Ind. Code § 28-6.1-15-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-1
Application of chapter
Status: in_force

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

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-7-5-37 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-37
Violations
Status: in_force

Sec. 37. A person who violates this chapter commits a Class A misdemeanor.

Formerly: Acts 1935, c.195, s.36. As amended by Acts 1978, P.L.2, SEC.2821; P.L.14-1992, SEC.158; P.L.42-1993, SEC.83.
Ind. Code § 28-1-32-11 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-11
Rights, privileges, authorizations, and obligations
Status: in_force

Sec. 11. At the effective time of the conversion of a mutual savings association into a credit union under this chapter, the resulting credit union:

(1) possesses all of the rights, privileges, immunities, and powers of a credit union;

(2) unless otherwise provided in this chapter, is subject to all of the statutes, rules, duties, restrictions, obligations, and liabilities of a credit union;

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

(4) is subject to all debts, obligations, and liabilities of the converting savings association as if the credit union had incurred the debts, obligation, and liabilities; and

(5) may retain the borrowers and depositors of the converting savings association as members of the credit union.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-14-3-14 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-14
Appointment upon application or consent of person acting or entitled to serve as guardian, trustee, executor, or administrator
Status: in_force

Sec. 14. (a) A corporate fiduciary may be appointed and may act under the order of appointment of any court of competent jurisdiction as:

(1) guardian;

(2) trustee;

(3) executor; or

(4) administrator, with or without the will annexed;

on the application or consent of a person who is acting as guardian, trustee, executor, or administrator, or who is entitled to appointment as guardian, trustee, executor, or administrator.

(b) A corporate fiduciary appointed under subsection (a) serves in the place of and instead of the person who applies for or consents to the appointment.

(c) An appointment under subsection (a) must be made:

(1) upon the notice required by law to the persons interested in the estate or fund; and

(2) on the consent of the principal beneficiaries or other persons interested in the estate or fund as the court making the appointment considers proper.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-3.1-7 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-7
Receiver's authority to sell assets; borrowing of money for deposit liabilities
Status: in_force

Sec. 7. The receiver may, with ex parte approval of the receivership court, sell all or any part of the financial institution's assets to another state or federally chartered financial institution or to a federal deposit insurance agency acting in its corporate capacity. The Federal Deposit Insurance Corporation is not required to seek ex parte approval of the receivership court. The receiver may also borrow from a federal deposit insurance agency any amount necessary to facilitate the assumption of deposit liabilities by a newly chartered or existing state or federally chartered financial institution, assigning any part or all of the assets of the financial institution as security for the loan.

As added by P.L.141-1984, SEC.2. Amended by P.L.35-2010, SEC.102.
Ind. Code § 28-1-33-6 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-6
"Voting parties"
Status: in_force

Sec. 6. As used in this chapter, "voting parties" means the:

(1) depositors; and

(2) borrowers;

of a mutual savings bank.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-2-14-3 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-3
Bank holding company
Status: in_force

Sec. 3. (a) As used in this chapter, "bank holding company" means any company that controls one (1) or more banks.

(b) For the purposes of this chapter:

(1) a company is not a bank holding company by virtue of its ownership or control of shares in a fiduciary capacity, unless the shares are held for the benefit of the shareholders of the company;

(2) a company is not a bank holding company by virtue of its ownership or control of shares that are acquired by the company in connection with its underwriting of securities and that are held only for such a period of time as will permit the sale of the shares on a reasonable basis;

(3) a company formed for the sole purpose of participating in a proxy solicitation is not a bank holding company by virtue of its control of voting rights of shares acquired in the course of the solicitation; and

(4) a company is not a bank holding company by virtue of its ownership or control of shares acquired in securing or collecting a debt previously contracted in good faith, until two (2) years after the date of acquisition.

The department may extend, from time to time but for not more than one (1) year at a time, the two (2) year period referred to in subdivision (4), but the extensions may not, in the aggregate, exceed three (3) years.

(c) For the purposes of this chapter, any successor to a bank holding company is a bank holding company from the date as of which the predecessor company became a bank holding company.

As added by P.L.265-1985, SEC.4.
Ind. Code § 28-1-21.4-6 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-6
"Stock savings association"
Status: in_force

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

(1) owned by holders of capital stock; and

(2) formed by conversion under this chapter.

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.49.
Ind. Code § 28-2-17-28 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-28
Severability
Status: in_force

Sec. 28. The provisions of this chapter are severable in the manner provided in IC 1-1-1-8(b). If:

(1) any provision of this chapter; or

(2) the application of any provision of this chapter;

is found by any court with jurisdiction in the United States to be invalid as to any bank, bank holding company, foreign bank, or other person or circumstances, or to be superseded by federal law, the remaining provisions of this chapter shall not be affected and shall continue to apply to any bank, bank holding company, foreign bank, or other person or circumstance.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-1-32-15 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-15
Subject to credit union statutes and rules
Status: in_force

Sec. 15. Upon the effective time of the conversion, the converted credit union is subject to all statutes and rules applicable to credit unions.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-10-2-14 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-14
"Relevant recommending body"
Status: in_force

Sec. 14. As used in this chapter, "relevant recommending body" means:

(1) the Federal Reserve Board or any successor;

(2) the Federal Reserve Bank of New York or any successor; or

(3) the Alternative Reference Rates Committee or any successor.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-1-11-11 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-11
Safe deposits and escrows
Status: in_force

Sec. 11. Any bank or trust company shall have power to receive, upon terms and conditions to be prescribed by such corporation, not inconsistent with the provisions of this section, upon deposit for safe-keeping, or in escrow, moneys, bonds, mortgages, jewelry, plate, stock, securities and valuable papers of any kind, and other personal property for hire, and to rent or lease receptacles for safe deposits of personal property. No bank or trust company nor any of the assets thereof shall be liable, for the value of any property received by it pursuant to the power conferred by this section nor for damages for the loss, theft or misappropriation thereof. Any bank or trust company may procure and carry a policy or policies of insurance for the benefit of the owners of any property received by it pursuant to the power conferred by this section.

Formerly: Acts 1933, c.40, s.180.
Ind. Code § 28-1-23-16 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-16
Withdrawal of deposits
Status: in_force

Sec. 16. All persons, regardless of age, may become depositors in a depository financial institution (as defined in IC 28-1-1-6) and shall be subject to the same duties and liabilities respecting their deposits. Whenever a deposit is accepted by a depository financial institution in the name of any person, regardless of age, the deposit may be withdrawn by the depositor by any of the following methods:

(1) Check or other instrument in writing. The check or other instrument in writing constitutes a receipt or acquittance if it is signed by the depositor, and constitutes a valid release and discharge to the depository financial institution for all payments so made.

(2) Electronic means through:

(A) preauthorized direct withdrawal;

(B) an automated teller machine;

(C) a debit card;

(D) a transfer by telephone;

(E) a network, including the Internet; or

(F) any:

(i) electronic terminal;

(ii) computer;

(iii) magnetic tape; or

(iv) other electronic means.

However, this section may not be construed to affect the rights, liabilities, or responsibilities of participants in an electronic fund transfer under the federal Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.).

As added by P.L.81-2001, SEC.3.
Ind. Code § 28-13-5-4 — Indiana Code / Title 28 / Article 13 / Chapter 5 / Section 28-13-5-4
Special meeting requisites and procedure
Status: in_force

Sec. 4. (a) Special meetings of shareholders shall be held at the principal office of the corporation, or in the city, town, or county in which the principal office is located at the place stated in or fixed in accordance with the bylaws. If no place is stated or fixed in accordance with the bylaws, special meetings shall be held at the corporation's principal office.

(b) Only business within the purpose or purposes described in the meeting notice required by section 7 of this chapter may be conducted at a special shareholders' meeting.

(c) If the articles of incorporation or bylaws so provide, any or all shareholders may participate in a special meeting of shareholders by, or through the use of, any means of communication by which all shareholders participating may simultaneously communicate with each other during the meeting. A shareholder participating in a meeting by this means is considered to be present in person at the meeting.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-9-7 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-7
Trust and fiduciary property; disposition
Status: in_force

Sec. 7. If, at the time of liquidation such corporation shall hold any property, real or personal, in trust for any individual or corporation under or by virtue of any trust instrument, the agent shall convey, assign, and deliver such property to the successor trustee named in the trust instrument under which such property is held, or if no successor trustee be named in the trust instrument, to such individual or to a bank or trust company or corporate fiduciary that is qualified to exercise trust powers as may be designated in writing by the beneficiaries of such trust, or if no such designation is made after written notice to the beneficiaries, or if the beneficiaries are otherwise incompetent to designate a successor trustee, then to such individual or to such bank or trust company or corporate fiduciary that is qualified to exercise trust powers as may be appointed by the circuit, probate, or other court having jurisdiction of trusts in the county where the principal office of such corporation is located. No person eighteen (18) years of age or older shall be deemed incompetent by virtue of the person's age to name a successor trustee. If any such corporation, at the time of liquidation, shall be acting as administrator, executor, guardian, receiver or in any other fiduciary capacity under the appointment of any court, the agent shall convey, assign, and deliver all of the property of such trust and all of such trust business, to such individual or to such bank or trust company or corporate fiduciary that is qualified to execute trusts, as may be appointed by the court having jurisdiction of such trust, upon the order and direction of such court.

Formerly: Acts 1933, c.40, s.148; Acts 1973, P.L.280, SEC.2. As amended by P.L.262-1995, SEC.28; P.L.136-2018, SEC.206.
Ind. Code § 28-6.2-3-1 — Indiana Code / Title 28 / Article 6.2 / Chapter 3 / Section 28-6.2-3-1
Written approval before issuance; criteria for approval
Status: in_force

Sec. 1. (a) A savings bank subsidiary of a mutual holding company, including a resulting or an acquiree savings bank, may not, directly or indirectly, issue stock to persons other than its mutual holding company parent without the prior written approval of the department.

(b) The department shall approve a proposed stock issuance plan upon determining that all of the following criteria are met:

(1) The plan:

(A) would provide the savings bank, its mutual holding company, and any other savings bank subsidiaries of the mutual holding company with sufficient capital; and

(B) would not be detrimental to the savings bank, its mutual holding company, members of the mutual holding company, or the interest of depositors of the savings bank.

(2) The proposed price or price range, the classification, and any terms or conditions of the stock to be issued are reasonable.

(3) The plan is approved by the members of the mutual holding company or, if the plan is part of a reorganization plan, by members of the reorganizing savings bank, at a meeting of the members of the mutual holding company or the reorganizing savings bank.

(c) In determining whether the criteria set forth in subsection (b) are met, the department may consider the following factors:

(1) The size, capital position, and quality of management of the savings bank.

(2) The business objective of the savings bank.

(3) The dollar amount and number of shares to be issued under the plan.

(4) The market conditions that may affect the plan.

(5) The existence of a trading market in, or methods of later resale or repurchase of, the stock to be issued under the plan.

(6) Any benefits provided to the savings bank through employee or director incentives.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-8-6-905 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-905
Applications for an order enjoining a person from violating this chapter or an order of the director; applications for injunctive relief
Status: in_force

Sec. 905. If it appears to the director that a person has committed or is about to commit a violation of a provision of this chapter or an order of the director, the director may apply to a court having jurisdiction for:

(1) an order enjoining the person from violating or continuing to violate this chapter or the order; or

(2) injunctive or other relief;

as the nature of the case may require.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-15-9-1 — Indiana Code / Title 28 / Article 15 / Chapter 9 / Section 28-15-9-1
Limitations
Status: in_force

Sec. 1. A savings association may form and invest in a service corporation to the same extent and with the same limitations as a federally chartered savings association, as provided for by 12 CFR 559.

As added by P.L.193-1997, SEC.2. Amended by P.L.215-1999, SEC.15.
Ind. Code § 28-7-5-28.5 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-28.5
Additional charge; servicing fee
Status: in_force

Sec. 28.5. (a) Except as provided in subsection (b), in addition to the loan finance charge authorized by section 28 of this chapter, a pawnbroker may charge, contract for, and receive a fee not to exceed one-fifth (1/5) of the principal amount of the loan per month or any fractional part of a month for servicing the pledge that may include investigating the title, storing, providing security, appraisal, handling, making daily reports to local law enforcement officers, and for other expenses and costs associated with servicing the pledge. The fee for each month after the second month of the loan transaction is limited to one-thirtieth (1/30) of the monthly fee for each day the loan is outstanding. Such a charge when made and collected is not interest and is not a rate under IC 35-45-7-1.

(b) If a loan is renewed or extended, the monthly fee authorized by subsection (a) accrues at a rate of one-thirtieth (1/30) of the monthly fee each day:

(1) beginning upon the expiration of two (2) months after the original date of the loan; and

(2) continuing through and including the day a pledger redeems the pledge.

As added by P.L.14-1992, SEC.152. Amended by P.L.42-1993, SEC.81; P.L.63-2001, SEC.19; P.L.134-2001, SEC.21; and P.L.163-2001, SEC.5; P.L.258-2003, SEC.13.
Ind. Code § 28-2-13-3 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-3
Affiliate
Status: in_force

Sec. 3. As used in this chapter, "affiliate" means, as to a bank controlled by one (1) or more bank holding companies, another bank, savings bank, or savings association controlled by the same bank holding company or bank holding companies.

As added by P.L.265-1985, SEC.3. Amended by P.L.262-1995, SEC.53; P.L.171-1996, SEC.30; P.L.79-1998, SEC.62.
Ind. Code § 28-8-5-17 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-17
Check cashing fee limitations
Status: in_force

Sec. 17. (a) Except as otherwise provided in this chapter, a licensee may not charge check cashing fees in excess of:

(1) the greater of ten dollars ($10) or ten percent (10%) of the face amount of a check, in the case of a personal check; or

(2) the greater of five dollars ($5) or five percent (5%) of the face amount of a check, in the case of all other checks.

(b) Except as provided in this chapter, a licensee or the licensee's agent may not accept multiple checks from a:

(1) person;

(2) person's spouse; or

(3) person's agent;

drawn on the person's account with the intent that the licensee may collect multiple or increased fees for cashing the checks.

As added by P.L.42-1993, SEC.86. Amended by P.L.80-1998, SEC.23; P.L.213-2007, SEC.88; P.L.217-2007, SEC.86.
Ind. Code § 28-1-2-38 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-38
Repealed
Status: repealed

As added by P.L.141-1984, SEC.1. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-1-31-3 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-3
"Department"
Status: in_force

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

As added by P.L.1-2006, SEC.490.
Ind. Code § 28-1-32-4 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-4
"Mutual savings association"
Status: in_force

Sec. 4. As used in this chapter, "mutual savings association" means a savings association (as defined in 12 U.S.C. 1813(b)) that:

(1) maintains its principal office in Indiana; and

(2) has a mutual form of ownership.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-14-3-2 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-2
Corporate name
Status: in_force

Sec. 2. A corporate fiduciary is entitled to perpetual duration and succession of its corporate name.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-11-5-4.5 — Indiana Code / Title 28 / Article 11 / Chapter 5 / Section 28-11-5-4.5
Background checks; fingerprints
Status: in_force

Sec. 4.5. (a) To obtain additional information for the purposes of section 4 of this chapter, the director may require:

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

(2) credit histories; and

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

for any incorporator, director, principal shareholder, or officer of a proposed financial institution.

(b) If the director requests a national criminal history background check under subsection (a) for any individual described in subsection (a), the director shall require the individual to submit fingerprints to the department or to the state police department, as appropriate. The individual to whom the request is made shall pay any fees or costs associated with the fingerprints and the national criminal history background check. A national criminal history background check conducted under subsection (a) may be used by the department to:

(1) conduct an investigation under section 4(a)(1) or 4(a)(2) of this chapter; or

(2) disapprove an application under section 4(b)(2) of this chapter.

The director or the department may not release the results of the national criminal history background check to any private entity.

As added by P.L.192-1997, SEC.25. Amended by P.L.90-2008, SEC.75.
Ind. Code § 28-6.1-9-3 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-3
Person
Status: in_force

Sec. 3. As used in this chapter, "person" includes an individual, an association, a business trust, a corporation, an estate, a joint venture, a sole proprietorship, a partnership, a trust, a government, or an agency, an instrumentality, or a political subdivision of a government, or any similar entity.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-14-7.5-8 — Indiana Code / Title 28 / Article 14 / Chapter 7.5 / Section 28-14-7.5-8
Termination of conservatorship; appointment of receiver; liquidation
Status: in_force

Sec. 8. (a) The department may:

(1) terminate a conservatorship ordered under this chapter; and

(2) permit the corporate fiduciary subject to the conservatorship to resume the transaction of the corporate fiduciary's business, subject to any terms, conditions, restrictions, and limitations that the department may prescribe;

if the department is satisfied that a termination of the conservatorship may be done safely and is in the public interest.

(b) Subject to subsection (c), the department may:

(1) terminate a conservatorship ordered under this chapter; and

(2) apply for the appointment of a receiver for the corporate fiduciary under IC 28-1-3.1;

if the department determines that the appointment of a receiver for the corporate fiduciary is in the public interest.

(c) If the department determines that the liquidation of a corporate fiduciary placed in conservatorship under this chapter is in the public interest, the department shall:

(1) terminate the conservatorship ordered under this chapter; and

(2) apply for the appointment of a receiver for the corporate fiduciary under IC 28-1-3.1.

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
Ind. Code § 28-11-1-14 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-14
Assignments, deeds, and other documents; execution
Status: in_force

Sec. 14. All assignments, deeds, instruments, notices, orders, rules, and other documents of the department shall be executed in the name of "The Department of Financial Institutions" by the director or, in case of the director's absence or disability, by:

(1) the chairman;

(2) an officer elected by the members; or

(3) an employee of the department designated in writing by the director or the chairman.

