the licensee is subject to regulation by the department and that, as part of that regulation, the department may suspend or revoke an authorized delegate designation or require the licensee to terminate an authorized delegate designation.

(9) Include an acknowledgment of the authorized delegate's receipt of the written policies and procedures required under subsection (b)(1).

(e) If a licensee's license is suspended, revoked, surrendered, or expired, the licensee must, not later than five (5) business days after receiving notice of the action taken, provide documentation to the director that the licensee has notified all of the licensee's applicable authorized delegates, whose names are in a record filed with the director, of the suspension, revocation, surrender, or expiration of the license. Upon suspension, revocation, surrender, or expiration of a license, applicable authorized delegates shall immediately cease to provide money transmission as an authorized delegate of the licensee.

(f) An authorized delegate of a licensee holds in trust for the benefit of the licensee all money, net of fees, received from money transmission. If an authorized delegate commingles any funds received from money transmission with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property are considered held in trust in favor of the licensee in an amount equal to the amount of money, net of fees, received from money transmission.

(g) An authorized delegate may not use a subdelegate to conduct money transmission on behalf of a licensee.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-7-5-21 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-21
Pawn ticket; duty of reasonable care in safekeeping of articles
Status: in_force

Sec. 21. (a) The pawnbroker shall, at the time of making a loan, deliver to the pledger or the pledger's agent a memorandum or ticket on which shall be legibly written or printed the following information:

(1) The name of the pledger.

(2) The name of the pawnbroker and the place where the pledge is made.

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

(4) The amount of the loan.

(5) The date of the transaction.

(6) The serial number of the loan.

(7) The sum of the interest as provided in section 28 of this chapter and the charge as provided in section 28.5 of this chapter stated as an annual percentage rate computed in accordance with the Consumer Credit Protection Act (as defined in IC 37-2-2-11) and with regulations adopted under that act.

(8) The amount of interest.

(9) The amount of charge and principal due at maturity.

(10) A copy of sections 28, 28.5, and 30 of this chapter.

(11) The date of birth of the pledger.

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

(13) The last date on which the pledged article or articles may be redeemed before the article or articles may be sold if the loan is not redeemed, renewed, or extended. The language setting forth the information described in this subdivision must be in 14 point boldface type.

(14) A statement that:

(A) notifies the pledger that the pawnbroking transaction is regulated by the department; and

(B) includes a toll free telephone number for the department.

(b) A pawnbroker may insert in such ticket any other terms and conditions not inconsistent with this chapter. However, nothing appearing on a pawn ticket shall relieve the pawnbroker of the obligations to exercise reasonable care in the safekeeping of articles pledged with the pawnbroker.

Formerly: Acts 1935, c.195, s.21. As amended by P.L.263-1985, SEC.194; P.L.14-1992, SEC.146; P.L.45-1995, SEC.31; P.L.80-1998, SEC.17; P.L.163-2001, SEC.4; P.L.10-2006, SEC.47 and P.L.57-2006, SEC.47; P.L.213-2007, SEC.73; P.L.217-2007, SEC.71; P.L.159-2017, SEC.41; P.L.115-2026, SEC.62.
Ind. Code § 28-1-3.1-3 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-3
Holding business and property until liquidation of affairs
Status: in_force

Sec. 3. (a) When the department has taken possession of the business and property of a financial institution under the provisions of section 2 of this chapter, the department shall hold possession of the business and property until the affairs of the institution have been finally liquidated as provided in this chapter, unless the financial institution has undertaken the voluntary liquidation of its affairs under IC 28-1-9.

(b) If a corporate fiduciary is to be liquidated, the department may appoint an agent from within or outside the department to temporarily conduct the affairs of the corporate fiduciary until a receiver is appointed. The agent may be required to give bond and shall be paid reasonable compensation by the corporate fiduciary being liquidated.

As added by P.L.141-1984, SEC.2. Amended by P.L.262-1995, SEC.5.
Ind. Code § 28-13-16-5 — Indiana Code / Title 28 / Article 13 / Chapter 16 / Section 28-13-16-5
Acquiring or establishing a nonqualifying subsidiary; application
Status: in_force

Sec. 5. A financial institution or any of its subsidiaries may acquire or establish a nonqualifying subsidiary by submitting an application to the department containing:

(1) a complete description of the financial institution's investment in the subsidiary;

(2) the activity to be conducted; and

(3) a representation that the activity:

(A) could be performed by a financial institution under statutory authority of this title;

(B) is a part of or incidental to the business of banking as determined by the director; or

(C) has been authorized as "activity eligible for notice" procedures under 12 CFR 5.34(e).

The department shall notify the requesting financial institution of the department's receipt of the application.

As added by P.L.215-1999, SEC.10. Amended by P.L.73-2004, SEC.43; P.L.10-2006, SEC.77 and P.L.57-2006, SEC.77.
Ind. Code § 28-13-14-10 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-10
Articles of amendment; contents
Status: in_force

Sec. 10. A corporation amending its articles of incorporation shall prepare articles of amendment setting forth the following:

(1) The name of the corporation.

(2) The text of each amendment adopted.

(3) If an amendment provides for an exchange, reclassification, or cancellation of issued shares, provisions for implementing the amendment if not contained in the amendment itself.

(4) The date of each amendment's adoption.

(5) If an amendment was adopted by the incorporators or board of directors without shareholder action, a statement to that effect and that shareholder action was not required.

(6) If an amendment was approved by the shareholders:

(A) the designation, number of outstanding shares, number of votes entitled to be cast by each voting group entitled to vote separately on the amendment, and number of votes of each voting group represented at the meeting; and

(B) either the total number of votes cast for and against the amendment by each voting group entitled to vote separately on the amendment or the total number of votes cast for the amendment by each voting group and a statement that the number cast for the amendment by each voting group was sufficient for approval by that voting group.

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

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

As added by P.L.265-1985, SEC.4.
Ind. Code § 28-6.1-6-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-4
Borrowing money
Status: in_force

Sec. 4. A savings bank may borrow money and do the following:

(1) Issue notes, bonds, or debentures to evidence that borrowing.

(2) Mortgage, pledge, or hypothecate any of its assets to secure the repayment of that money.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-7-5-13 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-13
Suspension or revocation of license; order to show cause; order of suspension or revocation; surrender of license; existing obligations; emergency order for revocation
Status: in_force

Sec. 13. (a) The department may issue to a licensee an order to show cause why the licensee's license should not be revoked or suspended for a period determined by the department.

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

(1) include:

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

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

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

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

(A) a reasonable opportunity to be heard; and

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

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

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

(1) the licensee has repeatedly and willfully violated:

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

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

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

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

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

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

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

(1) the revocation or suspension;

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

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

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

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

(e) Any person holding a license to operate as a pawnbroker may surrender the license by complying with section 10.1 of this chapter. However, a surrender of a license under section 10.1 of this chapter does not affect the person's liability for acts previously committed and coming within the scope of this chapter.

(f) If the director determines it to be in the public interest, the director may pursue the revocation of a license of a licensee that has surrendered the license under section 10.1 of this chapter.

(g) If a person's license is revoked, suspended, or surrendered, the revocation, suspension, or surrender does not impair or affect any obligation owed by any person under any existing contract, pledge, or pawn ticket.

(h) If the director of the department has just cause to believe an emergency exists from which it is necessary to protect the interests of the public, the director may proceed with the revocation of a license through an emergency or another temporary order under IC 4-21.5-4.

Formerly: Acts 1935, c.195, s.13. As amended by P.L.263-1985, SEC.190; P.L.14-1992, SEC.140; P.L.45-1995, SEC.28; P.L.176-1996, SEC.22; P.L.80-1998, SEC.14; P.L.27-2012, SEC.95; P.L.186-2015, SEC.42.
Ind. Code § 28-13-1-4 — Indiana Code / Title 28 / Article 13 / Chapter 1 / Section 28-13-1-4
Series of shares; distinguishing designation; other rights and preferences; articles of amendment
Status: in_force

Sec. 4. (a) If the articles of incorporation so provide, the board of directors may create at least one (1) series, and may determine, in whole or in part, the preferences, limitations, and relative voting and other rights within the limits set forth in sections 1 through 3 of this chapter of the following:

(1) Any class of shares before the issuance of any shares of that class.

(2) At least one (1) series within a class before the issuance of any shares of that series.

(b) Each series of a class must be given a distinguishing designation.

(c) All shares of a series must have preferences, limitations, and relative rights identical with those of other shares of the same series and, except to the extent otherwise provided in the description of the series, with those of other series of the same class.

(d) Before issuing shares of a class or series that has the preferences, limitations, and relative voting and other rights determined under this section, the corporation must prepare articles of amendment, which are effective without shareholder action, that set forth the following:

(1) The name of the corporation.

(2) The text of the amendment determining the terms of the class or series of shares.

(3) The date the articles of amendment are adopted.

(4) A statement that the amendment was adopted by the board of directors.

(e) The articles of amendment shall be presented to the director for approval and filed with the secretary of state as provided in IC 28-13-14 before the shares are issued.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-15-10-6 — Indiana Code / Title 28 / Article 15 / Chapter 10 / Section 28-15-10-6
Foreign savings association holding company; acquisitions by
Status: in_force

Sec. 6. (a) A foreign savings association holding company is entitled to acquire one (1) or more:

(1) Indiana savings associations; or

(2) Indiana savings association holding companies;

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

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

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-2-17-18 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-18
"Resulting bank" defined
Status: in_force

Sec. 18. As used in this chapter, "resulting bank" means a bank that has resulted from an interstate merger transaction under this chapter.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-8-4.1-1004 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1004
Enumeration of permissible investments; letter of credit naming department as beneficiary; enumeration of permissible investments subject to limitations
Status: in_force

Sec. 1004. (a) The following investments are permissible under section 1003 of this chapter:

(1) Cash (including demand deposits, savings deposits, and funds in such accounts held, for the benefit of the licensee's customers, in a federally insured depository financial institution) and cash equivalents, including Automated Clearing House (ACH) items in transit to the licensee and ACH items or international wires in transit to a payee, cash in transit via armored car, cash in smart safes, cash at licensee owned locations, debit card or credit card funded transmission receivables owed by any bank, or money market mutual funds rated "AAA" by S&P Global, or the equivalent from any eligible rating service.

