Ind. Code § 28-1-3.1-5 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-5
Receiver; appointment; vesting of title to all assets and right to terminate affairs of institution; liens or claims against property
Status: in_force

Sec. 5. (a) The department may appoint the receiver of the closed financial institution. Unless the receiver is the Federal Deposit Insurance Corporation, the department, upon acceptance of the appointment of a receiver, shall make immediate application to the receivership court for confirmation of the receiver. The receivership court shall approve the department's application if it finds that to do so would be in the public interest. The application may be acted on by the receivership court without any notice except that provided in section 4 of this chapter. The receiver shall give a bond the director considers appropriate. However, a federal deposit insurance agency shall not be required to post any bond. If the receiver is not a federal deposit insurance agency, the director may agree to reasonable compensation for the receiver.

(b) Upon appointment as receiver, title to all assets of the financial institution vest in the receiver without the execution of any instruments of conveyance, assignment, transfer, or endorsement. If no other receiver is appointed as provided in this chapter, the department shall act as receiver and has all of the powers and duties of a receiver as provided in this chapter.

(c) Except as otherwise provided, the sole and exclusive right to liquidate and terminate the affairs of any financial institution is vested in the receiver appointed under this section, and except as otherwise provided by law, no other receiver, assignee, trustee, or liquidating agent shall be appointed by any court or any other person.

(d) After the department has taken possession of the business and property for any financial institution, no suit, action, or other proceeding at law or in equity shall be commenced or prosecuted against the financial institution upon any debt, obligation, claim, or demand.

(e) No person, firm, limited liability company, corporation, or other entity holding any of the property or credits of the financial institution shall have any lien or charge against the property or credits for any payment, advance, or clearance made after the department has taken possession. A lien shall not attach to any of the assets or property of the financial institution by reason of the entry of any judgment recovered against the institution after the department has taken possession of its business and property and while the possession continues.

(f) A receiver appointed to liquidate a corporate fiduciary must have sufficient experience in fiduciary matters.

As added by P.L.141-1984, SEC.2. Amended by P.L.8-1993, SEC.438; P.L.262-1995, SEC.6; P.L.35-2010, SEC.100.
Ind. Code § 28-2-13-22 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-22
Automated teller machine
Status: in_force

Sec. 22. (a) A state bank is entitled to open or establish an automated teller machine in any location within Indiana or as permitted by the laws of the state in which the automated teller machine is to be located.

(b) An automated teller machine may be owned or operated individually by any state bank or jointly on a cost sharing or fee basis.

As added by P.L.265-1985, SEC.3. Amended by P.L.42-1993, SEC.63; P.L.192-1997, SEC.7.
Ind. Code § 28-15-10-7 — Indiana Code / Title 28 / Article 15 / Chapter 10 / Section 28-15-10-7
Acquisition of foreign savings associations and holding companies
Status: in_force

Sec. 7. (a) The acquisition of a foreign savings association by an Indiana savings association holding company under section 5 of this chapter includes the acquisition of all the branches owned by the foreign savings association.

(b) The acquisition of the holding company of a foreign savings association by an Indiana savings association holding company includes the acquisition of:

(1) all the subsidiaries of the acquired foreign savings association holding company; and

(2) all the branches of the subsidiaries of the foreign savings association holding company.

(c) After an acquisition under section 5 of this chapter:

(1) an acquiring Indiana savings association;

(2) an acquired foreign savings association; and

(3) the subsidiaries of an acquired foreign savings association holding company;

have the same branching rights as a foreign savings association.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-1-21.4-16 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-16
Filing with secretary of state
Status: in_force

Sec. 16. (a) To effect the charter conversion, the converting savings association must file with the secretary of state articles of charter conversion showing the approval of the director of the department.

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

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

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.59.
Ind. Code § 28-10-2-18 — Indiana Code / Title 28 / Article 10 / Chapter 2 / Section 28-10-2-18
Fallback provisions permitting or requiring a benchmark replacement based on LIBOR; determining person authorized to select recommended benchmark replacement; conditions
Status: in_force

Sec. 18. (a) This section applies to any contract, security, or instrument that uses LIBOR as a benchmark and that contains fallback provisions that permit or require the selection of a benchmark replacement that:

(1) is based in any way on any LIBOR value; or

(2) is:

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

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

(C) based on a methodology or information that is similar or comparable to LIBOR.

(b) With respect to any contract, security, or instrument to which this section applies, a determining person is authorized, but is not required, to select on or after the occurrence of a LIBOR discontinuance event the recommended benchmark replacement as the benchmark replacement for the contract, security, or instrument. A selection of the recommended benchmark replacement under this section must be:

(1) irrevocable;

(2) made by the earlier of:

(A) the LIBOR replacement date; or

(B) the latest date for selecting a benchmark replacement under the terms of the contract, security, or instrument; and

(3) used in any determination of the benchmark that is made under or with respect to the contract, security, or instrument on or after the LIBOR replacement date.

As added by P.L.67-2022, SEC.1.
Ind. Code § 28-7-1-29 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-29
Conversion from federal to state charter; conversion from state to federal charter; procedures and requirements
Status: in_force

Sec. 29. Any credit union organized or reorganized under the laws of Indiana or the United States may convert from a state charter to a federal charter or from a federal charter to a state charter as follows:

(1) A federally chartered credit union may apply for a state charter by observing the following procedures:

(A) The board of directors shall pass a resolution that the federal charter be canceled when and if a state charter is applied for and issued to the credit union by the department of financial institutions.

(B) Written notice of the resolution shall be sent to each member at least thirty (30) days prior to the meeting in which the resolution is to be submitted to the members.

(C) An affirmative majority vote of the members present at the meeting shall be required to effect the conversion from federal to state charter, provided a quorum is present at the meeting.

(D) Certified copies of the minutes of the proceedings of the meeting of the members shall be filed with both the National Credit Union Administration and the department.

(E) Not later than seventy-five (75) days after receiving the certified copies of the minutes, an examination of the financial condition of the credit union shall be made by the department. The cost of the examination shall be paid by the credit union.

(F) Within thirty (30) days after the completion of the examination, the department shall report to the credit union the results of its examination and supply the National Credit Union Administration with a copy of the examination report.

(G) If it receives a satisfactory report of the examination, the credit union must within thirty (30) days file its amended articles of incorporation and amended bylaws pursuant to this chapter with the secretary of state, and copies of the amended articles and amended bylaws must be directed to the department and the National Credit Union Administration.

(H) Officers, directors, and committee members shall retain their respective offices for the unexpired terms existing prior to the conversion, subject to the provisions of this chapter.

(I) The newly chartered credit union shall have all of the rights and privileges in and to all of the assets of the prior existing credit union and shall assume and be responsible for all of the obligations imposed while operating under the federal charter.

(2) A state chartered credit union may be converted into a federally chartered credit union by complying with the following requirements:

(A) The board must adopt and approve by a majority of the directors a resolution of conversion. The proposition for such conversion shall first be approved by a majority of the directors of the state credit union.

(B) The board must notify the membership either in person or by mail of the membership meeting at which the resolution of conversion will be acted upon. The notice must be mailed not more than thirty (30) and not less than seven (7) days before the meeting.

(C) The resolution must be approved by a majority of those voting, either in person or by absentee ballot, at the membership meeting called by the board.

(D) The results of the vote, verified by the affidavits of the chairperson or vice chairperson and the secretary, shall be filed with the department within ten (10) days after the vote is taken.

(E) If the proposition for conversion is approved, the credit union shall within ninety (90) days take the action necessary to make it a federal credit union. Within ten (10) days after receipt of the federal charter, the credit union shall file with the department a copy of the charter. Upon such filing, and after the credit union has notified the office of the secretary of state that the conversion is concluded, the credit union shall cease to be a state credit union.

Formerly: Acts 1961, c.182, s.29. As amended by P.L.263-1985, SEC.180; P.L.14-1992, SEC.129; P.L.263-1995, SEC.26; P.L.186-2015, SEC.40.
Ind. Code § 28-15-3-2 — Indiana Code / Title 28 / Article 15 / Chapter 3 / Section 28-15-3-2
Share account association; conversion to deposit association
Status: in_force

Sec. 2. A share account association may convert to a deposit association by amending its articles of incorporation in accordance with IC 28-13-14.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-6.1-18-13 — Indiana Code / Title 28 / Article 6.1 / Chapter 18 / Section 28-6.1-18-13
Completion of liquidation
Status: in_force

Sec. 13. (a) When the costs and expenses of the liquidation have been fully paid and all the remaining debts and liabilities of the savings bank, including deposits and accrued interest or dividends, if any, have been paid in full, the remaining assets, if any, shall be paid to or distributed among the persons the court finds to be the owners of the assets.

(b) After the events described in subsection (a) have occurred, the liquidation is considered completed.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-3-2-4 — Indiana Code / Title 28 / Article 3 / Chapter 2 / Section 28-3-2-4
Termination of corporate status of state bank merged or consolidated with national banking association
Status: in_force

Sec. 4. Whenever any bank or trust company shall have merged or consolidated with a national banking association, such bank or trust company shall thereupon cease to be a corporation under the laws of this state, except that for a term of three (3) years thereafter its corporate existence shall be deemed to continue for the purpose of prosecuting or defending suits by or against it, and of enabling it to close its concerns, and to dispose of and convey its property.

Formerly: Acts 1953, c.69, s.4.
Ind. Code § 28-14-3-20 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-20
Compensation or commission for loan negotiation or trust execution not considered interest or usury
Status: in_force

Sec. 20. The compensation or commission paid or agreed to be paid for the negotiation of any loan or the execution of any trust by a corporate fiduciary is not interest within the meaning of any law of Indiana, and the excess of the compensation or commission over any rate of interest permitted by the laws of Indiana shall not be decreed or held to be usury in any court.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-13-16-4 — Indiana Code / Title 28 / Article 13 / Chapter 16 / Section 28-13-16-4
Acquisition or establishment; powers of subsidiary
Status: in_force

Sec. 4. (a) A financial institution or any of its subsidiaries may acquire or establish a qualifying subsidiary by providing the department with written notice before acquiring or establishing the subsidiary. The department shall notify the requesting financial institution of the department's receipt of the notice.

(b) A subsidiary may exercise a power or engage in an activity permitted to be performed by a financial institution under the same conditions and restrictions as if the power or activity is performed by the financial institution itself, or the activity has been authorized as "activity eligible for notice" procedures under 12 CFR 5.34(e).

(c) The qualified subsidiary may exercise or engage in the activity thirty (30) days after the date on which the department receives the notification unless otherwise notified by the department.

As added by P.L.215-1999, SEC.10. Amended by P.L.258-2003, SEC.29; P.L.73-2004, SEC.42.
Ind. Code § 28-15-1-6 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-6
"Deposit association"
Status: in_force

Sec. 6. "Deposit association" means any savings association governed by its members.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-1-29-5.5 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-5.5
Use of NMLSR in department's licensing system; reporting of information to NMLSR; confidentiality; director's authority to enter agreements; waiver of privilege; processing fee; electronic records
Status: in_force

Sec. 5.5. (a) As used in this section, "Nationwide Multistate Licensing System and Registry" (or "Nationwide Mortgage Licensing System and Registry" or "NMLSR") means a multistate licensing system owned and operated by the State Regulatory Registry, LLC, or by any successor or affiliated entity, for the licensing and registration of creditors, mortgage loan originators, and other mortgage or financial services entities and their employees and agents. The term includes any other name or acronym that may be assigned to the system by the State Regulatory Registry, LLC, or by any successor or affiliated entity.

(b) Subject to subsection (g), the director may designate the NMLSR to serve as the sole entity responsible for:

(1) processing applications and renewals for licenses under this chapter;

(2) issuing unique identifiers for licensees and entities exempt from licensing under this chapter; and

(3) performing other services that the director determines are necessary for the orderly administration of the department's licensing system under this chapter.

(c) Subject to the confidentiality provisions contained in IC 5-14-3 and this section, the director may regularly report significant or recurring violations of this chapter to the NMLSR.

(d) Subject to the confidentiality provisions contained in IC 5-14-3 and this section, the director may report complaints received regarding licensees under this chapter to the NMLSR.

(e) The director may report publicly adjudicated licensure actions against a licensee to the NMLSR.

(f) The director shall establish a process by which licensees may challenge information reported to the NMLSR by the department.

(g) The director's authority to designate the NMLSR under subsection (b) is subject to the following:

(1) Information stored in the NMLSR is subject to the confidentiality provisions of IC 5-14-3. A person may not:

(A) obtain information from the NMLSR, unless the person is authorized to do so by statute;

(B) initiate any civil action based on information obtained from the NMLSR if the information is not otherwise available to the person under any other state law; or

(C) initiate any civil action based on information obtained from the NMLSR if the person could not have initiated the action based on information otherwise available to the person under any other state law.

(2) Documents, materials, and other forms of information in the control or possession of the NMLSR that are confidential under state or federal law and that are:

(A) furnished by the director, the director's designee, or a licensee; or

(B) otherwise obtained by the NMLSR;

are confidential and privileged by law and are not subject to inspection under IC 5-14-3, subject to subpoena, subject to discovery, or admissible in evidence in any civil action. However, the director may use the documents, materials, or other information available to the director in furtherance of any action brought in connection with the director's duties under this chapter.

(3) Disclosure of documents, materials, and information:

(A) to the director; or

(B) by the director;

under this subsection does not result in a waiver of any applicable privilege or claim of confidentiality with respect to the documents, materials, or information.

(4) Information provided to the NMLSR is subject to IC 4-1-11.

(5) This subsection does not limit or impair a person's right to:

(A) obtain information;

(B) use information as evidence in a civil action or proceeding; or

(C) use information to initiate a civil action or proceeding;

if the information may be obtained from the director or the director's designee under any law.

(6) The requirements under any federal law or IC 5-14-3 regarding the privacy or confidentiality of any information or material provided to the NMLSR, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to the information or material, continue to apply to the information or material after the information or material has been disclosed to the NMLSR. The information and material may be shared with all state and federal regulatory officials with financial services industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or IC 5-14-3.

(7) For purposes of this section, the director may enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, or other associations representing governmental agencies, as established by rule or order of the director.

(8) Information or material that is subject to a privilege or confidentiality under subdivision (6) is not subject to:

(A) disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

(B) subpoena, discovery, or admission into evidence in any private civil action or administrative process, unless with respect to any privileged information or material held by the NMLSR, the person to whom the information or material pertains waives, in whole or in part, in the discretion of the person, that privilege.

(9) Any provision of IC 5-14-3 that concerns the disclosure of:

(A) confidential supervisory information; or

(B) any information or material described in subdivision (6);

and that is inconsistent with subdivision (6) is superseded by this section.

(10) This section does not apply with respect to information or material that concerns the employment history of, and publicly adjudicated disciplinary and enforcement actions against, a person described in section 5(b)(2), 5(b)(3), or 5(b)(4) of this chapter and that is included in the NMLSR for access by the public.

(11) The director may require a licensee required to submit information to the NMLSR to pay a processing fee considered reasonable by the director. In determining whether the NMLSR processing fee is reasonable, the director shall:

(A) require review of; and

(B) make available;

the audited financial statements of the NMLSR.

(12) Notwithstanding any other provision of law, any:

(A) application, renewal, or other form or document that:

(i) relates to licenses issued under this chapter; and

(ii) is made or produced in an electronic format;

(B) document filed as an electronic record in a multistate automated repository established and operated for the licensing or registration of financial services entities and their employees; or

(C) electronic record filed through the NMLSR;

is considered a valid original document when reproduced in paper form by the department.

As added by P.L.137-2014, SEC.24. Amended by P.L.73-2016, SEC.21; P.L.176-2019, SEC.56.
Ind. Code § 28-11-5-6 — Indiana Code / Title 28 / Article 11 / Chapter 5 / Section 28-11-5-6
Notice of applications subject to hearings
Status: in_force

Sec. 6. (a) If a public hearing is held under section 5 of this chapter, the applicant shall give notice of the application by publication one (1) time in a newspaper of general circulation in the city or town in which the applicant proposes to establish the financial institution. If a newspaper is not published in the city or town, the notice shall be published in one (1) newspaper of general circulation published in the county in which the city or town is located.

(b) The notice required by this section must state the following:

(1) The fact that the application has been filed.

(2) The names of the applicants.

(3) The place where the applicants propose to establish the financial institution.

(4) The date and place of the hearing.

(5) Other facts the department considers relevant.

As added by P.L.42-1993, SEC.91.
Ind. Code § 28-8-5-21 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-21
Examination of records located outside Indiana
Status: in_force

Sec. 21. If the licensee's records are located outside Indiana, the licensee shall either make them available to the department at a convenient location within Indiana or pay the reasonable and necessary expenses for the department or its representative to examine them at the place where they are maintained.

As added by P.L.42-1993, SEC.86.
Ind. Code § 28-1-22-22 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-22
Form; actions not affected
Status: in_force

Sec. 22. The statement of withdrawal of a foreign corporation shall be in the form prescribed by the department. The filing of the statement does not affect:

(1) any action by or against the corporation that is pending at the time of the filing; or

(2) any right of action in favor of or against the corporation existing at or before the time of the filing.

Formerly: Acts 1933, c.40, s.345. As amended by P.L.263-1985, SEC.94; P.L.14-1992, SEC.106; P.L.171-1996, SEC.25.
Ind. Code § 28-14-3-8 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-8
Subsidiaries
Status: in_force

Sec. 8. (a) A corporate fiduciary may:

(1) exercise any power through a subsidiary; and

(2) purchase, own, and hold shares of stock of a subsidiary.

(b) A subsidiary of a corporate fiduciary may not:

(1) exercise a power that the corporate fiduciary could not exercise; or

(2) engage in an activity in which the corporate fiduciary would not be permitted to engage.

(c) A corporate fiduciary may acquire or establish a subsidiary by submitting an application to the department containing a complete description of the corporate fiduciary's investment in the subsidiary and the activity to be conducted.

(d) The department shall review a corporate fiduciary's application to acquire or establish a subsidiary to determine:

(1) whether the proposed activities are legally permissible; and

(2) whether the proposal endangers the safety and soundness of the corporate fiduciary.

