reglab/housing_qa huggingface dataset:
IN Code § 28-7-1-17.2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-17.2. Extensions of Credit to Officers, Directors, or Supervisory Committee Members; Applicability of Federal Regulation; Delinquencies by Directors or Committee Members; Waiver

Sec. 17.2. (a) A credit union may extend credit to:(1) an officer, an officer's immediate family member, or an officer's related interests;(2) a director, a director's immediate family member, or a director's related interests; or(3) a supervisory committee member, a supervisory committee member's immediate family member, or a supervisory committee member's related interests;in accordance with the definitions, restrictions, and provisions of Regulation O of the Board of Governors of the Federal Reserve System (12 CFR 215). Restrictions on extensions of credit to supervisory committee members, and to the immediate family members or related interests of supervisory committee members, shall be treated consistently with restrictions on extensions of credit to directors as imposed by Regulation O. For purposes of applying Regulation O to an extension of credit made by a credit union under this section, the term "unimpaired capital and unimpaired surplus", as used in Regulation O, is considered to mean "capital and surplus" (as defined in section 0.5(18) of this chapter).(b) If an extension of credit made to or cosigned, endorsed, or guaranteed by a director or a member of the supervisory, credit, or other committee is more than three (3) months delinquent, the individual:(1) is automatically removed from the individual's position as director or committee member; and(2) is ineligible to serve as a director or committee member for two (2) years.The director of the department may waive the application of this subsection if the director determines that a waiver is in the best interests of the credit union.As added by P.L.90-2008, SEC.43. Amended by P.L.40-2016, SEC.1; P.L.129-2020, SEC.15.
IN Code § 28-7-1-17.3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-17.3. Quarterly Report of Outstanding Indebtedness of Officers, Directors, and Committee Members; Retention; Contents

Sec. 17.3. At least quarterly, the president or manager shall prepare and deliver to the board of directors a report listing the outstanding indebtedness of all officers, directors, and committee members. A report prepared under this subsection must be retained at the credit union for three (3) years and shall not be filed with the department unless specifically requested. A report required by this section must include:(1) the amount of each indebtedness; and(2) a description of the terms and conditions of each loan, including:(A) the interest rate;(B) the original amount and date of the loan;(C) the maturity date;(D) payment terms;(E) security, if any; and(F) any unusual term or condition of a particular extension of credit.As added by P.L.90-2008, SEC.44.
IN Code § 28-7-1-17.5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-17.5. Signature Limits

Sec. 17.5. The credit committee or loan officer may approve a line of credit, which shall establish a signature limit. Advances in excess of the signature limit shall be permitted if security is pledged to guarantee that amount in excess of the signature limit. Advances may be granted to each member within the limits of such extension of credit. Where a line of credit has been approved, no additional loan application or statement of purpose is required, provided the aggregate unsecured obligation does not exceed the signature limit.As added by Acts 1977, P.L.294, SEC.10. Amended by P.L.263-1995, SEC.15.
IN Code § 28-7-1-18 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-18. Duties and Powers of Supervisory Committee; Audits; Meeting Minutes

Sec. 18. (a) The supervisory committee shall cause the share and loan accounts of the members to be verified with the records of the treasurer at least each biennium. A verification under this subsection shall be performed using one (1) of the following methods:(1) A verification of one hundred percent (100%) of the share and loan accounts of all members.(2) A verification of share and loan accounts in accordance with the requirements of the National Credit Union Administration set forth in 12 CFR 715.8.(b) The supervisory committee shall supervise the acts of the board of directors, credit committee, and officers.(c) By a majority vote, the supervisory committee may call a meeting of the shareholders to consider any violation of this chapter, or of the bylaws, or any practice of the credit union which, in the opinion of the committee is unsafe and unauthorized.(d) The supervisory committee shall fill vacancies in its own number until the next annual meeting of the members.(e) At the close of the audit period, the supervisory committee shall make or cause to be made a thorough audit of the credit union for each audit period and shall make a full report to the directors. The audit report shall be issued not later than one hundred twenty (120) days following the close of the audit period. Tapes, work papers, schedules, and evidence of verification of accounts shall be retained until the next examination by the department. A summary of the report shall be read at the annual meeting and shall be filed and preserved with the records of the credit union.(f) A credit union with assets of at least five million dollars ($5,000,000) shall have an annual audit performed by an outside professional accounting firm. The department may require a professional outside audit to be performed upon any credit union if the department questions the safety and soundness of the credit union.(g) Minutes of every meeting of the supervisory committee shall be kept and maintained.Formerly: Acts 1961, c.182, s.18. As amended by Acts 1979, P.L.267, SEC.3; P.L.14-1992, SEC.126; P.L.228-1993, SEC.6; P.L.263-1995, SEC.16; P.L.192-1997, SEC.19; P.L.11-1998, SEC.18; P.L.35-2010, SEC.159; P.L.137-2014, SEC.28; P.L.186-2015, SEC.37.
IN Code § 28-7-1-19 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-19. Capital; Lien on Shares; Transfer of Shares; Use of Secondary Capital by Federal Credit Unions