(2) Certificates of deposit or senior debt obligations of an insured depository institution (as defined in Section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813) or as defined under the federal Credit Union Act (12 U.S.C. 1781)).

(3) An obligation of the United States (or of a commission, agency, or instrumentality of the United States), an obligation that is guaranteed fully as to principal and interest by the United States, or an obligation of a state (or of a governmental subdivision, agency, or instrumentality of a state).

(4) The full drawable amount of an irrevocable standby letter of credit that names the department as the stated beneficiary and that stipulates that the beneficiary need only draw a sight draft under the letter of credit and present it to obtain funds, up to the letter of credit amount, subject to the following:

(A) The letter of credit must:

(i) be issued by a person that is a federally insured depository financial institution, a foreign bank authorized under federal law to maintain a federal agency or federal branch office in a state or states, or a foreign bank authorized under state law to maintain a branch in a state, and that bears an eligible rating or whose parent company bears an eligible rating, and that is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks, credit unions, and trust companies;

(ii) be irrevocable and unconditional and indicate that it is not subject to any condition or qualifications outside of the letter of credit;

(iii) not contain reference to any other agreements, documents, or entities, or otherwise provide for any security interest in the licensee; and

(iv) contain an issue date and expiration date, and expressly provide for automatic extension, without a written amendment, for an additional period of one (1) year from the current or each future expiration date, unless the issuer of the letter of credit notifies the director in writing by certified or registered mail or courier mail or other receipted means, at least sixty (60) days before any expiration date, that the irrevocable letter of credit will not be extended.

(B) In the event of any notice of expiration or nonextension of a letter of credit described in clause (A)(iv), the licensee must demonstrate to the satisfaction of the department, at least fifteen (15) days before the expiration, that the licensee maintains and will maintain permissible investments in accordance with this subsection upon the expiration of the letter of credit. If the licensee is not able to do so, the department may draw on the letter of credit in an amount up to the amount necessary to meet the licensee's requirements to maintain permissible investments in accordance with this subsection. Any such draw shall be offset against the licensee's outstanding money transmission obligations. The drawn funds shall be held in trust by the department or the department's designated agent, to the extent authorized by law, as agent for the benefit of the purchasers and holders of the licensee's outstanding money transmission obligations.

(C) The letter of credit must provide that the issuer of the letter of credit will honor, at sight, the beneficiary's presentation, to the issuer, of the original letter of credit, including any amendments. The presentation under this clause must be made not later than the expiration date of the letter of credit and must be accompanied by a written statement from the beneficiary stating that any of the following events has occurred, as applicable:

(i) The filing of a petition by or against the licensee under the federal Bankruptcy Code (11 U.S.C. 101-110) for bankruptcy or reorganization.

(ii) The filing of a petition by or against the licensee for receivership, or the commencement of any other judicial or administrative proceeding for its dissolution or reorganization.

(iii) The seizure of assets of the licensee by a state pursuant to an emergency order issued in accordance with applicable law, on the basis of an action, violation, or condition that has caused or is likely to cause the insolvency of the licensee.

(iv) The beneficiary has received notice of expiration or nonextension of a letter of credit, and the licensee failed to demonstrate to the satisfaction of the beneficiary that the licensee will maintain permissible investments in accordance with this subsection upon the expiration or nonextension of the letter of credit.

The letter of credit must stipulate that the beneficiary may obtain funds, up to the letter of credit amount, within seven (7) days of presentment of the original letter of credit, including any amendments, and the statement under this clause.

(D) The director may designate an agent to serve on the department's behalf as beneficiary to a letter of credit so long as the agent and letter of credit meet requirements established by the department. The director's agent may serve as agent for multiple licensing authorities for a single irrevocable letter of credit if the proceeds of the drawable amount for the purposes of this subdivision are assigned to the department.

(E) The department may participate in multistate processes designed to facilitate the issuance and administration of letters of credit, including services provided by the NMLS and the State Regulatory Registry, LLC.

(5) The amount of the surety bond required under section 1002 of this chapter that exceeds the licensee's average daily money transmission liability in Indiana.

(b) Unless permitted by the department by rule or by order to exceed the limit as set forth in this subsection, the following investments are permissible under this section to the extent specified:

(1) Receivables that are payable to a licensee from its authorized delegates in the ordinary course of business that are less than seven (7) days of age, are permissible in an amount not to exceed fifty percent (50%) of the aggregate value of the licensee's total permissible investments.

(2) Of the receivables permissible under subdivision (1), receivables that are payable to a licensee from a single authorized delegate in the ordinary course of business may not exceed ten percent (10%) of the aggregate value of the licensee's total permissible investments.

(3) The following investments are permissible up to twenty percent (20%) per category, and combined up to fifty percent (50%), of the aggregate value of the licensee's total permissible investments:

(A) A short term (up to six (6) months) investment bearing an eligible rating.

(B) Commercial paper bearing an eligible rating.

(C) A bill, note, bond, or debenture bearing an eligible rating.

(D) A United States tri party repurchase agreement collateralized at least one hundred percent (100%) with:

(i) United States government or agency securities;

(ii) municipal bonds; or

(iii) other securities bearing an eligible rating.

(E) Money market mutual funds rated less than "AAA" and at least "A-" by S&P Global, or the equivalent from any other eligible rating service.

(F) A mutual fund or other investment fund composed solely and exclusively of one (1) or more permissible investments listed in subsection (a)(1) through (a)(3).

(4) Cash (including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers) at foreign depository institutions are permissible up to ten percent (10%) of the aggregate value of the licensee's total permissible investments if the licensee has received a satisfactory rating in its most recent examination and the foreign depository institution:

(A) has an eligible rating;

(B) is registered under the Foreign Account Tax Compliance Act;

(C) is not located in any country subject to sanctions from the federal Office of Foreign Assets Control; and

(D) is not located in a high risk or noncooperative jurisdiction as designated by the Financial Action Task Force.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-13-8-5 — Indiana Code / Title 28 / Article 13 / Chapter 8 / Section 28-13-8-5
Corporate committee; establishment; powers and duties; determination made independently of board; conclusive presumption on merits; disinterested director or other person
Status: in_force

Sec. 5. (a) Unless prohibited by the articles of incorporation, the board of directors may establish a committee consisting of at least three (3) disinterested directors or other disinterested persons to determine:

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

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

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

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

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

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

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

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

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

(3) is not an officer, employee, or agent of the corporation or of a related corporation.

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

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-7-5-31 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-31
Repealed
Status: repealed

Formerly: Acts 1935, c.195, s.30. As amended by Acts 1977, P.L.295, SEC.1; P.L.271-1985, SEC.2. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-1-22-5 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-5
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.328. Repealed by P.L.171-1996, SEC.44.
Ind. Code § 28-6.1-10-10 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-10
Purchase and holding of banker's bank stock
Status: in_force

Sec. 10. (a) As used in this section, "bank" has the meaning set forth in IC 28-2-14-2.

(b) As used in this section, "banker's bank" means a bank that satisfies both of the following:

(1) The stock of the bank is owned exclusively by:

(A) other banks; or

(B) a bank holding company, the stock of which is owned exclusively by other banks.

(2) The bank is engaged exclusively in providing services to other banks and to their officers, directors, and employees.

(c) Notwithstanding any other provision of this article, a savings bank may purchase for its own account shares of stock of a banker's bank insured by the Federal Deposit Insurance Corporation or a holding company that owns or controls a banker's bank insured by the Federal Deposit Insurance Corporation.

(d) A savings bank's holdings of the stock of an insured banker's bank or of a holding company that owns or controls an insured banker's bank may not exceed ten percent (10%) of the capital and surplus of the savings bank.

(e) A savings bank may not purchase the stock of an insured banker's bank or of a holding company that owns or controls an insured banker's bank if, after the purchase, the savings bank would own more than five percent (5%) of any class of voting securities of the banker's bank or holding company.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-12-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 12 / Section 28-6.1-12-2
Bank
Status: in_force

Sec. 2. (a) As used in this chapter, "bank" means a financial institution that is either of the following:

(1) A bank that:

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

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

(2) Notwithstanding subsection (b), a savings bank formed as a result of conversion.

(b) The term does not include any of the following:

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

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

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

As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.73; P.L.27-2012, SEC.89.
Ind. Code § 28-2-14-17 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-17
Rules
Status: in_force

Sec. 17. The department may adopt rules under IC 4-22-2 to implement this chapter.

As added by P.L.265-1985, SEC.4.
Ind. Code § 28-7-5-24 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-24
Partial payment before maturity
Status: in_force

Sec. 24. Upon the pledger's:

(1) presentation of the pawn ticket before maturity of the underlying loan;

(2) payment of accrued interest and any authorized additional charge; and

(3) tender of not less than one dollar ($1) of the principal balance;

the pawnbroker shall accept the items set forth in subdivisions (1) through (3), showing due credit of principal payment on the pawn ticket, together with the amount of unpaid principal balance, or issue a new ticket for the reduced amount. Future interest charges and any authorized additional charge shall be computed on the unpaid principal balance.