The director shall either approve or disapprove the application within sixty (60) days after the date on which the department receives the application. The period for approval or disapproval may be extended by the department based on a determination that additional information from the corporate fiduciary or additional time for analysis is required.

(e) Each subsidiary of a corporate fiduciary is subject to examination by the department to the same extent as though the subsidiary were included within the legal entity of the corporate fiduciary.

As added by P.L.262-1995, SEC.90. Amended by P.L.215-1999, SEC.12.
Ind. Code § 28-3-3-1 — Indiana Code / Title 28 / Article 3 / Chapter 3 / Section 28-3-3-1
Notice of voluntary liquidation to correct prior failure to give notice
Status: in_force

Sec. 1. Any bank, trust company, savings association or other financial institution incorporated or organized under any law of this state and which has heretofore undertaken voluntary liquidation proceedings but failed to comply with the then existing law as to the giving of notice of such voluntary liquidation, may correct such error of omission by giving notice of such voluntary liquidation in the manner originally provided for such financial institution. Any notice so given shall contain in brief form a chronological history of the liquidation proceedings. Any notice so given shall also state in effect that any creditor, shareholder or other interested party failing to object in writing to the acts of the liquidating agent within sixty (60) days after the first publication of such notice shall be forever barred from thereafter asserting any claim against the financial institution, the liquidating agent, or his surety.

Formerly: Acts 1941, c.157, s.1. As amended by P.L.79-1998, SEC.69.
Ind. Code § 28-1-8-2 — Indiana Code / Title 28 / Article 1 / Chapter 8 / Section 28-1-8-2
Resolution proposing sale or other disposition; submission to shareholders
Status: in_force

Sec. 2. (a) A sale, lease, exchange, or other disposition described in section 1 of this chapter must first be proposed by the board of directors by the adoption of a resolution that:

(1) sets forth the terms and conditions of the sale, lease, exchange, or other disposition; and

(2) directs that the proposed disposition be submitted to a vote of the shareholders at the annual meeting or a special meeting.

(b) The meeting described in subsection (a)(2) shall:

(1) be called in the resolution required by subsection (a); and

(2) be in accordance with:

(A) IC 28-13-5-8, in the case of a corporation other than a credit union; and

(B) IC 28-7-1-14, in the case of a credit union.

Formerly: Acts 1933, c.40, s.138. As amended by P.L.263-1985, SEC.38; P.L.14-1992, SEC.75; P.L.122-1994, SEC.74; P.L.27-2012, SEC.45; P.L.159-2017, SEC.27.
Ind. Code § 28-6.1-6-19 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-19
Acting as guardian, trustee, or personal representative
Status: in_force

Sec. 19. (a) A savings bank may act under court appointment as guardian, trustee, or personal representative on the application or consent of a person acting or entitled to act as such and in the place of that person.

(b) An appointment under subsection (a) may be made:

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

(2) with 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.42-1993, SEC.72.
Ind. Code § 28-8-5-2 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-2
Check or checks
Status: in_force

Sec. 2. As used in this chapter, "check" or "checks" includes a check, draft, or money order.

As added by P.L.42-1993, SEC.86. Amended by P.L.54-2021, SEC.4.
Ind. Code § 28-1-22-9 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-9
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.332. As amended by P.L.171-1996, SEC.14. Repealed by P.L.11-1998, SEC.24.
Ind. Code § 28-1-13-9 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-9
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.203; Acts 1953, c.71, s.1; Acts 1961, c.232, s.1; Acts 1965, c.356, s.16; Acts 1973, P.L.281, SEC.2. As amended by Acts 1977, P.L.291, SEC.2; P.L.33-1991, SEC.17. Repealed by P.L.42-1993, SEC.103.
Ind. Code § 28-12-9-2 — Indiana Code / Title 28 / Article 12 / Chapter 9 / Section 28-12-9-2
Permissible provisions
Status: in_force

Sec. 2. The bylaws of the corporation may contain any provision for managing the business and regulating the affairs of the corporation that is not inconsistent with law or the articles of incorporation.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-13-16-8 — Indiana Code / Title 28 / Article 13 / Chapter 16 / Section 28-13-16-8
Rules
Status: in_force

Sec. 8. The department may adopt rules under IC 4-22-2 or policies to implement this chapter.

As added by P.L.215-1999, SEC.10.
Ind. Code § 28-15-3-1 — Indiana Code / Title 28 / Article 15 / Chapter 3 / Section 28-15-3-1
Applicability of statutes relating to share account associations
Status: in_force

Sec. 1. Deposit associations:

(1) continue to possess all the rights, powers, privileges, and immunities afforded by IC 28-1 and any other statutes relating to share account associations; and

(2) are subject to all the duties and obligations imposed upon share account associations by IC 28-1 or other statutes relating to share account associations.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-14-7.5-7 — Indiana Code / Title 28 / Article 14 / Chapter 7.5 / Section 28-14-7.5-7
Loans in aid of operation or reorganization; security
Status: in_force

Sec. 7. With the prior approval of the department, a conservator appointed under this chapter may borrow money as necessary or expedient to aid in the operation or reorganization of the corporate fiduciary. Any loan obtained by the conservator under this section may be secured by the pledge or mortgage of, or through a lien upon or security interest in, any assets:

(1) belonging to the corporate fiduciary; and

(2) not held in trust for the benefit of another person.

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
Ind. Code § 28-1-23.5-4 — Indiana Code / Title 28 / Article 1 / Chapter 23.5 / Section 28-1-23.5-4
Electronic activities; statutory authorization; standards
Status: in_force

Sec. 4. (a) The director may determine whether an electronic activity by a financial institution is permitted under:

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

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

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

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

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

(b) The director may establish standards or conditions designed to ensure that the electronic activities of financial institutions are:

(1) transacted as intended; and

(2) conducted safely and soundly, in accordance with 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 § 28-1-21.8-17 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-17
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.43.
Ind. Code § 28-1-21.4-3 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-3
"Conversion plan"
Status: in_force

Sec. 3. As used in this chapter, "conversion plan" refers to the plan of charter conversion of a mutual savings association to a stock savings association required by this chapter.

As added by P.L.176-1996, SEC.14. Amended by P.L.79-1998, SEC.48.
Ind. Code § 28-6.2-4-2 — Indiana Code / Title 28 / Article 6.2 / Chapter 4 / Section 28-6.2-4-2
Filing
Status: in_force

Sec. 2. The articles of reorganization of a mutual holding company and any amendments to them must be filed with and approved by the department in the manner established in IC 28-12-5.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.1-15-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-6
Approval or disapproval of resolutions of conversion by department
Status: in_force

Sec. 6. (a) The department shall approve or disapprove the resolution of conversion after first making examinations or investigations the department considers necessary to determine if the proposed conversion is fair and in the best interests of the depositors of the savings bank.

(b) IC 28-1-2-23 and IC 28-11-5 do not apply to a determination under subsection (a).

(c) If the department approves the resolution of conversion, the approval shall be evidenced in the manner prescribed in IC 28-12-5. The approval shall be indicated on the resolution.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-13-13-15 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-15
Limitation of remedies; effect of chapter
Status: in_force

Sec. 15. (a) The indemnification and advance for expenses provided for or authorized by this chapter does not exclude any other rights to indemnification and advance for expenses that a person may have under:

(1) a corporation's articles of incorporation or bylaws;

(2) a resolution of the board of directors or of the shareholders; or

(3) any other authorization, whenever adopted, after notice, by a majority vote of all the voting shares then issued and outstanding.

(b) If the articles of incorporation, bylaws, resolutions of the board of directors or of the shareholders, or other adopted authorization of indemnification or advance for expenses limit indemnification or advance for expenses, indemnification and advance for expenses are valid only to the extent consistent with the articles, bylaws, resolution of the board of directors or of the shareholders, or other adopted authorization of indemnification or advance for expenses.

(c) This chapter does not limit a corporation's power to pay or reimburse expenses incurred by a director, an officer, an employee, or an agent in connection with the person's appearance as a witness in a proceeding at a time when the person has not been made a named defendant or respondent to the proceeding.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-15-16-2 — Indiana Code / Title 28 / Article 15 / Chapter 16 / Section 28-15-16-2
Violations
Status: in_force

Sec. 2. A violation of Section 23A or 23B of the Federal Reserve Act (12 U.S.C. 371c or 371c-1) by a savings association or a subsidiary constitutes a violation of this chapter.

As added by P.L.258-2003, SEC.31.
Ind. Code § 28-1-30-9 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-9
Retention of branch banks
Status: in_force

Sec. 9. A mutual bank created by charter conversion may retain all branches lawfully established.

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-7-5-8 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-8
Issuance and duration of license; evidence of compliance; denial of application; person not qualifying for license; replacement of manager
Status: in_force

Sec. 8. (a) Upon an applicant's filing of the application required by section 4 of this chapter and payment of the license fee, if the department finds the financial standing, competence, business experience, and character of:

(1) the applicant and any significant affiliate of the applicant;

(2) each director, executive officer, or manager of the applicant, or any other individual having a similar status or performing a similar function for the applicant; and

(3) if known, each person directly or indirectly owning of record or owning beneficially at least ten percent (10%) of the outstanding shares of any class of equity security of the applicant;

are such that the business will be operated honestly, fairly, and efficiently and that the convenience and needs of the public exist for the operation of the business in the community wherein the applicant proposes to operate, it shall issue and deliver a license to the applicant, which license shall authorize the applicant to engage in the business of pawnbroking.

(b) The director is entitled to request evidence of compliance with the requirements of this section by the licensee, including any affiliate or person described in subsection (a), at:

(1) the time of issuance of the license;

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

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

A license shall remain in effect until it is surrendered, revoked, or suspended. If the department denies the application, it shall notify the applicant of the denial. The department may hold a public hearing if the department considers the hearing necessary.

(c) The department may deny an application under this section if the director determines that the application was submitted for the benefit of, or on behalf of, a person who does not qualify for a license.

(d) If a licensee replaces a manager, the licensee shall give the department written notice of the replacement not later than thirty (30) days after engaging another person to serve as manager.

Formerly: Acts 1935, c.195, s.8. As amended by P.L.263-1985, SEC.186; P.L.14-1992, SEC.136; P.L.45-1995, SEC.24; P.L.80-1998, SEC.13; P.L.10-2006, SEC.41 and P.L.57-2006, SEC.41; P.L.90-2008, SEC.50; P.L.35-2010, SEC.171; P.L.89-2011, SEC.50; P.L.176-2019, SEC.60.
Ind. Code § 28-1-5-11 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-11
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.99; Acts 1937, c.33, s.12; Acts 1975, P.L.284, SEC.2. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-7-1-6 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-6
Repealed
Status: repealed

Formerly: Acts 1961, c.182, s.6. Repealed by Acts 1977, P.L.294, SEC.14.
Ind. Code § 28-7-5-29.5 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-29.5
Waiver of rights not permitted
Status: in_force

Sec. 29.5. A debtor may not waive or agree to forego any rights or benefits under this chapter.

As added by P.L.172-1997, SEC.22.
Ind. Code § 28-1-7.5-11 — Indiana Code / Title 28 / Article 1 / Chapter 7.5 / Section 28-1-7.5-11
Redemption by holding company of its outstanding common stock
Status: in_force

Sec. 11. Within thirty (30) days after the plan of exchange becomes effective, the holding company shall redeem all shares of common stock of the holding company that were outstanding immediately before the effective time of the exchange. The holding company shall redeem the shares in the manner provided in the plan of exchange.

As added by P.L.238-1983, SEC.10.
Ind. Code § 28-6.1-9-9 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-9
Extensions of credit to officers, directors, trustees, and principal shareholders
Status: in_force

Sec. 9. A savings bank may extend credit to an officer, a director, a trustee, or a principal shareholder in accordance with the restrictions and provisions of Regulation O of the Board of Governors of the Federal Reserve System (12 CFR 215).

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-13-13 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-13
Applicability of federal regulations
Status: in_force

Sec. 13. The department may apply the provisions of 12 CFR 32 in the application and administration of this chapter.

As added by P.L.14-1992, SEC.93.
Ind. Code § 28-14-5-9 — Indiana Code / Title 28 / Article 14 / Chapter 5 / Section 28-14-5-9
"Investment security"
Status: in_force

Sec. 9. The rules or policies adopted by the department under IC 28-14-8 may define the term "investment security" for the purposes of this chapter.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-5-3-3 — Indiana Code / Title 28 / Article 5 / Chapter 3 / Section 28-5-3-3
Law applicable
Status: in_force

Sec. 3. Payment of certificates as provided in section 1 of this chapter shall be subject to the provisions set forth in IC 28-5-1-12.

Formerly: Acts 1953, c.46, s.3. As amended by P.L.263-1985, SEC.158.
Ind. Code § 28-7-1-9.1 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-9.1
Sale of life insurance policy or annuity contract; prohibitions
Status: in_force

Sec. 9.1. (a) A credit union or a related credit union service organization (as defined in section 0.5(7) of this chapter) that acts as an insurance producer for the sale of a life insurance policy or an annuity contract issued by a life insurance company (as defined in IC 27-1-2-3):

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

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

(b) A credit union or credit union service organization may not condition:

(1) an extension of credit;

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

(3) the performance of a service; or

(4) the amount charged for:

(A) extending credit;

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

(C) performing services;

upon a person's purchase of a life insurance policy or an annuity contract from the credit union or related credit union service organization.

(c) This section does not prohibit a credit union or a credit union service organization from requiring that a person, as a condition to a transaction, obtain a life insurance policy from an insurance company acceptable to the credit union or credit union service organization.

As added by P.L.188-1997, SEC.11. Amended by P.L.63-2001, SEC.16, P.L.81-2001, SEC.5 and P.L.134-2001, SEC.18; P.L.130-2002, SEC.8; P.L.178-2003, SEC.93.
Ind. Code § 28-14-3-15 — Indiana Code / Title 28 / Article 14 / Chapter 3 / Section 28-14-3-15
Trusts
Status: in_force

Sec. 15. A corporate fiduciary has the power to:

(1) take, accept, and execute any and all legal trusts, duties, and powers in regard to the holding, management, sale, and disposition of any property or estate, real or personal, wherever located, and the rents and profits of the property or estate, which may be granted or confided to it by any court of competent jurisdiction, or by any person, corporation, municipality, or other authority;

(2) take, accept, and execute any and all trusts and powers of any nature or description that:

(A) may be conferred upon or entrusted or submitted to it by any person, firm, company, or any body politic, corporation, foreign or domestic, or other authority, by grant, assignment, transfer, devise, bequest, or otherwise; or

(B) may be entrusted, committed, or transferred to it or vested in it by order of a court of competent jurisdiction; and

(3) generally execute trusts of every description not inconsistent with the laws of Indiana or the United States.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-1-22-15 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-15
Change of business; amended certificate of admission
Status: in_force

Sec. 15. A foreign corporation admitted to do business in this state may alter or enlarge the nature of the business which it is authorized to transact in this state under its articles of incorporation or association or by any amendments by obtaining an amended certificate of admission from the department.

Formerly: Acts 1933, c.40, s.338. As amended by P.L.171-1996, SEC.19.
Ind. Code § 28-15-1-9 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-9
"Mutual association"
Status: in_force

Sec. 9. (a) "Mutual association" means a nonstock savings association that is governed by members.

(b) The term includes a deposit association or share account association organized and existing before January 1, 1997.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-14-4-3 — Indiana Code / Title 28 / Article 14 / Chapter 4 / Section 28-14-4-3
Real property held without use for more than three years
Status: in_force

Sec. 3. Real property referred to in section 1(b)(3) of this chapter may not be held for more than three (3) years without being used as a corporate fiduciary office or a facility, unless:

(1) the board of directors by resolution:

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

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

(2) the director determines that:

(A) the continued holding of the real property does not endanger the safety and soundness of the corporate fiduciary; and

(B) the corporate fiduciary is holding the real property to use in the future for one (1) of the purposes set forth in section 1(b)(1) and 1(b)(2) of this chapter.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-9-5-3 — Indiana Code / Title 28 / Article 9 / Chapter 5 / Section 28-9-5-3
Interpleader
Status: in_force

Sec. 3. This article does not prevent a depository financial institution from interpleading and paying the funds that are the subject of an adverse claim into a court. If a depository financial institution pays the funds to the court, the depository financial institution is entitled to recover and collect the costs and expenses, including attorney's fees, incurred by the depository financial institution in the interpleader action.

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-1-3.1-6 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-6
Receiver; authority
Status: in_force

Sec. 6. The receiver of a closed financial institution may do the following:

(1) Take possession of all books, records, and assets of the financial institution.

(2) Collect all debts, claims, and judgments belonging to the financial institution and do such other acts as are necessary to preserve and liquidate its assets.

(3) Execute in the name of the financial institution any instrument necessary or proper to effectuate its powers or perform its duties as receiver.

(4) Initiate, pursue, and defend litigation involving any right, claim, interest, or liability of the financial institution.

(5) Exercise any and all fiduciary functions of the financial institution as of the date of appointment as receiver.

(6) Borrow money as necessary in the liquidation of the financial institution and secure the borrowings by the pledge or mortgage of assets.

(7) Abandon or convey title to any holder of a mortgage, security deed, security interest, or lien against property in which the financial institution has an interest whenever the receiver determines that to continue to claim that interest is burdensome and of no advantage to the financial institution, its depositors, creditors, or shareholders.

(8) Subject to the approval of the receivership court:

(A) sell any and all real and personal property to compromise any debt, claim, or judgment due to the financial institution and discontinue any action or other proceeding pending; or

(B) pay off all mortgages, securities deeds, security agreements, and liens upon any real or personal property belonging to the financial institution and purchase at a judicial sale or at a sale authorized by court order, any real or personal property in order to protect the financial institution's equity in that property.

(9) If, at the time of liquidation, a closed financial institution holds property in trust for an individual or a corporation under or by virtue of a trust instrument, the administration of the property must be handled in the manner set forth in IC 28-1-9-7.

Notwithstanding this section, when the Federal Deposit Insurance Corporation is appointed receiver of a financial institution, subdivision (8) does not apply.