As added by P.L.33-1991, SEC.56. Amended by P.L.213-2007, SEC.94; P.L.217-2007, SEC.92.
Ind. Code § 28-1-5-16 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-16
Requirement to provide property tax information in certain transactions
Status: in_force

Sec. 16. With respect to a residential real property financing or refinancing, a corporation shall comply with IC 6-1.1-12-43.

As added by P.L.64-2004, SEC.29.
Ind. Code § 28-6.1-8-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 8 / Section 28-6.1-8-2
Making, arranging, purchasing, and selling real estate loans and extensions of credit
Status: in_force

Sec. 2. A savings bank may make, arrange, purchase, or sell loans or extensions of credit secured by liens on interests in real estate as provided in IC 28-1-13-7.1.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-23-17 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-17
Savings or checking accounts for qualified youth
Status: in_force

Sec. 17. (a) A qualified youth may enter into a contract with a depository financial institution to open a savings or checking account in the qualified youth's name with the consent of a juvenile court with jurisdiction over the qualified youth.

(b) A qualified youth who opens a savings or checking account under subsection (a) is:

(1) solely responsible for paying all banking-related costs associated with the account; and

(2) solely liable for any and all penalties assessed to the qualified youth as the account holder due to the qualified youth's violation of the terms of the account.

(c) A qualified youth may not avoid a contract entered into with a depository financial institution under subsection (a) by alleging that the qualified youth was under a legal disability by reason of the qualified youth's age.

As added by P.L.90-2025, SEC.4.
Ind. Code § 28-3-1-2 — Indiana Code / Title 28 / Article 3 / Chapter 1 / Section 28-3-1-2
Sequence of payments; dissenting stockholders
Status: in_force

Sec. 2. Upon the filing and approval of such bond, the officers of any such bank, shall without delay, proceed with the liquidation of its business by first paying all of its depositors in full, and when all of such depositors have been paid in full, the holders of the capital stock of such bank shall appoint a committee of not more than three (3) persons to completely liquidate and pay all of its other liabilities, and to distribute all the remaining assets of said bank, share and share alike, to the owners of its capital in proportion to the shares of its capital stock respectively owned by them and then outstanding: Provided, however, that the owners of shares of its capital stock who did not approve of such liquidation shall, if they so demand, be paid the full par value of their shares within six (6) months from the time of the filing of such petition and such shares shall be cancelled and said owners shall not be entitled to any further share in any distribution of the assets of said bank.

Formerly: Acts 1943, c.39, s.2.
Ind. Code § 28-8-6-501 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-501
Licensure required; license not assignable or transferable
Status: in_force

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

(1) engage in the business of offering or providing earned wage access services; or

(2) advertise, solicit, or hold itself out as offering or providing earned wage access services;

unless the person is licensed under this chapter.

(b) Subsection (a) does not apply to a person that is exempt under section 301 of this chapter and does not engage in the business of offering or providing earned wage access services outside the scope of the exemption.

(c) A license issued under section 503 of this chapter is not transferable or assignable without the approval of the department.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-15-1-4 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-4
"Department"
Status: in_force

Sec. 4. "Department" refers to the department of financial institutions.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-6.1-11-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 11 / Section 28-6.1-11-2
Purchase, holding, and conveyance of real property
Status: in_force

Sec. 2. (a) A savings bank may purchase, hold, and convey real property as follows:

(1) As necessary for the convenient transaction of the savings bank's business as provided in IC 28-6.1-7-12.

(2) Real property mortgaged to the savings bank in good faith for money loaned, or upon which the savings bank purchased a mortgage.

(3) Real property purchased:

(A) at sales upon judgments, decrees, or mortgages obtained upon claims in favor of the savings bank; or

(B) to prevent loss upon claims held by the savings bank.

(4) Real property conveyed to the savings bank:

(A) in satisfaction of:

(i) debts constructed in the course of the bank's dealings; or

(ii) debts, notes, or mortgages purchased by or assigned to the savings bank; or

(B) in exchange for real property conveyed to the savings bank.

(b) Real property described in subsection (a)(2) and (a)(3) of this chapter shall be sold not more than ten (10) years after the real property has become vested in the savings bank if the sale will bring the amount due on account of the real property. If the real property cannot be sold for a sufficient sum for that purpose, the department may give further time the department considers necessary to sell the real property.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-29-4.5 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-4.5
Collection agencies or process servers; licenses; restriction
Status: in_force

Sec. 4.5. After August 31, 1981, the department may not issue a license to any person who is an employee of, owner of, or affiliated in any way with a collection agency or a process serving business. Any person who was granted a license before September 1, 1981, is not affected by the restriction imposed in this section.

As added by Acts 1981, P.L.256, SEC.1. Amended by P.L.42-1993, SEC.50.
Ind. Code § 28-1-5-6 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-6
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.94. As amended by P.L.263-1985, SEC.20. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-6.1-18-14 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-14
Statements of dissolution
Status: in_force

Sec. 14. (a) Upon completion of the liquidation, the department shall prepare and file a statement of dissolution in the office of the recorder of the county in which the savings bank was located.

(b) The statement of dissolution shall contain the following:

(1) The name of the savings bank.

(2) The location of the savings bank.

(3) The date of the meeting of the board adopting the resolution of dissolution.

(4) A copy of the notice of the meeting of the board.

(5) A copy of the minutes of the meeting of the board containing the full text of the resolution of dissolution.

(6) The manner of the adoption of the resolution of dissolution and the vote by which the resolution was adopted.

(7) A copy of the notices published under this chapter.

(8) The names and addresses of the trustees and officers of the savings bank at the time of the adoption of the resolution.

(9) A copy of the order of the department directing the liquidation and dissolution of the savings bank.

(10) A brief summary setting forth, as of the date of the taking possession of the savings bank by the department of the following:

(A) The aggregate amount of general claims finally allowed against the savings bank.

(B) The aggregate amount of claims allowed as preferred, and the aggregate amount of all other claims against the savings bank.

(C) A statement of the aggregate payments made on each of the groups of claims and a reference to the following:

(i) The court records where the orders authorizing the payments are recorded.

(ii) The current reports where a report of the payments ordered is made.

(11) A brief summary setting forth the following:

(A) The disposition of the surplus assets (if any) remaining after payment of all costs and expenses of administration and liquidation.

(B) The payment of all liabilities, including deposits and accrued dividends or interest (if any).

(12) A copy of the final order of the court in the matter of the liquidation of the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-10-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-5
Underwriting or guaranteeing issues of securities
Status: in_force

Sec. 5. A savings bank may not underwrite or guarantee all or a part of an issue of securities other than obligations issued or guaranteed by or on behalf of the state, a political subdivision of the state, or an agency or instrumentality of the state or of a political subdivision.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-14-3-12 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-12
Appointment as commissioner for sale of real estate; guardian of minor or incapacitated persons; trustee, receiver, conservator, or committee of property or estate in insolvency or bankruptcy proceedings; depository of funds paid into court; other fiduciary capacities
Status: in_force

Sec. 12. A corporate fiduciary may be appointed and act under the order of appointment of a court of competent jurisdiction as commissioner for the sale of real estate, guardian of the person and guardian of the estate of a person less than eighteen (18) years of age, and incapacitated persons (as defined in IC 29-3-1-7.5), or as trustee, receiver, conservator, or committee of the property or estate of a person, corporation, or company in insolvency or bankruptcy proceedings, or as depository of money paid into court, whether for the benefit of a person, regardless of age, corporation, or party, and in any other fiduciary capacity.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-13-2 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-2
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.196; Acts 1965, c.356, s.13. As amended by P.L.263-1985, SEC.64. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-14-3-6 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-6
United States government securities
Status: in_force

Sec. 6. (a) Notwithstanding any other law, a corporate fiduciary holding United States government securities in a fiduciary capacity may use the Federal Reserve Book-Entry procedure for United States government securities. The records of the corporate fiduciary must at all times show the name of the party for whose account the United States government securities are deposited.

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

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-15-6-1 — Indiana Code / Title 28 / Article 15 / Chapter 6 / Section 28-15-6-1
Limits on loans made to single borrower; derivative transactions
Status: in_force

Sec. 1. (a) The following limits apply to the loans that a savings association may make to one (1) borrower:

(1) Loans that a savings association may make to one (1) borrower are restricted by the provisions of 12 U.S.C. 84 and 12 CFR 32.

(2) Notwithstanding subdivision (1), a savings association may loan to one (1) borrower no more than the lesser of:

(A) an amount equal to four percent (4%) of the assets of the savings association; or

(B) five hundred thousand dollars ($500,000).

(3) Notwithstanding subdivisions (1) and (2), a savings association may make loans to one (1) borrower to develop domestic residential housing units in an amount equal to or less than thirty percent (30%) of the savings association's unimpaired capital and surplus if:

(A) the final purchase price of each single family dwelling unit whose development is financed under this section does not exceed five hundred thousand dollars ($500,000);

(B) loans made under this subdivision to all borrowers do not in the aggregate exceed one hundred fifty percent (150%) of the savings association's unimpaired capital and surplus; and

(C) the loans made under this subdivision comply with the applicable loan to value requirements that apply to federal savings associations.

(b) For purposes of any lending limits set forth under this article with respect to savings associations, the total loans and extensions of credit by a savings association includes any credit exposure to a person arising from a derivative transaction (as defined in 12 U.S.C. 84(b)(3)) between the savings association and the person.

As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.112.
Ind. Code § 28-1-5-13 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-13
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.101; Acts 1935, c.5, s.19; Acts 1965, c.356, s.3; Acts 1971, P.L.394, SEC.26. As amended by P.L.276-1987, SEC.1. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-2-13-17.5 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-17.5
Repealed
Status: repealed

As added by P.L.279-1987, SEC.2. Repealed by P.L.171-1996, SEC.44.
Ind. Code § 28-6.1-18-15 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-15
Termination of savings bank's existence
Status: in_force

Sec. 15. When the statement required by section 14 of this chapter is recorded, the savings bank ceases to exist.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-7-22 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-22
Effect of merger or consolidation upon fiduciary status of party
Status: in_force

Sec. 22. If any bank, bank of discount and deposit, trust company, savings bank, corporate fiduciary, or savings association:

(1) is acting as the administrator, coadministrator, executor, coexecutor, trustee, or cotrustee of or in respect to any estate or trust, or as guardian of any person or estate which is being administered under the laws of this state; or

(2) has been named or designated as such in any will or other executed writing;

such relation, and all other similar fiduciary relations, and all rights, privileges, duties, and obligations shall remain unimpaired, and shall continue with the surviving or single corporation, from the effective date of the merger or consolidation.

Formerly: Acts 1933, c.40, s.135. As amended by P.L.122-1994, SEC.57; P.L.262-1995, SEC.11; P.L.79-1998, SEC.38.
Ind. Code § 28-13-5-2 — Indiana Code / Title 28 / Article 13 / Chapter 5 / Section 28-13-5-2
Special meeting; corporations with more than 50 shareholders
Status: in_force

Sec. 2. (a) A corporation with more than fifty (50) shareholders must hold a special meeting of shareholders on call of the corporation's board of directors or the person or persons, including shareholders or officers, specifically authorized to do so by the articles of incorporation or bylaws.

(b) If the articles of incorporation require the holding of a special meeting on the demand of the corporation's shareholders, but do not specify the percentage of votes entitled to be cast on an issue necessary to demand a special meeting, the board of directors may establish the percentage in the corporation's bylaws. Absent adoption of a bylaw provision, the demand for a special meeting must be made by the holders of all of the votes entitled to be cast on an issue.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-9-2-7 — Indiana Code / Title 28 / Article 9 / Chapter 2 / Section 28-9-2-7
"Person"
Status: in_force

Sec. 7. "Person" has the meaning set forth in IC 3-5-2.1-77.

As added by P.L.258-1989, SEC.2. Amended by P.L.186-2025, SEC.149.
Ind. Code § 28-14-3-17 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-17
Pledge or deposit of assets prohibited
Status: in_force

Sec. 17. A corporate fiduciary shall not pledge or deposit any of its assets as a condition to the exercise of its powers as a fiduciary.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-11-1 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-1
General and enumerated rights, privileges, and powers; "bank or trust company"
Status: in_force

Sec. 1. (a) In addition to the general rights, privileges, and powers conferred by IC 28-1-5 through IC 28-1-9 and subject to the limitations and restrictions contained in this article and in the articles of incorporation, every bank or trust company shall possess and may exercise the rights, privileges, and powers enumerated in this chapter.

(b) Unless the language used specifically indicates otherwise, the terms "bank or trust company" and "bank and trust company" as used in IC 28-1-11 through IC 28-1-20 mean any bank or trust company organized under this article and any bank of discount and deposit, loan and trust and safe deposit company, or trust company organized under any statute enacted prior to February 24, 1933.

Formerly: Acts 1933, c.40, s.170. As amended by P.L.263-1985, SEC.58; P.L.3-1990, SEC.101; P.L.14-1992, SEC.80; P.L.42-1993, SEC.26; P.L.136-1994, SEC.1; P.L.27-2012, SEC.49.
Ind. Code § 28-1-29-7.5 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-7.5
Felonies; civil actions; enforcement actions; notice to department
Status: in_force

Sec. 7.5. (a) This section applies if, after a person has been issued a license or renewal license under this chapter, any individuals described in section 5(b)(2), 5(b)(3), or 5(b)(4) of this chapter have been convicted of a felony under Indiana law or the laws of any other jurisdiction.

(b) If this section applies, the licensee shall provide to the department the information required under section 5(c) of this chapter:

(1) not later than thirty (30) days after any person described in subsection (a) has been convicted of the felony; or

(2) if the licensee's next license renewal fee under section 3(d) of this chapter is due before the date described in subdivision (1), along with the licensee's next license renewal fee under section 3(d) of this chapter.

(c) Not later than thirty (30) days after a licensee has been served with notice of a civil action that is for the violation of this chapter by the licensee (or by an employee or agent of the licensee) and that is brought by or on behalf of a debtor who resides or resided in Indiana on:

(1) the date an agreement that is the subject of the civil action was entered into; or

(2) the date the civil action is filed;

the licensee shall provide written notice of the civil action to the department.

(d) Not later than thirty (30) days after a licensee receives notice of any enforcement action initiated against the licensee (or an employee or agent of the licensee) by a federal or state regulatory or law enforcement agency, the licensee shall notify the director in writing of the notice received.

As added by P.L.213-2007, SEC.47; P.L.217-2007, SEC.45. Amended by P.L.90-2008, SEC.30; P.L.35-2010, SEC.125; P.L.42-2011, SEC.62; P.L.216-2013, SEC.24.
Ind. Code § 28-1-29-7.7 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-7.7
Budget analysis and plan; written statement to debtor; creditor's reduction of amount owed; disclosure of tax implications
Status: in_force

Sec. 7.7. (a) A licensee may not furnish debt management services to a debtor unless:

(1) the licensee has prepared a budget analysis; and

(2) if the debtor is to make regular, periodic payments, the licensee:

(A) has prepared a plan for the debtor;

(B) has made a determination, based on the licensee's analysis of the information provided by the debtor and otherwise available to the licensee, that the plan is suitable for the debtor and the debtor will be able to meet the payment obligations under the plan; and

(C) believes that each creditor of the debtor listed as a participating creditor in the plan will accept payment of the debtor's debts as provided in the plan.

(b) Before a debtor enters into an agreement with a licensee to engage in a plan, the licensee shall:

(1) provide the debtor with a copy of the budget analysis and plan required by subsection (a) in a form that identifies the licensee and that the debtor may keep whether or not the debtor enters into the agreement;

(2) inform the debtor of the availability, at the debtor's option, of assistance provided through a toll free communication system or in person, where reasonably available to residents in Indiana, regarding the budget analysis and plan required by subsection (a); and

(3) with respect to all creditors identified by the debtor or otherwise known by the licensee to be creditors of the debtor, provide the debtor with a list of:

(A) creditors that the licensee expects to participate in the plan and grant concessions;

(B) creditors that the licensee expects to participate in the plan but not grant concessions; and

(C) creditors that the licensee expects not to participate in the plan.

(c) Before a debtor enters into an agreement with a licensee, the licensee shall, in a written form that is provided to the debtor separately, that contains no other information, and that the debtor may keep whether or not the debtor enters into the agreement, provide the following information to the debtor in clear and conspicuous type, surrounded by black lines:

"IMPORTANT INFORMATION FOR YOU TO CONSIDER

(1) Debt management plans are not right for all individuals, and you may ask us to provide information about other ways, including bankruptcy, to deal with your debts.

(2) We may receive compensation for our services from your creditors.

_________________________________________

(Name and business address of licensee)".

(d) If during the term of a debt management agreement a creditor that is a participating creditor in the plan agrees to reduce the amount owed by the debtor, the licensee must, not later than fourteen (14) days after the date the creditor agrees to the reduction, provide the following disclosure in clear and conspicuous type, surrounded by black lines:

"IMPORTANT INFORMATION FOR YOU TO CONSIDER

(1) (Description of the terms of the reduction).

(2) Reduction of debt as described in item (1) above may result in taxable income to you, even though you will not actually receive any money.".

As added by P.L.35-2010, SEC.126. Amended by P.L.89-2011, SEC.40; P.L.27-2012, SEC.72; P.L.216-2013, SEC.25.
Ind. Code § 28-7-5-15.1 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-15.1
Applicability of law governing administrative orders and procedures; venue
Status: in_force

Sec. 15.1. Except as otherwise provided, IC 4-21.5 applies to and governs all agency action taken by the department under this chapter. A proceeding for administrative review under IC 4-21.5-3 or judicial review under IC 4-21.5-5 must be held in Marion County.

