reglab/housing_qa huggingface dataset:
IN Code § 28-3-2-10 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 3. Liquidation, Reorganization, and Merger|Chapter 2. Merger─state Banks and National Associations|28-3-2-10. Savings Banks; Request for Order to Merge, Consolidate, or Join With Acquiring National Banking Association; Requirements

Sec. 10. (a) A savings bank may request that the department order the savings bank to merge, consolidate, or otherwise join with an acquiring institution that is a national banking association.(b) A savings bank may make a request under subsection (a) only if its board of trustees has, at a regular or special meeting called for that purpose, by a vote of at least two-thirds (2/3) of the then qualified and acting trustees, adopted a resolution stating that in the opinion of the board, the merger, consolidation, or other joining together is in the best interests of the depositors and other creditors of the savings bank.(c) The department may order a merger, consolidation, or other joining requested under subsection (a) if it determines that:(1) the depositors of the savings bank would not receive any liquidating dividend upon the dissolution of the savings bank; and(2) the acquiring institution is willing to be the surviving corporation.(d) The approval of the depositors of a savings bank is not required for a merger, consolidation, or joining together under this section.(e) A savings bank and an acquiring institution may not merge, consolidate, or join together under this section if they are located in different counties.(f) When two (2) or more institutions merge, consolidate, or join together under this section, the resulting institution may maintain as a branch office any principal or branch office of the institution or institutions with which it merged, consolidated, or joined together.(g) To facilitate a merger, consolidation, or joining together under this section, the department may convert the charter, form of ownership, or operating powers of a savings bank into the charter, form of ownership, or operating powers of the acquiring institution.As added by P.L.263-1983, SEC.4.
IN Code § 28-3-3-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 3. Liquidation, Reorganization, and Merger|Chapter 3. Correction of Notice of Liquidation|28-3-3-1. Notice of Voluntary Liquidation to Correct Prior Failure to Give Notice

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.
IN Code § 28-3-3-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 3. Liquidation, Reorganization, and Merger|Chapter 3. Correction of Notice of Liquidation|28-3-3-2. Limitation of Actions

Sec. 2. Any creditor, shareholder, or other interested person failing to object in writing within sixty (60) days after the first publication of any notice given pursuant to the provisions of section 1 of this chapter shall be forever barred from thereafter asserting any claim against the financial institution, the liquidating agent, or his surety.Formerly: Acts 1941, c.157, s.2. As amended by P.L.263-1985, SEC.132.
IN Code § 28-3-4-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 3. Liquidation, Reorganization, and Merger|Chapter 4. Prior Reorganizations Valid|28-3-4-1. Legalization of Reorganizations

Sec. 1. Any and all reorganizations by financial institutions organized before March 10, 1941, under any statute of this state under and pursuant to the provisions of IC 28-1, including, but not by way of limitation, reorganizations under and pursuant to the provisions of IC 28-1-10 (repealed July 1, 1988) and reorganizations for the reopening of business and the resumption of banking operations under and pursuant to the provisions of IC 28-1-20-8 are hereby declared legal and valid for all purposes.Formerly: Acts 1941, c.166, s.1. As amended by P.L.263-1985, SEC.133; P.L.3-1990, SEC.106.
IN Code § 28-3-4-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 3. Liquidation, Reorganization, and Merger|Chapter 4. Prior Reorganizations Valid|28-3-4-2. Amendment of Articles as to Corporate Duration

Sec. 2. Any bank or trust company organized under any statute of this state may amend its articles of incorporation in the manner prescribed in IC 28-13-14. Any bank or trust company electing to amend its articles of incorporation in such manner may, among other things, provide that such bank or trust company may continue as a corporation, under its corporate name, for the period limited in its articles of incorporation as amended, or, if the period is not so limited therein, then perpetually.Formerly: Acts 1941, c.166, s.2. As amended by P.L.263-1985, SEC.134; P.L.14-1992, SEC.111.
IN Code § 28-5-1-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-1. Citation

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.
IN Code § 28-5-1-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-2. Application of Chapter

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.
IN Code § 28-5-1-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-3. Definitions; Department's Powers