As added by P.L.141-1984, SEC.2. Amended by P.L.42-1993, SEC.23; P.L.262-1995, SEC.7; P.L.35-2010, SEC.101.
Ind. Code § 28-8-5-14 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-14
Expiration of licenses
Status: in_force

Sec. 14. A license issued pursuant to this chapter expires on January 1 of the year following the date of issuance unless earlier suspended, relinquished, or revoked.

As added by P.L.42-1993, SEC.86. Amended by P.L.27-2012, SEC.103; P.L.137-2014, SEC.35; P.L.69-2018, SEC.66.
Ind. Code § 28-15-5-1 — Indiana Code / Title 28 / Article 15 / Chapter 5 / Section 28-15-5-1
Advance notice
Status: in_force

Sec. 1. A savings association may require advance notice of withdrawal.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-12-7-3 — Indiana Code / Title 28 / Article 12 / Chapter 7 / Section 28-12-7-3
Consents; actions taken without organizational meeting
Status: in_force

Sec. 3. Any action that could be taken at an organizational meeting may be taken without a meeting if the action taken is evidenced by one (1) or more written consents that describe the action taken and that are signed by each initial director.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-1-13-7.1 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-7.1
State chartered banks; real estate loans
Status: in_force

Sec. 7.1. (a) As used in this section, "federally chartered bank" means a bank that was incorporated under 12 U.S.C. 21 et seq. and is doing business in Indiana.

(b) As used in this section, "rollover mortgage" means a loan that:

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

(A) a dwelling for one (1) to four (4) families; or

(B) a combination home and business building; and

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

(c) As used in this section, "state chartered bank" means a bank that was incorporated under the laws of Indiana and is doing business in Indiana. The term includes a savings bank organized under the laws of Indiana.

(d) A state chartered bank may make, arrange, purchase, or sell loans or extensions of credit secured by liens or interests in real estate as:

(1) may be so made, arranged, purchased, or sold by a federally chartered bank under a federal law or regulation; or

(2) prescribed by order of the department or by a rule adopted by the department under IC 4-22-2.

(e) In addition to loans authorized by subsection (d), a state chartered bank may make rollover mortgage loans. A rollover mortgage loan made by a state chartered bank is subject to the following requirements and restrictions:

(1) At each scheduled adjustment time, if the loan is not then in default, the lender shall make rate adjustments available for the amount of the outstanding loan for the remaining term of the loan.

(2) Any adjustment in the loan must be made without administrative charges to the borrower.

(3) Scheduled adjustments of the loan must be at least one (1) year apart.

(4) The lender may not charge any penalty or other assessment for the prepayment of the loan by the borrower at the time of any adjustment.

(5) At each scheduled adjustment time, the lender and the borrower may agree to increase or decrease the interest rate applicable to the outstanding balance of the loan.

(6) At the option of the lender, the borrower may be granted the option to extend the amortization period for purposes of calculating monthly payments on the loan in accordance with the following rules:

(A) The extension of the amortization period may equal up to one-third (1/3) of the original amortization period, irrespective of whether this extends the amortization period beyond thirty (30) years.

(B) To the extent of any extension of the amortization period, the amortization period will be reduced upon a subsequent downward adjustment in the interest rate.

As added by P.L.33-1991, SEC.16. Amended by P.L.42-1993, SEC.30; P.L.45-1995, SEC.20; P.L.93-2024, SEC.201.
Ind. Code § 28-11-1-3 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-3
Members of department
Status: in_force

Sec. 3. (a) The ultimate authority for and the powers, duties, management, and control of the department are vested in the following seven (7) members:

(1) The director of the department, who serves as an ex officio, voting member.

(2) The following six (6) members appointed by the governor as follows:

(A) Three (3) members must have practical experience at the executive level of a:

(i) state chartered bank;

(ii) state chartered savings association; or

(iii) state chartered savings bank.

(B) One (1) member must have practical experience at the executive level as a:

(i) lender licensed under IC 37-2;

(ii) mortgage lender licensed under IC 37-1;

(iii) registrant under IC 24-7;

(iv) licensee under IC 28-1-29;

(v) licensee under IC 28-7-5;

(vi) licensee under IC 28-8-4.1;

(vii) licensee under IC 28-8-5; or

(viii) licensee under IC 28-8-6.

(C) One (1) member must have practical experience at the executive level of a state chartered credit union.

(D) One (1) member must be appointed with due regard for the consumer, agricultural, industrial, and commercial interests of Indiana.

(b) Not more than three (3) members appointed by the governor under subsection (a)(2) after June 30, 2006, may be affiliated with the same political party.

As added by P.L.33-1991, SEC.56. Amended by P.L.262-1995, SEC.73; P.L.79-1998, SEC.85; P.L.10-2006, SEC.68 and P.L.57-2006, SEC.68; P.L.213-2007, SEC.92; P.L.217-2007, SEC.90; P.L.159-2017, SEC.53; P.L.198-2023, SEC.5; P.L.222-2025, SEC.6; P.L.115-2026, SEC.68.
Ind. Code § 28-6.1-9-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-1
"Capital and surplus" and "unimpaired capital and surplus" defined
Status: in_force

Sec. 1. As used in this chapter, "capital and surplus" and "unimpaired capital and surplus" have the meaning set forth in 12 CFR 32.2.

As added by P.L.42-1993, SEC.72. Amended by P.L.176-1996, SEC.19; P.L.213-2007, SEC.64; P.L.217-2007, SEC.62.
Ind. Code § 28-15-11-11 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-11
"Standard mortgage loan"
Status: in_force

Sec. 11. As used in this chapter, "standard mortgage loan" means a loan under which the principal and interest are paid in equal monthly installments for a period of not more than forty (40) years.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-12-7-1 — Indiana Code / Title 28 / Article 12 / Chapter 7 / Section 28-12-7-1
Organizational meeting
Status: in_force

Sec. 1. After incorporation, the initial directors shall hold an organizational meeting at the call of a majority of the directors.

As added by P.L.14-1992, SEC.162.
Ind. Code § 28-15-11-4 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-4
"Federal savings association"
Status: in_force

Sec. 4. As used in this chapter, "federal savings association" means any federal savings association or federal savings bank chartered or regulated under Section 5 of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464).

As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.113.
Ind. Code § 28-7-1-38 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-38
Requirement to provide property tax information in certain transactions
Status: in_force

Sec. 38. With respect to a residential real property financing or refinancing, a credit union shall comply with IC 6-1.1-12-43.

As added by P.L.64-2004, SEC.32.
Ind. Code § 28-1-25-1 — Indiana Code / Title 28 / Article 1 / Chapter 25 / Section 28-1-25-1
Exemption from limitations under state laws
Status: in_force

Sec. 1. Whenever the United States, any federal reserve bank of the United States, or any department, bureau, board, or commission of the United States, including any corporation wholly owned directly or indirectly by the United States, shall secure or guarantee the payment of or make commitment or agreement to take over or purchase the full amount of any loans or obligations of any financial institution or of any investment type industrial loan and investment company, such loans or obligations shall not be subject to any limitations in the laws of this state based upon the nature, priority, amount, location, or form of security prescribing or limiting the period for which loans or advances of credit may be made, prescribing any ratio between the amount of any loan and the appraised value of security for such loan, or requiring periodical reduction of the principal of any loan.

Formerly: Acts 1945, c.47, s.1. As amended by P.L.263-1985, SEC.104.
Ind. Code § 28-15-10-3 — Indiana Code / Title 28 / Article 15 / Chapter 10 / Section 28-15-10-3
"Indiana savings association" defined
Status: in_force

Sec. 3. As used in this chapter, "Indiana savings association" means:

(1) a savings association whose home office is located in Indiana; or

(2) a federal savings association whose home office is located in Indiana.

As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.15.
Ind. Code § 28-8-6-1002 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-1002
Earned wage access services not considered to be violations; licensees who offer or provide earned wage access services not considered a lender, creditor, credit services organization, debt collector, or money transmitter; fees or voluntary tips, gratuities or other donations not considered interest or finance charges; conflicting provisions
Status: in_force

Sec. 1002. (a) Notwithstanding any other provision of law, earned wage access services offered or provided by a licensee in accordance with this chapter are not considered to be any of the following:

(1) A violation of, or noncompliance with, any Indiana law governing deductions from payroll, salary, wages, compensation, or other income.

(2) A violation of, or noncompliance with, any Indiana law governing:

(A) the purchase of;

(B) the sale or assignment of; or

(C) an order for;

earned but unpaid income.

(3) A loan or other form of credit or debt.

(4) Money transmission (as defined in IC 28-8-4.1-201(19)).

(b) Notwithstanding any other provision of law, a licensee that offers or provides earned wage access services in accordance with this chapter is not considered to be any of the following solely by reason of offering or providing the earned wage access services:

(1) A lender, creditor, credit services organization (as defined in IC 24-5-15-2), or debt collector.

(2) A money transmitter for purposes of IC 28-8-4.1.

However, this subsection does not exempt a licensee under this chapter from complying with section 802(7) of this chapter, as applicable.

(c) Notwithstanding any other provision of law:

(1) fees; or

(2) voluntary tips, gratuities, or other donations;

paid by a consumer to a licensee in accordance with this chapter are not considered to be interest or finance charges and shall not be subject to IC 35-45-7-2.

(d) If there is a conflict between the provisions of this chapter and any other Indiana law, the provisions of this chapter control.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-1-12-4 — Indiana Code / Title 28 / Article 1 / Chapter 12 / Section 28-1-12-4
Profit or commission on sales; necessity of specific authorization; surcharge
Status: in_force

Sec. 4. No profit or commission, other than interest at the legal rate upon a loan or advancement, shall be taken or received by any bank or trust company or corporate fiduciary, directly or indirectly, out of any sale or purchase to or from any estate, guardianship, or trust of any kind of which it is the fiduciary, unless specifically authorized by agreement with the creator of the trust, or the court having jurisdiction thereof; and upon violation of this section such bank or trust company or corporate fiduciary shall be surcharged any profit so taken or received, and an amount equal thereto, in addition, and may be summarily removed as such fiduciary by the court having jurisdiction.

Formerly: Acts 1933, c.40, s.189. As amended by P.L.262-1995, SEC.31.
Ind. Code § 28-1-29-8.6 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-8.6
Repealed
Status: repealed

As added by P.L.35-2010, SEC.129. Repealed by P.L.216-2013, SEC.28.
Ind. Code § 28-11-4-3 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-3
Violations by certain individuals; director's notice of intent to issue order; felonies; civil penalties
Status: in_force

Sec. 3. (a) If the director determines that a current or former director, officer, or employee of a financial institution has:

(1) committed a violation of a statute, a rule, a final cease and desist order, any condition imposed in writing by the director in connection with the grant of any application or other request by the financial institution, or any written agreement between the financial institution and the director or the department;

(2) engaged or participated in an unsafe or unsound practice in connection with the financial institution;

(3) committed or engaged in an act, an omission, or a practice that constitutes a breach of fiduciary duty as director, officer, or employee; or

(4) been convicted of, or is under indictment for, a felony involving fraud, deceit, or misrepresentation under the laws of Indiana or any other jurisdiction;

the director, subject to subsection (b), may issue and serve upon the officer, director, or employee a notice of the director's intent to issue an order removing the person from the person's office or employment, an order prohibiting any participation by the person in the conduct of the affairs of any financial institution, or an order both removing the person and prohibiting the person's participation.

(b) A violation, practice, or breach specified in subdivision (a) is subject to the authority of the director under subsection (a) if the director finds any of the following:

(1) By reason of the violation, practice, or breach, the financial institution has suffered or will probably suffer substantial financial loss or other damage.

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

(3) The violation, practice, or breach involves personal dishonesty on the part of the officer, director, or employee involved.

(4) The violation, practice, or breach demonstrates a willful or continuing disregard by the officer, director, or employee for the safety and soundness of the financial institution.

(c) A person who:

(1) is under indictment for; or

(2) has been convicted of;

a felony involving fraud, deceit, or misrepresentation under the laws of Indiana or any other jurisdiction may not serve as a director, an officer, or an employee of a financial institution, or serve in any similar capacity, unless the person obtains the written consent of the director.

(d) A financial institution that willfully permits a person to serve the financial institution in violation of subsection (b) or (c) is subject to a civil penalty of five hundred dollars ($500) for each day the violation continues. A civil penalty paid under this subsection must be deposited into the financial institutions fund established by IC 28-11-2-9.

As added by P.L.33-1991, SEC.56. Amended by P.L.262-1995, SEC.76; P.L.258-2003, SEC.19; P.L.10-2006, SEC.74 and P.L.57-2006, SEC.74; P.L.213-2007, SEC.100; P.L.217-2007, SEC.98; P.L.35-2010, SEC.198; P.L.137-2014, SEC.39.
Ind. Code § 28-6.1-3-5 — Indiana Code / Title 28 / Article 6.1 / Chapter 3 / Section 28-6.1-3-5
Vacancies; elections; qualifications of successors
Status: in_force

Sec. 5. (a) A vacancy on the board of the savings bank is created if any of the following applies to a trustee:

(1) The trustee dies.

(2) The trustee resigns.

(3) The trustee is unable to discharge duties because of incapacity.

(4) The trustee moves from the county where the saving bank is located.

(5) The trustee becomes insolvent.

(6) The trustee fails for nine (9) successive months to attend the regular meetings of the board.

(b) The remaining trustees shall fill a vacancy created under subsection (a) by electing a successor by ballot.

(c) An election under subsection (b) may be held at a regular meeting of the board or at a special meeting of which the remaining trustees have been given notice.

(d) A successor is elected upon a majority vote of the remaining trustees.

(e) A successor must possess the qualifications set forth in section 4 of this chapter.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.1-7-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-1
Application of rules
Status: in_force

Sec. 1. (a) The powers of a savings bank set forth in this chapter are subject to the rules of the department.

(b) A rule adopted under this chapter may apply to one (1) or more savings banks or to one (1) or more localities in Indiana as the department determines.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-29-9.7 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-9.7
Advertising
Status: in_force

Sec. 9.7. A licensee:

(1) may not use false, misleading, or deceptive advertising; and

(2) shall meet the following conditions in advertising:

(A) An advertisement may not include a statement that states or implies that no financial problem is too great for the licensee to solve.

(B) An advertisement may not include a statement that states or implies that the licensee will use the licensee's own cash to pay the debtor's accounts.

(C) All advertisements must contain the statement "We do not lend money.".

(D) All advertisements must contain the true name and address of the licensee.

As added by P.L.35-2010, SEC.133.
Ind. Code § 28-1-21.8-2 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-2
Effective time of the charter conversion
Status: in_force

Sec. 2. 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.43. Amended by P.L.122-1994, SEC.85.
Ind. Code § 28-13-3-1 — Indiana Code / Title 28 / Article 13 / Chapter 3 / Section 28-13-3-1
Unissued shares; acquisition rights subject to articles of incorporation
Status: in_force

Sec. 1. The shareholders of a corporation do not have a preemptive right to acquire the corporation's unissued shares except to the extent the articles of incorporation so provide.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-14-1-3 — Indiana Code / Title 28 / Article 14 / Chapter 1 / Section 28-14-1-3
"Clearing corporation"
Status: in_force

Sec. 3. "Clearing corporation" has the meaning set forth in IC 26-1-8.1-102.

As added by P.L.262-1995, SEC.90. Amended by P.L.176-2019, SEC.64.
Ind. Code § 28-1-2-6 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-6
Prudent conduct of business
Status: in_force

Sec. 6. Every financial institution to which this article is applicable shall conduct and transact its business in a safe and prudent manner; shall maintain such institution in a safe and solvent condition; and shall establish and maintain safe and sound methods for the conduct of such financial institution and its business and prudential affairs.

Formerly: Acts 1933, c.40, s.9; Acts 1971, P.L.394, SEC.6.
Ind. Code § 28-6.2-6-1 — Indiana Code / Title 28 / Article 6.2 / Chapter 6 / Section 28-6.2-6-1
Annual reports
Status: in_force

Sec. 1. Each mutual holding company shall furnish, in the manner and in the form prescribed by the director, an annual report for:

(1) the fiscal year in which it becomes a mutual holding company; and

(2) each fiscal year during which it remains a mutual holding company.

Additional information and reports shall be furnished as the director may require.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-1-32-14 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-14
Filing articles of conversion
Status: in_force

Sec. 14. (a) A savings association converting into a credit union under this chapter shall file with the secretary of state the articles of conversion showing the approval of the director of the department.

(b) The converting savings association shall record copies of the articles of conversion with the county recorder of the county where the principal office of the credit union will be located.

(c) The articles of conversion constitute articles of incorporation of the resulting credit union and must set forth the elements required in IC 28-7-1-1(b).

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-1-5-2 — Indiana Code / Title 28 / Article 1 / Chapter 5 / Section 28-1-5-2
Corporate capacity and authority; general rights, powers, and privileges; authority to purchase and hold life insurance
Status: in_force

Sec. 2. (a) Every corporation has the capacity to act that is possessed by a natural person, but has the authority to perform only those acts that are necessary, convenient, or expedient to accomplish the purposes for which it is formed and that are not repugnant to law.

(b) Subject to any limitations or restrictions imposed by law or by the articles of incorporation, each corporation has the following general rights, powers, and privileges:

(1) To continue as a corporation, under its corporate name, for the period limited in its articles of incorporation, or, if the period is not so limited, then perpetually.

(2) To sue and be sued in its corporate name.

(3) To have a corporate seal and to alter such seal at its pleasure.

(4) To acquire, own, hold, use, lease, mortgage, pledge, sell, convey, or otherwise dispose of property, real and personal, tangible and intangible, in the manner and to the extent hereinafter provided.

(5) To borrow money and to mortgage or pledge its property to secure the payment thereof, in the manner and to the extent hereinafter provided; but no financial institution having power to accept deposits of money shall pledge any of the assets of such financial institution as security for the safekeeping and prompt payment of any money so deposited, except that any such financial institution may, for the safekeeping and prompt payment of any money so deposited, give security of the kind authorized by any statute of this state or by the Congress of the United States. Notwithstanding this subdivision, a financial institution may receive deposits of state and federal public funds and may pledge securities or other assets for the repayment of deposits if the pledge is permitted by applicable law or regulation.