As added by P.L.35-2010, SEC.175.
Ind. Code § 28-15-11-10 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-10
"Rollover mortgage"
Status: in_force

Sec. 10. As used in this chapter, "rollover mortgage" means a mortgage loan that:

(1) is secured by a first mortgage on real estate improved by:

(A) a dwelling intended for occupancy by at least one (1) and not more than four (4) families; or

(B) a combination home and business building; and

(2) may be subject to rate adjustments at regularly scheduled times.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-8-4.1-903 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-903
Receipts for money received for transmission; form; required information
Status: in_force

Sec. 903. (a) This section does not apply to the following:

(1) Money received for transmission that is subject to the federal Remittance Rule (12 CFR Part 1005, Subpart B).

(2) Money received for transmission that is not primarily for personal, family, or household purposes.

(3) Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.

(b) As used in this section, "receipt", with respect to a transaction, means:

(1) a paper receipt;

(2) an electronic record; or

(3) another written confirmation.

(c) A licensee or the licensee's authorized delegate shall provide a sender a receipt for money received for transmission. For a transaction conducted in person, a receipt may be provided electronically if the sender requests or agrees to receive an electronic receipt. For a transaction conducted electronically or by telephone, a receipt may be provided electronically. All electronic receipts shall be provided in a retainable form.

(d) The receipt required by this section must contain the following information, as applicable:

(1) The name of the sender.

(2) The name of the designated recipient.

(3) The date of the transaction.

(4) The unique transaction or identification number.

(5) The name of the licensee, the licensee's NMLS unique identification number, the licensee's business address, and the licensee's customer service telephone number.

(6) The amount of the transaction in United States dollars.

(7) Any fee charged by the licensee to the sender for the transaction.

(8) Any taxes collected by the licensee from the sender for the transaction.

(e) The receipt required by this section must be in:

(1) English; and

(2) the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-23.5-7 — Indiana Code / Title 28 / Article 1 / Chapter 23.5 / Section 28-1-23.5-7
Evaluation of potential risks; authorization to act
Status: in_force

Sec. 7. (a) As used in this section, "potential risks", with respect to a proposed electronic activity by a financial institution, include the following:

(1) Legal risks.

(2) Transactional risks.

(3) Risk of the financial institution's noncompliance with applicable statutes, regulations, or supervisory policies.

(4) Risk of harm to the financial institution's reputation.

(b) A financial institution's board of directors and executive officers are responsible for ensuring that all potential risks are evaluated and taken into account before the financial institution undertakes any electronic activity. The board of directors and the executive officers may not delegate their responsibility under this subsection to other persons within the financial institution or to outside parties.

(c) After a financial institution's board of directors and executive officers have acted under subsection (b) to conduct an evaluation of the potential risks associated with an electronic activity, the financial institution may perform, provide, or deliver through electronic means or facilities any activity, function, product, or service that it is otherwise authorized to perform, provide, or deliver, subject to this chapter and any other applicable statutes, regulations, or supervisory policies.

As added by P.L.10-2006, SEC.32 and P.L.57-2006, SEC.32.
Ind. Code § 28-13-9-4 — Indiana Code / Title 28 / Article 13 / Chapter 9 / Section 28-13-9-4
Election of directors; voting groups; classes of shares
Status: in_force

Sec. 4. (a) If the articles of incorporation authorize dividing the shares into classes, the articles may also authorize the election of all or a specified number of directors by the holders of at least one (1) authorized class of shares.

(b) Each class of shares entitled to elect at least one (1) director is a separate voting group for purposes of the election of directors.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-30-7 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-7
Resulting mutual bank
Status: in_force

Sec. 7. Upon the conversion of a credit union, the resulting mutual bank:

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

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

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

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

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-3-1-1 — Indiana Code / Title 28 / Article 3 / Chapter 1 / Section 28-3-1-1
Petition; vote of shareholders; order and bond
Status: in_force

Sec. 1. Whenever the directors of any bank organized under the laws of this state, shall desire to liquidate any such bank, they may file a petition with the department of financial institutions for authority so to do. After the filing of any such petition, the said department shall authorize the directors to call a special meeting of the stockholders of such bank, and if the owners of two-thirds (2/3) of the capital stock of such bank shall vote in favor of such liquidation, the directors shall thereupon so notify the department and said department shall thereupon enter an order directing the liquidation of said bank, and shall also provide that a bond be executed in such an amount and with such sureties as the department may approve, for the faithful discharge by the officers of such bank of their respective duties in the liquidation of said bank.

Formerly: Acts 1943, c.39, s.1.
Ind. Code § 28-1-22-6 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-6
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.329. As amended by P.L.263-1985, SEC.87; P.L.14-1992, SEC.103. Repealed by P.L.171-1996, SEC.44.
Ind. Code § 28-8-5-24.5 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-24.5
Compliance with money laundering laws; investigation and enforcement by department
Status: in_force

Sec. 24.5. (a) A licensee shall comply with all state and federal money laundering statutes and regulations, including the following:

(1) The Bank Secrecy Act (31 U.S.C. 5311 et seq.).

(2) The USA Patriot Act of 2001 (P.L. 107-56).

(3) Any regulations, policies, or reporting requirements established by the Financial Crimes Enforcement Network of the United States Department of the Treasury.

(4) Any other state or federal money laundering statutes or regulations that apply to a licensee.

(b) The department shall do the following:

(1) To the extent authorized or required by state law, investigate potential violations of, and enforce compliance with, state money laundering statutes or regulations.

(2) Investigate potential violations of federal money laundering statutes or regulations and, to the extent authorized or required by federal law:

(A) enforce compliance with the federal statutes or regulations; or

(B) refer suspected violations of the federal statutes or regulations to the appropriate federal regulatory agencies.

As added by P.L.10-2006, SEC.66 and P.L.57-2006, SEC.66.
Ind. Code § 28-12-10-1 — Indiana Code / Title 28 / Article 12 / Chapter 10 / Section 28-12-10-1
Adoption; effectiveness; management of corporation during emergency
Status: in_force

Sec. 1. Unless the articles of incorporation provide otherwise, the board of directors of the corporation may adopt bylaws to be effective only in an emergency. The emergency bylaws may make all provisions necessary for managing the corporation during the emergency, including the following:

(1) Procedures for calling a meeting of the board of directors.

(2) Quorum requirements for the meeting.

(3) Designation of additional or substitute directors.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-1-21.6-5 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-5
Repealed
Status: repealed

As added by P.L.147-1990, SEC.2. Repealed by P.L.27-2012, SEC.57.
Ind. Code § 28-13-7-4 — Indiana Code / Title 28 / Article 13 / Chapter 7 / Section 28-13-7-4
Irrevocable trust extension; duties of voting trustee
Status: in_force

Sec. 4. If an irrevocable voting trust is extended in accordance with section 3 of this chapter, the voting trustee must deliver copies of the extension agreement and list of beneficial owners to the corporation's principal office. An extension agreement binds only those parties signing it.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-8-4.1-1107 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1107
Violations; director's authority to apply for injunctive relief
Status: in_force

Sec. 1107. If it appears to the director that a person has committed or is about to commit a violation of a provision of this chapter or an order of the director, the director may apply to a court having jurisdiction for:

(1) an order enjoining such person from violating or continuing to violate this chapter or such other order as the nature of the case may require; or

(2) injunctive or such other relief as the nature of the case may require.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-13-14-18 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-18
Effect of amendment on existing rights, causes of action, and proceedings
Status: in_force

Sec. 18. (a) An amendment to articles of incorporation does not affect the following:

(1) A cause of action existing against or in favor of the corporation.

(2) A proceeding to which the corporation is a party.

(3) The preexisting rights of persons other than shareholders of the corporation.

(b) An amendment changing a corporation's name does not abate a proceeding brought by or against the corporation in its former name.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-21.9-17 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-17
Rules
Status: in_force

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

As added by P.L.42-1993, SEC.44.
Ind. Code § 28-5-1-5 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-5
Capital requirements
Status: in_force

Sec. 5. The capital stock of any company engaged in business under the provisions of this chapter:

(1) shall be in an amount determined by the department based on the risk profile and business activity of the company during any application or approval process required by the department under this chapter;

(2) shall be fully paid to the corporation in cash; and

(3) shall not at any time thereafter be voluntarily reduced below the amount originally paid in.

Ongoing capital requirements shall be risk-based, as determined by the department. In the event the capital of any such company should for any reason become impaired, as determined by the department, the right to issue certificates of indebtedness or investment as provided in this chapter shall forthwith be suspended until said capital stock has been restored to an amount determined prudent by the department.

Formerly: Acts 1935, c.181, s.5. As amended by P.L.263-1985, SEC.151; P.L.176-2019, SEC.58.
Ind. Code § 28-7-1-18 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-18
Duties and powers of supervisory committee; audits; meeting minutes
Status: in_force

Sec. 18. (a) The supervisory committee shall cause the share and loan accounts of the members to be verified with the records of the treasurer at least each biennium. A verification under this subsection shall be performed using one (1) of the following methods:

(1) A verification of one hundred percent (100%) of the share and loan accounts of all members.

(2) A verification of share and loan accounts in accordance with the requirements of the National Credit Union Administration set forth in 12 CFR 715.8.

(b) The supervisory committee shall supervise the acts of the board of directors, credit committee, and officers.

(c) By a majority vote, the supervisory committee may call a meeting of the shareholders to consider any violation of this chapter, or of the bylaws, or of any practice of the credit union which, in the opinion of the committee is unsafe and unauthorized.

(d) The supervisory committee shall fill vacancies in its own number until the next annual meeting of the members.

(e) The supervisory committee of each credit union shall one (1) time each calendar year make or cause to be made a thorough audit of the credit union and shall provide a full report of the audit to the credit union's directors. If a credit union has assets of at least five million dollars ($5,000,000), the audit required by this subsection must be performed by an outside certified public accountant. A credit union's board of directors shall submit the audit report and a complete statement of the condition of the credit union to the department. The department may require additional information in connection with an audit performed under this subsection. The department may require at any time an audit to be performed upon any credit union by an outside certified public accountant if the department questions the safety and soundness of the credit union. A summary of any audit report or statement of condition prepared under this subsection shall be read at the annual meeting of the credit union and shall be filed and preserved with the records of the credit union. The department may establish by policy or rule the accounting and auditing standards necessary to define the audit requirements set forth in this section.

(f) Minutes of every meeting of the supervisory committee shall be kept and maintained.

Formerly: Acts 1961, c.182, s.18. As amended by Acts 1979, P.L.267, SEC.3; P.L.14-1992, SEC.126; P.L.228-1993, SEC.6; P.L.263-1995, SEC.16; P.L.192-1997, SEC.19; P.L.11-1998, SEC.18; P.L.35-2010, SEC.159; P.L.137-2014, SEC.28; P.L.186-2015, SEC.37; P.L.206-2025, SEC.7.
Ind. Code § 28-6.2-3-6 — Indiana Code / Title 28 / Article 6.2 / Chapter 3 / Section 28-6.2-3-6
Amendment or termination of stock issuance plan
Status: in_force

Sec. 6. If proposed as part of a reorganization plan, a stock issuance plan may be amended or terminated in the same manner as the reorganization plan under IC 28-6.2-2-11.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.1-11-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 11 / Section 28-6.1-11-1
Application of chapter
Status: in_force

Sec. 1. A savings bank may purchase and sell real property only as provided in this chapter.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-2-18-25 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-25
Examination of branch operations
Status: in_force

Sec. 25. (a) To the extent consistent with subsection (b), the department may make examinations of any branch established and maintained in Indiana pursuant to this chapter by an out-of-state state bank as the department may consider necessary to determine whether the branch is being operated in compliance with the laws of Indiana and in accordance with safe and sound banking practices. The provisions of IC 28-11-3 shall apply to the examinations.

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

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

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

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

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

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

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

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

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

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

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

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

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

(1) An out-of-state bank.

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

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

As added by P.L.171-1996, SEC.37. Amended by P.L.79-1998, SEC.68.
Ind. Code § 28-5-1-7 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-7
Repealed
Status: repealed

Formerly: Acts 1935, c.181, s.7. Repealed by Acts 1971, P.L.366, SEC.10.
Ind. Code § 28-13-17-3 — Indiana Code / Title 28 / Article 13 / Chapter 17 / Section 28-13-17-3
"Financial subsidiary activity" defined
Status: in_force

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

(1) an activity that has been authorized for a financial subsidiary of a national bank under 12 U.S.C. 24a and that may be conducted by a national bank only through a financial subsidiary; or

(2) an activity that has been determined by the department to be financial in nature or incidental to a financial activity.

As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.
Ind. Code § 28-7-5-14 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-14
Repealed
Status: repealed

Formerly: Acts 1935, c.195, s.14. Repealed by P.L.27-2012, SEC.96.
Ind. Code § 28-7-1-12 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-12
Examinations of credit unions and affiliates; recognition of CPA audit; examination of vendors
Status: in_force

Sec. 12. (a) Every credit union and every affiliate of a credit union shall be subject to examination in accordance with IC 28-11-3-1 by the department. A credit union shall be examined by the department as often as the department shall deem necessary. The department shall at all times be given free access to all of the books, papers, securities, and other sources of information, including audit reports and audit working papers for any such credit union. The director, the members of the department, and the supervisor in charge of the division shall have the power to subpoena documents and examine witnesses under oath pertaining to the business of the credit union. The department may accept an audit by a certified public accountant and govern its examination procedures and examination fees accordingly. At the close of each examination, a conference shall be conducted to disclose to the board of directors the findings of the examination.

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

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

(2) otherwise cease conducting business with the person.

Formerly: Acts 1961, c.182, s.12. As amended by P.L.263-1995, SEC.10; P.L.35-2010, SEC.153; P.L.73-2016, SEC.25.
Ind. Code § 28-1-21.8-3.1 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-3.1
Primary federal regulator
Status: in_force

Sec. 3.1. As used in this chapter, "primary federal regulator" means the federal agency primarily responsible for the regulation of:

(1) savings associations; or

(2) savings association holding companies;

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

As added by P.L.27-2012, SEC.66.
Ind. Code § 28-2-13-24 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-24
Rules
Status: in_force

Sec. 24. The department may adopt rules under IC 4-22-2 to implement this chapter.

As added by P.L.265-1985, SEC.3.
Ind. Code § 28-1-7.1-5 — Indiana Code / Title 28 / Article 1 / Chapter 7.1 / Section 28-1-7.1-5
Voluntary supervisory conversion; eligibility; conditions
Status: in_force

Sec. 5. A depository financial institution with mutual ownership is eligible for a voluntary supervisory conversion under this chapter if, in the judgment of the director, the voluntary supervisory conversion satisfies at least one (1) of the following conditions:

(1) Both of the following apply:

(A) The depository financial institution is significantly undercapitalized, or is undercapitalized and a standard conversion to stock form is not feasible.

(B) After the voluntary supervisory conversion, the converted depository financial institution will likely be a viable entity, or the one (1) or more entities resulting from the voluntary supervisory conversion will likely be viable entities.

(2) Severe financial conditions threaten the stability of the depository financial institution and a voluntary supervisory conversion to stock form is likely to:

(A) improve the financial condition of the depository financial institution; or

(B) result in one (1) or more entities with an improved financial condition.

(3) The depository financial institution is in receivership or conservatorship, or in imminent danger of receivership or conservatorship, and the voluntary supervisory conversion will enable the depository financial institution to:

(A) terminate the receivership or conservatorship; or

(B) avoid the institution of a receivership or conservatorship.

As added by P.L.89-2011, SEC.33.
Ind. Code § 28-1-23-5 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-5
Execution of verified account, report, or other paper
Status: in_force

Sec. 5. Wherever any provision of this article requires that there shall be filed any verified account, report, or other paper by any person, firm, limited liability company, or corporation, such account, report, or other paper shall be executed by the person or persons filing such account, report, or other paper or by the president or such other officer as may be designated by the board of directors of any corporation filing such account, report, or other paper, and the truth of the matters stated in the account, report, or other paper shall be sworn to under oath by such person or by such president or other officer before a notary public or other officer duly qualified to administer oaths.

Formerly: Acts 1933, c.40, s.355. As amended by P.L.263-1985, SEC.99; P.L.8-1993, SEC.444; P.L.136-2018, SEC.209.
Ind. Code § 28-1-2-20 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-20
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.23; Acts 1945, c.348, s.18. As amended by Acts 1978, P.L.2, SEC.2802. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-6.1-8-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 8 / Section 28-6.1-8-4
Lending deposited money
Status: in_force

Sec. 4. (a) A savings bank may do the following:

(1) Lend the money deposited in the savings bank upon:

(A) individual credit;

(B) the security of comakers or personal endorsement;

(C) the mortgage or pledge of personal property, either tangible or intangible; or

(D) the pledge of choses in action.

(2) Discount, purchase, or otherwise acquire retail installment sales contracts, notes, bills of exchange, or acceptance or other choses in action.

(b) The savings bank may contract for and receive on loans and discounts described in this subsection the highest rate of interest allowed by Indiana law to be contracted for and received by individuals.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-2-17-21 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-21
Authority to enter into transaction
Status: in_force

Sec. 21. If the conditions and filing requirements of this chapter are met:

(1) one (1) or more Indiana banks may enter into an interstate merger transaction with one (1) or more out-of-state banks under this chapter; and

(2) an out-of-state bank resulting from a transaction referred to in subdivision (1) may maintain and operate the branches in Indiana of an Indiana bank that participated in the transaction.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-7-1-35 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-35
Effect of amendments by Acts 1974, P.L.130
Status: in_force

Sec. 35. (a) This section applies to a credit union organized under Acts 1933, c.40, s.296 through s.323.

(b) The amendments to this chapter made by Acts 1974, P.L.130 do not affect a credit union's rights existing on June 11, 1974.