Formerly: Acts 1935, c.195, s.24. As amended by P.L.159-2017, SEC.43.
Ind. Code § 28-11-2-2 — Indiana Code / Title 28 / Article 11 / Chapter 2 / Section 28-11-2-2
Organization of department; divisions
Status: in_force

Sec. 2. (a) The director, with the approval of the members, shall organize the department.

(b) The department must consist of at least the following divisions:

(1) The division of banks and trust companies.

(2) The division of consumer credit.

(3) The division of credit unions.

As added by P.L.33-1991, SEC.56. Amended by P.L.90-2008, SEC.68.
Ind. Code § 28-8-4.1-401 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-401
Authority of director of department of financial institutions; authority of department
Status: in_force

Sec. 401. (a) To carry out the purposes of this chapter, the director may, subject to section 402(a) and 402(b) of this chapter, do any of the following:

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

(A) standardizing methods or procedures; and

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

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

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

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

(b) The department has broad administrative authority to:

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

(2) promulgate rules or regulations implementing this chapter; and

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

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-3.1-10.1 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-10.1
Payment of claims; order
Status: in_force

Sec. 10.1. (a) All claims against the financial institution that are proved to the satisfaction of the receiver or approved by the receivership court shall be paid in the following order:

(1) Claims of persons referred to in IC 28-1-12-6 as having preference and priority.

(2) Administration expenses of the liquidation, including the following:

(A) Court costs.

(B) Compensation and actual expenses incurred by the department or the receiver in order to facilitate the liquidation.

(C) Compensation of each regular officer or employee of the receiver for the time actually devoted by the officer or employee to the liquidation of the financial institution at an amount not to exceed the compensation paid to the officer or employee for the performance of the regular duties of the officer or employee.

(D) Actual expenses of each regular officer or employee of the receiver that are necessarily incurred in the performance of the duties of the officer or employee in the liquidation.

(E) Compensation and expenses of any special representative, assistant, accountant, agent, or attorney employed by the receiver.

(F) The reasonable general overhead expenses that are incurred by the department or the receiver in the liquidation of the affairs of the financial institution.

(3) Claims given priority under other provisions of state or federal law.

(4) Deposit obligations.

(5) Other general liabilities.

(6) Debt subordinated to the claims of general creditors.

(7) Equity capital securities.

(b) Interest may not be paid on any claim until the full principal amount of every claim within the same class has been paid.

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

As added by P.L.262-1995, SEC.8. Amended by P.L.35-2010, SEC.105.
Ind. Code § 28-1-11-2.5 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-2.5
Sale of life insurance policy or annuity contract
Status: in_force

Sec. 2.5. (a) A bank or trust company may act as an insurance producer for the sale of any life insurance policy or annuity contract issued by a life insurance company authorized to do business in any state in which the agent operates.

(b) A bank or trust company that acts as an insurance producer for the sale of a life insurance policy or an annuity contract in Indiana:

(1) is subject to all requirements of IC 27; and

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

(c) A bank or trust company may not condition:

(1) an extension of credit;

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

(3) the performance of services; or

(4) the amount charged for:

(A) extending credit;

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

(C) performing services;

upon a person's purchase of a life insurance policy or an annuity contract from the bank or trust company or an affiliate (as defined in IC 28-2-13-3) of the bank or trust company.

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

As added by P.L.262-1995, SEC.29. Amended by P.L.188-1997, SEC.4; P.L.130-2002, SEC.5; P.L.192-2003, SEC.2; P.L.178-2003, SEC.90.
Ind. Code § 28-2-18-18 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-18
"State" defined
Status: in_force

Sec. 18. As used in this chapter, "state" means any of the following:

(1) Any state of the United States.

(2) The District of Columbia.

(3) Puerto Rico.

(4) Guam.

(5) American Samoa.

(6) The Trust Territory of the Pacific Islands.

(7) The Virgin Islands.

(8) The Northern Mariana Islands.

(9) Any territory of the United States.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-11-2-4 — Indiana Code / Title 28 / Article 11 / Chapter 2 / Section 28-11-2-4
Performance bonds and crime policies
Status: in_force

Sec. 4. (a) The department may require that the members, the director, or specified classes of employees of the department be covered by bonds for faithful performance of their respective duties. A requirement for purchase of faithful performance bonds may be satisfied by the purchase of a blanket bond or a crime insurance policy endorsed to include faithful performance. The cost of a bond or crime insurance policy purchased under this section shall be paid from the fund.

(b) The commissioner of insurance shall prescribe the form of the bonds or crime policies required by this section.

As added by P.L.33-1991, SEC.56. Amended by P.L.49-1995, SEC.11.
Ind. Code § 28-13-2-5 — Indiana Code / Title 28 / Article 13 / Chapter 2 / Section 28-13-2-5
Purchase rights, options, or warrants; corporate shares or other securities
Status: in_force

Sec. 5. A corporation, acting through the corporation's board of directors, may create or issue rights, options, or warrants for the purchase of shares or other securities of the corporation or any successor in interest of the corporation. The board of directors shall determine the terms upon which the rights, options, or warrants are issued, their form and content, and the consideration for which the shares or other securities are to be issued. The rights, options, or warrants may be issued with or without consideration and may be issued pro rata.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-14-1-2 — Indiana Code / Title 28 / Article 14 / Chapter 1 / Section 28-14-1-2
"Acting as a fiduciary"
Status: in_force

Sec. 2. "Acting as a fiduciary" means undertaking to act primarily for the benefit of another. The term includes the following:

(1) Acting alone and jointly with others.

(2) Acting:

(A) as a trustee;

(B) as a personal representative;

(C) as a registrar of stocks and bonds;

(D) as a guardian or conservator of estates;

(E) as an assignee;

(F) as a receiver;

(G) as a custodian;

(H) as an investment manager or agent;

(I) as a managing agent; or

(J) as in any other, similar capacity.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-21.9-5 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-5
Repealed
Status: repealed

As added by P.L.42-1993, SEC.44. Repealed by P.L.27-2012, SEC.68.
Ind. Code § 28-2-13-14 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-14
Repealed
Status: repealed

As added by P.L.265-1985, SEC.3. Amended by P.L.279-1987, SEC.1. Repealed by P.L.33-1991, SEC.57.
Ind. Code § 28-2-17-17 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-17
"Out-of-state state bank" defined
Status: in_force

Sec. 17. As used in this chapter, "out-of-state state bank" means a bank organized or reorganized under the laws of any state other than Indiana.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-7-5-5 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-5
Initial and renewal applications; fees; financial statement; proof of bond and insurance; standards; tax warrant list
Status: in_force

Sec. 5. (a) The initial application and any renewal application shall be accompanied by a fee fixed by the department under IC 28-11-3-5. The initial application and any renewal application must include a financial statement that:

(1) is prepared in accordance with standards adopted by the director;

(2) indicates the applicant meets minimum financial responsibility standards adopted by the director; and

(3) is prepared by a third party acceptable to the director.

(b) The initial application and any renewal application must be accompanied by proof that the applicant:

(1) has executed a bond in accordance with section 5.5 of this chapter and payable to the state, in an amount determined by the director; and

(2) has obtained property and casualty insurance coverage, in an amount determined by the director;

in accordance with standards adopted by the director.

(c) Any standards adopted by the director and described in subsection (a)(1), (a)(2), or (b) must be made available:

(1) for public inspection and copying at the offices of the department under IC 5-14-3; and

(2) electronically through the computer gateway administered by the office of technology established by IC 4-13.1-2-1.

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

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

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

Formerly: Acts 1935, c.195, s.5. As amended by P.L.14-1992, SEC.134; P.L.42-1993, SEC.75; P.L.45-1995, SEC.23; P.L.80-1998, SEC.12; P.L.10-2006, SEC.40 and P.L.57-2006, SEC.40; P.L.172-2011, SEC.133; P.L.216-2013, SEC.35.
Ind. Code § 28-15-4-4 — Indiana Code / Title 28 / Article 15 / Chapter 4 / Section 28-15-4-4
Eligible investments for trust funds
Status: in_force

Sec. 4. (a) Deposit accounts are eligible investments for trust funds administered by a savings association.

(b) As a fiduciary, a savings association must comply with the provisions of IC 30-4-3-7.

(c) A fiduciary has all rights and privileges of a member of a mutual savings association except the right to hold office or serve on the board of the savings association.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-14-7-1 — Indiana Code / Title 28 / Article 14 / Chapter 7 / Section 28-14-7-1
Prohibited transactions; investigatory and enforcement powers of department
Status: in_force

Sec. 1. (a) A corporate fiduciary is prohibited from entering into any transaction that would be prohibited for a bank under IC 28-1-18.2.

(b) The department has the same:

(1) powers of investigation; and

(2) enforcement authority;

concerning corporate fiduciaries and their affiliates as the department has with respect to banks and their affiliates under IC 28-1-18.2.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-7-1-31 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-31
Fidelity coverage for directors, officers, and employees with access to money or bonds; blanket fidelity bond or separate reserve fund required
Status: in_force

Sec. 31. Every credit union shall make provisions for adequate fidelity coverage for all directors, officers, and employees having access to money or bonds of the credit union. The amount and form of fidelity coverage must be approved annually by the board of directors of the credit union. Coverage may be provided:

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

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

Formerly: Acts 1961, c.182, s.31. As amended by P.L.276-1987, SEC.4; P.L.263-1995, SEC.27; P.L.35-2010, SEC.167; P.L.29-2022, SEC.10.
Ind. Code § 28-13-11-2 — Indiana Code / Title 28 / Article 13 / Chapter 11 / Section 28-13-11-2
Right to rely on data and other information; financial statements and data
Status: in_force

Sec. 2. In discharging the director's duties, a director is entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by:

(1) at least one (1) officer or employee of the corporation whom the director reasonably believes to be reliable and competent in the matters presented;

(2) legal counsel, public accountants, or other persons as to matters the director reasonably believes are within the person's professional or expert competence; or

(3) a committee of the board of directors of which the director is not a member if the director reasonably believes the committee merits confidence.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-17-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 17 / Section 28-6.1-17-1
Grounds for seizure of business and property
Status: in_force

Sec. 1. The department may take possession of the business and property of a savings bank if any of the following occur:

(1) The savings bank fails for thirty (30) days to pay any of its depositors as required by law.