(6) To conduct business in this state and elsewhere.

(7) To appoint such officers and agents as the business of the corporation may require and to do the following with respect to any officers or agents appointed:

(A) Define their duties.

(B) Fix their compensation, which may include compensation paid pursuant to any plan of deferred compensation approved by the corporation's board of directors.

(C) Enter into employment contracts with the corporation's officers and agents which set forth terms and conditions of employment.

(D) Provide the corporation's officers, agents, and employees with individual or group life insurance.

(E) Procure and maintain in effect for the benefit of the bank, insurance on the life or lives of designated officers or directors.

(8) To make bylaws for the government and regulation of its affairs.

(9) To cease doing business and to dissolve and surrender its corporate franchise.

(10) To do all acts and things necessary, convenient, or expedient to carry out the purposes for which it is formed.

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

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

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

(3) Life insurance on the lives of borrowers.

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

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

Formerly: Acts 1933, c.40, s.90; Acts 1937, c.33, s.10; Acts 1963, c.179, s.1; Acts 1969, c.280, s.2; Acts 1971, P.L.394, SEC.23; Acts 1974, P.L.128, SEC.2. As amended by P.L.266-1987, SEC.8; P.L.10-2006, SEC.29 and P.L.57-2006, SEC.29; P.L.35-2010, SEC.111; P.L.27-2012, SEC.37.
Ind. Code § 28-15-14-5 — Indiana Code / Title 28 / Article 15 / Chapter 14 / Section 28-15-14-5
Conversion of federal savings association; effect on state chartered savings association
Status: in_force

Sec. 5. (a) Upon the effective date of the conversion of a federal savings association into a state chartered savings association under section 4 of this chapter, all of the assets and property of the federal savings association of every kind and character, including:

(1) real, personal, and mixed property;

(2) tangible and intangible property; and

(3) choses in action, rights, and credits that:

(A) the savings association owns; or

(B) would inure to the savings association;

shall immediately, by operation of law and without any conveyance or transfer, and without any further act or deed, be vested in and become the property of the state chartered savings association.

(b) After the conversion of a federal savings association into a state chartered savings association under section 4 of this chapter:

(1) the state chartered savings association shall have, hold, and enjoy the assets and property of the federal savings association in its own right, as fully and to the same extent that the assets and property were possessed, held, and enjoyed by the federal savings association before the conversion; and

(2) the state chartered savings association is considered a continuation of the entity and identity of the federal savings association, and all of the rights and obligations of the federal savings association remain unimpaired.

(c) When the conversion of a federal savings association into a state chartered savings association under section 4 of this chapter takes effect, the state chartered savings association succeeds to all of the rights and obligations and the duties and liabilities connected with the federal savings association.

As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.20.
Ind. Code § 28-2-7-1 — Indiana Code / Title 28 / Article 2 / Chapter 7 / Section 28-2-7-1
General exemption from requirement for bond
Status: in_force

Sec. 1. Any bank, trust company, or corporate fiduciary organized under the laws of the state of Indiana or of the United States of America and operating a bank, trust company, or corporate fiduciary which is located within the state of Indiana, which is acting on December 12, 1945, or which may act, after December 12, 1945, in a fiduciary capacity in any estate, trust, receivership, action, matter, or proceeding pending on or after December 12, 1945, in any court created by the Constitution or the laws of the state of Indiana, shall not, while so acting, except as provided in section 2 of this chapter, be required to file in said court any bond conditioned:

(1) for the full performance of its duties;

(2) to account for the funds or property which may come into its possession; or

(3) for any other purpose whatsoever.

Formerly: Acts 1945, c.248, s.1. As amended by P.L.263-1985, SEC.119; P.L.262-1995, SEC.52.
Ind. Code § 28-1-9-11 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-11
Unclaimed distributive portions
Status: in_force

Sec. 11. In case depositors or other creditors or the holders of shares of any such corporation are unknown or shall fail or refuse to accept their distributive shares in the property and assets of such corporation, or are under any disability, or cannot be found after diligent inquiry, upon the final settlement of the liquidation, the liquidating agent shall treat the property as unclaimed property and comply with IC 32-34-1.5.

Formerly: Acts 1933, c.40, s.152; Acts 1937, c.33, s.15. As amended by P.L.35-2010, SEC.115; P.L.141-2021, SEC.16.
Ind. Code § 28-1-21.7-5.1 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-5.1
"Primary federal regulator"
Status: in_force

Sec. 5.1. As used in this chapter, "primary federal regulator" means the federal agency primarily responsible for the regulation of:

(1) savings associations; or

(2) savings association holding companies;

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

As added by P.L.27-2012, SEC.62.
Ind. Code § 28-8-7-5 — Indiana Code / Title 28 / Article 8 / Chapter 7 / Section 28-8-7-5
"Virtual currency"
Status: in_force

Sec. 5. As used in this chapter, "virtual currency" means a natively electronic asset that:

(1) confers economic, proprietary, or access rights or powers; and

(2) is recorded using cryptographically secured distributed ledger technology, or an analogous technology.

As added by P.L.143-2026, SEC.2.
Ind. Code § 28-1-2-36 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-36
Solicitation of political contributions; violations
Status: in_force

Sec. 36. It is a Class A misdemeanor for a person to knowingly solicit from any officer or employee of the department any money or other property for political assessments or contributions.

Formerly: Acts 1933, c.40, s.38. As amended by Acts 1978, P.L.2, SEC.2806.
Ind. Code § 28-2-13-16 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-16
Indiana affiliate
Status: in_force

Sec. 16. As used in this chapter, "Indiana affiliate" means, as to a bank controlled by one (1) or more bank holding companies, another Indiana bank controlled by the bank holding company or bank holding companies.

As added by P.L.265-1985, SEC.3.
Ind. Code § 28-6.1-4-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 4 / Section 28-6.1-4-2
Group insurance; retirement and pension plans
Status: in_force

Sec. 2. A savings bank may purchase group insurance and provide retirement or pension plans for its officers and employees, with or without the officers' or employees' participation in the cost of the insurance or plans.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-21.7-9 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-9
Procedures for conversion
Status: in_force

Sec. 9. The department shall prescribe procedures for mutual bank conversions. The procedures prescribed by the department must include the following:

(1) The savings association shall prepare and submit a plan of mutual bank conversion to the department that provides the terms and conditions of the mutual bank conversion as required by the department. However, if the plan of mutual bank conversion complies with the requirements of the primary federal regulator, the plan shall be considered adequate.

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

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

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

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

As added by P.L.147-1990, SEC.3. Amended by P.L.33-1991, SEC.21; P.L.42-1993, SEC.40; P.L.122-1994, SEC.84; P.L.27-2012, SEC.64.
Ind. Code § 28-14-7.5-3 — Indiana Code / Title 28 / Article 14 / Chapter 7.5 / Section 28-14-7.5-3
Appointment of conservator; bond or security
Status: in_force

Sec. 3. (a) The department may appoint a conservator for a corporate fiduciary if the department determines that:

(1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2(a) exist with respect to the corporate fiduciary; or

(2) the appointment of a conservator is necessary to conserve the assets of the corporate fiduciary for the benefit of:

(A) creditors of the corporate fiduciary;

(B) the beneficiaries of trusts and other fiduciary accounts administered by the corporate fiduciary; or

(C) other persons for whom the corporate fiduciary acts in a fiduciary capacity.

(b) A conservator appointed under this section shall give any bond or security that the department considers appropriate.

(c) The department may appoint any competent and disinterested person as a conservator under this section.

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
Ind. Code § 28-1-21.9-14 — Indiana Code / Title 28 / Article 1 / Chapter 21.9 / Section 28-1-21.9-14
Retention of branches
Status: in_force

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

As added by P.L.42-1993, SEC.44.
Ind. Code § 28-1-29-14 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-14
Review of department decisions; applicability of laws governing administrative orders and procedures; venue
Status: in_force

Sec. 14. Any applicant for a license aggrieved by a decision of the department pursuant to this chapter may file a petition for review as prescribed in IC 4-21.5. Except as otherwise provided, IC 4-21.5 applies to and governs all agency action taken by the department under this chapter. All proceedings for administrative review under IC 4-21.5-3 or judicial review under IC 4-21.5-5 shall be held in Marion County.

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by P.L.7-1987, SEC.160; P.L.42-1993, SEC.59; P.L.35-2010, SEC.136.
Ind. Code § 28-6.1-6-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 6 / Section 28-6.1-6-2
Buying and selling exchange, coin, and bullion
Status: in_force

Sec. 2. A savings bank may buy and sell exchange, coin, and bullion.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-11-1-13 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-13
Policies and procedures
Status: in_force

Sec. 13. The members may by resolution establish policies and procedures in order to facilitate:

(1) the supervision of financial institutions by the department; and

(2) the licensing and regulation of persons and entities by the department under:

(A) this title; and

(B) IC 24.

As added by P.L.33-1991, SEC.56. Amended by P.L.262-1995, SEC.74; P.L.213-2007, SEC.93; P.L.217-2007, SEC.91.
Ind. Code § 28-11-5-7 — Indiana Code / Title 28 / Article 11 / Chapter 5 / Section 28-11-5-7
Hearing procedures
Status: in_force

Sec. 7. (a) This section applies only if the department holds a hearing under section 5 of this chapter.

(b) At the time and place designated in the notice, any of the following may conduct the hearing:

(1) All the members of the department.

(2) Any number of the members.

(3) The director of the department.

(4) A deputy director of the department.

(5) The supervisor in charge of the division of the department that would have jurisdiction of the financial institution, if it is established.

(c) Any person who is interested may appear and be heard, either in person or by the person's attorney.

(d) A report of the hearing, in the form and detail the department prescribes, shall be prepared and filed in the department.

As added by P.L.42-1993, SEC.91. Amended by P.L.122-1994, SEC.114.
Ind. Code § 28-1-9-18 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-18
Termination of corporate existence; existing liabilities
Status: in_force

Sec. 18. (a) Upon the issuance of the certificate of dissolution and the recording of the certificate of the incorporators or the articles of dissolution, as the case may be, as provided in section 17 of this chapter, the corporation shall be dissolved and its existence shall cease.

(b) The dissolution of any corporation in accordance with the provisions of this section shall not take away or impair any remedy against such corporation, its directors, officers, or shareholders for any liabilities incurred by the corporation previous to its dissolution if suit is brought and service of process is had, as provided by the laws of this state, within two (2) years after the date of such dissolution.

Formerly: Acts 1933, c.40, s.159. As amended by P.L.263-1985, SEC.50.
Ind. Code § 28-13-16-6 — Indiana Code / Title 28 / Article 13 / Chapter 16 / Section 28-13-16-6
Review of notice or application; change in scope or nature of business activity of qualifying or nonqualifying subsidiary
Status: in_force

Sec. 6. (a) The department shall review a financial institution's notice or application to acquire or establish a qualifying or nonqualifying subsidiary to determine:

(1) whether the proposed activities are legally permissible; and

(2) whether the proposal endangers the safety or soundness of the financial institution.

The director shall either approve or disapprove the application for a nonqualifying subsidiary within sixty (60) days after the date on which the department receives the application. The period for approval or disapproval of the application may be extended by the department based on a determination that additional information from the financial institution or additional time for analysis is required.

(b) If there will be a change in the scope or nature of the business activity of a qualifying subsidiary of a financial institution, the financial institution shall provide the department with written notice before the change occurs. The department shall notify the requesting financial institution of the department's receipt of the notice and shall review the notice to determine:

(1) whether the proposed change is legally permissible; and

(2) whether the proposed change endangers the safety or soundness of the financial institution.

The qualifying subsidiary may exercise or engage in the proposed activity thirty (30) days after the date on which the department receives the financial institution's notice, as indicated in the department's notice of receipt, unless otherwise notified by the department.

(c) If there will be a change in the scope or nature of the business activity of a nonqualifying subsidiary of a financial institution, the financial institution shall submit to the department an application containing a complete description of the proposed change. The department shall notify the requesting financial institution of the department's receipt of the application and shall review the application to determine:

(1) whether the proposed change is legally permissible; and

(2) whether the proposed change endangers the safety or soundness of the financial institution.

The director shall either approve or disapprove the application not later than sixty (60) days after the date on which the department receives the application. The period for approval or disapproval of the application may be extended by the department based on a determination that additional information from the financial institution or additional time for analysis is required.

As added by P.L.215-1999, SEC.10. Amended by P.L.90-2008, SEC.79.
Ind. Code § 28-2-7-4 — Indiana Code / Title 28 / Article 2 / Chapter 7 / Section 28-2-7-4
Failure to file bond; vacating order appointing institution as fiduciary
Status: repealed

Sec. 4. If any bond, which is ordered filed in accordance with the provisions of section 3 of this chapter, is not filed within the time so fixed by the court, the order appointing said fiduciary or permitting it to act as such in said estate, trust, receivership, action, matter, or proceeding shall be deemed to be vacated and set aside.

Formerly: Acts 1945, c.248, s.4. As amended by P.L.263-1985, SEC.122.
Ind. Code § 28-1-21.4-5 — Indiana Code / Title 28 / Article 1 / Chapter 21.4 / Section 28-1-21.4-5
Repealed
Status: repealed

As added by P.L.176-1996, SEC.14. Repealed by P.L.27-2012, SEC.54.
Ind. Code § 28-8-5-22 — Indiana Code / Title 28 / Article 8 / Chapter 5 / Section 28-8-5-22
Suspension or revocation of license; order to show cause; order of suspension or revocation; relinquishment of license; existing obligations; emergency order for revocation
Status: in_force

Sec. 22. (a) The department may issue to a licensee an order to show cause why the licensee's license should not be revoked or suspended for a period determined by the department.

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

(1) include:

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

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

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

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

(A) a reasonable opportunity to be heard; and

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

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

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

(1) the licensee has repeatedly and willfully violated:

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

(B) any other state or federal law, regulation, or rule applicable to the business of cashing checks for consideration;

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

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

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

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

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

(1) the revocation or suspension;

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

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

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

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

(e) Any person holding a license to engage in the business of cashing checks for consideration may relinquish the license by notifying the department in writing of the relinquishment. However, a relinquishment under this subsection does not affect the person's liability for acts previously committed and coming within the scope of this chapter.

(f) If the director determines it to be in the public interest, the director may pursue the revocation of a license of a licensee that has relinquished the license under subsection (e).

(g) If a person's license is revoked, suspended, or relinquished, the revocation, suspension, or relinquishment does not impair or affect any obligation owed by any person under any existing lawful contract.

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

As added by P.L.42-1993, SEC.86. Amended by P.L.176-1996, SEC.25; P.L.80-1998, SEC.25; P.L.27-2012, SEC.105; P.L.186-2015, SEC.49.
Ind. Code § 28-1-7-6 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-6
Notice of adoption of agreement and approval by department
Status: in_force

Sec. 6. The secretary or cashier of each corporation shall promptly deliver or mail a written or printed notice of the adoption of the agreement and the approval by the department to each shareholder of record.

Formerly: Acts 1933, c.40, s.119; Acts 1965, c.356, s.5. As amended by P.L.122-1994, SEC.47.
Ind. Code § 28-14-7.5-6 — Indiana Code / Title 28 / Article 14 / Chapter 7.5 / Section 28-14-7.5-6
Amounts available to creditors and beneficiaries; assets received after placement in conservatorship
Status: in_force

Sec. 6. (a) While a corporate fiduciary is in conservatorship under this chapter, the department may require the conservator to set aside and make available for payment to any persons described in section 3(a)(2) of this chapter, on a pro rata basis, any amounts that, in the opinion of the department, may be safely and prudently used for such payments.

(b) Any assets received or acquired after a corporate fiduciary is placed in conservatorship under this chapter shall be:

(1) kept in cash;

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

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

As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
Ind. Code § 28-1-21.7-13 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-13
Retention of branches
Status: in_force

Sec. 13. Notwithstanding IC 28-6.1-12, a mutual bank created by charter conversion may retain all branches lawfully established.

As added by P.L.147-1990, SEC.3. Amended by P.L.42-1993, SEC.42.
Ind. Code § 28-1-2-2 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-2
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.5; Acts 1941, c.35, s.1; Acts 1945, c.348, s.3; Acts 1971, P.L.394, SEC.2; Acts 1974, P.L.127, SEC.1. Repealed by P.L.33-1991, SEC.58.
Ind. Code § 28-15-11-6 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-6
"Loan documents"
Status: in_force

Sec. 6. As used in this chapter, "loan documents" means the documents evidencing a loan transaction.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-9-4-3 — Indiana Code / Title 28 / Article 9 / Chapter 4 / Section 28-9-4-3
Garnishment fee; credit against unpaid amount of judgment; deposit funds exempt from garnishment
Status: in_force

Sec. 3. (a) This section applies to a depository financial institution that is required to place a hold on a deposit account under section 2(a) of this chapter.

(b) Immediately prior to the placing of a hold on a deposit account under section 2(a) of this chapter, the depository financial institution is entitled to receive and deduct from the affected deposit account a garnishment fee equal to the lesser of:

(1) twenty dollars ($20); or

(2) the amount of funds then in the deposit account.

However, if the court determines that the funds from which the garnishment fee is deducted are exempt from garnishment, the depository financial institution shall recredit the deposit account affected with the amount of the garnishment fee previously deducted.

(c) In answering interrogatories served or caused to be served by the adverse claimant regarding the amount of funds in a deposit account, the depository financial institution shall indicate the balance in the deposit account immediately prior to the deduction of the garnishment fee specified in subsection (b).

(d) Upon receipt from the depository financial institution of answers to interrogatories indicating a balance in a deposit account in which the judgment defendant has an interest, the adverse claimant shall credit or cause to be credited against the unpaid amount of the judgment one-half (1/2) of the garnishment fee calculated in accordance with subsection (b). However, if the court determines that the funds from which the garnishment fee is deducted are exempt from garnishment, that credit against the unpaid amount of the judgment shall be reversed.

(e) For the purposes of subsections (b) and (d), if the court determines that a portion of the funds in a deposit account is exempt from garnishment, the garnishment fee specified in subsection (b) shall be considered to have been deducted first from those funds in the deposit account that are not exempt from garnishment.