As added by P.L.1-1989, SEC.58.
Ind. Code § 28-6.2-1-17 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-17
"Reorganizing savings bank" defined
Status: in_force

Sec. 17. "Reorganizing savings bank" means a mutual savings bank that proposes to reorganize into a mutual holding company under this chapter.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-2-16-20 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-20
Qualification to acquire Indiana bank or bank holding company; divestiture upon ceasing to qualify
Status: in_force

Sec. 20. (a) Except as expressly permitted by federal law, a bank holding company that is not:

(1) an Indiana bank holding company; or

(2) a foreign bank holding company;

may not acquire an Indiana bank or Indiana bank holding company.

(b) An Indiana bank holding company that ceases to be an Indiana bank holding company, as defined in section 12 of this chapter, or a foreign bank holding company that ceases to be a foreign bank holding company, as defined in section 9 of this chapter, shall within three (3) years divest itself of all Indiana banks and Indiana bank holding companies. However, a foreign bank holding company or Indiana bank holding company may not be required to divest itself of its Indiana banks or bank holding companies because of:

(1) its acquisition of institutions in another state, if the acquisition has been consummated under Section 116 or 123 of the Garn-St. Germain Depository Institutions Act of 1982 (12 U.S.C. 1730a(m) or 12 U.S.C. 1823(f));

(2) its acquisition of securities or assets of a bank having banking offices in another state, if the acquisition has been consummated in the regular course of securing or collecting a debt previously contracted in good faith, and if the bank or bank holding company divests itself of the securities or assets acquired within three (3) years of the date of acquisition; or

(3) its acquisition of:

(A) a bank or company organized under the laws of the United States or of any state and operating under Section 25 or Section 25(a) of the Federal Reserve Act, as amended (12 U.S.C. 601 through 604a or 12 U.S.C. 611 through 631); or

(B) a bank or bank holding company that was organized under the laws of a foreign country, that is principally engaged in business outside the United States, and that either has no banking office in the United States or has banking offices in the United States that are engaged only in business activities permissible for a bank or corporation operating under Section 25 or 25(a) of the Federal Reserve Act, as amended.

As added by P.L.279-1987, SEC.9. Amended by P.L.33-1991, SEC.44.
Ind. Code § 28-1-7-0.5 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-0.5
Approval of department not required
Status: in_force

Sec. 0.5. The approval of the department of an:

(1) agreement of merger; or

(2) agreement of consolidation;

is not required under this chapter if the corporation surviving the merger or consolidation is an institution organized or reorganized under the laws of the United States or a state (as defined in IC 28-2-17-19) other than Indiana.

As added by P.L.122-1994, SEC.41. Amended by P.L.171-1996, SEC.2.
Ind. Code § 28-1-21.4-17 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-17
Rules
Status: in_force

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

As added by P.L.176-1996, SEC.14.
Ind. Code § 28-1-11-2 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-2
Fiscal or transfer agent; transportation agent; insurance producer or broker; attorney in fact
Status: in_force

Sec. 2. Any bank or trust company shall have power to act as fiscal or transfer agent of the United States or of any state, municipality, body politic or corporation; and in such capacity to receive and disburse money; to transfer, register and countersign certificates of stock, bonds or other evidence of indebtedness; to authenticate and certify any such bonds and certificates of indebtedness; to act as agent to buy and sell domestic and foreign transportation; to solicit and write insurance as an insurance producer or broker for any insurance company authorized to do business in the state or states where the insurance producer or broker operates; and to act as attorney in fact or agent of any person or corporation, foreign or domestic, for any lawful purpose.

Formerly: Acts 1933, c.40, s.171. As amended by P.L.188-1997, SEC.3; P.L.63-2001, SEC.6 and P.L.134-2001, SEC.7; P.L.178-2003, SEC.89.
Ind. Code § 28-1-2-18 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-18
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.21; Acts 1945, c.348, s.16. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-1-18.2-5 — Indiana Code / Title 28 / Article 1 / Chapter 18.2 / Section 28-1-18.2-5
Applicability of certain provisions of Federal Reserve Act and regulations; violations
Status: in_force

Sec. 5. (a) For purposes of this section, a bank or trust company that is not a member of the Federal Reserve System is subject to Sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c or 371c-1) and Federal Reserve Regulation W (12 CFR 223) to the same extent and in the same manner as though it were a member of the Federal Reserve System.

(b) A violation of Section 23A or 23B of the Federal Reserve Act (12 U.S.C. 371c or 371c-1) or Federal Reserve Regulation W (12 CFR 223) by a bank or trust company or a subsidiary of either constitutes a violation of this section.

As added by P.L.33-1991, SEC.18. Amended by P.L.141-2005, SEC.8.
Ind. Code § 28-8-4.1-1104 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1104
Applicability of law governing administrative orders and procedures; venue
Status: in_force

Sec. 1104. Except as otherwise provided, IC 4-21.5 applies to and governs all agency action taken by the department under this chapter. A proceeding for administrative review under IC 4-21.5-3 or judicial review under IC 4-21.5-5 must be held in Marion County.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-13-1.7 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-1.7
Limit on total consumer credit obligation of one borrower
Status: in_force

Sec. 1.7. (a) Loans and extensions of credit arising from the discount of negotiable or nonnegotiable installment consumer paper that carries a full recourse endorsement or unconditional guarantee by the person transferring the paper is subject under this section to a maximum limitation equal to twenty-five percent (25%) of the capital and surplus, notwithstanding the collateral requirements set forth in section 1.5(b) of this chapter.

(b) If the bank's files or the knowledge of the bank's officers of the financial condition of each maker of such consumer paper is reasonably adequate, and an officer of the bank designated for that purpose by the board of directors of the bank certifies in writing that the bank is relying primarily upon the responsibility of each maker for payment of the loans or extensions of credit and not upon any full or partial recourse endorsement or guarantee by the transferor, the limitations of this section as to the loans or extensions of credit of each such maker shall be the sole applicable loan limitations.

As added by P.L.14-1992, SEC.89.
Ind. Code § 28-6.1-9-7 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-7
Loan limitations for commercial paper carrying full recourse endorsements or unconditional guarantees
Status: in_force

Sec. 7. (a) Loans and extensions of credit arising from the discount of negotiable or nonnegotiable installment consumer paper that carries a full recourse endorsement or an unconditional guarantee by the person transferring the paper is subject to a maximum limitation equal to twenty-five percent (25%) of the capital and surplus, notwithstanding the collateral requirements in section 5(b) of this chapter.

(b) If the savings bank's files or the knowledge of the savings bank's officers of the financial condition of each maker of the consumer paper is reasonably adequate, and an officer of the savings bank designated for that purpose by the board of the savings bank certifies in writing that the savings bank is relying primarily upon the responsibility of each maker for payment of the loans or extensions of credit and not upon any full or partial recourse endorsement or guarantee by the transferor, the limitations of this section as to the loans or extensions of credit of each maker are the only applicable loan limitations.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-8-5-4 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-4
Department
Status: in_force

Sec. 4. As used in this chapter, "department" means the members of the department of financial institutions.

As added by P.L.42-1993, SEC.86.
Ind. Code § 28-1-5-11.7 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-11.7
Repealed
Status: repealed

As added by P.L.256-1989, SEC.1. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-6.2-1-4 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-4
"Affiliate" defined
Status: in_force

Sec. 4. "Affiliate" means a person that, directly or indirectly, through one (1) or more intermediaries:

(1) controls;

(2) is controlled by; or

(3) is under common control with;

another person.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-11-2-7 — Indiana Code / Title 28 / Article 11 / Chapter 2 / Section 28-11-2-7
Liability for official acts
Status: in_force

Sec. 7. The members, director, and employees of the department are not liable in an individual capacity except to the state for an act done or omitted in connection with the performance of their respective duties.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-1-7.5-2 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-2
Acquisition of bank, trust company, corporate fiduciary, or stock savings bank by holding company under plan of exchange
Status: in_force

Sec. 2. All the outstanding shares of common stock of any bank, trust company, corporate fiduciary, or stock savings bank may be acquired by any corporation organized under IC 23-1 if the acquisition is made under a plan of exchange approved in the manner provided in this chapter. Such a plan of exchange must provide for:

(1) the exchange of all the outstanding shares of common stock of the bank, trust company, corporate fiduciary, or stock savings bank for shares of common stock to be issued by the holding company at the rate of one (1) share of holding company stock for each share of bank, trust company, corporate fiduciary, or stock savings bank stock; and

(2) the redemption by the holding company, under unconditional rights granted by its articles of incorporation or bylaws or by agreement between the holding company and its shareholders, of all of the shares of common stock of the holding company that may be outstanding immediately before the exchange.

As added by P.L.238-1983, SEC.10. Amended by P.L.149-1986, SEC.62; P.L.122-1994, SEC.61; P.L.262-1995, SEC.14.
Ind. Code § 28-10-2-21 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-21
Selection or use of recommended benchmark replacement as substantial performance
Status: in_force

Sec. 21. The selection or use of a recommended benchmark replacement as a benchmark replacement under or with respect to a contract, security, or instrument by operation of this chapter constitutes:

(1) a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR;

(2) a reasonable, comparable, or analogous term for LIBOR under or with respect to the contract, security, or instrument;

(3) a replacement that is based on a methodology or information that is similar or comparable to LIBOR; and

(4) substantial performance by any person of any right or obligation relating to or based on LIBOR under or with respect to the contract, security, or instrument.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-6.1-14-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 14 / Section 28-6.1-14-1
Application of chapter
Status: in_force

Sec. 1. This chapter applies only to a stock savings bank formed as the result of a conversion under IC 28-1-21.8 or IC 28-1-21.9.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-23.5-2 — Indiana Code / Title 28 / Article 1 / Chapter 23.5 / Section 28-1-23.5-2
"Electronic activity"
Status: in_force

Sec. 2. As used in this chapter, "electronic activity" refers to:

(1) any activity or function that a financial institution performs through electronic means or facilities; or

(2) the provision or delivery of any product or service by a financial institution through the use of electronic technology.

As added by P.L.10-2006, SEC.32 and P.L.57-2006, SEC.32.
Ind. Code § 28-13-15-1 — Indiana Code / Title 28 / Article 13 / Chapter 15 / Section 28-13-15-1
Authority to amend or repeal
Status: in_force

Sec. 1. Unless the articles of incorporation provide otherwise, only a corporation's board of directors may amend or repeal the corporation's bylaws.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-13-1.4 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-1.4
Repealed
Status: repealed

As added by P.L.14-1992, SEC.86. Repealed by P.L.176-1996, SEC.35.
Ind. Code § 28-6.1-1-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 1 / Section 28-6.1-1-1
Application of article
Status: in_force

Sec. 1. Except as provided in this article, this article applies to all savings banks.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-8-4.1-505 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-505
Department's approval or denial of application; time frame; conditions for approval; applicant subject to multistate licensing process; written notice of denial; term of license
Status: in_force

Sec. 505. (a) Subject to subsection (b), when an application for an original license under this chapter appears to include all the items, and to address all the matters, that are required for an application under this chapter, as determined by the director, the application is considered complete, and the director shall promptly notify the applicant, in a record, of the date on which the application is determined to be complete, and:

(1) the department shall approve or deny the application not later than one hundred twenty (120) days after the completion date, as determined in accordance with this subsection; or

(2) if the application is not approved or denied not later than one hundred twenty (120) days after the completion date:

(A) the application is considered approved; and

(B) the license takes effect as of the first business day after expiration of the one hundred twenty (120) day period.

However, the director may for good cause extend the one hundred twenty (120) day period described in this subsection.

(b) A determination by the director that an application is complete and is accepted for processing means only that the application, on its face, appears to:

(1) include all of the items, including the criminal background check response from the Federal Bureau of Investigations; and

(2) address all of the matters;

that are required for an application for an original license under this chapter, and is not an assessment of the substance of the application or of the sufficiency of the information provided.

(c) When an application is filed and considered complete under this section, the director shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The director may conduct an onsite investigation of the applicant, the reasonable cost of which the applicant shall pay. The department shall issue a license to an applicant under this section if the department finds that all of the following conditions have been met:

(1) The applicant has complied with sections 503 and 504 of this chapter.

(2) Both the:

(A) financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and

(B) competence, experience, character, and general fitness of the key individuals with respect to, and persons in control of, the applicant;

indicate that it is in the interest of the public to permit the applicant to engage in money transmission.

(d) If an applicant avails itself or is otherwise subject to a multistate licensing process:

(1) the director may accept the investigation results of a lead investigative state for the purpose of subsection (c), if the lead investigative state has sufficient staffing, expertise, and minimum standards; or

(2) if Indiana is a lead investigative state, the director may investigate the applicant pursuant to subsection (c) and to the timeframes established by agreement through the multistate licensing process, as long as the time frames established comply with the time frame set forth subsection (a)(1) for the approval or denial of the application.

(e) The department shall issue a formal written notice of the denial of a license application not later than thirty (30) days after the decision to deny the application. The department shall set forth in the notice of denial the specific reasons for the denial of the application. An applicant whose application is denied by the department under this subsection may appeal the denial to the department for an administrative review under IC 4-21.5-3.

(f) The initial license term begins on the day the application is approved. The license expires on December 31 of the year in which the license term begins, unless the initial license date is between November 1 and December 31, in which case the initial license term runs through December 31 of the following year.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-13-9-9 — Indiana Code / Title 28 / Article 13 / Chapter 9 / Section 28-13-9-9
Vacancies; filling known future vacancies; temporary appointment by director of department
Status: in_force

Sec. 9. (a) Unless the articles of incorporation provide otherwise, if a vacancy occurs on a board of directors, including a vacancy resulting from an increase in the number of directors:

(1) the board of directors may fill the vacancy; or

(2) if the directors remaining in office constitute fewer than a quorum of the board, the directors may fill the vacancy by the affirmative vote of a majority of all the directors remaining in office.

(b) If the vacant office was held by a director elected by a voting group of shareholders, only the holders of shares of that voting group are entitled to vote to fill the vacancy if it is filled by the shareholders.

(c) A vacancy that will occur at a specific later date by reason of a resignation effective at a later date under section 7(b) of this chapter or otherwise may be filled before the vacancy occurs. However, the new director may not take office until the vacancy occurs.

(d) If a vacancy is not filled through a corporation's normal process for filing vacancies within a time considered reasonable by the department, the director of the department may make a temporary appointment to the board of directors to fill the vacancy. The director of the department shall appoint a person whom the director considers capable of providing competent leadership and decision making ability. A person appointed to a board of directors under this subsection shall serve on the board until the corporation fills the position through the corporation's normal process for filing vacancies on the board. However, a person appointed to a board of directors by the director of the department under this subsection may not serve on the board for more than two (2) years, unless the person is selected to fill the vacancy through the corporation's normal process for filling vacancies. For purposes of this subsection, in determining whether a corporation has had a reasonable period in which to fill a vacancy, the department shall consider the following:

(1) The financial condition of the corporation.

(2) The number of remaining board members.

(3) The likelihood the board of directors will be able to establish a quorum for the transaction of business.

(4) The potential harm to the corporation that could result without an appointment under this subsection.

As added by P.L.14-1992, SEC.163. Amended by P.L.141-2005, SEC.25.
Ind. Code § 28-7-5-3 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-3
Necessity of license; misleading representations; territorial application
Status: in_force

Sec. 3. (a) Except as authorized by this chapter and unless a license is first obtained from the department, a person shall not engage in business as a pawnbroker, act as a pawnbroker, transact or solicit business as a pawnbroker, or use in any advertisement, signage, or electronic or printed material, or in the person's business name, a phrase or statement that includes "pawn", "pawnbroker", "pawn shop", "pawn loan", or any word or phrase that would reasonably lead another person to conclude that the person is a pawnbroker, is engaging in business as a pawnbroker, or is engaging in conduct that would mislead or confuse a person into believing that the person is a pawnbroker or is engaging in business as a pawnbroker.

(b) A pawnbroking transaction occurs in Indiana and is subject to the licensing requirements of this chapter and all other requirements of this chapter if a consumer who is a resident of Indiana enters into the pawnbroking transaction with a pawnbroker, or a person acting on behalf of the pawnbroker, that is located:

(1) in Indiana; or

(2) outside Indiana if the pawnbroker or person acting on behalf of the pawnbroker has advertised or solicited pawnbroking in Indiana by any means, including by mail, brochure, telephone, print, radio, television, the Internet, or electronic means.

A pawnbroking transaction does not occur in Indiana if a consumer who is a resident of Indiana enters into the pawnbroking transaction at a pawnbroker's place of business in another state.

Formerly: Acts 1935, c.195, s.3. As amended by P.L.263-1985, SEC.184; P.L.14-1992, SEC.132; P.L.163-2001, SEC.1; P.L.90-2008, SEC.48; P.L.216-2013, SEC.33.
Ind. Code § 28-12-2-1 — Indiana Code / Title 28 / Article 12 / Chapter 2 / Section 28-12-2-1
Articles of incorporation; contents
Status: in_force

Sec. 1. The articles of incorporation must set forth the following:

(1) A corporate name for the corporation that satisfies the requirements of IC 28-12-3.

(2) The number of shares the corporation is authorized to issue.

(3) The street address of the corporation's principal office in Indiana.

(4) The name and address of each incorporator, unless the articles of incorporation are articles of conversion or articles of restatement under IC 28-13-14-14.

(5) The amount of capital with which the corporation will begin business.

(6) The names and addresses of the individuals who are to serve as the initial directors.

(7) The maximum number of directors.

(8) The purpose or purposes for which the corporation is organized.

(9) The effective date of the articles of incorporation.