(2) The department determines that the board or officers of the savings bank are mismanaging the savings bank's affairs.

(3) Any of the conditions described in IC 28-1-3.1-2 apply to the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-13-6-8 — Indiana Code / Title 28 / Article 13 / Chapter 6 / Section 28-13-6-8
Greater quorum or voting requirements; shareholders or voting groups; provision by articles
Status: in_force

Sec. 8. The articles of incorporation may provide for a greater quorum or voting requirement for shareholders or voting groups of shareholders than is provided for by this article.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-2-25 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-25
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.27; Acts 1945, c.348, s.19. As amended by P.L.33-1991, SEC.6. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-7-1-9 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-9
Powers; investments; maintenance of files; authority to purchase and hold life insurance
Status: in_force

Sec. 9. (a) A credit union has the following powers:

(1) To issue shares of its capital stock to its members. No commission or compensation shall be paid for securing members or for the sale of shares.

(2) To extend credit to officers, directors, or committee members under section 17.2 of this chapter.

(3) To invest in any of the following:

(A) Bonds, notes, or certificates that are the direct or indirect obligations of the United States, or of the state, or the direct obligations of a county, township, city, town, or other taxing district or municipality or instrumentality of Indiana and that are not in default.

(B) Bonds or debentures issued by the Federal Home Loan Bank Act (12 U.S.C. 1421 through 1449) or the Home Owners' Loan Act (12 U.S.C. 1461 through 1468).

(C) Obligations of national mortgage associations issued under the authority of the National Housing Act.

(D) Mortgages on real estate situated in Indiana which are fully insured under Title 2 of the National Housing Act (12 U.S.C. 1707 through 1715z).

(E) Obligations issued by farm credit banks and banks for cooperatives under the Farm Credit Act of 1971 (12 U.S.C. 2001 through 2279aa-14).

(F) Savings and loan associations, other credit unions that are insured under section 31.5 of this chapter, and certificates of indebtedness or investment of an industrial loan and investment company if the association or company is federally insured. Not more than twenty percent (20%) of the assets of a credit union may be invested in the shares or certificates of an association or company, nor more than forty percent (40%) in all such associations and companies.

(G) Corporate credit unions.

(H) Federal funds or similar types of daily funds transactions with other financial institutions.

(I) Shares or certificates of an open-end management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. 80a-1 through 15 U.S.C. 80a-3 and 15 U.S.C. 80a-4 through 15 U.S.C. 80a-64), if all of the following conditions are met:

(i) The fund's assets consist of and are limited to securities in which a credit union may invest directly.

(ii) The credit union has an equitable and undivided interest in the underlying assets of the fund.

(iii) The credit union is not liable for acts or obligations of the fund.

(iv) The credit union's investment in any one (1) fund does not exceed fifteen percent (15%) of the amount of the credit union's net worth.

(J) For a credit union that is well capitalized (as defined in Part 702 of the Rules and Regulations of the National Credit Union Administration, 12 CFR 702), investment securities, as may be defined by a statute or a policy or rule of the department and subject to the following:

(i) The department may prescribe, by policy or rule, limitations or restrictions on a credit union's investment in investment securities.

(ii) The total aggregate amount of investment securities purchased or held by a credit union may never exceed at any given time ten percent (10%) of the capital and surplus of the credit union. However, the limitations imposed by this item do not apply to investments in the direct or indirect obligations of the United States or in the direct obligations of a United States territory or insular possession, or in the direct obligations of the state or any municipal corporation or taxing district in Indiana.

(iii) A credit union may not purchase for its own account any bond, note, or other evidence of indebtedness that is commonly designated as a security that is speculative in character or that has speculative characteristics. For the purposes of this item, a security is speculative or has speculative characteristics if at the time of purchase the security is in default, is rated below the first four (4) rating classes by a generally recognized security rating service, or is otherwise considered speculative by the director.

(iv) A credit union may purchase for its own account a security that is not rated by a generally recognized security rating service if the credit union at the time of purchase obtains financial information that is adequate to document the investment quality of the security and if the security is not otherwise considered speculative by the director.

(v) A credit union that purchases a security for its own account shall maintain sufficient records of the security to allow the security to be properly identified by the department for examination purposes.

(vi) Except as otherwise authorized by this title, a credit union may not acquire for its own account, whether by purchase or otherwise, any share of stock of a corporation that is not a subsidiary of that credit union unless the acquisition is considered expedient to prevent loss from a debt previously contracted in good faith. Any shares of stock or other ownership interest in a corporation or another entity thus acquired by a credit union and that would not have been eligible for acquisition shall be sold and disposed of within six (6) months from the date of acquisition unless the director grants an extension of time for the sale and disposition.

(vii) Subject to items (i) through (iv), a credit union may purchase yankee dollar deposits, eurodollar deposits, banker's acceptances, deposit notes, bank notes with original weighted average maturities of less than five (5) years, and investments in obligations of, or issued by, any state or political subdivision (including any agency, corporation, or instrumentality of a state or political subdivision).

(K) Collateralized obligations that are eligible for purchase and sale by federal credit unions. However, a credit union may purchase for its own account and sell the obligations only to the extent that a federal credit union can purchase and sell those obligations.

(4) With the prior approval of the department, and subject to the limitations of this subsection, a credit union may organize, invest in, or loan money to a credit union service organization (as defined in Part 712 of the regulations of the National Credit Union Administration, 12 CFR 712). A credit union may not loan or invest in a credit union service organization if the aggregate amount of all such loans or investments in a particular credit union service organization is greater than ten percent (10%) of the capital, surplus, and unimpaired shares of the credit union without the prior written approval of the department. A credit union may organize, invest in, or loan money to a credit union service organization described in this subdivision only if the following requirements are met:

(A) The credit union service organization is adequately capitalized or has a reasonable plan for adequate capitalization if the credit union service organization is to be formed or is newly formed.

(B) The credit union service organization is structured and operated as a separate legal entity from the credit union.

(C) The credit union obtains a written legal opinion that the credit union service organization is structured and operated in a manner that limits the credit union's potential liability for the debts and liabilities of the credit union service organization to not more than the loss of money invested in or loaned to the credit union service organization by the credit union.

(D) The credit union service organization agrees in writing to prepare financial statements and provide the financial statements to the credit union at least quarterly, and to the department upon request.

(E) The credit union service organization agrees in writing to obtain an audit of the credit union service organization from a certified public accountant at least annually and provide a copy of each audit report to the credit union, and to the department upon request. A wholly owned credit union service organization is not required to obtain a separate annual audit if the credit union service organization is included in the annual consolidated audit of the credit union that is the credit union service organization's parent.

(F) The credit union service organization operates in compliance with all applicable federal and state laws.

(5) To deposit its funds into:

(A) depository institutions that are federally insured; or

(B) state chartered credit unions that are privately insured by an insurer approved by the department.

(6) To purchase, hold, own, or convey real estate as may be conveyed to the credit union in satisfaction of debts previously contracted or in exchange for real estate conveyed to the credit union.

(7) To own, hold, or convey real estate as may be purchased by the credit union upon judgment in its favor or decrees of foreclosure upon mortgages.

(8) To issue shares of stock and upon the terms, conditions, limitations, and restrictions and with the relative rights as may be stated in the bylaws of the credit union, but no stock may have preference or priority over the other to share in the assets of the credit union upon liquidation or dissolution or for the payment of dividends except as to the amount of the dividends and the time for the payment of the dividends as provided in the bylaws.

(9) To charge the member's share account for the actual cost of a necessary locator service when the member has failed to keep the credit union informed about the member's current address. The charge shall be made only for amounts paid to a person or concern normally engaged in providing such service, and shall be made against the account or accounts of any one (1) member not more than once in any twelve (12) month period.

(10) To transfer to an accounts payable account, a dormant account, or a special account share accounts which have been inactive, except for dividend credits, for a period of at least two (2) years. The credit union shall not consider the payment of dividends on the transferred account.

(11) To invest in fixed assets with the funds of the credit union. An investment in fixed assets in excess of five percent (5%) of its assets is subject to the approval of the department. A credit union may rent excess space at the credit union's main office or branch as a source of income.

(12) To establish branch offices upon:

(A) approval of the department; or

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

provided that all books of account shall be maintained at the principal office.

(13) To pay an interest refund on loans proportionate to the interest paid during the dividend period by borrowers who are members at the end of the dividend period.

(14) To purchase life savings and loan protection insurance for the benefit of the credit union and its members, if:

(A) the coverage is placed with an insurance company licensed to do business in Indiana; and

(B) no officer, director, or employee of the credit union personally benefits, directly or indirectly, from the sale or purchase of the coverage.

(15) To sell and cash negotiable checks, travelers checks, and money orders for members.

(16) To purchase members' notes from any liquidating credit union, with written approval from the department, at prices agreed upon by the boards of directors of both the liquidating and the purchasing credit unions. However, the aggregate of the unpaid balances of all notes of liquidating credit unions purchased by any one (1) credit union shall not exceed ten percent (10%) of the purchasing credit union's capital and surplus unless special written authorization has been granted by the department.

(17) To exercise such incidental powers necessary or requisite to enable it to carry on effectively the business for which it is incorporated.