(f) Subject only to the provisions of subsection (b) with respect to adjustment of a deposit account based upon an exemption, once the garnishment fee specified in that subsection is deducted, the deducted amount shall not be subject to any claim by the adverse claimant or a depositor.

As added by P.L.258-1989, SEC.2. Amended by P.L.198-1991, SEC.2.
Ind. Code § 28-13-9-5 — Indiana Code / Title 28 / Article 13 / Chapter 9 / Section 28-13-9-5
Terms of office; vacancies; continuation until qualification of successor
Status: in_force

Sec. 5. (a) The terms of the initial directors of a corporation expire at the first shareholders' meeting at which directors are elected.

(b) The terms of all other directors expire at the next annual shareholders' meeting following their election unless the directors' terms are staggered under section 6 of this chapter.

(c) A decrease in the number of directors does not shorten an incumbent director's term.

(d) The term of a director elected to fill a vacancy expires at the end of the term for which the director's predecessor was elected.

(e) Despite the expiration of a director's term, the director continues to serve until a successor is elected and qualifies or until there is a decrease in the number of directors.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-1-21.8-10 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-10
Approval or disapproval of conversion plans by department; hearings; solicitation of votes
Status: in_force

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

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

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

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-1-29-3.1 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-3.1
Change in control of licensee; application to department; time frame for department's decision; conditions for approval; duty of licensee to report transfer of securities; director's discretion to require new license
Status: in_force

Sec. 3.1. (a) As used in this section, "control" means possession of the power directly or indirectly to:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(g) Depending on the circumstances of the transaction, the director may reserve the right to require the organization, individual, or individuals who propose to acquire control of a licensee to apply for a new license under section 3 of this chapter, instead of acquiring control of the licensee under this section.

As added by P.L.89-2011, SEC.38. Amended by P.L.6-2012, SEC.193.
Ind. Code § 28-2-2-1 — Indiana Code / Title 28 / Article 2 / Chapter 2 / Section 28-2-2-1
Acts done outside regular banking hours
Status: in_force

Sec. 1. Nothing in any law of this state shall in any manner whatsoever affect the validity of or render void or voidable the payment, certification, or acceptance of a check or other negotiable instrument or any other transaction by a bank or trust company in this state, because done or performed during any time other than regular banking hours; provided that nothing in this section shall be construed to compel any bank or trust company in this state, which by law or custom is entitled to close at noon on any business day or for the whole or any part of any legal holiday, to keep open for the transaction of business or to perform any of the acts or transactions enumerated in this section on any business day after such hour or on any legal holiday, except at its own option.

Formerly: Acts 1957, c.45, s.1. As amended by P.L.263-1985, SEC.117.
Ind. Code § 28-5-1-2 — Indiana Code / Title 28 / Article 5 / Chapter 1 / Section 28-5-1-2
Application of chapter
Status: in_force

Sec. 2. This chapter shall be applicable to all corporations engaged or attempting to engage in business on or after June 7, 1937, as an industrial loan and investment company pursuant to the provisions of this chapter.

Formerly: Acts 1935, c.181, s.2; Acts 1937, c.105, s.1. As amended by P.L.263-1985, SEC.149.
Ind. Code § 28-13-17-1 — Indiana Code / Title 28 / Article 13 / Chapter 17 / Section 28-13-17-1
"Financial institution" defined
Status: in_force

Sec. 1. As used in this chapter "financial institution" has the meaning set forth in IC 28-13-16-3.

As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.
Ind. Code § 28-8-7-4 — Indiana Code / Title 28 / Article 8 / Chapter 7 / Section 28-8-7-4
"User"
Status: in_force

Sec. 4. As used in this chapter, "user" means an individual that initiates a virtual currency transaction through a virtual currency kiosk for the purpose of the individual's purchase, sale, transfer, or exchange of virtual currency.

As added by P.L.143-2026, SEC.2.
Ind. Code § 28-1-29-12 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-12
Repealed
Status: repealed

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by Acts 1981, P.L.256, SEC.5; P.L.42-1993, SEC.57; P.L.213-2007, SEC.50; P.L.217-2007, SEC.48; P.L.90-2008, SEC.33. Repealed by P.L.35-2010, SEC.209.
Ind. Code § 28-13-6-4 — Indiana Code / Title 28 / Article 13 / Chapter 6 / Section 28-13-6-4
Beneficial owner of shares; recognition procedure; disclosure procedure; sanctions to ensure compliance
Status: in_force

Sec. 4. (a) A corporation may establish a recognition procedure by which the beneficial owner of shares that are registered in the name of a nominee is recognized by the corporation as the shareholder. The extent of this recognition may be determined in the recognition procedure.

(b) A corporation may establish a disclosure procedure by which the names of beneficial owners of the corporation's shares shall, to the extent not prohibited by law, be disclosed to the corporation. A corporation may not establish a procedure requiring disclosure of the names of the beneficial owners of a private trust created in good faith and not for the purpose of circumventing a disclosure procedure adopted pursuant to this section. The corporation may adopt reasonable sanctions to ensure compliance with its disclosure procedure, including:

(1) prohibiting the voting of;

(2) providing for mandatory or optional reacquisition of; or

(3) the withholding or payment into escrow of dividends with respect to;

shares as to which the beneficial owner's name is not disclosed as required by the disclosure procedure.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-16-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 16 / Section 28-6.1-16-4
Rights and obligations upon conversion
Status: in_force

Sec. 4. Upon conversion, the new savings association has all the rights, privileges, immunities, and powers and, except as provided in this chapter, is subject to all the duties, restrictions, penalties, and liabilities of a savings association organized under IC 28-4 (before its repeal) or under IC 28-15.

As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.77.
Ind. Code § 28-1-22-14 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-14
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.337. As amended by P.L.263-1985, SEC.90; P.L.171-1996, SEC.18. Repealed by P.L.63-2001, SEC.30 and P.L.134-2001, SEC.32.
Ind. Code § 28-13-1-5 — Indiana Code / Title 28 / Article 13 / Chapter 1 / Section 28-13-1-5
Outstanding shares; limitation on reacquisition, redemption, or conversion; unlimited voting rights; right to assets on dissolution
Status: in_force

Sec. 5. (a) A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued are outstanding shares until the shares are reacquired, redeemed, converted, or canceled.

(b) The reacquisition, redemption, or conversion of outstanding shares is subject to the limitations of subsection (c) and to IC 28-13-3-3 and IC 28-13-4.

(c) At all times that shares of the corporation are outstanding, at least one (1) share that together has unlimited voting rights and at least one (1) share that together is entitled to receive the net assets of the corporation upon dissolution must be outstanding.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-8-4.1-102 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-102
Purposes and policies
Status: in_force

Sec. 102. This chapter is designed to replace state money transmission laws codified at IC 28-8-4 (before its repeal on January 1, 2024). The underlying purposes and policies of this chapter are to:

(1) ensure states can coordinate in all areas of regulation, licensing, and supervision to eliminate unnecessary regulatory burden and more effectively use regulatory resources;

(2) enforce compliance with applicable state and federal laws;

(3) standardize the types of activities that are subject to licensing or otherwise exempt from licensing; and

(4) modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-2-18-5 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-5
"Bank holding company" defined
Status: in_force

Sec. 5. As used in this chapter, "bank holding company" has the meaning set forth in 12 U.S.C. 1841(a)(1).

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-1-22-28 — Indiana Code / Title 28 / Article 1 / Chapter 22 / Section 28-1-22-28
Transaction of business without certificate; offenses; remedies
Status: in_force

Sec. 28. (a) No foreign corporation transacting business in this state without procuring a certificate of admission, or, if such a certificate has been procured, after its certificate of admission has been withdrawn or revoked, shall maintain any suit, action or proceeding in any of the courts of this state upon any demand, whether arising out of contract or tort; and every such corporation so transacting business shall be liable in an amount not exceeding ten thousand dollars ($10,000), in an action by the attorney general in any county in which the business was transacted.

(b) If any foreign corporation shall transact business in this state without procuring a certificate of admission, or, if a certificate has been procured, after its certificate has been withdrawn or revoked, or shall transact any business not authorized by such certificate, such corporation shall not be entitled to maintain any suit or action at law or in equity upon any claim, legal or equitable, whether arising out of contract or tort, in any court in this state; and it shall be the duty of the attorney general, upon being advised that any foreign corporation is so transacting business in this state, to bring an action in the circuit court of Marion County for an injunction to restrain it from transacting unauthorized business and for the annulment of its certificate of admission, if one has been procured.

Formerly: Acts 1933, c.40, s.351. As amended by Acts 1978, P.L.2, SEC.2812; P.L.171-1996, SEC.28.
Ind. Code § 28-9-2-3 — Indiana Code / Title 28 / Article 9 / Chapter 2 / Section 28-9-2-3
"Adverse claimant"
Status: in_force

Sec. 3. "Adverse claimant" means a person asserting an adverse claim.

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-7-5-15 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-15
Investigatory and enforcement authority; costs of investigation; voided loans
Status: in_force

Sec. 15. (a) For the purpose of discovering violations of this chapter and securing information necessary for the enforcement of this chapter, the department may investigate:

(1) any licensee; or

(2) any person that it suspects to be operating without a license or in violation of this chapter.

The department has all investigatory and enforcement authority under IC 28-11 for financial institutions. If the department conducts an investigation under this section, the licensee or person investigated shall pay all reasonably incurred costs of the investigation in accordance with the fee schedule adopted under IC 28-11-3-5.

(b) If a person knowingly makes a pawn loan without the license required by section 3 of this chapter, the loan made in violation of this chapter is void and the debtor is not obligated to pay the principal amount of the loan, any finance charge on the loan, or any additional fee under section 28.5 of this chapter. The debtor, or the department on behalf of the debtor, may recover any amount paid to the person who knowingly violated section 3 of this chapter.

Formerly: Acts 1935, c.195, s.15. As amended by P.L.263-1985, SEC.191; P.L.14-1992, SEC.141; P.L.42-1993, SEC.77; P.L.172-1997, SEC.19; P.L.10-2006, SEC.45 and P.L.57-2006, SEC.45.
Ind. Code § 28-7-2.5-8 — Indiana Code / Title 28 / Article 7 / Chapter 2.5 / Section 28-7-2.5-8
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 credit union subject to the conservatorship to resume the transaction of the credit union'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 credit union under IC 28-1-3.1;

if the department determines that the appointment of a receiver for the credit union is in the public interest.

(c) If the department determines that the liquidation of a credit union 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 credit union under IC 28-1-3.1.

As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
Ind. Code § 28-1-9-3 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-3
Examinations; departmental approval of liquidation
Status: in_force

Sec. 3. After the resolution submitting the question of dissolving the corporation shall have been adopted by the board of directors, such resolution shall be submitted to and shall be approved by the department before such resolution is submitted to a vote of the shareholders of such corporation. Upon the filing of such resolution, the department shall cause an examination to be made of the business and affairs of such corporation. If the department shall find, from such examination, that such corporation is solvent or that it has sufficient assets with which to pay all of its depositors and all of its other liabilities, it may enter an order in writing approving the dissolution of such corporation and authorizing the board of directors of such corporation to submit the question of dissolving such corporation to the shareholders, in the manner prescribed in this article. If the department shall find, from such examination, that such corporation is in an unsound or unsafe condition or has otherwise violated the provisions of IC 28-1-3.1-2, it may enter an order, in writing, disapproving of the voluntary dissolution of such corporation, and the department shall thereupon take possession of the business and property of such corporation and proceed to liquidate such corporation in the manner prescribed in and subject to the provisions of IC 28-1-3.1.

Formerly: Acts 1933, c.40, s.144. As amended by P.L.263-1985, SEC.43.
Ind. Code § 28-13-11-6 — Indiana Code / Title 28 / Article 13 / Chapter 11 / Section 28-13-11-6
Legislative intent; business judgment and discretion of directors; corporate takeovers
Status: in_force

Sec. 6. (a) In enacting this article, the general assembly established corporate governance rules for Indiana corporations, including in this chapter the standards of conduct applicable to directors of Indiana corporations, and the corporate constituent groups and interests that a director may take into account in exercising the director's business judgment. The general assembly intends to reaffirm certain of these corporate governance rules to ensure that the directors of Indiana corporations, in exercising their business judgment, are not required to approve a proposed corporate action if the directors in good faith determine, after considering and weighing as they consider appropriate the effects of the action on the corporation's constituents, that the action is not in the best interests of the corporation.

(b) In making a determination under this section, directors are not required to consider the effects of a proposed corporate action on any particular corporate constituent group or interest as a dominant or controlling factor. Without limiting the generality of this section, directors are not required to redeem any rights under or to make inapplicable a shareholder rights plan adopted under IC 28-13-2-5, or to take or decline to take any other action under this article, solely because of the effect such action might have on a proposed acquisition of control of the corporation or the amounts that might be paid to shareholders under the acquisition.

(c) Certain judicial decisions in Delaware and other jurisdictions, which might otherwise be looked to for guidance in interpreting the duties of directors of corporations, including decisions relating to potential change of control transactions that impose a different or higher degree of scrutiny on actions taken by directors in response to a proposed acquisition of control of the corporation, are inconsistent with the proper application of the business judgment rule under this article. Therefore, the general assembly intends:

(1) to reaffirm that this section allows directors the full discretion to weigh the factors enumerated in section 4 of this chapter as they consider appropriate; and

(2) to protect both directors and the validity of corporate action taken by the directors in the good faith exercise of their business judgment after reasonable investigation.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-7-1-1 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-1
Persons authorized to organize; application; articles of incorporation
Status: in_force

Sec. 1. (a) Any seven (7) persons who are residents of Indiana, of legal age, and representing not less than five hundred (500) persons who belong to one (1) or more qualified groups (as defined in section 10 of this chapter) may apply to the department for permission to organize a credit union, by signing and acknowledging, in triplicate, articles of incorporation.

(b) Those persons desiring to organize a credit union under this chapter shall make application on forms prescribed by the director. The articles shall state:

(1) the name of the credit union;

(2) the address of the credit union's principal office;

(3) the purpose for which it is formed;

(4) qualification for membership in the credit union;

(5) the par value of the shares;

(6) the maximum number of directors;

(7) the name, address, and term of office of each member of the first board of directors;

(8) the name and address of each of the incorporators and the number of shares subscribed to by each; and

(9) any other provisions for the regulation of the affairs of the corporation.

(c) The application shall be signed by all incorporators before a notary public.

(d) The department shall make a careful investigation of:

(1) the character and management qualifications of the proposed directors and officers; and

(2) the economic feasibility of the proposed credit union service.

(e) The application shall be processed as follows:

(1) The applicant shall give notice of its application in accordance with IC 28-11-5.

(2) If exceptions to the application are filed with the department, a public hearing on the application may be scheduled and held in accordance with IC 28-11-5-7.

(3) If no exceptions to the application are filed, the department shall approve or deny the application within one hundred twenty (120) days.

(f) If the proposed credit union is approved, triplicate copies of the articles of incorporation shall be filed with the secretary of state. The secretary of state shall file one (1) copy of the articles and shall issue a certificate of incorporation to the incorporators. The certificate of incorporation, together with two (2) copies of the articles, shall be returned to the incorporators.

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

Formerly: Acts 1961, c.182, s.1; Acts 1974, P.L.130, SEC.1. As amended by Acts 1977, P.L.294, SEC.2; P.L.270-1983, SEC.1; P.L.52-1985, SEC.6; P.L.14-1992, SEC.121; P.L.228-1993, SEC.1; P.L.42-1993, SEC.73; P.L.263-1995, SEC.2.
Ind. Code § 28-1-11-13 — Indiana Code / Title 28 / Article 1 / Chapter 11 / Section 28-1-11-13
Compensation for services
Status: in_force

Sec. 13. Any bank or trust company shall have power to demand and receive for the faithful performance and discharge of services performed pursuant to the powers vested in it by this article reasonable compensation, or such compensation as shall have been fixed by agreement of the parties, together with any and all advances necessarily paid out and expended in the discharge and performance of its duties, and unless otherwise agreed upon, interest at the legal rate on such advances. No compensation or commission paid or agreed to be paid for the negotiation of any loan or the execution of any trust by any such corporation shall be deemed to be interest within the meaning of any law of this state, nor shall any excess thereof over any rate of interest permitted by the laws of this state be decreed or held to be usury in any court of law or equity. The advances contemplated in this section may include the compensation paid for the employment of legal services when necessary for the protection of any trust or other fiduciary relation.

Formerly: Acts 1933, c.40, s.182. As amended by P.L.263-1985, SEC.62.
Ind. Code § 28-7-1-5 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-5
Repealed
Status: repealed

Formerly: Acts 1961, c.182, s.5. Repealed by Acts 1977, P.L.294, SEC.14.
Ind. Code § 28-6.1-7-12 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-12
Purchasing, holding, and conveying real estate necessary for transaction of business
Status: in_force

Sec. 12. (a) A savings bank may purchase, hold, and convey real estate that is necessary for the convenient transaction of the business of the savings bank.

(b) For the purposes of this section, real estate purchased or held for the convenient transaction of the business of a savings bank includes the following:

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

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

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

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

(d) Real estate referred to in subsection (b)(3) may not be held by a savings bank for more than three (3) years without being used as a savings bank office or facility unless both of the following apply:

(1) The board of the savings bank, by resolution:

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

(B) explains the reason why the real estate has not yet been used as a savings bank office or facility.

(2) The director determines that both of the following apply:

(A) The continued holding of the real estate by the savings bank does not endanger the safety and soundness of the savings bank.

(B) The savings bank is holding the real estate to use in the future for one (1) of the purposes set forth in subsection (b)(1) and (b)(2).

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

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-8-0.7 — Indiana Code / Title 28 / Article 1 / Chapter 8 / Section 28-1-8-0.7
"Shareholder"
Status: in_force

Sec. 0.7. As used in this chapter, "shareholder", with respect to a:

(1) mutual savings bank;

(2) mutual savings association; or

(3) credit union;

refers to a member of the mutual savings bank, mutual savings association, or credit union, as applicable.