As added by P.L.14-1992, SEC.162. Amended by P.L.192-1997, SEC.26; P.L.141-2005, SEC.24.
Ind. Code § 28-13-5-1 — Indiana Code / Title 28 / Article 13 / Chapter 5 / Section 28-13-5-1
Annual meeting requisites
Status: in_force

Sec. 1. (a) A corporation must hold a meeting of the shareholders annually at a time stated in or fixed in accordance with the bylaws.

(b) Annual meetings of shareholders shall be held at the principal office of the corporation, or in the city, town, or county in which the principal office is located at the place stated in or fixed in accordance with the bylaws. If no place is stated in or fixed in accordance with the bylaws, annual meetings shall be held at the corporation's principal office.

(c) The failure to hold an annual meeting at the time stated in or fixed in accordance with a corporation's bylaws does not affect the validity of any action taken by the corporation.

(d) If the articles of incorporation or bylaws so provide, any or all shareholders may participate in an annual shareholders' meeting by, or through the use of, any means of communication by which all shareholders participating may simultaneously communicate with each other during the meeting. A shareholder participating in a meeting by this means is considered to be present in person at the meeting.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-22-21 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-21
Statement of withdrawal
Status: in_force

Sec. 21. A foreign corporation may surrender its certificate of admission by filing a statement of withdrawal with the department and the secretary of state.

Formerly: Acts 1933, c.40, s.344. As amended by P.L.171-1996, SEC.24.
Ind. Code § 28-6.1-9-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-4
Repealed
Status: repealed

As added by P.L.42-1993, SEC.72. Repealed by P.L.176-1996, SEC.35.
Ind. Code § 28-1-21.7-10 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-10
Approval or disapproval of conversion plan; requirements
Status: in_force

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

(b) Solicitation of the votes of voting parties may occur prior to receipt of the approval of the department.

(c) The department may not approve the plan of mutual bank conversion unless the department finds, after appropriate investigation or examination, and without the requirement of a public hearing, that the following requirements have been fulfilled:

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

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

(3) That the management or other principals of the savings association are qualified by character and financial responsibility to control and operate in a legal and proper manner the mutual bank proposed to be formed as a result of the mutual bank conversion.

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

As added by P.L.147-1990, SEC.3.
Ind. Code § 28-7-5-10.6 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-10.6
Felony convictions or pleas; notice to department
Status: in_force

Sec. 10.6. (a) This section applies if, after a person has been issued a license or renewal license under this chapter, any individual described in section 8(a)(2) or 8(a)(3) of this chapter has been convicted of or pleaded guilty or nolo contendere 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 4(b) of this chapter:

(1) not later than thirty (30) days after the licensee or any individual described in section 8(a)(2) or 8(a)(3) of this chapter has been convicted of or pleaded guilty or nolo contendere to the felony; or

(2) if the licensee's next license renewal fee under section 11 of this chapter is due before the date described in subdivision (1), along with the licensee's next license renewal fee under section 11 of this chapter.

As added by P.L.213-2007, SEC.72; P.L.217-2007, SEC.70. Amended by P.L.90-2008, SEC.52; P.L.35-2010, SEC.173.
Ind. Code § 28-1-15-1 — Indiana Code / Title 28 / Article 1 / Chapter 15 / Section 28-1-15-1
Statement of condition
Status: in_force

Sec. 1. The department may require every bank and trust company to prepare, submit and publish as many statements of condition as may be deemed necessary, in any year, but not more than four (4) statements during any year. Such statements of condition shall be verified and shall be prepared and submitted according to the forms and pursuant to such notice and on such dates as the department may designate.

Formerly: Acts 1933, c.40, s.211; Acts 1935, c.5, s.38. As amended by P.L.192-2003, SEC.4.
Ind. Code § 28-6.1-13-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 13 / Section 28-6.1-13-2
Designation of forms, notice, and dates
Status: in_force

Sec. 2. The statements of condition shall be verified and shall be prepared and submitted according to the forms and under the notice and on the dates as the department designates.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-15-11-1 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-1
"Adjustable mortgage loan"
Status: in_force

Sec. 1. As used in this chapter, "adjustable mortgage loan" means a loan:

(1) whose terms permit adjustments to the interest rate that:

(A) reflect the movement of the money cost index; and

(B) are implemented through changes in the monthly payment amounts, adjustments to the outstanding principal loan balance, or changes in the loan term; and

(2) whose term does not exceed forty (40) years.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-1-20-5 — Indiana Code / Title 28 / Article 1 / Chapter 20 / Section 28-1-20-5
Depositors; withdrawal of deposits
Status: in_force

Sec. 5. All persons, regardless of age, may become depositors in any bank or trust company and shall be subject to the same duties and liabilities respecting their deposits. Whenever a deposit is accepted by any bank or trust company in the name of any person, regardless of age, the deposit may be withdrawn by the depositor by any of the following methods:

(1) Check or other instrument in writing. The check or other instrument in writing constitutes a receipt or acquittance if the check or other instrument in writing is signed by the depositor, and constitutes a valid release and discharge to the bank or trust company for all payments so made.

(2) Electronic means through:

(A) preauthorized direct withdrawal;

(B) an automated teller machine;

(C) a debit card;

(D) a transfer by telephone;

(E) a network, including the Internet; or

(F) any:

(i) electronic terminal;

(ii) computer;

(iii) magnetic tape; or

(iv) other electronic means.

However, this section may not be construed to affect the rights, liabilities, or responsibilities of participants in an electronic fund transfer under the federal Electronic Fund Transfer Act (15 U.S.C. 1693 et. seq.).

Formerly: Acts 1933, c.40, s.247; Acts 1973, P.L.280, SEC.4. As amended by P.L.19-1999, SEC.1; P.L.81-2001, SEC.2.
Ind. Code § 28-6.1-6-24 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-24
Request to exercise rights and privileges granted to national banks; appeal
Status: in_force

Sec. 24. (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) Subject to the conditions set forth in this section, a savings bank may exercise the rights and privileges that are or may be granted to national banks domiciled in Indiana.

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

(1) granted to national banks; but

(2) not authorized for a savings bank 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 savings bank intends to exercise. If available, copies of relevant federal law, regulations, and interpretive letters must be attached to the letter submitted by the company.

(d) The department shall promptly notify the requesting savings bank of the department's receipt of the letter submitted under subsection (c). Except as provided in subsection (f), the savings 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.

(e) 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 savings bank would adversely affect the safety and soundness of the savings bank;

(3) the exercise of the requested rights and privileges by the savings 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 savings bank.

(f) The sixty (60) day period referred to in subsection (d) may be extended by the department based on a determination that the savings 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 savings bank may exercise the requested rights and privileges only if the savings 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 savings 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.

(g) The exercise of rights and privileges by a savings 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.

(h) If a savings 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 savings 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 savings banks will not:

(1) adversely affect their safety and soundness; or

(2) unduly constrain Indiana consumer protection provisions.

(i) If the department denies the request of a savings bank under this section to exercise any rights and privileges that are granted to national banks, the savings 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 savings 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.5. Amended by P.L.213-2007, SEC.62; P.L.217-2007, SEC.60; P.L.35-2010, SEC.146; P.L.84-2016, SEC.125.
Ind. Code § 28-15-2-2 — Indiana Code / Title 28 / Article 15 / Chapter 2 / Section 28-15-2-2
Request to exercise rights and privileges granted federal savings associations; appeal
Status: in_force

Sec. 2. (a) As used in this section, "rights and privileges" means the power:

(1) to:

(A) create;

(B) deliver;

(C) acquire; or

(D) sell;

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

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

federal savings associations domiciled in Indiana.

(b) Subject to this section, savings associations may exercise the rights and privileges that are granted to federal savings associations.

(c) A savings association that intends to exercise any rights and privileges that are:

(1) granted to federal savings associations; but

(2) not authorized for savings associations under:

(A) the Indiana Code (except for this section); or

(B) a rule adopted under IC 4-22-2;

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

(d) The department shall promptly notify the requesting savings association of its receipt of the letter submitted under subsection (c). Except as provided in subsection (f), the savings association 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.

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

(1) federal savings associations in Indiana do not possess the requested rights and privileges;

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

(3) the exercise of the requested rights and privileges by the savings association 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 savings association.

(f) The sixty (60) day period referred to in subsection (d) may be extended by the department based on a determination that the savings association letter raises issues requiring additional information or additional time for analysis. If the sixty (60) day period is extended under this subsection, the savings association may exercise the requested rights and privileges only if the savings association 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 savings association'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.

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

(h) If a savings association receives approval to exercise the requested rights and privileges granted to national savings associations domiciled in Indiana, the department shall determine by order whether all savings associations 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 savings associations will not:

(1) adversely affect their safety and soundness; or

(2) unduly constrain Indiana consumer protection provisions.

(i) If the department denies the request of a savings association under this section to exercise any rights and privileges that are granted to national savings associations, the company may appeal the decision of the department to the circuit court, superior court, or probate court with jurisdiction in the county in which the principal office of the savings association is located.

As added by P.L.193-1997, SEC.2. Amended by P.L.73-2004, SEC.44; P.L.213-2007, SEC.105; P.L.217-2007, SEC.103; P.L.35-2010, SEC.206; P.L.84-2016, SEC.129.
Ind. Code § 28-15-11-18 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-18
Inapplicability of Indiana laws; interest added to principal; lien provided by mortgage
Status: in_force

Sec. 18. (a) Subsections (b) and (c) apply to alternative mortgage loans and to similar loans authorized under federal law or regulations for a federal savings association.

(b) Any Indiana laws prohibiting:

(1) the compounding of interest;

(2) capitalizing interest because contracted loan repayments create negative amortization; or

(3) paying interest on interest;

do not apply. For purposes of the application of IC 37-2-4 to a loan described in subsection (a), "principal" (as defined in IC 37-2-2-40.5) includes interest unpaid and added to principal because the contracted repayments under the loan do not cover the entire interest due at any time.

(c) The lien of the loan provided by the mortgage and the loan documents:

(1) includes all advances or additions to principal of either principal or interest that are made in accordance with the terms of the loan documents; and

(2) is superior to any lien on the property created after the date the mortgage securing the loan is recorded, other than taxes and special property or taxing district assessments.

As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.116; P.L.115-2026, SEC.70.
Ind. Code § 28-6.1-19-10 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-10
Statements of objections
Status: in_force

Sec. 10. (a) A person interested in the disposition (including a depositor or a creditor of the savings bank) aggrieved by the proposed disposition may file in the court a verified statement of objections to the proposed disposition.

(b) The statement must be filed not more than fifteen (15) days after the approval of the resolution by the court.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-6-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-6
Receiving deposits of securities and personal property
Status: in_force

Sec. 6. A savings bank may receive deposits of securities or other personal property from any person or corporation, upon terms agreed upon by the parties.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-3-2-5 — Indiana Code / Title 28 / Article 3 / Chapter 2 / Section 28-3-2-5
Effect of conversion, merger, or consolidation on obligations of state bank
Status: in_force

Sec. 5. The merger or consolidation of a bank or trust company with, or the conversion of a bank or trust company into a national banking association shall not release such bank or trust company from its obligation to pay and discharge all of the liabilities created by law or incurred by such bank or trust company before it was merged or consolidated with, or was converted into a national banking association, or to pay any and all taxes imposed under and by virtue of the laws of this state up to the date on which it was merged or consolidated with or was converted into such national banking association, in proportion to the time which has elapsed since the last preceding payment and assessment therefor, or to pay any and all assessments, penalties and forfeitures imposed or incurred under the laws of this state up to the date on which it is merged or consolidated with, or is converted into a national banking association.

Formerly: Acts 1953, c.69, s.5.
Ind. Code § 28-8-7-1 — Indiana Code / Title 28 / Article 8 / Chapter 7 / Section 28-8-7-1
"Charges"
Status: in_force

Sec. 1. As used in this chapter, "charges", with respect to a virtual currency transaction, means:

(1) fees or expenses paid by a user to the operator of a virtual currency kiosk as compensation for the operator's facilitation of the virtual currency transaction; and

(2) the difference between:

(A) the market price of a virtual currency purchased, sold, transferred, or exchanged by the user in the virtual currency transaction; and

(B) the price of the virtual currency charged to the user by the operator of the virtual currency kiosk.

As added by P.L.143-2026, SEC.2.
Ind. Code § 28-1-23-9 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-9
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.362. As amended by P.L.263-1985, SEC.101. Repealed by P.L.1-1989, SEC.75.
Ind. Code § 28-1-3.1-12 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-12
Federal deposit insurance; payments of deposit liabilities; subrogation
Status: in_force

Sec. 12. Whenever a federal deposit insurance agency pays or makes available for payment the insured deposit liabilities of a closed financial institution, the federal deposit insurance agency, whether or not it acts as receiver, shall be subrogated by operation of law to all rights against the closed financial institutions of each owner of a claim for deposit so paid by the federal deposit insurance agency to the extent necessary to enable the federal deposit insurance agency, under federal law, to make insurance payments available to depositors of closed financial institutions.

As added by P.L.141-1984, SEC.2.
Ind. Code § 28-1-23-15 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-15
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.370; Acts 1945, c.348, s.27. Repealed by Acts 1978, P.L.2, SEC.2824.
Ind. Code § 28-13-13-13 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-13
Indemnification of corporate officers and employees other than directors
Status: in_force

Sec. 13. The following apply unless a corporation's articles of incorporation provide otherwise:

(1) An officer of the corporation, whether or not a director, is entitled to mandatory indemnification under section 9 of this chapter and is entitled to apply for court-ordered indemnification under section 11 of this chapter, in each case to the same extent as a director.

(2) The corporation may indemnify and advance expenses under this chapter to an officer, employee, or agent of the corporation, whether or not a director, to the same extent as to a director.

(3) A corporation may also indemnify and advance expenses to an officer, employee, or agent, whether or not a director, to the extent, consistent with public policy, that may be provided by the corporation's articles of incorporation, bylaws, general or specific action of the corporation's board of directors, or contract.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-22-25 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-25
Duties of department upon revocation
Status: in_force

Sec. 25. (a) A certificate of admission of a foreign corporation is revoked when the department:

(1) serves a certificate of revocation upon the corporation at its principal office in Indiana; and

(2) files a copy of the certificate of revocation with:

(A) the secretary of state; and

(B) the county recorder of the county in which the principal office of the corporation in Indiana is located.

(b) Upon the serving of a certificate of revocation by the department, the authority of the corporation to transact business in this state shall cease, and the corporation shall not transact any business in this state.

Formerly: Acts 1933, c.40, s.348. As amended by P.L.171-1996, SEC.27.
Ind. Code § 28-12-3-3 — Indiana Code / Title 28 / Article 12 / Chapter 3 / Section 28-12-3-3
Necessary terms
Status: in_force

Sec. 3. (a) If the proposed corporation is organized to transact business under IC 28-1-11, the corporate name must include the word "bank", "trust", "banc", "banco", or "bancorp".

(b) If the proposed corporation is to be a corporate fiduciary, the corporate name of the corporation must include the word "trust" or "fiduciary".

As added by P.L.14-1992, SEC.162. Amended by P.L.262-1995, SEC.81; P.L.79-1998, SEC.87; P.L.10-2006, SEC.76 and P.L.57-2006, SEC.76.
Ind. Code § 28-2-17-14 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-14
"Indiana state bank" defined
Status: in_force

Sec. 14. As used in this chapter, "Indiana state bank" means a bank organized or reorganized under the laws of Indiana.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-1-22-1.5 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-1.5
Corporations domiciled in Indiana; authority to file notice of registered office and registered agent with secretary of state
Status: in_force

Sec. 1.5. (a) As used in this section, "eligible entity" means a bank, savings bank, trust company, corporate fiduciary, credit union, industrial loan and investment company, or savings association that:

(1) is organized under the laws of:

(A) any other state (as defined in IC 28-2-17-19);

(B) the United States; or

(C) any other country; and

(2) is domiciled in Indiana.

(b) An eligible entity may file with the secretary of state a notice concerning the eligible entity's:

(1) registered office; and

(2) registered agent;

in accordance with IC 23-0.5-4.

As added by P.L.186-2015, SEC.31. Amended by P.L.118-2017, SEC.124.
Ind. Code § 28-13-13-2 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-2
"Director" defined; scope of term
Status: in_force

Sec. 2. As used in this chapter, "director" means an individual who is or was a director of a corporation or an individual who, while a director of a corporation, is or was serving at the corporation's request 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, limited liability company, trust, employee benefit plan, or other enterprise, whether for profit or not. A director is considered to be serving an employee benefit plan at the corporation's request if the director's duties to the corporation also impose duties on, or otherwise involve services by, the director to the plan or to participants in or beneficiaries of the plan. The term includes, unless the context requires otherwise, the estate or personal representative of a director.

As added by P.L.14-1992, SEC.163. Amended by P.L.8-1993, SEC.457.
Ind. Code § 28-9-5-2 — Indiana Code / Title 28 / Article 9 / Chapter 5 / Section 28-9-5-2
Indemnification of depository financial institution by adverse claimant
Status: in_force

Sec. 2. If a depository financial institution:

(1) has responded in good faith to an adverse claimant under this article; and

(2) is held liable to a depositor or another person by reason of the failure of the depository financial institution to treat a deposit account in accordance with an agreement made between the depository financial institution and a depositor;

the depository financial institution is entitled to indemnification from the adverse claimant for the full amount of damages incurred by the depository financial institution, including attorney's fees.

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-13-9-2 — Indiana Code / Title 28 / Article 13 / Chapter 9 / Section 28-13-9-2
Qualifications of directors; articles and bylaws prescribing; waiver of citizenship requirement
Status: in_force

Sec. 2. (a) Except as provided in subsection (c), every director must, during the director's whole term of service, be a citizen of the United States. A director must be at least eighteen (18) years of age. At least one-half (1/2) of the directors must reside in Indiana or within a distance of not to exceed fifty (50) miles of any office of the corporation of which the director is a director.