(18) To act as a custodian or trustee of any trust created or organized in the United States and forming part of a tax advantaged savings plan which qualifies or qualified for specific tax treatment under Section 223, 401(d), 408, 408A, or 530 of the Internal Revenue Code, if the funds of the trust are invested only in share accounts or insured certificates of the credit union.

(19) To issue shares or insured certificates to a trustee or custodian of a pension plan, profit sharing plan, or stock bonus plan which qualifies for specific tax treatment under Sections 401(d) or 408(a) of the Internal Revenue Code.

(20) To exercise any rights and privileges that are:

(A) granted to federal credit unions; but

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

if the credit union complies with section 9.2 of this chapter.

(21) To sell, pledge, or discount any of its assets. However, a credit union may not pledge any of its assets as security for the safekeeping and prompt payment of any money deposited, except that a credit union may, for the safekeeping and prompt payment of money deposited, give security as authorized by federal law.

(22) To purchase assets of a corporation (as defined in IC 28-1-8-0.5) and to assume the liabilities of the corporation, or to sell, lease, exchange, or otherwise dispose of all or substantially all of the credit union's property and assets to a corporation, if:

(A) the credit union complies with IC 28-1-8; and

(B) the transaction is authorized in accordance with IC 28-1-8-4.

(23) To act as a fiscal agent of the United States and to receive deposits from nonmember units of the federal, state, or county governments, from political subdivisions, and from other credit unions upon which the credit union may pay varying interest rates at varying maturities subject to terms, rates, and conditions that are established by the board of directors. However, the total amount of public funds received from units of state and county governments and political subdivisions that a credit union may have on deposit may not exceed twenty percent (20%) of the total assets of that credit union, excluding those public funds.

(24) To join the National Credit Union Administration Central Liquidity Facility.

(25) To participate in community investment initiatives under the administration of organizations:

(A) exempt from taxation under Section 501(c)(3) of the Internal Revenue Code; and

(B) located or conducting activities in communities in which the credit union does business.

Participation may be in the form of either charitable contributions or participation loans. In either case, disbursement of funds through the administering organization is not required to be limited to members of the credit union. Total contributions or participation loans may not exceed one-tenth of one percent (0.1%) of total assets of the credit union. A recipient of a contribution or loan is not considered qualified for credit union membership. A contribution or participation loan made under this subdivision must be approved by the board of directors.

(26) To establish and operate an automated teller machine (ATM):

(A) at any location within Indiana; or

(B) as permitted by the laws of the state in which the automated teller machine is to be located.

(27) To demand and receive, for the faithful performance and discharge of services performed under the powers vested in the credit union by this article:

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

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

(C) unless otherwise agreed upon, interest at the legal rate on the advances referred to in clause (B).

(28) Subject to any restrictions the department may impose, to become the owner or lessor of personal property acquired upon the request and for the use of a member and to incur additional obligations as may be incident to becoming an owner or lessor of such property.

(b) A credit union shall maintain files containing credit and other information adequate to demonstrate evidence of prudent business judgment in exercising the investment powers granted under this chapter or by rule, order, or declaratory ruling of the department.

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

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

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

(3) Life insurance on the lives of borrowers.

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

(5) Life insurance that a federal credit union may purchase or hold under 12 CFR 701.19(c).

Formerly: Acts 1961, c.182, s.9; Acts 1969, c.133, s.2; Acts 1974, P.L.130, SEC.2; Acts 1975, P.L.44, SEC.6. As amended by Acts 1977, P.L.294, SEC.6; Acts 1979, P.L.267, SEC.1; Acts 1980, P.L.178, SEC.1; Acts 1982, P.L.170, SEC.1; P.L.270-1983, SEC.3; P.L.52-1985, SEC.9; P.L.2-1987, SEC.43; P.L.19-1987, SEC.45; P.L.8-1991, SEC.30; P.L.14-1992, SEC.123; P.L.228-1993, SEC.2; P.L.263-1995, SEC.7; P.L.188-1997, SEC.10; P.L.192-1997, SEC.17; P.L.11-1998, SEC.16; P.L.62-1999, SEC.5; P.L.63-2001, SEC.15, P.L.81-2001, SEC.4 and P.L.134-2001, SEC.17; P.L.258-2003, SEC.10; P.L.73-2004, SEC.36; P.L.141-2005, SEC.13; P.L.213-2007, SEC.66; P.L.217-2007, SEC.64; P.L.90-2008, SEC.41; P.L.35-2010, SEC.148; P.L.89-2011, SEC.47; P.L.6-2012, SEC.196; P.L.27-2012, SEC.92; P.L.137-2014, SEC.27; P.L.159-2017, SEC.35; P.L.69-2018, SEC.53; P.L.129-2020, SEC.12.
Ind. Code § 28-1-21.7-8 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-8
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 mutual bank conversion.

As added by P.L.147-1990, SEC.3. Amended by P.L.27-2012, SEC.63.
Ind. Code § 28-13-10-2 — Indiana Code / Title 28 / Article 13 / Chapter 10 / Section 28-13-10-2
Action taken without meeting; signed consent; effect
Status: in_force

Sec. 2. (a) Unless the articles of incorporation or bylaws provide otherwise, action required or permitted by this article to be taken at a board of directors meeting may be taken without a meeting if the action is taken by all members of the board. The action must be evidenced by at least one (1) written consent describing the action taken, signed by each director, and included in the minutes or filed with the corporate records reflecting the action taken.

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

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

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-3.1-1 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-1
Definitions
Status: in_force

Sec. 1. (a) The definitions set forth in this section apply throughout this chapter.

(b) "Federal deposit insurance agency" means an agency or instrumentality of the United States that insures to any extent the deposits of a financial institution, including the Federal Deposit Insurance Corporation or the National Credit Union Administration.

(c) "Insolvent" means a financial institution that:

(1) is incapable of meeting the demands of creditors or depositors on a timely basis; or

(2) has liabilities in excess of the total value of its assets as determined by the department.

(d) "Receiver" means a:

(1) federal deposit insurance agency;

(2) private deposit insurer of credit unions; or

(3) designated agent of the department.

(e) "Receivership court" means the court that the department has filed the notice of possession with, under this chapter.

As added by P.L.141-1984, SEC.2. Amended by P.L.8-1991, SEC.10; P.L.262-1995, SEC.3.
Ind. Code § 28-10-2-20 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-20
Certain agreements, contracts, securities, and instruments not affected
Status: in_force

Sec. 20. This chapter does not alter or impair any of the following:

(1) Any written agreement by all requisite parties that, retrospectively or prospectively, a contract, security, or instrument is not subject to any provisions set forth in this chapter, regardless of whether the written agreement refers specifically to this chapter. For purposes of this subdivision, "all requisite parties" means all parties required to amend the terms and provisions of a contract, security, or instrument that, but for a written agreement described in this subdivision, would otherwise be altered or affected by this chapter.

(2) Any contract, security, or instrument that contains fallback provisions that would result in a benchmark replacement that is not based on LIBOR, including any benchmark replacement that is based on the prime rate or on the federal funds rate. However, a contract, security, or instrument described in this subdivision is subject to section 17(b) of this chapter.

(3) Any contract, security, or instrument described in section 18(a) of this chapter and with respect to which:

(A) a determining person does not elect to use the recommended benchmark replacement under section 18(b) of this chapter; or

(B) a determining person elects to use the recommended benchmark replacement before the occurrence of a LIBOR discontinuance event.

However, a contract, security, or instrument described in this subdivision is subject to section 17(b) of this chapter.

(4) The application to a recommended benchmark replacement of any cap, floor, modifier, or spread adjustment to which LIBOR had been subject under the terms of a contract, security, or instrument.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-1-32-10 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-10
Requirements for approval
Status: in_force

Sec. 10. The department may not approve a 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 credit union 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 savings association 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, creditors, and public generally will not be jeopardized by the proposed credit union conversion.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-1-12-3 — Indiana Code / Title 28 / Article 1 / Chapter 12 / Section 28-1-12-3
Fiduciary powers and obligations; trusts; holding of securities; segregation; records; transfers; investments in securities of investment companies or trusts having business ties with fiduciary
Status: in_force

Sec. 3. (a) Every bank or trust company exercising trust powers or any powers as a fiduciary shall establish and maintain in its office a trust department in which it shall keep, separate and apart from its other business, separate books and accounts, and shall keep all securities and property, other than money, which is held by its trust department, at all times segregated from and unmingled with its own securities and property.

(b) Notwithstanding any other law, any bank or trust company holding securities as a fiduciary, custodian or managing agent, and any bank or trust company holding securities as custodian for a fiduciary is authorized to deposit or arrange for the deposit of such securities in a clearing corporation (as defined in IC 26-1-8.1-102(a)(5)). When such securities are deposited in a clearing corporation, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation by any person regardless of the ownership of the securities; and certificates of small denomination may be merged into one (1) or more certificates of larger denomination. The records of the fiduciary and the records of the bank or trust company acting as custodian, managing agent, or custodian for a fiduciary shall at all times show the name of the party for whose account the securities are deposited.

(c) This section applies to any bank or trust company holding securities as a fiduciary, custodian, managing agent or custodian for a fiduciary, regardless of whether it owns capital stock of the clearing corporation.

(d) Title to the securities held by the clearing corporation may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing such securities.

(e) A bank or trust company acting as custodian for a fiduciary, shall, upon demand by the fiduciary, certify in writing to the fiduciary the securities deposited by such fiduciary in such clearing corporation for its account as fiduciary.

(f) Notwithstanding any other law, any bank or trust company holding United States government securities as a fiduciary, custodian or managing agent, and any bank or trust company holding United States government securities as custodian for a fiduciary may use the Federal Reserve Book-Entry procedure for the United States government securities. The records of such fiduciary and the records of such bank or trust company acting as custodian, managing agent, or custodian for a fiduciary shall at all times show the name of the party for whose account the United States government securities are deposited.