Sec. 3. As used in this chapter and unless a different meaning appears from the context:(a) The term "capital and surplus" or "unimpaired capital and unimpaired surplus" has the meaning set forth in 12 CFR 32.2.(b) The term "company" shall mean and include any corporation to which this chapter is applicable.(c) The term "department" means the department of financial institutions of the state of Indiana.(d) The department is hereby authorized to approve the issue of capital and investment notes and capital debentures by any company to create capital and surplus, but no such notes and debentures shall be authorized or approved by the department unless such notes and debentures shall, by their terms, provide that the debt, including all accrued and unpaid interest, evidenced thereby shall be subordinate, in order of priority on liquidation, to all of the obligations of the company to the holders of its installment and fully paid certificates of indebtedness or investment and creditors other than such creditors and holders who have expressly agreed otherwise and other than creditors who are such by reason of the ownership of such notes or debentures which the department is authorized to approve by this section.Formerly: Acts 1935, c.181, s.3; Acts 1937, c.105, s.2; Acts 1955, c.20, s.1; Acts 1971, P.L.399, SEC.1. As amended by P.L.263-1985, SEC.150; P.L.213-2007, SEC.56; P.L.217-2007, SEC.54; P.L.3-2008, SEC.221.
IN Code § 28-5-1-5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-5. Capital Requirements

Sec. 5. The capital stock of any company engaged in business under the provisions of this chapter:(1) shall be in an amount determined by the department based on the risk profile and business activity of the company during any application or approval process required by the department under this chapter;(2) shall be fully paid to the corporation in cash; and(3) shall not at any time thereafter be voluntarily reduced below the amount originally paid in.Ongoing capital requirements shall be risk-based, as determined by the department. In the event the capital of any such company should for any reason become impaired, as determined by the department, the right to issue certificates of indebtedness or investment as provided in this chapter shall forthwith be suspended until said capital stock has been restored to an amount determined prudent by the department.Formerly: Acts 1935, c.181, s.5. As amended by P.L.263-1985, SEC.151; P.L.176-2019, SEC.58.
IN Code § 28-5-1-6.5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-6.5. Sale of Annuity Contracts

Sec. 6.5. (a) Notwithstanding any other provision of this title, an industrial loan and investment company may act as an insurance producer for the sale of any annuity contract issued by a life insurance company (as defined in IC 27-1-2-3) authorized to do business in Indiana under IC 27-1.(b) An industrial loan and investment company that acts as an insurance producer for the sale of an annuity contract:(1) is subject to all requirements of IC 27 relating to the sale and solicitation of insurance, including licensing as an insurance producer under IC 27-1-15.6; and(2) must comply with the disclosure requirements under IC 27-1-38.(c) This section does not give power to, or otherwise affect the power of, an industrial loan and investment company to act as an insurance producer for the sale of life insurance other than an annuity contract.As added by P.L.262-1995, SEC.65. Amended by P.L.132-2001, SEC.20; P.L.130-2002, SEC.6; P.L.178-2003, SEC.91.
IN Code § 28-5-1-10 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-10. Time for Existing Companies to Comply With Loan Limits

Sec. 10. Except as otherwise provided in this chapter, any such company which holds obligations of indebtedness in violation of the limitations prescribed in this chapter shall, by July 1, 1938, cause the amount of such obligations to conform to the limitations prescribed in this chapter. The department may, in its discretion, extend the time for effecting such conformity, in individual instances, if the interests of the creditors will be protected and served by such extension. Upon the failure of any such company to comply with such limitations, in accordance with the terms of this section or in accordance with any order of the department with relation to such limitations, the department may declare that such company is conducting its business in an unauthorized or unsafe manner and proceed in accordance with IC 28-1-3.1-2.Formerly: Acts 1935, c.181, s.10. As amended by P.L.263-1985, SEC.152.
IN Code § 28-5-1-13 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-13. Certificates of Indebtedness or Investment; Reserve Balance