(b) The articles of incorporation or bylaws may prescribe other qualifications for directors. A director need not be a shareholder of the corporation unless the articles of incorporation or bylaws so prescribe.

(c) The director of the department may waive the United States citizenship requirement set forth in subsection (a) for a particular corporation if the waiver would affect only a minority of the total number of directors of the corporation.

As added by P.L.14-1992, SEC.163. Amended by P.L.192-2003, SEC.7; P.L.213-2007, SEC.104; P.L.217-2007, SEC.102.
Ind. Code § 28-1-22-24 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-24
Revocation of certificate of admission
Status: in_force

Sec. 24. The certificate of admission of any foreign corporation admitted to do business in this state may be revoked at any time by the department:

(1) upon the failure of the corporation for thirty (30) days to appoint and maintain an agent in this state upon whom service of legal process may be had;

(2) upon the failure of the corporation for thirty (30) days to keep on file in the office of the secretary of state duly authenticated copies of each instrument amending its articles of incorporation;

(3) upon the failure of the corporation for thirty (30) days to file for record in the office of a county recorder the certificate of admission or any amended certificate of admission as provided by this article;

(4) upon the failure, neglect, or refusal of the corporation for thirty (30) days to pay any fee required by the laws of this state; or

(5) for willful misrepresentation of any material matter in any application, statement, affidavit, or other paper filed by such corporation pursuant to this article.

Formerly: Acts 1933, c.40, s.347. As amended by P.L.263-1985, SEC.95; P.L.171-1996, SEC.26.
Ind. Code § 28-1-23-1 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-1
Fees payable to secretary of state; fee on basis of capital stock of credit union
Status: in_force

Sec. 1. The fees payable to the secretary of state by financial institutions which are organized or reorganized under the laws of this state and under the laws of any other state shall be the same as the fees prescribed in chapter 219 of the Acts of the general assembly of 1929, except that the fee imposed on the basis of the capital stock of any credit union shall not exceed the sum of one dollar ($1.00) for each original application and one dollar ($1.00) for each additional application for shares irrespective of the number of shares to be authorized by such application and issued thereunder.

Formerly: Acts 1933, c.40, s.352.
Ind. Code § 28-12-1-1 — Indiana Code / Title 28 / Article 12 / Chapter 1 / Section 28-12-1-1
Incorporators; articles, execution, delivery, and filing
Status: in_force

Sec. 1. One (1) or more individuals, all of whom are at least eighteen (18) years of age and at least a majority of whom are citizens of Indiana, may act as the incorporator of a corporation (as defined in IC 28-10-1-3) by doing all of the following:

(1) Signing and acknowledging before a notary public four (4) copies of the articles of incorporation.

(2) Delivering to the department for approval the four (4) copies of the articles of incorporation, and the application and other items required by IC 28-12-4.

(3) Filing the articles of incorporation with the secretary of state after the articles are approved by the department.

As added by P.L.14-1992, SEC.162. Amended by P.L.262-1995, SEC.80.
Ind. Code § 28-2-13-9 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-9
Branch de novo
Status: in_force

Sec. 9. As used in this chapter, "branch de novo" means a branch established by the opening of a new branch and includes a branch or branches acquired from another bank without acquiring substantially all of the assets of the other bank.

As added by P.L.265-1985, SEC.3. Amended by P.L.33-1991, SEC.23; P.L.171-1996, SEC.33.
Ind. Code § 28-7-1-0.5 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-0.5
Definitions
Status: in_force

Sec. 0.5. The following definitions apply throughout this chapter:

(1) "Automated teller machine" (ATM) means a piece of unmanned electronic or mechanical equipment that performs routine financial transactions for authorized individuals.

(2) "Branch" office" means an office, agency, or other place of business at which deposits are received, share drafts are paid, or money is lent to members of a credit union. The term does not include:

(A) the principal office of a credit union;

(B) the principal office of a credit union affiliate;

(C) a branch office of a credit union affiliate;

(D) an automated teller machine; or

(E) a night depository.

(3) "Credit union" is a cooperative, nonprofit association, incorporated under this chapter, for the purposes of educating its members in the concepts of thrift and to encourage savings among its members. A credit union should provide a source of credit at a fair and reasonable rate of interest and provide an opportunity for its members to use and control their own money in order to improve their economic and social condition.

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

(5) "Surplus" means the credit balance of undivided earnings after losses. The term does not include statutory reserves.

(6) "Unimpaired shares" means paid in shares less any losses for which no reserve exists and for which there is no charge against undivided earnings.

(7) "Related credit union service organization" means, in reference to a credit union, a credit union service organization (as defined and formed under Part 712 of the regulations of the National Credit Union Administration, 12 CFR 712) in which the credit union has invested under section 9(a)(4) of this chapter.

(8) "Premises" means any office, branch, suboffice, service center, parking lot, real estate, or other facility where the credit union transacts or will transact business.

(9) "Furniture, fixtures, and equipment" means office furnishings, office machines, computer hardware, computer software, automated terminals, and heating and cooling equipment.

(10) "Fixed assets" means:

(A) premises; and

(B) furniture, fixtures, and equipment.

(11) "Audit period" means a twelve (12) month period designated by the board of directors of a credit union.

(12) "Community" means:

(A) a second class city;

(B) a third class city;

(C) a town;

(D) a county other than a county containing a consolidated city;

(E) a census tract;

(F) a township; or

(G) any other municipal corporation (as defined in IC 36-1-2-10).

(13) "Control of a related interest" refers to a situation in which an individual directly or indirectly, or through or in concert with one (1) or more other individuals, possesses any of the following:

(A) The ownership of, control of, or power to vote at least twenty-five percent (25%) of any class of voting securities of the related interest.

(B) The control in any manner of the election of a majority of the directors of the related interest.

(C) The power to exercise a controlling influence over the management or policies of the related interest. For purposes of this clause, an individual is presumed to have control, including the power to exercise a controlling influence over the management or policies of a related interest, if the individual:

(i) is an executive officer or a director of the related interest and directly or indirectly owns, controls, or has the power to vote more than ten percent (10%) of any class of voting securities of the related interest; or

(ii) directly or indirectly owns, controls, or has the power to vote more than ten percent (10%) of any class of voting securities of the related interest and no other person owns, controls, or has the power to vote a greater percentage of that class of voting securities.

(14) "Executive officer" includes any of the following officers of a credit union:

(A) The chairman of the board of directors.

(B) The president.

(C) A vice president.

(D) The cashier.

(E) The secretary.

(F) The treasurer.

(15) "Immediate family", for purposes of section 17.2 of this chapter, means the spouse of an individual, the individual's minor children, and any of the individual's children, including adults, residing in the individual's home.

(16) "Officer" means any individual who is not solely a director or committee member and participates or has the authority to participate in major policymaking functions of a credit union, regardless of whether:

(A) the individual has an official title;

(B) the individual's title designates the individual as an assistant; or

(C) the individual is serving without salary or other compensation.

(17) "Related interest", with respect to an individual, means:

(A) a partnership, a corporation, or another business organization that is controlled by the individual; or

(B) a political campaign committee:

(i) controlled by the individual; or

(ii) the funds or services of which benefit the individual.

(18) Except as provided in section 9(a)(4) of this chapter, "capital and surplus" means the sum of:

(A) undivided profits;

(B) reserve for contingencies;

(C) regular reserve; and

(D) allowance for credit losses, minus any adjustment for credit loss allowance for available for sale (AFS) securities.

As added by Acts 1977, P.L.294, SEC.1. Amended by P.L.263-1995, SEC.1; P.L.188-1997, SEC.9; P.L.192-1997, SEC.16; P.L.11-1998, SEC.15; P.L.53-2002, SEC.1; P.L.141-2005, SEC.11; P.L.213-2007, SEC.65; P.L.217-2007, SEC.63; P.L.90-2008, SEC.40; P.L.35-2010, SEC.147; P.L.137-2014, SEC.26; P.L.129-2020, SEC.11; P.L.30-2024, SEC.3.
Ind. Code § 28-11-3-4 — Indiana Code / Title 28 / Article 11 / Chapter 3 / Section 28-11-3-4
Documents, reports, and other papers; certified copies; prima facie evidence
Status: in_force

Sec. 4. A copy of a document, report, or other paper received and filed by the department, when certified by the director, shall be received in all courts and places as prima facie evidence of the facts stated in the certified copy.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-6.2-1-16 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-16
"Reorganization plan" defined
Status: in_force

Sec. 16. "Reorganization plan" means a plan to reorganize into the mutual holding company.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-2-17-8 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-8
"Department" defined
Status: in_force

Sec. 8. As used in this chapter, "department" refers to the department of financial institutions.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-1-32-13 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-13
Branches
Status: in_force

Sec. 13. A credit union resulting from a conversion under this chapter may retain all branches lawfully established.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-11-5-4 — Indiana Code / Title 28 / Article 11 / Chapter 5 / Section 28-11-5-4
Investigation of applicant; disapproval of application; submission of fingerprints
Status: in_force

Sec. 4. (a) Upon the acceptance of an application under section 3 of this chapter, the department shall investigate and consider all of the following:

(1) The financial standing and character of the incorporators, organizers, directors, principal shareholders, or controlling corporations.

(2) The character, qualifications, and experience of the officers and directors of the proposed financial institution.

(3) The future earnings prospects for the proposed financial institution.

(4) The adequacy of the financial institution's proposed capital, if the financial institution is to be a bank, trust company, corporate fiduciary, or savings bank.

(b) The members of the department may disapprove the application if:

(1) any of the factors listed in subsection (a) are determined to be unfavorable;

(2) any of the incorporators, directors, principal shareholders, or officers of the proposed financial institution have been convicted of a felony under Indiana law, the laws of any other state, or the laws of the United States; or

(3) the applicant has knowingly or intentionally submitted an application under this chapter that contains false information.

(c) The applicant shall submit to the department or to the Indiana state police, as appropriate, two (2) sets of fingerprints for each incorporator, director, principal shareholder, and officer, if requested by the department under section 4.5 of this chapter.

As added by P.L.42-1993, SEC.91. Amended by P.L.122-1994, SEC.112; P.L.262-1995, SEC.79; P.L.192-1997, SEC.24; P.L.90-2008, SEC.74.
Ind. Code § 28-6.1-3-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-4
Qualifications of trustees
Status: in_force

Sec. 4. An individual must have the following qualifications to be a trustee:

(1) The individual must be a citizen of Indiana for at least five (5) years before becoming a trustee.

(2) The individual must have an equity in real estate:

(A) located in the county in which the savings bank is located; and

(B) worth at least five thousand dollars ($5,000), the value of which is determined by two (2) individuals designated by the court.

(3) The individual must in all respects be a suitable individual to be entrusted with the management of a savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-23-2 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-2
Fees payable to secretary of state; fee on basis of capital stock of savings association
Status: in_force

Sec. 2. The fees payable to the secretary of state by financial institutions which are organized or reorganized under the laws of this state or under the laws of any other state shall be the same as the fees prescribed in IC 23-0.5-9, except that the fee imposed on the basis of the capital stock of any savings association shall be the sum of one dollar ($1) for each original application and one dollar ($1) for each additional application for shares, irrespective of the number of shares to be authorized by such application and issued thereunder.

Formerly: Acts 1933, c.40, s.352a; Acts 1965, c.22, s.1. As amended by P.L.263-1985, SEC.97; P.L.149-1986, SEC.63; P.L.79-1998, SEC.60; P.L.118-2017, SEC.125.
Ind. Code § 28-2-6-1 — Indiana Code / Title 28 / Article 2 / Chapter 6 / Section 28-2-6-1
Authority to register securities in name of nominee; liability
Status: in_force

Sec. 1. Any bank, trust company, or corporate fiduciary incorporated under the laws of this state, and any national banking association incorporated under the laws of the United States and having its principal banking office in this state, may, when acting in any fiduciary capacity, whether as sole fiduciary or as co-fiduciary, cause any stocks, bonds, or other securities held by it in such fiduciary capacity to be registered and held in the name or names of any nominee or nominees of such bank, trust company or national banking association, Provided, however, that: (1) if such bank, trust company, corporate fiduciary, or national banking association be acting as a co-fiduciary, it shall secure the consent of its co-fiduciary or co-fiduciaries, who is or are hereby authorized to give such consent, to the registration and holding of such stocks, bonds, or other securities in the name of a nominee or nominees of such bank, trust company, corporate fiduciary, or national bank, and (2) the records of the fiduciary or fiduciaries shall at all times clearly show the ownership of such stocks, bonds, or other securities, and investments so registered shall at all times be in the possession and under the control of the fiduciary. Any bank, trust company, corporate fiduciary, or national banking association shall be liable in its individual capacity for any loss to the trust or estate resulting from any of the acts, or omissions to act, of such nominee or nominees in connection with the stocks, bonds, or other securities so held to the same extent as if such stocks, bonds, or other securities had been held in the name of such bank, trust company, corporate fiduciary, or national banking association as fiduciary.

Formerly: Acts 1947, c.115, s.1. As amended by P.L.262-1995, SEC.50.
Ind. Code § 28-11-4-6 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-6
Temporary order
Status: in_force

Sec. 6. (a) If the director determines that an alleged practice, a violation, or an act specified in a notice served under this chapter is likely to:

(1) cause insolvency of the financial institution;

(2) cause substantial dissipation of assets or earnings of the financial institution; or

(3) otherwise seriously prejudice the interests of the depositors of the financial institution;

the director may issue a temporary order without a hearing.

(b) A temporary order may:

(1) require the financial institution to cease and desist from the practice or violation;

(2) require the financial institution to take affirmative action to correct the conditions resulting from the practice or violation; or

(3) suspend or prohibit a director, an officer, or an employee from participating in the conduct of the affairs of the financial institution.

(c) A temporary order is effective upon service and remains effective and enforceable until the earliest of the following:

(1) The issuance of an injunction by a court under subsection (d).

(2) The dismissal of the charges by the department.

(3) The effective date of a final order under section 7 of this chapter.

(d) A financial institution served with a temporary order under this section may apply to a court having jurisdiction for an injunction to stay, modify, or vacate the order.

As added by P.L.33-1991, SEC.56. Amended by P.L.258-2003, SEC.22; P.L.35-2010, SEC.200.
Ind. Code § 28-1-29-3 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-3
License required; persons operating in Indiana; evidence of compliance; fees; violations; renewal; tax warrant list
Status: in_force

Sec. 3. (a) No person shall operate a debt management company in Indiana without having obtained a license from the department. For purposes of this section, a person is operating in Indiana if:

(1) the person or any of the person's employees or agents are located in Indiana; or

(2) the person:

(A) contracts with debtors who are residents of Indiana; or

(B) solicits business from residents of Indiana by advertisements or other communications sent or delivered through any of the following means:

(i) Mail.

(ii) Personal delivery.

(iii) Telephone.

(iv) Radio.

(v) Television.

(vi) The Internet or other electronic communications.

(vii) Any other means of communication.

(b) The director may request evidence of compliance with this section at:

(1) the time of application;

(2) the time of renewal of a license; or

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

(c) For purposes of subsection (b), evidence of compliance with this section may include:

(1) criminal background checks, including a national criminal history background check (as defined in IC 10-13-3-12) by the Federal Bureau of Investigation for any individual described in section 5(b)(2), 5(b)(3), or 5(b)(4) of this chapter;

(2) credit histories; and

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

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

(d) The fee for a license or renewal of a license shall be fixed by the department under IC 28-11-3-5 and shall be nonrefundable. The department may impose a fee under IC 28-11-3-5 for each day that a renewal fee and any related documents that are required to be submitted with a renewal application are delinquent.

(e) If a person knowingly acts as a debt management company in violation of this chapter, any agreement the person has made under this chapter is void and the debtor under the agreement is not obligated to pay any fees. If the debtor has paid any amounts to the person, the debtor, or the department on behalf of the debtor, may recover the payment from the person that violated this section.

(f) A license issued under this section, except in a transaction approved under section 3.1 of this chapter, is not assignable or transferable. In order to remain in force, a license issued under this section must be renewed every year in the manner prescribed by the director of the department. The director of the department shall prescribe the form of the renewal application. In order to be accepted for processing, a renewal application must be accompanied by the following:

(1) The license renewal fee imposed under subsection (d).

(2) The licensee's most recent audited financial statements covering the licensee's immediately preceding fiscal year, as prepared by an independent certified public accountant in compliance with the requirements set forth in section 5(d) of this chapter. If the licensee's financial statements for the immediately preceding fiscal year are not available at the time of renewal, the licensee has one hundred twenty (120) days after the end of the immediately preceding fiscal year to file the financial statements.

(3) All other information and documents requested by the director of the department.

(g) 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 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by P.L.42-1993, SEC.48; P.L.172-1997, SEC.18; P.L.63-2001, SEC.12 and P.L.134-2001, SEC.13; P.L.10-2006, SEC.33 and P.L.57-2006, SEC.33; P.L.213-2007, SEC.44; P.L.217-2007, SEC.42; P.L.90-2008, SEC.28; P.L.35-2010, SEC.120; P.L.89-2011, SEC.37; P.L.172-2011, SEC.132; P.L.216-2013, SEC.21.
Ind. Code § 28-7-5-9 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-9
License not transferrable or assignable; branch locations
Status: in_force

Sec. 9. (a) As used in this section, "branch location" means a location that:

(1) is maintained by a person licensed or required to be licensed under this chapter;

(2) is located somewhere other than the person's main office location; and

(3) does not constitute a separate legal entity from, or a subsidiary of, the person.

(b) Except in a transaction approved under section 9.1 of this chapter, a license is not transferable or assignable. Subject to section 10 of this chapter, one (1) or more branch locations may be maintained under the same license.