(g) Title to the United States government securities registered by Book-Entry under subsection (f) may be transferred by bookkeeping entry on the books of the Federal Reserve without physical delivery of certificates representing the securities.

(h) A bank or trust company acting as custodian for a fiduciary, shall, upon demand by the fiduciary, certify in writing to the fiduciary the securities registered in the Federal Reserve for the account of the fiduciary.

(i) Notwithstanding any other law, a bank or trust company, to the extent that it exercises investment discretion as a fiduciary, custodian, managing agent, or otherwise with respect to the investment and reinvestment of assets that it maintains in its trust department, may invest and reinvest the assets, subject to the standard contained in IC 30-4-3-3(c), in the securities of any open-end or closed-end management investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. 80a1-64, as amended. The fact that the bank or trust company, or any affiliate of the bank or trust company, is providing services to the investment company or trust as investment advisor, sponsor, distributor, custodian, transfer agent, registrar, or otherwise, and receiving reasonable remuneration for the services, does not preclude the bank or trust company from investing in the securities of such investment company or trust.

Formerly: Acts 1933, c.40, s.185. As amended by Acts 1977, P.L.290, SEC.1; P.L.257-1989, SEC.1; P.L.247-1995, SEC.25.
Ind. Code § 28-1-2-23 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-23
Change in control; department approval required; application; time frame for department's decision; conditions for approval; exempt transactions; duty to report transfer of securities; investigation by director; prior notice exemption for certain transactions
Status: in_force

Sec. 23. (a) A corporation or an individual acting directly, indirectly, or through or in concert with one (1) or more other corporations or individuals may not acquire control of any bank, trust company, stock savings bank, holding company, corporate fiduciary, or industrial loan and investment company unless the department has received and approved an application for change in control. The department has not more than one hundred twenty (120) days following receipt of an application to issue a notice approving the proposed change in control. The application shall contain the name and address of the corporation, individual, or individuals who propose to acquire control.

(b) The period for approval under subsection (a) may be extended:

(1) in the discretion of the director for an additional thirty (30) days; and

(2) not to exceed two (2) additional times for not more than forty-five (45) days each time if:

(A) the director determines that the corporation, individual, or individuals who propose to acquire control have not submitted substantial evidence of the qualifications described in subsection (c);

(B) the director determines that any material information submitted is substantially inaccurate; or

(C) the director has been unable to complete the investigation of the corporation, individual, or individuals who propose to acquire control because of any delay caused by or the inadequate cooperation of the corporation, individual, or individuals.

(c) The department shall issue a notice approving the application only after it has become satisfied that both of the following apply:

(1) The corporation, individual, or individuals who propose to acquire control are qualified by competence, experience, character, and financial responsibility to control and operate the bank, trust company, stock savings bank, bank holding company, corporate fiduciary, or industrial loan and investment company in a legal and proper manner.

(2) The interests of the stockholders, depositors, and creditors of the bank, trust company, stock savings bank, bank holding company, corporate fiduciary, or industrial loan and investment company and the interests of the public generally will not be jeopardized by the proposed change in control.

(d) As used in this section, "holding company" means any company (as defined in IC 28-2-15-5 before July 1, 1992, and as defined in IC 28-2-16-5 beginning July 1, 1992) that directly or indirectly controls one (1) or more state chartered financial institutions.

(e) As used in this section, "control", "controlling", "controlled by", or "under common control with" means possession of the power directly or indirectly to:

(1) direct or cause the direction of the management or policies of a bank, a trust company, a holding company, a corporate fiduciary, or an industrial loan and investment company, whether through the beneficial ownership of voting securities, by contract, or otherwise; or

(2) vote at least twenty-five percent (25%) of voting securities of a bank, a trust company, a holding company, a corporate fiduciary, or an industrial loan and investment company, whether the voting rights are derived through the beneficial ownership of voting securities, by contract, or otherwise.

(f) The director may determine, in the director's discretion, that subsection (a) does not apply to a transaction if the director determines that the direct or beneficial ownership of the bank, trust company, stock savings bank, holding company, corporate fiduciary, or industrial loan and investment company will not change as a result of the transaction.

(g) The president or other chief executive officer of a financial institution or holding company shall report to the director any transfer or sale of shares of stock of the financial institution or holding company that results in direct or indirect ownership by a stockholder or an affiliated group of stockholders of at least ten percent (10%) of the outstanding stock of the financial institution or holding company. The report required by this subsection must be made not later than ten (10) days after the president or other chief executive officer becomes aware of the transfer of the shares of stock on the books of the financial institution or holding company.

(h) To assist the department in making a determination under subsection (c), the director may conduct any investigation the director determines is warranted, including any background check described in IC 28-11-5-4.5.

(i) This subsection applies to a transaction described in 12 CFR 303.83(b)(1), including the following:

(1) The acquisition of voting shares through inheritance.

(2) The acquisition of voting shares through a bona fide gift.

(3) The acquisition of voting shares in satisfaction of a debt previously contracted in good faith, other than the acquisition of a defaulted loan secured by a controlling amount of the voting securities of a bank, trust company, stock savings bank, bank holding company, corporate fiduciary, or industrial loan and investment company.

In a transaction to which this subsection applies, the acquiring person shall use the person's best effort to comply with the requirements of this section. However, it is not a violation of this section if the acquiring person is not able to satisfy the requirements of this section and notifies the department of the acquisition not later than thirty (30) calendar days after the acquisition and provides any relevant information requested by the department. This subsection does not limit the authority of the department to conduct any investigation necessary to approve or disapprove the transaction under subsection (c).

Formerly: Acts 1933, c.40, s.25a; Acts 1965, c.356, s.20; Acts 1971, P.L.394, SEC.19. As amended by P.L.164-1988, SEC.1; P.L.3-1990, SEC.99; P.L.33-1991, SEC.4; P.L.42-1993, SEC.21; P.L.122-1994, SEC.40; P.L.262-1995, SEC.2; P.L.134-2001, SEC.6; P.L.258-2003, SEC.4; P.L.213-2007, SEC.35; P.L.217-2007, SEC.33; P.L.35-2010, SEC.97; P.L.89-2011, SEC.32; P.L.6-2012, SEC.191; P.L.27-2012, SEC.36.
Ind. Code § 28-7-1-27.1 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-27.1
Dissolution
Status: in_force

Sec. 27.1. A credit union may liquidate its affairs and dissolve in the following manner:

(1) The board of directors of a credit union may vote to submit the question of dissolution to the shareholders.

(2) Upon the decision of the board of directors under subdivision (1), payments on shares, withdrawal of shares, and the granting of loans shall be immediately suspended, pending a vote by the shareholders on the question whether to dissolve.

(3) The chairperson of the credit union shall, within ten (10) days after the decision of the board under subdivision (1), notify the department in writing of the reasons for the proposed dissolution. The notice must include a certified statement of condition of the credit union.

(4) Upon receiving the notice of dissolution, the department shall conduct an examination of the credit union.

(5) At either an annual meeting or a special meeting, the question of dissolution shall be approved or disapproved by the shareholders. If approved, such approval shall be evidenced by the written consent of no fewer than two-thirds (2/3) of the shareholders. Upon approval by the shareholders, payments on shares, withdrawal of shares, and granting of loans shall cease. If two-thirds (2/3) of the vote cannot be obtained, the director may permit the voluntary dissolution of the credit union to become effective without the affirmative vote of its membership if the credit union field of membership has ceased or will cease to exist.

(6) If the department finds that the credit union is solvent or that it has sufficient assets with which to pay its shareholders and all liabilities, it may approve the dissolution of the credit union and shall notify the credit union in writing.

(7) Upon receipt by the credit union of notice that the resolution for dissolution has been approved by the department, each member and creditor shall be notified by the credit union in writing that such credit union is in the process of dissolution. Notification to members shall include a request that such members verify, by passbook or in writing, shareholdings in or loan obligations to the credit union. Notification to creditors shall include a request that such creditors present claims to the credit union within ninety (90) days.

(8) The credit union shall be responsible for conserving the assets of the credit union, expediting the liquidation, discharging all of the debts and liabilities of the credit union, and equitably distributing the assets to the shareholders at the completion of the liquidation. The board shall ensure that all persons handling or having access to the funds, books, or records of the credit union are adequately covered by a surety bond to the satisfaction of the department.

(9) The board of directors shall forward to the department a certified statement of condition of the credit union within ten (10) days after the close of each month.

(10) Within thirty (30) days after the date of final distribution of the assets of the credit union to the shareholders, the board of directors shall furnish to the department:

(A) a summary showing how the credit union debts and liabilities were paid;

(B) an itemized list of all credit union assets and property distributed to the shareholders, the name of each shareholder, the number and amount of shares held by each at the time of distribution of assets, the amount distributed to each, and the date of distribution; and

(C) the name and address of the custodian appointed by the board of directors, who shall preserve the records of the credit union for five (5) years from the date of final distribution of the assets.

(11) The department shall file with the secretary of state triplicate copies of the resolution for dissolution bearing the approval of the department as prescribed in IC 28-12-5. The secretary of state shall endorse each copy of the resolution, file one (1) copy of the resolution, and issue and return a certificate of dissolution to the credit union together with two (2) copies of the resolution for dissolution.

(12) The credit union shall file with the county recorder of the county in which the articles of incorporation were recorded one (1) copy of the resolution for dissolution bearing the endorsement of the secretary of state. After this filing, the credit union shall be dissolved and its existence shall cease.

(13) The credit union shall continue in its corporate capacity for three (3) years from the date of the resolution adopted by the board as provided in subdivision (1), for the purpose of:

(A) discharging its debts and obligations;

(B) collecting and distributing its assets; and

(C) doing all other acts required in order to terminate its business;

but for no other purpose.