Sec. 13. Every company issuing any such certificates of indebtedness or investment shall at all times maintain a reserve balance equal to at least three percent (3%) of the total amount paid in on all of its outstanding certificates of indebtedness or investment, which said reserve balance shall consist of cash on hand or on demand deposit with a solvent and going bank or trust company. If at any time such reserve balance shall be reduced below the amount prescribed in this section, such company shall not issue any additional certificates of indebtedness or investment nor make any new loans or pay any dividends until such reserve balance shall have been fully restored to the amount prescribed in this section. All of the officers and such of the directors as participate in violating any of the provisions of this section shall be jointly and severally liable to the holder or holders of any certificates of indebtedness or investment issued when such reserve balance is below the amount prescribed in this section for any loss suffered or sustained by them accruing by reason of such violation. Any such company which maintains federal deposit insurance as authorized in section 6(a)(17) of this chapter and which maintains the reserves required by the Federal Reserve Act shall be considered to have complied fully with this section.Formerly: Acts 1935, c.181, s.13; Acts 1947, c.135, s.3; Acts 1955, c.20, s.6; Acts 1971, P.L.399, SEC.5. As amended by P.L.269-1983, SEC.3; P.L.136-2018, SEC.211.
IN Code § 28-5-1-14 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-14. Surplus Account; Dividends

Sec. 14. Every such company shall on June 30 and December 31 of each year, and before the payment of any dividends on its outstanding stock, transfer to its surplus account a credit equal to five per cent (5%) of the net earnings of such company for the preceding six (6) months and shall accumulate such surplus account until the unimpaired amount thereof equals the amount of the capital stock of such company. No such company shall declare or pay dividends upon its stock in any form unless its capital is unimpaired and unless a surplus fund equal to twenty-five per cent (25%) of its capital has been accumulated and is maintained unimpaired. Thereafter any such company may annually or semiannually, but not more frequently declare and pay a dividend of so much of its net earnings as may be deemed expedient, but the rate of such dividend shall not exceed the rate of six per cent (6%) per annum upon the book value of its shares, as determined by the department, until the unimpaired surplus fund of the company is equal to the amount of its unimpaired capital stock.Formerly: Acts 1935, c.181, s.14.
IN Code § 28-5-1-15 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-15. Authority of Department; Examination of Affiliates; Examination of Vendors

Sec. 15. (a) The department shall have charge of the organization, supervision, regulation, examination, and liquidation of all industrial loan and investment companies to which this chapter is applicable, to the same extent and in the same manner as is provided for financial institutions in IC 28-1 and IC 28-11, and for such purpose any company to which this chapter is applicable shall be deemed to be and shall be a financial institution within the meaning of the term as used in IC 28-1-2, IC 28-1-3.1, and IC 28-11. The department shall be subject to the same limitations with reference to the disclosure of information as is provided in IC 28-11-3-3.(b) In conducting an examination of an industrial loan and investment company, the department shall include an examination of the affairs of all the industrial loan and investment company's affiliates necessary to disclose fully:(1) the relations between the industrial loan and investment company and its affiliates; and(2) the effect of the relations described in subdivision (1) upon the affairs of the industrial loan and investment company.In conducting the examination of an affiliate of an industrial loan and investment company, the department has the same powers to examine the affiliate as the department has to examine the affairs of the industrial loan and investment company under this section.(c) If an industrial loan and investment company contracts with an outside vendor to provide a service that would otherwise be undertaken internally by the industrial loan and investment company and be subject to the department's routine examination procedures, the person that provides the service to the industrial loan and investment company shall, at the request of the director, submit to an examination by the department. If the director determines that an examination under this subsection is necessary or desirable, the examination may be made at the expense of the person to be examined. If the person to be examined under this subsection refuses to permit the examination to be made, the director may order any industrial loan and investment company that receives services from the person refusing the examination to:(1) discontinue receiving one (1) or more services from the person; or(2) otherwise cease conducting business with the person.Formerly: Acts 1935, c.181, s.15. As amended by P.L.263-1985, SEC.153; P.L.33-1991, SEC.47; P.L.213-2007, SEC.61; P.L.217-2007, SEC.59; P.L.35-2010, SEC.144.
IN Code § 28-5-1-16 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-16. Records Retention Policy

Sec. 16. (a) The board of directors shall develop a records retention policy. In developing the policy, the board of directors shall consider:(1) legal actions and administrative proceedings in which the production of company records is necessary or desirable;(2) state and federal statutes of limitation applicable to legal actions and administrative proceedings; and(3) the availability of information contained in the company records from other sources.(b) Except for records that must be permanently retained, a company may dispose of a record that has been retained for the period required and in the manner required by the records retention policy. A company is not under a duty to produce the record in an action or proceeding after the disposal of the record.(c) The department may require each such company to prepare and submit such reports of condition as are deemed necessary in any year, and if the department so orders, any such company shall publish such statement of condition in the manner and form prescribed by the department.Formerly: Acts 1935, c.181, s.16. As amended by P.L.263-1985, SEC.154; P.L.11-1998, SEC.10.
IN Code § 28-5-1-17 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-17. Rules and Regulations