As added by P.L.27-2012, SEC.43. Amended by P.L.13-2013, SEC.72; P.L.159-2017, SEC.26.
Ind. Code § 28-2-17-23 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-23
Authorized activities; acquisition of additional branches; investigation; provisions and fees
Status: in_force

Sec. 23. (a) An out-of-state state bank that establishes and maintains one (1) or more branches in Indiana under this chapter may conduct at the branch or branches only those activities that are expressly authorized under the laws of Indiana for Indiana state banks.

(b) An Indiana state bank may conduct any activities at any branch located outside Indiana that are permissible for a bank organized or reorganized by the host state in which the branch is located. However, if Indiana law specifically prohibits an activity that is permitted by the host state, the department may by order waive the prohibition if the department determines that the involvement of out-of-state branches of Indiana state banks in the particular activities conducted in the host state would not threaten the safety or soundness of banks. This section does not authorize a bank located in Indiana to engage in an activity in Indiana that has been waived under this provision.

(c) An out-of-state bank that has acquired a branch in Indiana under this chapter may establish or acquire additional branches in Indiana to the same extent that any Indiana bank may establish or acquire a branch in Indiana under applicable federal and Indiana law.

(d) With the prior approval of the department, an Indiana state bank that has acquired a branch or branches in a state other than Indiana through an interstate merger transaction may establish or acquire additional branches in the host state to the same extent that a host state state bank may establish or acquire a branch in the host state under the applicable host state law and federal law. An Indiana state bank desiring to establish one (1) or more branches under this section must file a written application with the director. The application must be in the form and must contain the information prescribed by the director. The department may approve or disapprove the application. Before the department approves the application, the bank must demonstrate to the satisfaction of the department that:

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

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

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

(f) The branch or branches of an out-of-state bank that are established and maintained in Indiana under this chapter shall be subject to the provisions and fees of IC 37-2 to the same extent as a bank located in Indiana.

As added by P.L.171-1996, SEC.36. Amended by P.L.192-1997, SEC.8; P.L.115-2026, SEC.58.
Ind. Code § 28-1-23-8 — Indiana Code / Title 28 / Article 1 / Chapter 23 / Section 28-1-23-8
Repealed
Status: repealed

Formerly: Acts 1933, c.40, s.358. Repealed by Acts 1978, P.L.2, SEC.2824.
Ind. Code § 28-11-1-4 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-4
Oath of office; necessity
Status: in_force

Sec. 4. An individual must take an oath of office before assuming office as a member.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-1-9-19 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-19
Expired corporations; continuation for purposes of liquidation
Status: repealed

Sec. 19. Every corporation whose term of existence, as fixed by the articles of incorporation, has expired shall continue its corporate capacity for two (2) years for the purpose of liquidating its affairs and distributing its assets to its shareholders, after paying all of its liabilities, and for no other purpose. For such purpose, every such corporation shall use its corporate name and shall be capable of prosecuting and defending actions and suits at law or in equity.

Formerly: Acts 1933, c.40, s.160.
Ind. Code § 28-1-23.2-1 — Indiana Code / Title 28 / Article 1 / Chapter 23.2 / Section 28-1-23.2-1
"Director"
Status: in_force

Sec. 1. As used in this chapter, "director" refers to the director of the department of financial institutions.

As added by P.L.135-2014, SEC.3.
Ind. Code § 28-11-2-9 — Indiana Code / Title 28 / Article 11 / Chapter 2 / Section 28-11-2-9
Financial institutions fund
Status: in_force

Sec. 9. (a) The financial institutions fund is established.

(b) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the state general fund.

(c) All revenue accruing to the department shall be paid into the fund.

(d) All expenses incurred and all compensation paid by the department shall be paid out of the fund in the same manner as other state expenses and compensation are paid.

(e) Money in the fund at the end of a fiscal year does not revert to the state general fund.

(f) All civil penalties assessed by the department shall be paid into the fund.

(g) If the department is required to defend the constitutionality of any of the statutes or rules the department administers, the costs and expenses incurred in connection with the defense may not:

(1) be paid from the fund; or

(2) be assessed in any way to the department's budget.

As added by P.L.33-1991, SEC.56. Amended by P.L.89-2011, SEC.69.
Ind. Code § 28-1-3.1-4 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-4
Notice; entry of cause; hearing; record; rights and liabilities of persons interested; Federal Deposit Insurance Corporation as receiver
Status: in_force

Sec. 4. (a) Immediately upon the taking possession of the business and property of any financial institution under section 2 of this chapter, the department shall give notice by:

(1) posting the notice at the main entrance of the principal office of the financial institution;

(2) causing the notice to be served upon the president or other executive officer actively in charge of the business of the financial institution; and

(3) filing the notice in the office of the circuit court, superior court, or probate court in the county where the principal office of the financial institution is located.

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

(1) note the filing of the notice upon the records of the receivership court; and

(2) enter the cause as a civil action upon the dockets of the court under the name and style of "In the matter of the liquidation of ___________" (inserting the name of the financial institution).

(c) The receivership court may hear and determine all issues and matters pertaining to or connected with the liquidation of the financial institution, including:

(1) the amount of the compensation and necessary expenses of any special representative, assistant, accountant, agent, or attorney employed by the department, or the receiver appointed by the department, as set forth in this chapter; and

(2) all papers and pleadings pertaining to the liquidation proceedings.

(d) All entries, orders, judgments, and decrees of the receivership court in connection with the liquidation proceedings shall be filed and entered of record in the cause of action.

(e) The rights and liabilities of a financial institution and of its creditors, depositors, shareholders, and all other persons interested in its estate shall, unless otherwise directed by the court, be fixed as of the date of the filing of the notice of possession with the receivership court. In the case of mutual debts or mutual credits of equal priority between the financial institution and another person, the credits and debts shall be set off and the balance only shall be allowed or paid. The right to set off shall be determined as of the date of the filing of the notice of possession of the financial institution under subsection (a).

(f) Notwithstanding this section, if the Federal Deposit Insurance Corporation is appointed receiver of a financial institution, subsections (a)(3), (b), (c), and (d) do not apply, and applicable federal law governs the receivership.

As added by P.L.141-1984, SEC.2. Amended by P.L.35-2010, SEC.99; P.L.84-2016, SEC.120.
Ind. Code § 28-13-14-1 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-1
Authority to amend; restriction on shareholder vested rights
Status: in_force

Sec. 1. (a) A corporation may amend the corporation's articles of incorporation at any time to add or change a provision that is required or permitted to be in the articles of incorporation or to delete a provision not required to be in the articles of incorporation. Whether a provision is required or permitted to be in the articles of incorporation is determined as of the effective date of the amendment.

(b) A shareholder of the corporation does not have a vested property right resulting from any provision in the articles of incorporation or authorized to be in the bylaws by this article or the articles of incorporation, including provisions relating to management, control, capital structure, dividend entitlement, or purpose or duration of the corporation.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-13-14-8.5 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-8.5
Purchase price of stock
Status: in_force

Sec. 8.5. (a) The following guidelines and procedures apply when requesting that the director approve an amendment to articles of incorporation resulting in a reverse stock split authorized by IC 28-13-14-8(a)(10):

(1) The purchase price of the stock must be based on market value if there is an established and active market in the corporation's stock. In the absence of such a market, the fair value of the stock must be determined by obtaining an independent appraisal of the shares upon which the purchase price will be based.

(2) If a market for the corporation's stock exists, the corporation shall clearly disclose to the shareholders how the purchase price was determined in relation to the market value.

(3) If an appraisal is obtained:

(A) the corporation shall disclose to its shareholders:

(i) that an appraisal has been obtained; and

(ii) the identity and qualifications of the person or firm preparing the appraisal, the criteria for selecting the person or firm, and the existence of any material relationship between the bank and the person or firm; and

(B) the corporation shall furnish to each shareholder a summary of the appraisal, the findings and recommendations, the basis for and methods of arriving at the findings and recommendations, and any limitations imposed by the corporation on the preparation of the appraisal.

The corporation must inform its shareholders that the appraisal is available for inspection.

(4) A shareholder that may vote on the amendment to the articles of incorporation on the question of the reverse stock split must be given dissenter's rights in the manner prescribed in IC 28-1-7-21 as if the transaction were a merger of consolidation.

(b) The corporation shall submit to the department a copy of the appraisal or information supporting the purchase price of the stock if an established market already exists, a copy of the proxy material to be sent to the shareholders, and any other correspondence sent to the shareholders describing the proposed amendment to the articles.

As added by P.L.63-2001, SEC.26 and P.L.134-2001, SEC.28.
Ind. Code § 28-14-1-1 — Indiana Code / Title 28 / Article 14 / Chapter 1 / Section 28-14-1-1
Definitions applicable to article
Status: in_force

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

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-11-1-5 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-5
Term of office; reappointment of a member; service to continue until successor appointed
Status: in_force

Sec. 5. (a) A member appointed by the governor under section 3(a)(2) of this chapter serves a term of four (4) years but at the pleasure of the governor.

(b) The governor may reappoint a member appointed under section 3(a)(2) of this chapter.

(c) Notwithstanding the expiration of a member's term, the member continues to serve until a successor is appointed and qualified.

As added by P.L.33-1991, SEC.56. Amended by P.L.10-2006, SEC.69 and P.L.57-2006, SEC.69; P.L.35-2010, SEC.193.
Ind. Code § 28-6.1-13-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 13 / Section 28-6.1-13-6
Civil penalties
Status: in_force

Sec. 6. (a) A savings bank that does any of the following is subject to a civil penalty of one hundred dollars ($100) for each day that elapses after the date fixed by the department for compliance with the terms of the department's notice concerning statements of condition:

(1) Fails to prepare and submit a statement of condition required by the department.

(2) Violates an order of the department with respect to a statement of condition.

(b) The penalty prescribed by this section may be recovered under IC 28-11-4.

(c) A penalty recovered under this section shall be paid into the state general fund.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-31-12 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-12
Filing articles of charter conversion
Status: in_force

Sec. 12. In order to effect the charter conversion, the converting out-of-state financial institution shall file articles of charter conversion, bearing the approval of the director of the department, with the secretary of state. The converting out-of-state financial institution shall also file copies of the articles of charter conversion with the county recorder of the county where the principal office of the commercial bank is located.

As added by P.L.1-2006, SEC.490.
Ind. Code § 28-14-2-2 — Indiana Code / Title 28 / Article 14 / Chapter 2 / Section 28-14-2-2
Powers of nondepository trust company
Status: in_force

Sec. 2. A nondepository trust company that is organized under the laws of Indiana after June 30, 1995, has only the powers granted to a corporate fiduciary organized after June 30, 1995.

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

Formerly: Acts 1933, c.40, s.93; Acts 1949, c.111, s.2. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-7-1-26.3 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-26.3
Termination of membership; termination or suspension of services to member; withdrawal from membership; notice
Status: in_force

Sec. 26.3. (a) A credit union board may terminate the membership of, or terminate some or all services to, a member who does any of the following:

(1) Causes a loss to the credit union.

(2) Commits fraud or another misdeed against the credit union or against a person on the premises of the credit union.

(b) Pending action by the credit union board at the credit union board's next regularly scheduled meeting, a credit union may immediately suspend any credit union services to a member who does any of the following:

(1) Causes a loss to the credit union.

(2) Commits fraud or another misdeed against:

(A) the credit union; or

(B) a person on the premises of the credit union.

(c) A member may withdraw from a credit union at any time. However, the credit union may require a notice of withdrawal from the withdrawing member as a condition of withdrawal.

(d) Unless the withdrawal of a member occurs on a maturity date or not later than seven (7) days after a maturity date, a credit union may require that a withdrawing member give sixty (60) days written notice of the member's intention to withdraw shares. A credit union may waive an applicable notice period for a specific member or account in writing.

(e) After a termination or withdrawal under this section, the former member has no rights in the credit union. However, the termination or withdrawal does not release the former member from any remaining liability to the credit union.

As added by P.L.35-2010, SEC.165.
Ind. Code § 28-1-29-5 — Indiana Code / Title 28 / Article 1 / Chapter 29 / Section 28-1-29-5
License application; findings by the department; felonies; financial statements; denial; hearing
Status: in_force

Sec. 5. (a) Every person doing business as a debt management company shall make application to the department for a license to engage in such business. Such application shall be in the form prescribed by the director and shall contain such information as the director may require.

(b) The department may not issue a license unless the department finds that the financial responsibility, character, and fitness of:

(1) the applicant and any significant affiliate of the applicant;

(2) each executive officer, director, or manager of the applicant, or any other individual having a similar status or performing a similar function for the applicant;

(3) if known, each person directly or indirectly owning of record or owning beneficially at least ten percent (10%) of the outstanding shares of any class of equity security of the applicant; and

(4) each of the applicant's:

(A) employees; or

(B) agents;

authorized to initiate transactions involving the trust account required under section 9 of this chapter;

warrant belief that the business will be operated honestly and fairly under this chapter. The department is entitled to request evidence of an applicant's financial responsibility, character, and fitness.

(c) An application submitted under this section must indicate whether any individuals described in subsection (b)(2), (b)(3), or (b)(4):

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

(2) have been convicted of a felony under Indiana law or the laws of any other jurisdiction.

(d) Unless waived upon written request to and approval by the director, an application submitted to the department under this section must include copies of the applicant's audited financial statements for the applicant's most recently concluded fiscal year and, if available, for the applicant's two (2) fiscal years immediately preceding the applicant's most recently concluded fiscal year, including a:

(1) balance sheet;

(2) statement of income or loss;

(3) statement of changes in shareholder equity; and

(4) statement of changes in financial position.

A financial statement required to be submitted under this subsection must be prepared, by an independent certified public accountant authorized to do business in the United States, in accordance with AICPA Statements on Standards for Accounting and Review Services (SSARS) and in accordance with United States generally accepted accounting principles.

(e) The department may deny an application under this section if the director of the department determines that the application was submitted for the benefit of, or on behalf of, a person who does not qualify for a license.

(f) Upon written request, an applicant is entitled to a hearing under IC 4-21.5 on the question of the qualifications of the applicant for a license.

Formerly: Acts 1971, P.L.397, SEC.1; Acts 1972, P.L.10, SEC.6. As amended by P.L.42-1993, SEC.52; P.L.80-1998, SEC.11; P.L.10-2006, SEC.34 and P.L.57-2006, SEC.34; P.L.213-2007, SEC.46; P.L.217-2007, SEC.44; P.L.90-2008, SEC.29; P.L.35-2010, SEC.123; P.L.216-2013, SEC.22; P.L.69-2018, SEC.46.
Ind. Code § 28-1-7-16 — Indiana Code / Title 28 / Article 1 / Chapter 7 / Section 28-1-7-16
Execution and filing articles of consolidation
Status: in_force

Sec. 16. Upon the execution of the agreement of consolidation by all of the corporations that are parties to the agreement, articles of consolidation shall be executed and filed with the secretary of state. The articles of consolidation must set forth the factors prescribed in section 9 of this chapter as if the consolidation was a merger.

Formerly: Acts 1933, c.40, s.129. As amended by P.L.263-1985, SEC.34; P.L.122-1994, SEC.54.
Ind. Code § 28-8-4.1-1103 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1103
Failure to renew license; revocation or suspension of license; reinstatement; right to appeal
Status: in_force

Sec. 1103. (a) A license issued by the department under this chapter may be revoked or suspended by the department if the person fails to:

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

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

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

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

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

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

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

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-1-13-1.5 — Indiana Code / Title 28 / Article 1 / Chapter 13 / Section 28-1-13-1.5
Limits on total loans and extensions of credit to one borrower; loans and extensions not fully secured; loans and extensions fully secured; derivative transactions
Status: in_force

Sec. 1.5. (a) The total loans and extensions of credit by a bank to a person outstanding at one (1) time and not fully secured, as determined in a manner consistent with subsection (b), by collateral having a market value at least equal to the amount of the loan or extension of credit may not exceed fifteen percent (15%) of the unimpaired capital and unimpaired surplus of the bank.

(b) The total loans and extensions of credit by a bank to a person outstanding at one (1) time and fully secured by readily marketable collateral having a market value, as determined by reliable and continuously available price quotations, at least equal to the amount of the funds outstanding may not exceed ten percent (10%) of the unimpaired capital and unimpaired surplus of the bank. The limitation in this subsection is separate from and in addition to the limitation contained in subsection (a).

(c) The total loans and extensions of credit by a bank includes any credit exposure to a person arising from a derivative transaction (as defined in 12 U.S.C. 84(b)(3)) between the bank and the person.

As added by P.L.14-1992, SEC.87. Amended by P.L.27-2012, SEC.53.
Ind. Code § 28-13-14-4 — Indiana Code / Title 28 / Article 13 / Chapter 14 / Section 28-13-14-4
Submission of proposal to shareholders; recommendation; approval vote
Status: in_force

Sec. 4. For an amendment to be adopted the following requirements must be met:

(1) The board of directors must adopt a resolution directing that the proposed amendment be submitted to a vote of the shareholders and the resolution shall be submitted to and approved by the directors before or after the proposed amendment or amendments are submitted to the shareholders.

(2) The board of directors must recommend the amendment to the shareholders unless the board of directors determines that because of conflict of interest or other special circumstances the board of directors should make no recommendation and communicates the basis for the board's determination to the shareholders with the amendment.

(3) The shareholders entitled to vote on the amendment must approve the amendment as provided in section 7 of this chapter.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-2-13-6 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-6
Bank holding company
Status: in_force

Sec. 6. (a) As used in this chapter, "bank holding company" means any company that has or acquires control over:

(1) any bank; or

(2) any company that has or acquires control over any bank.

(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 bank;

(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 extension 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.3.
Ind. Code § 28-2-18-10 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-10
"De novo branch" defined
Status: in_force

Sec. 10. As used in this chapter, "de novo branch" means a branch of a bank located in a host state that:

(1) is originally established by the bank as a branch; and

(2) does not become a branch of the bank as a result of:

(A) the acquisition of another bank or a branch of another bank; or

(B) the merger, consolidation, or conversion involving any such bank or branch.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-8-4.1-703 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-703
Quarterly report of authorized delegates; contents
Status: in_force

Sec. 703. (a) A licensee shall submit a report of authorized delegates not later than forty-five (45) days after the end of each calendar quarter. The director may use the NMLS for the submission of the report required by this section, as long as the functionality of the NMLS for such purpose is consistent with this section.