As added by Acts 1977, P.L.294, SEC.13. Amended by P.L.14-1992, SEC.128; P.L.263-1995, SEC.24.
Ind. Code § 28-7-2.5-7 — Indiana Code / Title 28 / Article 7 / Chapter 2.5 / Section 28-7-2.5-7
Loans in aid of operation or reorganization; security
Status: in_force

Sec. 7. With the prior approval of the department, a conservator appointed under this chapter may borrow money as necessary or expedient to aid in the operation or reorganization of the credit union. Any loan obtained by the conservator under this section may be secured by the pledge or mortgage of, or through a lien upon or security interest in, the assets of the credit union.

As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
Ind. Code § 28-2-18-17 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-17
"Out-of-state state bank" defined
Status: in_force

Sec. 17. As used in this chapter, "out-of-state state bank" means a bank organized or reorganized under the laws of any state other than Indiana.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-10-2-19 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-19
Benchmark replacement conforming changes applicable to recommended benchmark replacement; incorporated by operation of law
Status: in_force

Sec. 19. If a recommended benchmark replacement becomes the benchmark replacement for any contract, security, or instrument under this chapter, any benchmark replacement conforming changes that are applicable to the recommended benchmark replacement become an integral part of the contract, security, or instrument by operation of law.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-3-1-4 — Indiana Code / Title 28 / Article 3 / Chapter 1 / Section 28-3-1-4
Alternative method
Status: in_force

Sec. 4. This chapter shall not be construed to repeal any other law providing for the liquidation of banks, but it shall be construed as providing an alternative method for the liquidation of banks.

Formerly: Acts 1943, c.39, s.4. As amended by P.L.263-1985, SEC.128.
Ind. Code § 28-11-1-6 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-6
Chairman
Status: in_force

Sec. 6. (a) The governor shall designate one (1) of the members as chairman. The governor may appoint the director as chairman under this section.

(b) The chairman has one (1) vote on all matters voted on by the members.

As added by P.L.33-1991, SEC.56. Amended by P.L.10-2006, SEC.70 and P.L.57-2006, SEC.70.
Ind. Code § 28-9-2-1 — Indiana Code / Title 28 / Article 9 / Chapter 2 / Section 28-9-2-1
Application of definitions
Status: in_force

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

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-1-13-12 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-12
Loans or credit to student loan marketing association; applicability of capital and surplus limitation
Status: in_force

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

As added by P.L.14-1992, SEC.92.
Ind. Code § 28-10-1-4 — Indiana Code / Title 28 / Article 10 / Chapter 1 / Section 28-10-1-4
"Corporation" defined
Status: in_force

Sec. 4. For purposes of IC 28-13, "corporation" means any of the following:

(1) A bank and trust company.

(2) A bank.

(3) A savings association.

(4) A mutual savings bank formed as the result of a conversion under IC 28-1-21.7 and governed by IC 28-6.1.

(5) A stock savings bank that was:

(A) formed as the result of a conversion under IC 28-1-21.8 or IC 28-1-21.9; or

(B) incorporated under IC 28-12; and

that is governed by IC 28-6.1.

(6) A trust company.

(7) A corporate fiduciary.

As added by P.L.42-1993, SEC.90. Amended by P.L.122-1994, SEC.108; P.L.262-1995, SEC.72; P.L.79-1998, SEC.84.
Ind. Code § 28-11-1-9.1 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-9.1
Repealed
Status: repealed

As added by P.L.35-2010, SEC.194. Repealed by P.L.134-2012, SEC.32.
Ind. Code § 28-13-13-1 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-1
"Corporation" defined
Status: in_force

Sec. 1. As used in this chapter, "corporation" includes a domestic or foreign predecessor entity of a corporation in a merger or other transaction in which the predecessor's existence ceased upon consummation of the transaction.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-4-4.1 — Indiana Code / Title 28 / Article 6.1 / Chapter 4 / Section 28-6.1-4-4.1
Indemnification of directors; application to banks formed before January 1, 1993
Status: in_force

Sec. 4.1. (a) The provisions concerning indemnification of directors set forth in IC 28-13-13 shall apply to savings banks formed before January 1, 1993.

(b) In the application of IC 28-13-13 to a savings bank formed before January 1, 1993, references in IC 28-13-13 to "directors" and "the board of directors" shall be treated as referring to the trustees and the board of trustees of the savings bank.

As added by P.L.122-1994, SEC.97.
Ind. Code § 28-1-20-2 — Indiana Code / Title 28 / Article 1 / Chapter 20 / Section 28-1-20-2
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.244. As amended by P.L.263-1985, SEC.73. Repealed by P.L.215-1999, SEC.16.
Ind. Code § 28-13-10-10 — Indiana Code / Title 28 / Article 13 / Chapter 10 / Section 28-13-10-10
Commission of crime
Status: in_force

Sec. 10. (a) In the event of a commission of a crime or apparent commission of a crime it shall be the responsibility of the corporation to ensure compliance with Part 353 of the Federal Deposit Insurance Corporation rules and regulations.

(b) Reporting of a crime under Part 353 of the Federal Deposit Insurance Corporation rules and regulations satisfies the reporting requirements of criminal activity for the department.

(c) The department shall use the Financial Crimes Enforcement Network of the United States Department of the Treasury instead of receiving written reports from the corporation.

(d) Failure to report the commission of a crime or apparent commission of a crime as required in Part 353 of the Federal Deposit Insurance Corporation is a violation of this section.

(e) If a corporation is a corporate fiduciary or is not insured by the Federal Deposit Insurance Corporation, the corporation must notify the department of the commission of a crime or the apparent commission of a crime not later than the first business day after the day the crime or apparent crime was discovered. A written notification must also be delivered to the department not later than thirty (30) days after the date the crime or apparent crime was discovered. A written notification under this section must include the:

(1) details of the crime; and

(2) actions taken by the corporation regarding the crime.

As added by P.L.176-1996, SEC.31. Amended by P.L.192-1997, SEC.28; P.L.63-2001, SEC.23 and P.L.134-2001, SEC.25.
Ind. Code § 28-5-2-3 — Indiana Code / Title 28 / Article 5 / Chapter 2 / Section 28-5-2-3
Laws applicable
Status: in_force

Sec. 3. Payment of the certificates as provided in sections 1 and 2 of this chapter shall be subject to the provisions set forth in IC 28-5-1-12.

Formerly: Acts 1953, c.61, s.3. As amended by P.L.263-1985, SEC.157.
Ind. Code § 28-6.1-8-8 — Indiana Code / Title 28 / Article 6.1 / Chapter 8 / Section 28-6.1-8-8
Exercising powers relating to federal home loan banks and corporations
Status: in_force

Sec. 8. Subject to any limitations imposed by the department through policy, a savings bank may do any of the following:

(1) Invest the money deposited in the savings bank in the shares of the capital stock, bonds, debentures, notes, or other obligations of a federal home loan bank of the United States.

(2) Become a member of the federal home loan bank of this or an adjoining district.

(3) Borrow money from:

(A) a bank described in subdivision (2);

(B) the Federal Deposit Insurance Corporation; or

(C) any other corporation.

(4) Transfer, assign to, and pledge with a bank described in subdivision (2), the Federal Deposit Insurance Corporation, or other corporation, any of the bonds, notes, contracts, mortgages, securities, or other property of the savings bank held or acquired, as security for the payment of loans entered into under subdivision (3).

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

As added by P.L.42-1993, SEC.72. Amended by P.L.258-2003, SEC.8.
Ind. Code § 28-8-6-402 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-402
Confidentiality; reporting of significant or recurring violations of chapter to NMLSR; director's authority to use NMLSR; limitations on confidentiality
Status: in_force

Sec. 402. (a) Except as otherwise provided in this section, the following are confidential:

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

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

(3) Financial statements or balance sheets of an applicant or licensee.

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

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

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

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

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

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

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

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

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

(B) otherwise obtained by the NMLSR;

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

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

(A) to the director; or

(B) by the director;

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

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

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

(A) obtain information;

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

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

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

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

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

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

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

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

(1) all information contained in or related to:

(A) examination;

(B) investigation;

(C) operation; or

(D) condition;

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

(2) financial statements or balance sheets of an applicant or licensee;

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

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

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

(2) law enforcement agencies; or

(3) prosecutorial agencies or offices;

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

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

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-8-5-7 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-7
Licensee
Status: in_force

Sec. 7. As used in this chapter, "licensee" means a licensed casher of checks.

As added by P.L.42-1993, SEC.86.
Ind. Code § 28-6.2-5-7 — Indiana Code / Title 28 / Article 6.2 / Chapter 5 / Section 28-6.2-5-7
Permissive transfer of stock, assets, or liabilities
Status: in_force

Sec. 7. With the written approval of the department, a mutual holding company may do the following:

(1) Directly or indirectly transfer any interest in stock that it holds in any subsidiary savings bank.

(2) Cause or permit the transfer of all or a substantial portion of the assets or liabilities of any subsidiary savings bank.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-12-11-1 — Indiana Code / Title 28 / Article 12 / Chapter 11 / Section 28-12-11-1
Requirements for corporations organized or reorganized under this title
Status: in_force

Sec. 1. (a) This section applies only to a corporation that is organized or reorganized under Indiana law and is any of the following:

(1) A bank and trust company.

(2) A bank.

(3) A savings bank.

(4) A trust company.

(5) A savings association.

(6) An industrial loan and investment company.

(7) A credit union.

(8) A corporate fiduciary.

(9) A bank of discount and deposit.

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

(b) The department shall determine the minimum amount of the capital of a corporation organized or reorganized under this title after giving consideration to:

(1) the potential deposit liability to be anticipated, in the case of a proposed new corporation; or

(2) the existing deposit liability, in the case of a corporation to be reorganized.