Formerly: Acts 1935, c.195, s.9. As amended by P.L.263-1985, SEC.187; P.L.14-1992, SEC.137; P.L.45-1995, SEC.25; P.L.89-2011, SEC.51; P.L.186-2015, SEC.41.
Ind. Code § 28-14-1-5 — Indiana Code / Title 28 / Article 14 / Chapter 1 / Section 28-14-1-5
"Department"
Status: in_force

Sec. 5. "Department" refers to the department of financial institutions established by IC 28-11-1.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-11-3.1 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-3.1
Powers necessary and usual in carrying on banking business; enumerated powers; application of rules
Status: in_force

Sec. 3.1. (a) Any bank or trust company shall have the power to discount, negotiate, sell and guarantee promissory notes, bonds, drafts, acceptances, bills of exchange, and other evidences of debt; to buy and sell, exchange, coin and bullion; to loan money; to borrow money and to issue its notes, bonds, or debentures to evidence any such borrowing and to mortgage, pledge, or hypothecate any of its assets to secure the repayment thereof; to receive savings deposits and deposits of money subject to check, and deposits of securities or other personal property from any person or corporation, upon such terms as may be agreed upon by the parties; to contract for and receive on loans and discounts the highest rate of interest allowed by the laws of this state to be contracted for and received by individuals; to accept, for payment at a future date, drafts drawn upon it by its customers and to issue letters of credit authorizing the holders thereof to draw drafts upon it or its correspondents at sight or on time, however, the letter of credit must state a specific expiration date; and to exercise all the powers incidental and proper or which may be necessary and usual in carrying on a general banking business, but it shall have no right to issue bills to circulate as money.

(b) Subject to such regulations, rules, policies, and guidance as the department finds to be necessary and proper, any bank or trust company shall have the following powers:

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

(2) To make such loans secured by mortgages on real property or leasehold, as the federal housing administrator insures or makes a commitment to insure, and to obtain such insurance.

(3) To purchase, invest in, and dispose of notes or bonds secured by mortgage or trust deed insured by the federal housing administrator or debentures issued by the federal housing administrator, or bonds or other securities issued by national mortgage associations.

(4) To extend credit to any state agency, with the approval of the department, notwithstanding any other provisions or limitations of IC 28-1. No law of this state prescribing the nature, amount, or form of security or requiring security upon which loans or advances of credit may be made, or prescribing or limiting interest rates upon loans or advances of credit, or prescribing or limiting the period for which loans or advances of credit may be made, shall be deemed to apply to loans, advances of credit, or purchases made pursuant to subdivisions (1), (2), and (3) and this subdivision.

(5) To purchase, take, hold, and dispose of notes, and mortgages securing such notes, made to any joint stock land bank heretofore incorporated, in any case in which not less than ninety-nine percent (99%) of the stock of said joint stock land bank is owned by the bank or trust company at the time such notes or mortgages be acquired by the bank or trust company; and upon dissolution of any such joint stock land bank, or at any stage in the process of such dissolution, any bank or trust company then owning not less than ninety-nine percent (99%) of the stock of such joint stock land bank may take, hold, and dispose of any notes, mortgages, or other assets of such joint stock land bank of whatsoever nature, including real estate, wheresoever situated, which such joint stock land bank shall assign, transfer, convey, or otherwise make over to such bank or trust company by way of final or partial distribution of its assets to its stockholders upon such dissolution or in connection with the process of such dissolution. No law of this state prescribing the nature, amount, location, or form of security, or requiring security upon which loans or advances of credit may be made, or prescribing or limiting interest rates upon loans or advances of credit, or prescribing or limiting the period for which loan or advances of credit may be made, or prescribing any ratio between the amount of any loan and the appraised value of the security for such loan, or requiring periodical reductions of the principal of any loan, shall be deemed to apply to loans, notes, mortgages, real estate, or other assets mentioned in this subdivision.

(6) To adopt stock purchase programs for employees and to grant options to purchase, and to issue and sell, shares of its capital stock to its employees, or to a trustee on their behalf (which may be the bank or trust company issuing such capital stock), without first offering the same to its shareholders, for such consideration, not less than par value, and upon such terms and conditions as shall be approved by its board of directors and by the holders of a majority of its shares entitled to vote with respect thereto, and by the department. In the absence of actual fraud in the transaction, the judgment of the directors as to the consideration for the issuances of such options and the sufficiency thereof shall be conclusive. Any bank or trust company exercising the powers granted in this subsection may, to the extent approved by the department, have authorized and unissued stock required to fulfill any stock option or other arrangement authorized herein.

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

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

(8.1) To purchase, hold, and convey real estate in accordance with section 5 of this chapter.

(9) Subject to section 3.2 of this chapter, to exercise the rights and privileges (as defined in section 3.2(a) of this chapter) that are or may be granted to national banks domiciled in Indiana.

(10) Pursuant to its lending authority, to engage directly or indirectly in any tax equity finance transaction permissible for a national bank or federal savings association under 12 CFR 7.1025. The authority to engage in tax equity finance transactions under this subdivision is separate from, and does not limit, any investment authorities available to a bank or trust company. A tax equity finance transaction is subject to the substantive legal requirements of a loan, including, without limitation, IC 28-1-13.

(c) Any rule made and promulgated under and pursuant to this section may apply to one (1) or more banks or trust companies or to one (1) or more localities in the state as the department, in its discretion, may determine.

As added by Acts 1980, P.L.40, SEC.7. Amended by P.L.33-1991, SEC.14; P.L.14-1992, SEC.81; P.L.136-1994, SEC.2; P.L.176-1996, SEC.11; P.L.194-1997, SEC.1; P.L.215-1999, SEC.2; P.L.10-2006, SEC.30 and P.L.57-2006, SEC.30; P.L.213-2007, SEC.38; P.L.217-2007, SEC.36; P.L.35-2010, SEC.116; P.L.27-2012, SEC.50; P.L.73-2016, SEC.17; P.L.31-2022, SEC.1.
Ind. Code § 28-1-29-9 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-9
Trust account; separate account for Indiana contract debtors required; commingling with funds of nonresidents with approval of director; requirements and restrictions; required balance; reconciliation procedures; embezzlement; relocating account; signatories; monthly accountings; completion or termination of contract
Status: in_force

Sec. 9. (a) All money paid to a licensee by or on behalf of an Indiana contract debtor for distribution to creditors under a plan shall be held in trust in a separate account maintained specifically for the benefit of the licensee's Indiana contract debtors. However, as an alternative to maintaining a separate trust account specifically for the benefit of the licensee's Indiana contract debtors, a licensee may submit a request to the director for approval to maintain a trust account that holds both money paid to the licensee by or on behalf of Indiana contract debtors and money paid to the licensee by or on behalf of contract debtors who do not reside in Indiana. The request must include documentation of the licensee's account reconciliation procedures sufficient to demonstrate to the director that the licensee will be able to:

(1) comply with the reconciliation requirements set forth in subsection (e) with respect to each Indiana contract debtor whose money is held in the account; and

(2) accurately determine the appropriate surety bond level under section 6(d) of this chapter at the time of each renewal of the licensee's license under this chapter.

Upon approval by the director of a request described in this subsection, the licensee shall maintain the documentation described in subdivisions (1) and (2) for review by department examiners during the course of the department's routine examinations under this chapter. Before the close of the same banking day that funds are received from an Indiana contract debtor, the licensee shall deposit the money in the trust account required under this section.

(b) A licensee shall do the following:

(1) Maintain separate records of account for each contract debtor to whom the licensee is furnishing debt management services in Indiana.

(2) Disburse money paid by or on behalf of a contract debtor to creditors of the contract debtor as disclosed in the agreement between the licensee and the contract debtor.

(3) Make remittances not later than thirty (30) days after initial receipt of funds from a contract debtor. After the initial receipt of funds, remittances, less fees and costs, shall be made not later than thirty (30) days after receipt of funds, unless the reasonable payment of one (1) or more of the contract debtor's obligations requires that the funds be held for a longer period to accumulate a sum certain. For purposes of this section, the close-out fee set forth in section 8.3(d) of this chapter is not considered an obligation of the contract debtor.

(4) Retain for charges in the trust account required under this section an amount less than or equal to the sum of one (1) month's fees for the licensee's Indiana contract debtors whose money is held in the account, as permitted by section 8.3(c)(2) of this chapter, plus a close-out fee, as permitted by section 8.3(d) of this chapter, for each of the licensee's Indiana contract debtors whose money is held in the account, unless a greater amount is approved in writing by the department.

(5) Promptly:

(A) correct any payments on behalf of a contract debtor that are not made or that are misdirected as a result of an error by the licensee or other person in control of the trust account; and

(B) reimburse the contract debtor for any costs or fees imposed by a creditor as a result of the failure to pay or misdirection.

(c) A licensee may not commingle the licensee's own funds with money in the trust account established under this section for the benefit of the licensee's Indiana contract debtors.

(d) The trust account required under this section must at all times have a cash balance equal to at least the sum of the balances of each individual account maintained for each Indiana contract debtor whose money is held in the trust account.

(e) The licensee shall reconcile the trust account required under this section at least every thirty (30) days after receipt of the bank statement. The reconciliation must compare the cash balance in the trust account for all the licensee's Indiana contract debtors whose money is held in the account with the sum of the balances in each of those Indiana contract debtor's individual accounts. If the licensee or the licensee's designee has more than one (1) trust account under this section, each trust account must be individually reconciled. If the cash balance held in a trust account for the benefit of the licensee's Indiana contract debtors reflects a shortage when compared with the sum of the balances in each of those Indiana contract debtor's individual accounts, the licensee shall immediately provide written notice to the department of that fact and of any remedial action taken by the licensee. If the cash balance held in a trust account for the benefit of the licensee's Indiana contract debtors reflects a surplus when compared with the sum of the balances in each of those Indiana contract debtor's individual accounts, the licensee shall attempt to remedy the surplus and shall retain, for review by department examiners, documentation of the actions taken.

(f) If a licensee or a licensee's employee discovers, or has a reasonable suspicion of, embezzlement or other unlawful appropriation of money held in trust, the licensee or the licensee's employee shall immediately notify the department in writing. Unless the department by regulation, rule, policy, or guidance provides otherwise, the licensee shall give notice to the department describing the remedial action taken or to be taken not later than five (5) days after the licensee or the licensee's employee discovers, or has a reasonable suspicion of, the embezzlement or other unlawful appropriation.

(g) If a contract debtor terminates an agreement or it becomes reasonably apparent to a licensee that a plan has failed, the licensee shall, not later than fifteen (15) days after the effective date of the termination of the agreement or the date on which it becomes apparent to the licensee that the plan has failed, as applicable, refund to the contract debtor all money paid by or on behalf of the contract debtor that has not been paid to creditors less the fee that is payable to the licensee under section 8.3(d) of this chapter.

(h) Before relocating a trust account from one (1) bank to another, a licensee shall inform the department of the name, business address, and telephone number of the new bank. As soon as practicable, the licensee shall inform the department of the account number of the trust account at the new bank.

(i) Before adding or replacing any signatory on the trust account required under this section, the licensee shall:

(1) ensure that the new signatory is qualified based on a background check consistent with section 3(c) of this chapter; and

(2) maintain, for review by department examiners, documentation of the background check conducted.

(j) At least once each month while an agreement between a licensee and a contract debtor is in effect, the licensee shall render to the contract debtor an accounting statement that includes the following:

(1) The following information with respect to the month for which the accounting statement is prepared:

(A) The total amount received from the contract debtor.

(B) The total amount paid to each creditor on behalf of the contract debtor.

(C) The amount of any charges deducted by the licensee.

(D) Any amount held in reserve on behalf of the contract debtor.

(2) A statement that the contract debtor's plan is regulated by the department, along with the department's contact information, including the department's address, Internet web site address, and toll free telephone number.

A licensee shall also provide an accounting statement described in this subsection to a contract debtor not later than seven (7) days after written demand by the contract debtor for such a statement. However, the licensee is not required to provide more than three (3) such requested accountings per six (6) month period.

(k) Upon the completion or termination of a contract between a licensee and a contract debtor, the licensee shall provide to the contract debtor a statement:

(1) indicating that the licensee no longer holds funds in trust for the contract debtor; and

(2) listing the name and address of:

(A) any creditors paid in full; and

(B) any creditors remaining unpaid.

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by P.L.196-1996, SEC.4; P.L.213-2007, SEC.49; P.L.217-2007, SEC.47; P.L.35-2010, SEC.131; P.L.89-2011, SEC.43; P.L.6-2012, SEC.195; P.L.27-2012, SEC.75; P.L.216-2013, SEC.30.
Ind. Code § 28-1-7.1-3 — Indiana Code / Title 28 / Article 1 / Chapter 7.1 / Section 28-1-7.1-3
Depository financial institution with mutual ownership; authority to engage in voluntary supervisory conversion
Status: in_force

Sec. 3. A depository financial institution with mutual ownership may engage in a voluntary supervisory conversion only as set forth in this chapter.

As added by P.L.89-2011, SEC.33.
Ind. Code § 28-13-7-5 — Indiana Code / Title 28 / Article 13 / Chapter 7 / Section 28-13-7-5
Voting agreement; exemption; enforceability
Status: in_force

Sec. 5. (a) At least two (2) shareholders may provide for the manner in which the shareholders will vote their shares by signing an agreement for that purpose. A voting agreement created under this section is not subject to sections 1 through 4 of this chapter.

(b) A voting agreement created under this section is specifically enforceable.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-13-12-1 — Indiana Code / Title 28 / Article 13 / Chapter 12 / Section 28-13-12-1
Officers; designation; terms; highest acting officer; dual officeholding
Status: in_force

Sec. 1. (a) The officers of a corporation must consist of the following:

(1) A president and, if the president is not the highest acting officer of the corporation, another officer designated by the directors, regardless of the title of that officer, whose duties are equivalent to those customarily performed by the highest acting officer.

(2) One (1) or more officers whose duties are equivalent to those customarily performed by a chief financial officer.

(3) An officer whose duties include preparing minutes of the directors' and shareholders' meetings, authenticating records of the corporation, and other duties customarily performed by a secretary.

(4) Any other officers prescribed by the articles of incorporation or the bylaws.

(b) Each of the officers shall be chosen by the board of directors at the time, in the manner, and for the terms as prescribed in the corporation's articles of incorporation or bylaws.

(c) If not already a director, the officer described in subsection (a)(1) who is the highest acting officer of the corporation shall become a director in accordance with the corporation's articles of incorporation or bylaws as soon as practicable after being chosen to serve in that office.

(d) If the articles of incorporation or the bylaws so provide, two (2) or more offices may be held by the same person, except that the duties of an officer described in subsection (a)(1) and an officer described in subsection (a)(2) may not be performed by the same person.

As added by P.L.14-1992, SEC.163. Amended by P.L.1-1993, SEC.212; P.L.216-2013, SEC.66.
Ind. Code § 28-15-1-11 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-11
"Savings association"
Status: in_force

Sec. 11. "Savings association" means any:

(1) building and loan association;

(2) savings and loan association;

(3) rural loan and savings association; or

(4) guaranty loan and savings association;

organized or reorganized and operating under the laws of Indiana, any other state, or the United States, whether in stock or mutual form.

As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.14.
Ind. Code § 28-1-2-30.5 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-30.5
Keeping and handling of personal records; breach of security; disposal of personal records; winding up of business; providing records to the department
Status: in_force

Sec. 30.5. (a) This section applies to the following:

(1) Any:

(A) financial institution;

(B) person required to file notification with the department under IC 37-2-7-25;

(C) person subject to IC 24-7; or

(D) other person subject to regulation by the department.

(2) Any person licensed or required to be licensed under IC 37-1 or IC 37-2.

(b) As used in this section, "customer", with respect to a person described in subsection (a), means an individual consumer, or the individual's legal representative, who obtains or has obtained from the person a financial:

(1) product; or

(2) service;

that is to be used primarily for personal, family, or household purposes. The term does not include an affiliate of the person.

(c) As used in this section, "personal information" includes any of the following:

(1) An individual's first and last names or first initial and last name.

(2) Any of the following data elements:

(A) A Social Security number.

(B) A driver's license number.

(C) A state identification card number.

(D) A credit card number.

(E) A financial account number or debit card number.

(3) With respect to an individual, any of the following:

(A) Address.

(B) Telephone number.

(C) Information concerning the individual's:

(i) income or other compensation;

(ii) credit history;

(iii) credit score;

(iv) assets;

(v) liabilities; or

(vi) employment history.

(d) As used in this section, personal information is "encrypted" if the personal information:

(1) has been transformed through the use of an algorithmic process into a form in which there is a low probability of assigning meaning without use of a confidential process or key; or

(2) is secured by another method that renders the personal information unreadable or unusable.

(e) As used in this section, personal information is "redacted" if the personal information has been altered or truncated so that not more than the last four (4) digits of:

(1) a Social Security number;

(2) a driver's license number;

(3) a state identification number; or

(4) an account number;

are accessible as part of the personal information.

(f) As used in this section, "personal records" means any records that:

(1) are maintained, whether as a paper record or in an electronic or a computerized form, by a person to whom this section applies; and

(2) contain the unencrypted, unredacted personal information of one (1) or more customers or potential customers.

(g) A person to whom this section applies shall keep and handle personal records in a manner that:

(1) reasonably safeguards the personal records from destruction, theft, or other loss; and

(2) protects the personal records from misuse.

(h) If a breach of the security of any personal records occurs, the person maintaining the records is subject to the disclosure requirements under IC 24-4.9-3, unless the person is exempt from the disclosure requirements under IC 24-4.9-3-4.