(b) An authorized delegate report under this section must include, at a minimum, the following information for each authorized delegate:

(1) Company legal name.

(2) Taxpayer employer identification number.

(3) Principal provider identifier.

(4) Physical address.

(5) Mailing address.

(6) Any business conducted in other states.

(7) Any fictitious or trade name.

(8) The name, telephone number, and electronic mail address for the authorized delegate's contact person.

(9) Start date as the licensee's authorized delegate.

(10) End date for acting as licensee's authorized delegate, if applicable.

(11) Court orders issued under section 803 of this chapter against the authorized delegate.

(12) Any other information the director reasonably requires with respect to the authorized delegate.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-6.2-1-6 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-6
"Company" defined
Status: in_force

Sec. 6. (a) "Company" means:

(1) any corporation, partnership, business trust, joint venture, association, or similar organization; or

(2) any other trust, unless by its terms it must terminate:

(A) within twenty-five (25) years; or

(B) not later than twenty-one (21) years and ten (10) months after the death of any individual living on the effective date of the trust.

(b) As used in subsection (a)(1), "similar organization" means a combination of parties with the potential for or practical likelihood of a continuing rather than temporary existence, in which the parties have knowingly and voluntarily associated for a common purpose in identifiable and binding relationships that govern the parties with respect to either:

(1) the transferability and voting rights concerning any stock or other indicia of participation in another entity; or

(2) the achievement of a common or shared objective, such as to collectively manage or control another entity.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-6.1-12-4 — Indiana Code / Title 28 / Article 6.1 / Chapter 12 / Section 28-6.1-12-4
Establishment of branches by acquisition
Status: in_force

Sec. 4. A branch by acquisition under this chapter involving one (1) or more savings banks formed after December 31, 1992, may be established under section 3 of this chapter by complying with IC 28-1-7 or IC 28-1-8 as if the savings bank (were a bank as defined in IC 28-1-1-3).

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-6.2-1-19 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-19
"Savings association" defined
Status: in_force

Sec. 19. (a) As used in this chapter, "savings association" means a savings association (as defined in 12 U.S.C. 1813(3)(b)(1)) the deposits of which are insured by the FDIC.

(b) The term includes:

(1) a federal savings association;

(2) a federal savings bank; and

(3) a savings association organized and operating under the laws of the state in which it is organized.

As added by P.L.122-1994, SEC.101. Amended by P.L.79-1998, SEC.78.
Ind. Code § 28-1-3.1-11 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-11
Rejection of executory contracts and leases
Status: in_force

Sec. 11. (a) Within one hundred eighty (180) days of the date that the department has taken possession, the receiver may, at his election, reject:

(1) any executory contract to which the closed financial institution is a party without any further liability to the closed financial institution or the receiver; or

(2) any obligation of the financial institution as a lessee of real or personal property.

The receiver's election to reject a lease shall create no claim for rent other than rent accrued to the date of termination or for actual damages, if any, for the termination not to exceed the equivalent of payment of rent for six (6) months.

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

As added by P.L.141-1984, SEC.2. Amended by P.L.35-2010, SEC.106.
Ind. Code § 28-15-1-3 — Indiana Code / Title 28 / Article 15 / Chapter 1 / Section 28-15-1-3
"Branch office"
Status: in_force

Sec. 3. "Branch office" means any office, agency, mobile unit, messenger service, or other place of business at which deposits are received, checks paid, or money lent. However, the term does not include:

(1) the principal office of a savings association;

(2) an automated teller machine;

(3) a night depository; or

(4) a temporary facility for a savings association as provided in IC 28-2-13-22.5.

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-15-2-1.5 — Indiana Code / Title 28 / Article 15 / Chapter 2 / Section 28-15-2-1.5
Profit or commission on sales or purchases; necessity of specific authorization; surcharge
Status: in_force

Sec. 1.5. (a) Except for interest at the legal rate on a loan or advancement, a savings association may not, directly or indirectly, receive a profit or commission from the sale to or purchase from an estate, a guardianship, or a trust of which the savings association is the fiduciary unless the profit or commission is authorized by agreement with the creator of the trust or a court with jurisdiction over the estate, guardianship, or trust.

(b) A savings association that receives a profit or commission in violation of subsection (a) shall be surcharged an amount equal to the profit or commission. In addition, a court with jurisdiction over the estate, guardianship, or trust may remove the savings association as the fiduciary.

As added by P.L.192-2003, SEC.8.
Ind. Code § 28-13-9-8 — Indiana Code / Title 28 / Article 13 / Chapter 9 / Section 28-13-9-8
Removal from office; meeting; notice
Status: in_force

Sec. 8. (a) Directors may be removed in any manner provided in the articles of incorporation. In addition, the shareholders or directors may remove one (1) or more directors for cause or, unless the articles of incorporation provide otherwise, without cause.

(b) If a director is elected by a voting group of shareholders, only the shareholders of that voting group may participate in the vote to remove that director.

(c) A director may be removed only if the number of votes cast to remove the director exceeds the number of votes cast not to remove the director.

(d) A director may be removed by the shareholders, if the shareholders are otherwise authorized to do so, only at a meeting called for the purpose of removing the director. The meeting notice must state that the purpose, or one (1) of the purposes, of the meeting, is removal of the director.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-6.1-15-12 — Indiana Code / Title 28 / Article 6.1 / Chapter 15 / Section 28-6.1-15-12
Conformation to limitations
Status: in_force

Sec. 12. (a) Subject to subsection (b), a bank or trust company formed under this chapter shall, within three (3) years from its date of conversion, conform to the limitations prescribed by IC 28-1-13.

(b) The department may extend the time for the new bank or trust company to conform to the limitations prescribed by IC 28-1-13 if the interest of the depositors will be protected and served by an extension.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-15-13-1 — Indiana Code / Title 28 / Article 15 / Chapter 13 / Section 28-15-13-1
References to shareholders and shareholders' meetings
Status: in_force

Sec. 1. A reference in IC 28-13-5, IC 28-13-6, IC 28-1-7, IC 28-1-7.1, IC 28-1-8, or IC 28-1-9 to shareholders and shareholders' meetings means, as to a mutual savings association, members and members' meetings.

As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.117.
Ind. Code § 28-1-7.1-7 — Indiana Code / Title 28 / Article 1 / Chapter 7.1 / Section 28-1-7.1-7
Depositors; no right to participate in or approve conversion; no ownership interests in converted institution; liquidation account
Status: in_force

Sec. 7. Depositors of a depository financial institution with mutual ownership do not have the right to approve or participate in a voluntary supervisory conversion, and will not have any legal or beneficial ownership interests in the converted depository financial institution, unless the department allows otherwise. Depositors may have interests in a liquidation account, if one is established.

As added by P.L.89-2011, SEC.33.
Ind. Code § 28-6.2-2-11 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-11
Amendment or termination of reorganization plan
Status: in_force

Sec. 11. A reorganization plan adopted by the boards of directors of the reorganizing savings bank and any acquiree savings bank may be:

(1) amended by those boards as a result of any regulator's comments:

(A) before any solicitation of proxies from the members to vote on the reorganization plan; and

(B) at any later time with the consent of the director; or

(2) terminated by either board:

(A) at any time before the meeting at which the members vote on the reorganization plan; or

(B) at any later time;

with the consent of the department.

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

Sec. 1. This chapter shall be known and may be cited as The Indiana Industrial Loan and Investment Act.

Formerly: Acts 1935, c.181, s.1. As amended by P.L.263-1985, SEC.148.
Ind. Code § 28-1-21.6-5.1 — Indiana Code / Title 28 / Article 1 / Chapter 21.6 / Section 28-1-21.6-5.1
"Primary federal regulator"
Status: in_force

Sec. 5.1. As used in this chapter, "primary federal regulator" means the federal agency primarily responsible for the regulation of:

(1) savings associations; or

(2) savings association holding companies;

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

As added by P.L.27-2012, SEC.58.
Ind. Code § 28-7-1-10.1 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-10.1
Illegal members; purging of accounts; loans not affected
Status: in_force

Sec. 10.1. The department shall consider a person, a firm, a corporation, or an organization to be an illegal member if the person, firm, corporation, or organization:

(1) became a member of a credit union; and

(2) did not qualify under section 10(a) of this chapter or the articles of incorporation of the credit union.

The membership of any illegal member, as determined by the department, shall be terminated and all accounts shall be purged from the active share accounts of the credit union within the period specified in writing by the department. However, a loan agreement between a terminated member and the credit union is unaffected by the termination and, if a loan involving an illegal member is secured by shares, the share account, to the extent encumbered by the loan, remains valid until unencumbered.

As added by P.L.35-2010, SEC.151.
Ind. Code § 28-8-4.1-1108 — Indiana Code / Title 28 / Article 8 / Chapter 4.1 / Section 28-8-4.1-1108
Consent order; not an admission or finding of violation
Status: in_force

Sec. 1108. (a) The director may enter into a consent order with a person to resolve a matter arising under this chapter.

(b) A consent order must:

(1) be signed by the person to whom it is issued or an authorized representative of that person; and

(2) indicate agreement to the terms contained within the consent order.

(c) A consent order does not:

(1) constitute an admission by a person that a provision of this chapter or an order promulgated or issued under this chapter has been violated; or

(2) constitute a finding by the director that the person has violated a provision of this chapter or an order promulgated or issued under this chapter.

(d) Notwithstanding the issuance of a consent order, the director may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order, unless the consent order by its terms expressly precludes the director from doing so.

As added by P.L.198-2023, SEC.4.
Ind. Code § 28-7-1-27 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-27
Repealed
Status: repealed

Formerly: Acts 1961, c.182, s.27. Repealed by Acts 1977, P.L.294, SEC.14.
Ind. Code § 28-7-5-38 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-38
Violations; civil action; injunctive relief; civil penalties
Status: in_force

Sec. 38. The department may bring a civil action, including an action for injunctive relief, on the department's own behalf or on behalf of a pledger, against a person, a business, or a licensee for violating this chapter. If a court finds that the defendant has violated this chapter, the court may assess a civil penalty not to exceed five thousand dollars ($5,000) per violation.

As added by P.L.42-1993, SEC.84. Amended by P.L.10-2006, SEC.50 and P.L.57-2006, SEC.50.
Ind. Code § 28-15-11-3 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-3
"Association"
Status: in_force

Sec. 3. As used in this chapter, "association" refers to a savings association (as defined in IC 28-15-1-11).

As added by P.L.193-1997, SEC.2.
Ind. Code § 28-2-14-6 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-6
Control
Status: in_force

Sec. 6. As used in this chapter, "control" means directly or indirectly:

(1) to own, control, or hold, with power to vote, twenty-five percent (25%) or more of the voting shares of a bank or company;

(2) to control in any manner the election of a majority of the directors or trustees of a bank or company; or

(3) to exercise a controlling influence over the management or policies of a bank or company, as determined by the Board of Governors of the Federal Reserve System after notice and opportunity for hearing.

As added by P.L.265-1985, SEC.4.
Ind. Code § 28-1-32-16 — Indiana Code / Title 28 / Article 1 / Chapter 32 / Section 28-1-32-16
Rulemaking authority
Status: in_force

Sec. 16. The department may adopt rules under IC 4-22-2 or policies to implement this chapter.

As added by P.L.1-2006, SEC.491.
Ind. Code § 28-14-1-7 — Indiana Code / Title 28 / Article 14 / Chapter 1 / Section 28-14-1-7
"Person"
Status: in_force

Sec. 7. "Person" means an individual, a corporation, a limited liability company, a partnership, or an unincorporated association.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-6.1-12-6 — Indiana Code / Title 28 / Article 6.1 / Chapter 12 / Section 28-6.1-12-6
Failure to comply with chapter
Status: in_force

Sec. 6. A person who fails to comply with this chapter commits a Class A infraction.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-1-2-6.5 — Indiana Code / Title 28 / Article 1 / Chapter 2 / Section 28-1-2-6.5
Compliance with money laundering laws; investigation and enforcement by the department
Status: in_force

Sec. 6.5. (a) A financial institution (as defined in IC 28-1-1-3(1)), except for a licensee under IC 37-1, IC 37-2, or 750 IAC 9, shall comply with 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) Subchapter II of Chapter 53 of Title 31 of the United States Code, including 31 U.S.C. 5318(l), and 31 CFR Chapter X, including 31 CFR 1020.220.

(5) Any other state or federal money laundering statutes or regulations that apply to a financial institution (as defined in IC 28-1-1-3(1)) other than a licensee under IC 37-1, IC 37-2, or 750 IAC 9.

(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.28 and P.L.57-2006, SEC.28. Amended by P.L.73-2016, SEC.14; P.L.176-2019, SEC.54; P.L.115-2026, SEC.54.
Ind. Code § 28-2-17-13 — Indiana Code / Title 28 / Article 2 / Chapter 17 / Section 28-2-17-13
"Indiana bank" defined
Status: in_force

Sec. 13. As used in this chapter, "Indiana bank" means a bank whose home state is Indiana.

As added by P.L.171-1996, SEC.36.
Ind. Code § 28-1-30-3 — Indiana Code / Title 28 / Article 1 / Chapter 30 / Section 28-1-30-3
"Mutual bank conversion" defined
Status: in_force

Sec. 3. As used in this chapter, "mutual bank conversion" means the conversion of a credit union to a mutual bank.

As added by P.L.62-1999, SEC.2.
Ind. Code § 28-2-13-22.6 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-22.6
Intermittent facilities on school premises; services; notice to department; operation
Status: in_force

Sec. 22.6. (a) As used in this chapter, "school" means:

(1) an elementary school (as defined in IC 20-18-2-4); or

(2) a secondary school (as defined in IC 20-18-2-18).

The term includes a public school (as defined in IC 20-18-2-15) or a nonpublic school (as defined in IC 20-18-2-12).

(b) A state bank is entitled to establish an intermittent facility on the premises of a school in Indiana for the purpose of offering limited account services as an educational tool for students.

(c) The services that may be offered at an intermittent facility established under this section include:

(1) the opening of accounts;

(2) the acceptance of deposits; and

(3) other services determined by the department.

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

(1) obtain the written permission of:

(A) the governing body of the school corporation, for a public school; or

(B) the equivalent authority for a nonpublic school;

for the establishment and operation of the facility on the premises of the school; and

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

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

(1) be in the form; and

(2) contain the information;

prescribed by the department.

(f) An intermittent facility operated by a state bank under this section:

(1) may be operated only during the school year; and

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

As added by P.L.90-2008, SEC.34.
Ind. Code § 28-1-31-4 — Indiana Code / Title 28 / Article 1 / Chapter 31 / Section 28-1-31-4
"Effective time of the charter conversion"
Status: in_force

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

(1) the date on which articles of conversion are filed with the secretary of state; or

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

As added by P.L.1-2006, SEC.490.
Ind. Code § 28-1-21.7-15 — Indiana Code / Title 28 / Article 1 / Chapter 21.7 / Section 28-1-21.7-15
Statutes and rules applicable to converted bank
Status: in_force

Sec. 15. Upon the effective time of mutual bank conversion, the converted mutual bank, unless otherwise provided in this chapter, immediately becomes subject to all statutes and rules applicable to mutual banks.

As added by P.L.147-1990, SEC.3.
Ind. Code § 28-7-5-32 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-32
Repealed
Status: repealed

Formerly: Acts 1935, c.195, s.31. Repealed by P.L.14-1992, SEC.165.
Ind. Code § 28-2-13-18 — Indiana Code / Title 28 / Article 2 / Chapter 13 / Section 28-2-13-18
State bank
Status: in_force

Sec. 18. As used in this chapter, "state bank" means a bank that has been organized or reorganized under Indiana law.

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

Sec. 3. The articles of incorporation of a corporate fiduciary must, without limitation, grant the corporate fiduciary the powers described in sections 4 through 8 of this chapter and authorize the corporate fiduciary to do the following:

(1) Sue and be sued in its corporate name.

(2) Have a corporate seal.

(3) Make and amend bylaws that are not inconsistent with the articles of incorporation or Indiana law.

(4) Purchase, receive, lease, or otherwise acquire and own, hold, improve, use, and otherwise deal with real or personal property, or any legal or equitable interest in real or personal property.

(5) Sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of all or any part of the corporate fiduciary's property.

(6) Purchase, receive, subscribe for, or otherwise acquire, own, hold, vote, use, sell, mortgage, lend, pledge, or otherwise dispose of and deal in and with the:

(A) shares or other interests in; and

(B) obligations of;

any entity, including the corporate fiduciary, except as otherwise prohibited by this article.

(7) Borrow money, make contracts and guarantees, incur liabilities, and issue notes, bonds, and other obligations that may be convertible into or include the option to purchase other securities of the corporate fiduciary.

(8) Mortgage or pledge any of its assets.

(9) Purchase for its own account and sell investment securities under such limitations as the department prescribes by rule or policy.

(10) Conduct business, locate offices, and exercise the powers granted by this article regardless of geographic limitations.

(11) Elect directors, elect and appoint officers, and appoint employees and agents of the corporate fiduciary.

(12) Define the duties of directors, officers, and employees of the corporate fiduciary.

(13) Fix the compensation of directors, officers, and employees of the corporate fiduciary.

(14) Pay or pay for the following:

(A) Deferred compensation.

(B) Employment contracts.

(C) Individual or group life insurance.

(D) Insurance on the life or lives of designated officers.

(15) Make donations for the public welfare or for charitable, scientific, or educational purposes.

(16) Become a member of the Federal Reserve system.

(17) With the approval of the department, convert into a bank.

(18) Cease doing business and dissolve under IC 28-1-9.