Sec. 17. The department may by a majority vote of the members of the commission promulgate rules and regulations for any of the following purposes:(1) Prescribing the methods and standards to be used in making the examinations and evaluating the assets and prescribing the forms of reports of any company to which this act is applicable.(2) Defining what is a safe or an unsafe manner and a safe or unsafe condition for conducting and transacting business by any company to which this chapter is applicable.(3) For the establishment of safe and sound methods for the transaction of business by any such company and for safeguarding the interests of creditors and shareholders thereof and, subject to section 6(a)(1) and (c) of this chapter, the rate of interest paid or to be paid, or service charges to be collected by any such company upon its certificates of investment or other evidences of indebtedness issued by it.(4) For the administration and termination of the affairs of any such company which is in voluntary or involuntary liquidation or whose business and property have been taken possession of by the department pursuant to IC 28-1. And the department may take possession of the business and property of any such company in the same manner and reorganize or liquidate the same under the conditions with reference to other financial institutions as prescribed in IC 28-1.Formerly: Acts 1935, c.181, s.17; Acts 1937, c.105, s.5; Acts 1949, c.229, s.2. As amended by Acts 1978, P.L.2, SEC.2817; Acts 1982, P.L.169, SEC.2.
IN Code § 28-5-1-18 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-18. Fidelity Coverage for Officers and Employees; Bonds; Reserve Funds

Sec. 18. Every company shall make provision for adequate fidelity coverage for all officers and employees having access to money or bonds of the company. The amount and form of fidelity coverage must be approved annually by the board of directors of the company. Coverage may be provided:(1) in the form of a blanket fidelity bond issued by a corporate surety authorized to transact business in Indiana; or(2) through the establishment of a separate reserve fund within the company for that purpose.Formerly: Acts 1935, c.181, s.18. As amended by P.L.276-1987, SEC.2; P.L.73-2016, SEC.24.
IN Code § 28-5-1-19 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-19. Exclusion From Banking Business; False Advertising; Desist Orders

Sec. 19. A company may not engage in the banking or trust business, operate a savings bank, commercial bank or trust company, advertise or hold itself out to the public as a bank, savings bank or trust company, or use the word "bank" in connection with its name or business in any of its advertising or literature. A company may not accept deposits or "savings accounts" or advertise or hold itself out to the public as accepting deposits of money or "savings accounts", unless the company maintains federal deposit insurance, as authorized by section 6(a)(16) of this chapter. A company may not advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner whatsoever, any statement or representation with regard to the rates, terms, or conditions for the lending of money, credit, goods, or things in action which is false, misleading, or calculated to deceive. If any company refers in any advertising matter to the rate of charge upon loans to be made by it, the department may require such company to state such rate of charge fully and clearly in such manner as it may deem necessary to prevent misunderstanding thereof by prospective borrowers. The department may order any company to desist from any conduct which it shall find to be a violation of this section.Formerly: Acts 1935, c.181, s.19. As amended by P.L.269-1983, SEC.4; P.L.90-2008, SEC.37.
IN Code § 28-5-1-21 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 5. Industrial Loan and Investment Companies|Chapter 1. Industrial Loan and Investment Act|28-5-1-21. Elimination of Certificates of Indebtedness or Certificates of Investment, Deposits, or Savings Accounts

Sec. 21. Companies that do not have any certificates of indebtedness, certificates of investment, deposits, or savings accounts outstanding shall not be subject to the provisions of sections 5, 8 through 14, and 18 of this chapter. After February 27, 1951, no company engaged in business on February 27, 1951, under this chapter as permitted by this section, and no company authorized after February 27, 1951, to engage in business under this chapter, shall at any time thereafter be empowered and authorized to issue, negotiate, or sell, or shall issue, negotiate, or sell certificates of investment or indebtedness. These restrictions shall not limit the power of such corporations otherwise to borrow money commercially or to issue and sell their capital stock.Formerly: Acts 1935, c.181, s.20a; Acts 1951, c.79, s.2. As amended by P.L.263-1985, SEC.155; P.L.176-1996, SEC.18.