(i) A person to whom this section applies may not dispose of personal records without first:

(1) shredding, incinerating, or mutilating the personal records; or

(2) erasing or otherwise rendering illegible or unusable the personal information contained in the records.

(j) If a person to whom this section applies ceases doing business, the person shall, as part of the winding up of the business, safeguard any personal records maintained by the person in accordance with this section until such time as the person is entitled or required to destroy the records under:

(1) applicable law; or

(2) the person's own records maintenance policies.

(k) A person to whom this section applies shall provide at the person's cost any records that the director considers relevant or material to an examination, investigation, or other matter under consideration by the department.

As added by P.L.90-2008, SEC.20. Amended by P.L.1-2009, SEC.147; P.L.35-2010, SEC.98; P.L.115-2026, SEC.56.
Ind. Code § 28-1-2-39 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-39
Repealed
Status: repealed

As added by P.L.72-2003, SEC.3. Amended by P.L.2-2006, SEC.182. Repealed by P.L.90-2008, SEC.80.
Ind. Code § 28-7-1-21 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-21
Repealed
Status: repealed

Formerly: Acts 1961, c.182, s.21. Repealed by Acts 1971, P.L.366, SEC.10.
Ind. Code § 28-2-16-10 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-10
Repealed
Status: repealed

As added by P.L.279-1987, SEC.9. Repealed by P.L.33-1991, SEC.57.
Ind. Code § 28-8-5-23 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-23
Investigations; void check cashing transactions
Status: in_force

Sec. 23. (a) If the department determines that a reasonable belief exists that a person is operating without a valid license or in violation of this chapter, the department may investigate the person.

(b) If a person knowingly acts as a casher of checks without the license required by section 12 of this chapter, the check cashing transaction is void and the customer is not required to pay any check cashing fees to the person. If the customer has paid any check cashing fees to the person, the customer, or the department on behalf of the customer, is entitled to recover the payment from the person.

As added by P.L.42-1993, SEC.86. Amended by P.L.172-1997, SEC.24.
Ind. Code § 28-1-21.8-1 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-1
Conversion plan
Status: in_force

Sec. 1. As used in this chapter, "conversion plan" refers to the stock savings bank conversion plan required by this chapter.

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-1-21.9-3 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-3
Effective time of the charter conversion
Status: in_force

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

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

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

As added by P.L.42-1993, SEC.44. Amended by P.L.122-1994, SEC.86.
Ind. Code § 28-7-1-16.5 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-16.5
Conflicts of interest; disqualification; directors; committee members
Status: in_force

Sec. 16.5. (a) This section governs the participation of board members in board actions.

(b) Unless a matter involves setting dividends, loan rates, or fees for services or other general policy applicable to all members of the credit union, a director, a committee member, an officer, or an employee of a credit union shall not in any manner, directly or indirectly, participate in the deliberation or board action on any matter that affects the director's, committee member's, officer's, or employee's pecuniary interest or the pecuniary interest of an entity other than the credit union in which the director, committee member, officer, or employee is interested.

(c) If one (1) or more directors are disqualified from participating in a matter before the credit union board under subsection (b), the remaining qualified directors present at the meeting, if together with the disqualified director constitutes a quorum, may by majority vote exercise all the powers of the board with respect to the matter under consideration. If all of the directors are disqualified, the members of the credit union shall act on the matter.

(d) If one (1) or more committee members are disqualified from participating in a matter before the committee under subsection (b), the remaining qualified committee members, if together with the disqualified committee member constitutes a quorum, may by majority vote exercise all the powers of the committee with respect to the matter under consideration. If all the committee members are disqualified, the credit union board shall act on the matter.

As added by P.L.35-2010, SEC.156.
Ind. Code § 28-1-21.9-1 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-1
Charter conversion
Status: in_force

Sec. 1. As used in this chapter, "charter conversion" means the conversion of a savings bank to a stock savings bank, including any of the following:

(1) A conversion in connection with the formation of a holding company.

(2) An acquisition involving an existing corporation.

(3) A merger with an existing financial institution.

As added by P.L.42-1993, SEC.44. Amended by P.L.262-1995, SEC.36.
Ind. Code § 28-2-5-3 — Indiana Code / Title 28 / Article 2 / Chapter 5 / Section 28-2-5-3
Deposit of matching state funds in disaster area bank
Status: in_force

Sec. 3. The treasurer of state shall deposit in any bank in the general area of the disaster an amount of interest-free state money equal to the amount of the loan granted by the lending bank when the bank has provided the treasurer of state with a copy of the loan instrument showing the name of the borrower, amount of loan, rate of interest and terms of loan.

Formerly: Acts 1967, c.148, s.3.
Ind. Code § 28-6.1-19-11 — Indiana Code / Title 28 / Article 6.1 / Chapter 19 / Section 28-6.1-19-11
Hearings on objections
Status: in_force

Sec. 11. (a) If a statement is filed under section 10 of this chapter, the matter shall be docketed upon the books of the court, entitled "In the Matter of the Proposed Sale of Assets of _____________" (inserting the name of the savings bank).

(b) The savings bank is considered to have denied all the allegations in the statement without filing any pleadings.

(c) After notice of the objections to the savings bank as required by the court, the court shall hear the evidence and determine the matter as soon as possible.

(d) The burden of proof is on the objector.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-23-7 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-7
Violations
Status: in_force

Sec. 7. A person who recklessly violates a provision of chapters 1 through 23 of this article for the violation of which a penalty is not otherwise provided commits a Class B misdemeanor.

Formerly: Acts 1933, c.40, s.357. As amended by Acts 1978, P.L.2, SEC.2814.
Ind. Code § 28-13-5-5 — Indiana Code / Title 28 / Article 13 / Chapter 5 / Section 28-13-5-5
Court ordered meeting; requisites and procedure
Status: in_force

Sec. 5. (a) The circuit or superior court of the county where a corporation's principal office is located may order a meeting to be held and may fix the time and place of the meeting.

(b) A meeting ordered under this section shall be conducted in accordance with the corporation's articles of incorporation and bylaws:

(1) on application of any shareholder of the corporation entitled to participate in an annual meeting if an annual meeting was not held within the earlier of six (6) months after the end of the corporation's fiscal year or fifteen (15) months after its last annual meeting; or

(2) on application of a shareholder who signed a demand for a special meeting valid under section 2 of this chapter if:

(A) notice of the special meeting was not given within sixty (60) days after the date the demand was delivered to the corporation's secretary; or

(B) the special meeting was not held in accordance with the notice.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-21.8-12 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-12
Rights and obligations of converted stock savings banks
Status: in_force

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

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

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

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

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

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-7-5-28 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-28
Rate of interest; calculation for partial month; minimum term; reduction in advance; penalty for excessive or unauthorized interest or charges
Status: in_force

Sec. 28. (a) The maximum rate of interest charged by pawnbrokers shall be the same as the maximum loan finance charge for supervised lenders under IC 37-2-4-35(b). For purposes of this subsection:

(1) the term of a loan commences on the date on which the loan is made;

(2) differences in lengths of months are disregarded; and

(3) each day is counted as one-thirtieth (1/30) of a month.

The minimum term of a loan made by a pawnbroker is one (1) month. However, on loans paid in full within the first month, the pawnbroker may charge one (1) month's interest.

(b) Interest shall not be deducted in advance, neither shall the pawnbroker induce or permit any borrower to split up or divide any loan or loans for the purpose of evading any provisions of this chapter.

(c) If a pawnbroker charges or receives interest in excess of that provided in this section, or makes any charges not authorized by this chapter, the pawnbroker shall forfeit principal and interest and return the pledge upon demand of the pledger and surrender of the pawn ticket without the principal or interest. If such excessive or unauthorized charges have been paid by the pledger, the pledger may recover the same, including the principal if paid, in a civil action against the pawnbroker.

Formerly: Acts 1935, c.195, s.27; Acts 1969, c.287, s.1; Acts 1971, P.L.402, SEC.1. As amended by Acts 1981, P.L.259, SEC.1; P.L.272-1983, SEC.1; P.L.14-1992, SEC.151; P.L.42-1993, SEC.80; P.L.258-2003, SEC.12; P.L.115-2026, SEC.63.
Ind. Code § 28-1-7.5-6 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-6
Approval or disapproval of plan of exchange by department; order; findings of fact; judicial review
Status: in_force

Sec. 6. (a) The department shall issue an order approving the plan of exchange as delivered to it by the bank, trust company, corporate fiduciary, or stock savings bank and the holding company, including any modifications to the plan as the board of directors of each corporation may approve, unless it finds that:

(1) the plan, including any modifications, would adversely affect the financial stability or management of the bank, trust company, corporate fiduciary, or stock savings bank or the general capacity or intention to continue the safe and sound conduct of the bank, trust company, corporate fiduciary, or stock savings bank;

(2) the terms and conditions of the plan of exchange are unfair and unreasonable to the shareholders of the bank, trust company, corporate fiduciary, or stock savings bank; or

(3) the plans or proposals that the holding company has to liquidate the bank, trust company, corporate fiduciary, or stock savings bank, sell its assets or consolidate or merge it with any person, or to make any other material change in its investment policy, business, corporate structure, or management, are unfair and unreasonable to the shareholders of the bank, trust company, corporate fiduciary, or stock savings bank and not in the public interest.

(b) If a hearing is held on the plan of exchange, the department shall issue its order approving or disapproving the plan within ninety (90) days of the date of hearing. The department shall include its findings of fact in the order. If the department approves the plan, the findings of fact must include a finding that the terms and conditions of the plan and of the issuance and exchange of holding company stock for stock of the bank, trust company, corporate fiduciary, or stock savings bank are fair and reasonable to the shareholders of the bank, trust company, corporate fiduciary, or stock savings bank. Any party to the proceedings aggrieved by the order is entitled to a judicial review in accordance with IC 4-21.5-5.

(c) If no hearing is held on the plan of exchange, the department shall issue an order approving or disapproving the plan, within ninety (90) days after the date on which the plan of exchange is filed with the department. The department may issue the order without including its findings of facts.

As added by P.L.238-1983, SEC.10. Amended by P.L.7-1987, SEC.159; P.L.122-1994, SEC.65; P.L.262-1995, SEC.18.
Ind. Code § 28-13-13-3 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-3
"Expenses" defined
Status: in_force

Sec. 3. As used in this chapter, "expenses" include attorney's fees.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-21.4-1 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-1
"Mutual savings association"
Status: in_force

Sec. 1. As used in this chapter, "mutual savings association" means any mutual savings association organized or reorganized under this title, and any savings association organized under any Indiana statute before February 24, 1933, that is in a mutual form.

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.46.
Ind. Code § 28-2-18-14 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-14
"Host state" defined
Status: in_force

Sec. 14. As used in this chapter, "host state" means a state, other than the home state of a bank, in which the bank:

(1) maintains; or

(2) seeks to establish and maintain;

a branch.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-1-15-4 — Indiana Code / Title 28 / Article 1 / Chapter 15 / Section 28-1-15-4
Violation; penalty; recovery
Status: in_force

Sec. 4. Any bank or trust company which shall fail to prepare and submit any statement of condition required by the department, and any bank or trust company which shall violate any order of the department with respect to such statement or statements, shall be subject to a penalty of one hundred dollars ($100) for each day that shall elapse after the date fixed by the department for compliance with the terms of its notice concerning statements of condition. The penalty prescribed under this section may be recovered in any court of competent jurisdiction, in an action by the state of Indiana, on the relation of "The Department of Financial Institutions" and when so recovered, such penalty shall be paid into the general fund of the state treasury.

Formerly: Acts 1933, c.40, s.214. As amended by P.L.136-2018, SEC.208.
Ind. Code § 28-1-21.7-7 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-7
"Voting parties"
Status: in_force

Sec. 7. As used in this chapter, "voting parties" means a mutual savings association's depositors or members. Voting parties have the voting rights stipulated by the bylaws of the converting savings association.

As added by P.L.147-1990, SEC.3.
Ind. Code § 28-6.1-3-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-6
Vacancies; judicial appointments
Status: in_force

Sec. 6. (a) If the board fails to fill a vacancy under section 5 of this chapter for three (3) months after the vacancy is created, the court shall, subject to subsection (b), appoint an individual qualified under this chapter to fill the vacancy.

(b) The court shall fill the vacancy upon the written request of:

(1) any three (3) trustees; or

(2) at least two percent (2%) of the depositors in the savings bank.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-3.1-15 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-15
Actions to enforce rights, demands, or claims vested in financial institution, shareholders, or creditors
Status: in_force

Sec. 15. The receiver may, within ten (10) years after any cause of action has accrued against any of the directors, trustees, officers, owners, or employees of any closed financial institution, institute and maintain, in the name of the receiver, any action or proceeding for the enforcement of any right, demand, or claim that is vested in the financial institution or in the shareholders or creditors of the financial institution.

As added by P.L.141-1984, SEC.2.
Ind. Code § 28-6.1-10-7 — Indiana Code / Title 28 / Article 6.1 / Chapter 10 / Section 28-6.1-10-7
Purchase and sale of government chartered small business investment company stock
Status: in_force

Sec. 7. A savings bank 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, subject to the limitations and restrictions the department prescribes by rule.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-11-5-5 — Indiana Code / Title 28 / Article 11 / Chapter 5 / Section 28-11-5-5
Hearings on applications
Status: in_force

Sec. 5. (a) The department may hold a hearing to determine whether to approve an application filed under section 3 of this chapter.

(b) A hearing may not be held until ten (10) days after the date of the publication of the notice required by section 6 of this chapter.

(c) If the department holds a hearing under this section, the hearing must be held within ninety (90) days after the application is accepted by the department for processing.

As added by P.L.42-1993, SEC.91. Amended by P.L.122-1994, SEC.113.
Ind. Code § 28-1-7-15 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-15
Execution of agreement
Status: in_force

Sec. 15. Upon the adoption of the agreement of consolidation, the agreement shall be signed as provided in section 8 of this chapter.

Formerly: Acts 1933, c.40, s.128. As amended by P.L.263-1985, SEC.33; P.L.122-1994, SEC.53.
Ind. Code § 28-2-18-29 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-29
Repealed
Status: repealed

As added by P.L.171-1996, SEC.37. Amended by P.L.192-1997, SEC.10. Repealed by P.L.89-2011, SEC.78.
Ind. Code § 28-2-16-1 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-1
"Acquire" defined
Status: in_force

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

(1) to merge or consolidate with;

(2) to assume control of; or

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

As added by P.L.279-1987, SEC.9.
Ind. Code § 28-6.2-5-8 — Indiana Code / Title 28 / Article 6.2 / Chapter 5 / Section 28-6.2-5-8
Waiver of right to receive dividend; authorization
Status: in_force

Sec. 8. Unless authorized by the director, a mutual holding company may not waive its right to receive any dividend declared by a subsidiary.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-1-13-11 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-11
Reduction of existing obligations held in excess of limitations
Status: in_force

Sec. 11. Except as otherwise provided in this chapter, any bank or trust company which holds obligations of indebtedness in violation of the limitations prescribed in this chapter shall, not later than July 1, 1936, cause the amount of such obligations to conform to the limitations prescribed by this article and by the provisions of this chapter. The department may, in its discretion, extend the time for effecting such conformity, in individual instances, if the interests of the depositors will be protected and served by such extension. Upon the failure of any bank or trust company to comply with such limitations, in accordance with the terms of this section or in accordance with any order of the department with relation to such limitations, the department may declare that such bank or trust company is conducting its business in an unauthorized or unsafe manner and proceed in accordance with IC 28-1-3.1-2.

Formerly Acts 1933, c.40, s.205. Amended by P.L.263-1985, SEC.68.
Ind. Code § 28-12-10-3 — Indiana Code / Title 28 / Article 12 / Chapter 10 / Section 28-12-10-3
Effect of good faith corporate action
Status: in_force

Sec. 3. Corporate action taken in good faith in accordance with the emergency bylaws:

(1) binds the corporation; and

(2) may not be used to impose liability on a director, an officer, an employee, or an agent.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-6.1-18-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-6
Jurisdiction of courts
Status: in_force

Sec. 6. After the filing of the action under section 5 of this chapter, the court has jurisdiction to hear and determine all issues and matters relating to the liquidation of the savings bank.

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

Sec. 1. As used in this chapter, "charter conversion" means the conversion of a savings association to a commercial bank.

As added by P.L.147-1990, SEC.2.
Ind. Code § 28-1-21.6-12 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-12
Transitional powers
Status: in_force

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

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

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

The terms and conditions of the transitional period under subdivisions (1) and (2) are subject to the discretion of the department. However, the transitional period may not exceed ten (10) years after the effective time of the charter conversion.

As added by P.L.147-1990, SEC.2. Amended by P.L.42-1993, SEC.37.
Ind. Code § 28-2-14-2 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-2
Bank
Status: in_force

Sec. 2. (a) As used in this chapter, "bank" means a financial institution:

(1) that has been organized or reorganized under the laws of the United States or the state of Indiana;

(2) that has its principal office in Indiana; and

(3) that:

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

(B) is a stock savings bank that was formed as a result of a conversion under IC 28-1-21.8 or IC 28-1-21.9 or incorporated under IC 28-12.

(b) Except as provided in subsection (a)(3)(B), the term "bank" does not include:

(1) any 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; or

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

As added by P.L.265-1985, SEC.4. Amended by P.L.33-1991, SEC.28; P.L.42-1993, SEC.64; P.L.122-1994, SEC.89; P.L.79-1998, SEC.63; P.L.27-2012, SEC.77.
Ind. Code § 28-1-31-1 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-1
"Charter conversion"
Status: in_force

Sec. 1. As used in this chapter, "charter conversion" means the conversion of an out-of-state financial institution to a commercial bank.

As added by P.L.1-2006, SEC.490.