(19) Exercise all powers that are incidental to and proper or that may be necessary and usual in carrying on a corporate fiduciary business.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-6.2-5-2 — Indiana Code / Title 28 / Article 6.2 / Chapter 5 / Section 28-6.2-5-2
Pledging stock
Status: in_force

Sec. 2. (a) A mutual holding company, to collateralize an obligation of its own or of any of its subsidiaries or affiliates, may pledge any stock that comprises a minority interest in any subsidiary or any stock that the mutual holding company holds in the following:

(1) A subsidiary savings bank, if the proceeds or other benefit of the obligation collateralized are received by the savings bank whose stock is pledged.

(2) A subsidiary savings bank that was in the stock form when acquired.

(3) Any nondepository subsidiary.

(b) A pledge of stock that is not described in subsection (a) may not be made without the prior written approval of the director.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-11-4-1 — Indiana Code / Title 28 / Article 11 / Chapter 4 / Section 28-11-4-1
Application of IC 4-21.5
Status: in_force

Sec. 1. (a) Except as provided in subsection (b), IC 4-21.5 does not apply to a proceeding under this chapter.

(b) IC 4-21.5-5 applies to judicial review of a final order of the department under this chapter.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-2-18-11 — Indiana Code / Title 28 / Article 2 / Chapter 18 / Section 28-2-18-11
"Director" defined
Status: in_force

Sec. 11. As used in this chapter, "director" refers to the director of the department.

As added by P.L.171-1996, SEC.37.
Ind. Code § 28-1-21.8-11 — Indiana Code / Title 28 / Article 1 / Chapter 21.8 / Section 28-1-21.8-11
Conditions for approval of conversion plans
Status: in_force

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

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

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

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

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

As added by P.L.42-1993, SEC.43.
Ind. Code § 28-10-3-2 — Indiana Code / Title 28 / Article 10 / Chapter 3 / Section 28-10-3-2
Notice of reportable cyber incident or notification incident; procedures
Status: in_force

Sec. 2. Notwithstanding IC 24-4.9 or any other law, a corporation shall notify the director of the department of a reportable cyber incident or notification incident in accordance with the same procedures required by the corporation's federal supervisory authority or federal insurer. A corporation without a federal supervisory authority or federal insurer shall notify the director of the department of the reportable cyber incident in accordance with the same procedures set forth in 12 CFR 748.1(c) for federally insured credit unions, regardless of whether the corporation is a federally insured credit union.

As added by P.L.30-2024, SEC.6.
Ind. Code § 28-6.2-1-9 — Indiana Code / Title 28 / Article 6.2 / Chapter 1 / Section 28-6.2-1-9
"Director" defined
Status: in_force

Sec. 9. As used in this chapter, "director" refers to the director of the department of financial institutions.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-1-9-15 — Indiana Code / Title 28 / Article 1 / Chapter 9 / Section 28-1-9-15
Articles of dissolution; approval by department
Status: in_force

Sec. 15. After the articles of dissolution shall have been executed and before they are presented to the secretary of state, they shall first be presented to the department. If the department finds that the articles of dissolution conform to law, it shall approve such articles, and its approval shall be evidenced in the manner prescribed in IC 28-12-5.

Formerly: Acts 1933, c.40, s.156. As amended by P.L.263-1985, SEC.47; P.L.14-1992, SEC.78.
Ind. Code § 28-13-1-6 — Indiana Code / Title 28 / Article 13 / Chapter 1 / Section 28-13-1-6
Fractional shares; scrip; rights and preferences
Status: in_force

Sec. 6. (a) A corporation may do any of the following:

(1) Issue fractions of a share or pay in money the value of fractions of a share.

(2) Arrange for disposition of fractional shares by the shareholders.

(3) Issue scrip in registered or bearer form entitling the holder to receive a full share upon surrendering enough scrip to equal a full share.

(b) Each certificate representing scrip must be conspicuously labeled "scrip" and must contain the information required by IC 28-13-2-6(b).

(c) The holder of a fractional share is entitled to exercise the rights of a shareholder, including the right to do the following:

(1) Vote.

(2) Receive dividends.

(3) Participate in the assets of the corporation upon liquidation.

The holder of scrip is not entitled to any of these rights unless the scrip provides for the rights.

(d) The board of directors may authorize the issuance of scrip subject to any condition considered desirable, including the following:

(1) That the scrip will become void if not exchanged for full shares before a specified date.

(2) That the shares for which the scrip is exchangeable may be sold and the proceeds paid to the scripholders.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-14-5-6 — Indiana Code / Title 28 / Article 14 / Chapter 5 / Section 28-14-5-6
Deposit of funds by corporate fiduciaries
Status: in_force

Sec. 6. A corporate fiduciary may deposit funds into accounts, and in amounts, that are federally insured. A credit union service organization established as a corporate fiduciary under IC 28-14-3-24 may deposit its funds in the credit union or credit unions that control the credit union service organization.

As added by P.L.262-1995, SEC.90. Amended by P.L.35-2010, SEC.205.
Ind. Code § 28-11-2-6.2 — Indiana Code / Title 28 / Article 11 / Chapter 2 / Section 28-11-2-6.2
Public meetings; transcribing and preserving damaged records
Status: in_force

Sec. 6.2. Except as otherwise provided by law, the department is subject to the following:

(1) IC 5-14-1.5.

(2) IC 5-15-3.

As added by P.L.213-2007, SEC.98; P.L.217-2007, SEC.96.
Ind. Code § 28-9-2-5 — Indiana Code / Title 28 / Article 9 / Chapter 2 / Section 28-9-2-5
"Deposit account"
Status: in_force

Sec. 5. "Deposit account" means an account made by a depositor, either individually or jointly with another person, with a depository financial institution. The term includes the following accounts:

(1) Share.

(2) Share draft.

(3) Share certificate.

(4) Draft.

(5) Certificate of deposit.

(6) Savings.

(7) Passbook.

(8) Checking.

(9) Money market.

(10) Transaction.

(11) Time deposit.

(12) Savings deposit.

(13) Accounts similar to those listed in subdivisions (1) through (12).

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-8-6-602 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-602
Adding or replacing any key individual; requirements; notice of disapproval
Status: in_force

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

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

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

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

(1) the public; or

(2) the customers of the licensee;

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

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

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

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

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

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

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

Sec. 23. All industrial loan and investment companies subject to the provisions of this chapter shall be taxed in the same manner as banks and trust companies are taxed under IC 6-5.5.

Formerly: Acts 1935, c.181, s.21a; Acts 1969, c.129, s.3. As amended by P.L.263-1985, SEC.156; P.L.347-1989(ss), SEC.22.
Ind. Code § 28-11-1-12 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-12
Adoption of rules
Status: in_force

Sec. 12. The department may, by a majority vote of the members, adopt rules under IC 4-22-2 to implement this title.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-8-6-701 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-701
Maintenance of records; quarterly composite report; fee
Status: in_force

Sec. 701. (a) A provider required to be licensed under this chapter shall maintain records in a manner that will enable the department to determine whether the provider is complying with the provisions of this chapter. The department shall be given free access to the records wherever the records are located. Records concerning any earned wage access services transaction shall be retained for two (2) years after the transaction is initiated. A provider licensed or required to be licensed under this chapter is subject to IC 28-1-2-30.5 with respect to any records maintained by the provider.

(b) A provider required to be licensed under this chapter shall file with the department, in the form and manner required by the department, a quarterly composite report relating to all earned wage access services transactions made by the provider in Indiana during the reporting period covered by the report. Information contained in the reports is confidential and may be published only in composite form. The department may impose a fee in an amount fixed by the department under IC 28-11-3-5 for each day that a provider fails to file the report required by this subsection. The fee established under this subsection shall not exceed fifty dollars ($50) per day.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-8-6-404 — Indiana Code / Title 28 / Article 8 / Chapter 6 / Section 28-8-6-404
Multistate supervisory processes
Status: in_force

Sec. 404. (a) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the director may participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors and any affiliate or successor of that organization for all licensees that hold licenses in Indiana and other states. As a participant in multistate supervision, the director may:

(1) cooperate, coordinate, and share information with other state and federal regulators in accordance with section 402 of this chapter;

(2) enter into written cooperation, coordination, or information sharing contracts or agreements with organizations the membership of which is made up of state or federal governmental agencies; and

(3) cooperate, coordinate, and share information with organizations the membership of which is made up of state or federal governmental agencies, as long as the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with section 402 of this chapter.

(b) The director may not waive, and nothing in this section constitutes a waiver of, the director's authority to conduct an examination or investigation or to otherwise take independent action authorized by this chapter, or by a rule adopted or order issued under this chapter, to enforce compliance with applicable state or federal law.

(c) The performance of a joint examination or investigation, or acceptance of an examination or investigation report, does not waive the director's authority to perform an examination assessment provided for in this chapter.

As added by P.L.222-2025, SEC.5.
Ind. Code § 28-7-5-1 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-1
Citation
Status: in_force

Sec. 1. This chapter shall be known as the Pawnbroking Law.

Formerly: Acts 1935, c.195, s.1. As amended by P.L.263-1985, SEC.182.
Ind. Code § 28-6.2-5-4 — Indiana Code / Title 28 / Article 6.2 / Chapter 5 / Section 28-6.2-5-4
Notice of nonpayment
Status: in_force

Sec. 4. A mutual holding company that fails to make any payment on a loan secured by the pledge of stock by the date on which the payment is due shall, on the first day after the payment is due and not made, provide written notice of nonpayment to the director.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-11-1-10 — Indiana Code / Title 28 / Article 11 / Chapter 1 / Section 28-11-1-10
Quorum; action by majority
Status: in_force

Sec. 10. (a) Four (4) members constitute a quorum.

(b) Unless otherwise provided for in this title, if a quorum is present, a majority of the members present is sufficient for the department to take action.

As added by P.L.33-1991, SEC.56.
Ind. Code § 28-13-13-7 — Indiana Code / Title 28 / Article 13 / Chapter 13 / Section 28-13-13-7
"Proceeding" defined
Status: in_force

Sec. 7. As used in this chapter, "proceeding" means any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative and whether formal or informal.

As added by P.L.14-1992, SEC.163.
Ind. Code § 28-14-8-1 — Indiana Code / Title 28 / Article 14 / Chapter 8 / Section 28-14-8-1
Rules
Status: in_force

Sec. 1. The department may adopt rules under IC 4-22-2 or policies to administer this article.

As added by P.L.262-1995, SEC.90.
Ind. Code § 28-6.1-9-8 — Indiana Code / Title 28 / Article 6.1 / Chapter 9 / Section 28-6.1-9-8
Special limits for obligations secured by livestock or dairy cattle
Status: in_force

Sec. 8. (a) Loans and extensions of credit secured by shipping documents or instruments transferring or securing title covering livestock or giving a lien on livestock when the market value of the livestock securing the obligation is not at any time less than one hundred fifteen percent (115%) of the face amount of the note covered are subject to a maximum limitation equal to twenty-five percent (25%) of the capital and surplus, notwithstanding the collateral requirements of section 5(b) of this chapter.

(b) Loans and extensions of credit that arise from the discount by dealers in dairy cattle of paper given in payment for dairy cattle, which paper carries a full recourse endorsement or unconditional guarantee of the seller and that are secured by the cattle being sold, are subject to a limitation of twenty-five percent (25%) of the capital and surplus, notwithstanding the collateral requirements of section 5(b) of this chapter.

As added by P.L.42-1993, SEC.72. Amended by P.L.141-2005, SEC.10.
Ind. Code § 28-7-1-31.5 — Indiana Code / Title 28 / Article 7 / Chapter 1 / Section 28-7-1-31.5
Insurance; examinations
Status: in_force

Sec. 31.5. (a) Before transacting business in Indiana, a credit union shall insure its shares and other deposits with the National Credit Union Share Insurance Fund or a similar insurance company approved by the department.

(b) The department may examine any organization that insures the shares of a credit union that is subject to this chapter. The reasonable costs of an examination conducted under this subsection may be charged to the organization that is examined.

As added by P.L.270-1983, SEC.8. Amended by P.L.263-1995, SEC.28.
Ind. Code § 28-6.1-12-1 — Indiana Code / Title 28 / Article 6.1 / Chapter 12 / Section 28-6.1-12-1
Application of definitions
Status: in_force

Sec. 1. Except as otherwise provided in this chapter, the definitions in IC 28-2-13 apply throughout this chapter.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-9-2-4 — Indiana Code / Title 28 / Article 9 / Chapter 2 / Section 28-9-2-4
"Depositor"
Status: in_force

Sec. 4. "Depositor" means a person who, according to records maintained by the depository financial institution, has an interest in a deposit account, either individually or jointly with another person.

As added by P.L.258-1989, SEC.2.
Ind. Code § 28-2-16-15 — Indiana Code / Title 28 / Article 2 / Chapter 16 / Section 28-2-16-15
Acquisition of financial institutions
Status: in_force

Sec. 15. Subject to the limitations of this chapter, a foreign bank holding company is entitled to acquire one (1) or more:

(1) Indiana banks;

(2) Indiana bank holding companies; or

(3) foreign bank holding companies that have acquired one (1) or more Indiana banks;

after approval by the department.

As added by P.L.279-1987, SEC.9. Amended by P.L.33-1991, SEC.41; P.L.42-1993, SEC.68.
Ind. Code § 28-15-11-7 — Indiana Code / Title 28 / Article 15 / Chapter 11 / Section 28-15-11-7
"Money cost index"
Status: in_force

Sec. 7. As used in this chapter, "money cost index" means any of the following:

(1) The Federal Cost of Funds Index calculated and made available by the Federal Home Loan Mortgage Corporation on or about the twentieth day of each month.

(2) The monthly average of weekly auction rates on United States Treasury bills with a maturity of three (3) months or six (6) months, as published in the Federal Reserve Bulletin and made available by the Federal Reserve Board each month.

(3) The monthly average yield on United States Treasury securities adjusted to a constant maturity of one (1), two (2), three (3), or five (5) years, as published in the Federal Reserve Bulletin and made available by the Federal Reserve Board each month.

(4) Any rate that is designated by the department.

As added by P.L.193-1997, SEC.2. Amended by P.L.89-2011, SEC.74; P.L.27-2012, SEC.114.
Ind. Code § 28-1-33-2 — Indiana Code / Title 28 / Article 1 / Chapter 33 / Section 28-1-33-2
"Conversion plan"
Status: in_force

Sec. 2. As used in this chapter, "conversion plan" refers to a plan of charter conversion prepared under this chapter.

As added by P.L.1-2006, SEC.492.
Ind. Code § 28-6.2-2-4 — Indiana Code / Title 28 / Article 6.2 / Chapter 2 / Section 28-6.2-2-4
Grounds for disapproving reorganization plan application
Status: in_force

Sec. 4. The department may disapprove an application for a mutual holding company reorganization plan if any of the following applies:

(1) The reorganization would result in unsafe or unsound practices, or an unsafe or unsound financial institution.

(2) The applicant has not demonstrated that the reorganization plan is fair to the members of the reorganizing savings bank.

(3) The reorganization plan does not protect the interests of the deposit account holders of the reorganizing savings bank.

(4) The financial or managerial resources of the reorganizing savings bank or any acquiree savings bank warrant disapproval.

(5) The mutual holding company or any savings bank subsidiary would have inadequate capital.

(6) A stock issuance proposed in connection with the mutual holding company reorganization plan fails to meet the standards established by the department.

(7) The reorganizing savings bank or any acquiree savings bank fails to furnish:

(A) information required in the reorganization plan; or

(B) any other information requested by the director regarding the proposed reorganization plan.

As added by P.L.122-1994, SEC.101.
Ind. Code § 28-7-5-10.4 — Indiana Code / Title 28 / Article 7 / Chapter 5 / Section 28-7-5-10.4
Carrying on other business
Status: in_force

Sec. 10.4. A licensee may carry on other business at a location where the licensee conducts the business of acting as a pawnbroker unless the licensee carries on other business for the purpose of evasion or violation of this chapter.

As added by P.L.159-2017, SEC.39.
Ind. Code § 28-1-3.1-19 — Indiana Code / Title 28 / Article 1 / Chapter 3.1 / Section 28-1-3.1-19
Articles of dissolution; filing with county recorder
Status: in_force

Sec. 19. The department shall file for record with the county recorder of the county where the principal office of the financial institution is located one (1) of the triplicate copies of the articles of dissolution bearing the endorsement of the approval of the secretary of state as provided in section 18 of this chapter.

As added by P.L.141-1984, SEC.2.
Ind. Code § 28-6.1-7-2 — Indiana Code / Title 28 / Article 6.1 / Chapter 7 / Section 28-6.1-7-2
Making FHA loans, advances of credit, and purchases of obligations
Status: in_force

Sec. 2. (a) A savings bank may make loans and advances of credit and purchases of obligations representing loans and advances of credit that are eligible for insurance by the federal housing administrator and to obtain such insurance.

(b) An Indiana law:

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

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

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

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

does not apply to loans, advances of credit, or purchases made under this section.

As added by P.L.42-1993, SEC.72.
Ind. Code § 28-2-14-5 — Indiana Code / Title 28 / Article 2 / Chapter 14 / Section 28-2-14-5
Company
Status: in_force

Sec. 5. As used in this chapter, "company" means any corporation, limited liability company, partnership, joint-stock company, business trust, voting trust, joint venture, association, or similar organization, domestic or foreign. The term may or may not include a bank holding company as the context indicates. The term does not include a bank.

As added by P.L.265-1985, SEC.4. Amended by P.L.8-1993, SEC.446.
Ind. Code § 28-14-6-3 — Indiana Code / Title 28 / Article 14 / Chapter 6 / Section 28-14-6-3
Fiduciary account information required; timely posting of activities
Status: in_force

Sec. 3. (a) The records of a corporate fiduciary must contain full information relative to each fiduciary account, including accounting, correspondence, and legal documentation as needed for the successful administration of the account.

(b) The records of a corporate fiduciary must meet the following requirements:

(1) Documentation that accountings are made in accordance with general trust and probate statutes must be retained by the corporate fiduciary.

(2) Records must account for cash funds of each account, and must be constructed in a manner consistent with identification of cash by its origin and ultimate distribution.

(3) Records must provide information relative to each asset held for each account, and provide sufficient detail to clearly identify each asset.

(4) Records must be posted in a manner as timely as activity levels dictate.

As added by P.L.262-1995, SEC.90.