As added by P.L.42-1993, SEC.92. Amended by P.L.122-1994, SEC.117; P.L.258-2003, SEC.24; P.L.213-2007, SEC.101; P.L.217-2007, SEC.99.
Ind. Code § 28-6.1-6-13 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-13
Acting as agent to buy and sell transportation
Status: in_force

Sec. 13. A savings bank may act as an agent to buy and sell domestic and foreign transportation.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-5-1-6.5 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-6.5
Sale of annuity contracts
Status: in_force

Sec. 6.5. (a) Notwithstanding any other provision of this title, an industrial loan and investment company may act as an insurance producer for the sale of any annuity contract issued by a life insurance company (as defined in IC 27-1-2-3) authorized to do business in Indiana under IC 27-1.

(b) An industrial loan and investment company that acts as an insurance producer for the sale of an annuity contract:

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

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

(c) This section does not give power to, or otherwise affect the power of, an industrial loan and investment company to act as an insurance producer for the sale of life insurance other than an annuity contract.

As added by P.L.262-1995, SEC.65. Amended by P.L.132-2001, SEC.20; P.L.130-2002, SEC.6; P.L.178-2003, SEC.91.
Ind. Code § 28-7-1-4 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-4
Bylaws; contents
Status: in_force

Sec. 4. (a) The bylaws, as provided in section 3 of this chapter, with acknowledgment of their adoption by the incorporators or board of directors, must provide at least the following:

(1) That the board of directors shall annually establish a date for the annual meeting. The bylaws shall prescribe the manner of notifying the members of meetings, the manner of conducting the meetings, and the number of members constituting a quorum, which shall in no case be less than fifteen (15) members.

(2) The number of directors of the corporation, which shall not be less than five (5), all of whom shall be members.

(3) The powers and duties of the directors.

(4) The duties of the officers who are elected by the board of directors.

(5) The number of members of the supervisory committee, which shall not be less than three (3), together with their respective powers and duties.

(6) The terms under which shares may be issued, transferred, and withdrawn and loans may be made and repaid.

(7) Any other provisions consistent with this chapter.

(b) The bylaws must prescribe procedures which ensure that all credit union members have an opportunity to vote, either in person or by absentee ballot, at any meeting of the shareholders. A member may not vote by proxy. A member, other than a natural person, may vote through an agent designated for that purpose. An agent may not represent more than one (1) entity.

(c) This section does not prevent a credit union from having more restrictive provisions in its bylaws than are required by this chapter.

Formerly: Acts 1961, c.182, s.4; Acts 1969, c.133, s.1. As amended by Acts 1977, P.L.294, SEC.4; P.L.270-1983, SEC.2; P.L.52-1985, SEC.7; P.L.171-1986, SEC.1; P.L.263-1995, SEC.4.
Ind. Code § 28-1-2-13 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-13
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.16. Repealed by Acts 1971, P.L.394, SEC.31.
Ind. Code § 28-6.1-20-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 20 / Section 28-6.1-20-2
Violations
Status: in_force

Sec. 2. A violation of Section 23A or 23B of the Federal Reserve Act (12 U.S.C. 371c or 371c-1) by a savings bank or a subsidiary constitutes a violation of this chapter.

As added by P.L.258-2003, SEC.9.
Ind. Code § 28-14-3-10 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-10
Acting as fiscal or transfer agent
Status: in_force

Sec. 10. A corporate fiduciary has the power to act as fiscal or transfer agent of the United States or any state, municipality, body politic, or corporation, and may, in that capacity:

(1) receive and disburse money;

(2) transfer, register, and countersign certificates of stocks, bonds, and other evidence of indebtedness;

(3) authenticate and certify bonds and certificates of indebtedness referred to in subdivision (2);

(4) act as agent to buy and sell domestic and foreign transportation;

(5) solicit and write insurance as insurance producer or broker for any insurance company authorized to do business in Indiana; and

(6) act as attorney in fact or agent of any person or corporation, foreign or domestic, for any lawful purpose.

As added by P.L.262-1995, SEC.90. Amended by P.L.215-1999, SEC.13; P.L.178-2003, SEC.94.
Ind. Code § 28-1-21.8-4 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-4
Savings association
Status: in_force

Sec. 4. (a) As used in this chapter, "savings association" means an institution (as defined in 12 U.S.C. 1813(b)) that maintains its principal office in Indiana.

(b) The term includes:

(1) federally chartered savings associations and savings banks; and

(2) state savings and loan associations and building and loan associations;

whether in stock or mutual form of ownership.

(c) The term does not include mutual savings banks or stock savings banks.

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-1-25-2 — Indiana Code / Title 28 / Article 1 / Chapter 25 / Section 28-1-25-2
Application of limitations under state laws to unsecured portion of loans partially federally secured
Status: in_force

Sec. 2. Whenever the United States, any federal reserve bank of the United States, or any department, bureau, board, or commission of the United States, including any corporation wholly owned directly or indirectly by the United States, shall secure or guarantee the payment of or make commitment or agreement to take over or purchase any portion of a loan or obligation of any financial institution or any investment type industrial loan and investment company, any law of this state prescribing the ratio between the amount of any loan or obligation and the appraised value of the security for such loan or obligation shall apply only to the portion of such loan or obligation which is not secured or guaranteed or upon which there is no commitment or agreement to take over or purchase.

Formerly: Acts 1945, c.47, s.2. As amended by P.L.263-1985, SEC.105.
Ind. Code § 28-11-2-5 — Indiana Code / Title 28 / Article 11 / Chapter 2 / Section 28-11-2-5
Repealed
Status: repealed

As added by P.L.33-1991, SEC.56. Amended by P.L.10-2006, SEC.72 and P.L.57-2006, SEC.72. Repealed by P.L.100-2012, SEC.67.
Ind. Code § 28-6.1-7-9 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-9
Purchasing, holding, and conveying real property to be used as branch savings bank and rental property; resolution
Status: in_force

Sec. 9. (a) Subject to the prior written approval of the department, a savings bank may purchase, hold, and convey real property that is:

(1) improved or to be improved by a single, freestanding building; and

(2) to be used, in part, as a branch of the savings bank and, in part, as rental property for one (1) lessee.

(b) If real estate described in subsection (a) is held by a savings bank for at least one (1) year without being used as described in subsection (a), the board of directors of the savings bank shall state, by resolution, definite plans for the use of the real estate. A resolution adopted under this subsection shall be made available for inspection by the department.

(c) Unless a written extension of time is given by the department under this subsection, the savings bank shall open the branch not later than three (3) years after the acquisition date of the real estate. The department may grant an extension of time for the savings bank to open the branch if:

(1) the board of directors of the savings bank, by resolution:

(A) reaffirms annually that the savings bank expects to use the real estate as described in subsection (a) in the future; and

(B) explains the reason why the real estate has not yet been used as described in subsection (a); and

(2) the director determines that:

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

(B) the savings bank is holding the real estate to use the real estate in the future for one (1) of the purposes set forth in subsection (a).

(d) If the savings bank:

(1) does not open a branch on the real estate within the period specified in subsection (c); or

(2) removes its branch from the real estate;

the savings bank shall divest itself of all interest in the real estate not more than ten (10) years after the acquisition date of the real estate, if a branch was not opened, or ten (10) years after the removal date of the branch office.

(e) Except with the written approval of the department, the sum invested in real property and buildings used for the convenient transaction of the savings bank's business as provided in this section may not exceed fifty percent (50%) of the surplus and retained earnings of the savings bank.

As added by P.L.42-1993, SEC.72. Amended by P.L.213-2007, SEC.63; P.L.217-2007, SEC.61.
Ind. Code § 28-1-3.1-20 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-20
Dissolution and cessation of existence
Status: in_force

Sec. 20. Upon the issuance of the certificate of dissolution and the recording of the articles of dissolution, as provided in section 19 of this chapter, the financial institution shall be dissolved and its existence shall cease.

As added by P.L.141-1984, SEC.2.
Ind. Code § 28-6.2-2-8 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-8
Reorganization plan requirements
Status: in_force

Sec. 8. Each reorganization plan must:

(1) contain a description of all significant terms of the proposed reorganization; and

(2) include as an attachment and incorporate the following:

(A) Any proposed stock issuance plan.

(B) An opinion of counsel or a ruling from the federal Internal Revenue Service and the department of state revenue as to the federal and state tax treatment of the proposed reorganization.

(C) A copy of the proposed articles of reorganization and bylaws of the resulting savings bank.

(D) A description of the method of reorganization under this chapter.

(E) A statement that, upon consummation of the reorganization, certain assets and liabilities, including all deposit accounts of the reorganizing savings bank, shall be transferred to the resulting savings bank, which shall immediately become a savings bank subsidiary of the mutual holding company.

(F) A copy of any stock issuance plan that is proposed as part of the reorganization plan.

(G) A summary of the expenses to be incurred in connection with the reorganization.

As added by P.L.122-1994, SEC.101. Amended by P.L.23-2026, SEC.265.
Ind. Code § 28-1-33-5 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-5
"Mutual savings bank"
Status: in_force

Sec. 5. As used in this chapter, "mutual savings bank" has the meaning set forth in IC 28-6.1-2-5.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-2-13-11 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-11
Repealed
Status: repealed

As added by P.L.265-1985, SEC.3. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-1-22-8 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-8
Effect of certificate of admission
Status: in_force

Sec. 8. A foreign corporation that has been issued a certificate of admission by the secretary of state shall be admitted and shall have authority to transact the business set forth in the certificate.

Formerly: Acts 1933, c.40, s.331. As amended by P.L.263-1985, SEC.88; P.L.171-1996, SEC.13; P.L.11-1998, SEC.2.