Sec. 19. The capital of a credit union shall consist of the payments on shares which have been made to it by members. A credit union may attach a lien on the shares of any member with outstanding obligations to the credit union. A credit union may, upon the resignation of a member, cancel the shares of such member, and apply the withdrawal value of such shares towards the liquidation of the member's obligations. Fully paid up shares of a credit union may be transferred to any qualified member upon such terms as the bylaws provide. If a federal credit union is authorized by the federal regulatory authority with jurisdiction or by federal law to use one (1) or more forms of secondary capital, the department may by rule, order, or declaratory ruling allow a credit union to use one (1) or more forms of secondary capital. The rule, order, or declaratory ruling must include disclosure requirements concerning the conditions for return of the secondary capital and the liquidation priority of the secondary capital.Formerly: Acts 1961, c.182, s.19; Acts 1969, c.133, s.5. As amended by P.L.263-1995, SEC.17; P.L.35-2010, SEC.160.
IN Code § 28-7-1-20.1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-20.1. Issuance of Shares; Joint Tenancy; Deposits, Investments, and Withdrawals by Minors

Sec. 20.1. (a) Shares may be issued as the bylaws provide. The provisions of IC 28-1-20-6 apply to loans to any borrower and shall inure to the benefit of the credit union. Shares may be issued in a joint tenancy with right of survivorship, but no joint tenant shall be permitted to vote, obtain loans, or hold office, unless the tenant is a member.(b) A credit union may issue shares to and receive deposits from a minor. The minor may withdraw the deposits or shares and any dividends or interest on the deposits or shares. A deposit, investment in a share, or withdrawal under this subsection by a minor is valid and enforceable. The minor is considered an adult with respect to the deposit, investment, or withdrawal.As added by Acts 1977, P.L.294, SEC.11. Amended by P.L.263-1995, SEC.18; P.L.35-2010, SEC.161.
IN Code § 28-7-1-22 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-22. Authority to Borrow; Limits; Authority to Receive Public Deposits and Pledge Securities

Sec. 22. (a) A credit union may borrow from any source. The total borrowing of a credit union may not at any time exceed fifty per cent (50%) of the unimpaired shares capital and surplus of the credit union.(b) A credit union may receive deposits of state and federal public funds, including the right to pledge securities or other assets for the repayment of the deposits if the pledge is permitted by applicable law or regulation.Formerly: Acts 1961, c.182, s.22. As amended by P.L.263-1995, SEC.19; P.L.90-2008, SEC.45; P.L.35-2010, SEC.162.
IN Code § 28-7-1-23 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-23. Loans to Members; Purposes; Repayment Plans; Direct Deposit

Sec. 23. (a) A credit union may make loans to its members for such purposes and upon such security as the bylaws provide, and as the credit committee or loan officer shall approve.(b) A member may receive a loan for crops in installments.(c) A borrower may repay the whole loan or any part of a loan on any day on which the credit union is open.(d) A credit union may offer payroll deduction for:(1) the repayment of loans; and(2) deposits into the accounts of members.(e) A credit union may offer direct deposit.Formerly: Acts 1961, c.182, s.23; Acts 1969, c.133, s.6; Acts 1974, P.L.130, SEC.6. As amended by P.L.270-1983, SEC.7; P.L.263-1995, SEC.20.
IN Code § 28-7-1-25 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-25. Dividends

Sec. 25. Dividends may be declared by the board of directors, after making provision for the required reserves. The board of directors may declare separate dividend periods and rates for each type of share account.Formerly: Acts 1961, c.182, s.25; Acts 1969, c.133, s.8; Acts 1974, P.L.130, SEC.8. As amended by Acts 1979, P.L.267, SEC.4; P.L.263-1995, SEC.22.
IN Code § 28-7-1-26.3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-26.3. Termination of Membership; Termination or Suspension of Services to Member; Withdrawal From Membership; Notice

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.
IN Code § 28-7-1-26.5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-26.5. Refusal to Make Payment From Account

Sec. 26.5. (a) A credit union may refuse to make a payment from an account to a person claiming an interest in the account if the credit union:(1) is uncertain under the agreement governing the account of who is entitled to receive the payment; or(2) has actual knowledge of a dispute between any account owners, beneficiaries with present vested rights in the account, or other persons concerning ownership of the money in the account, the proposed withdrawal, or any previous withdrawals from the account.(b) If a credit union refuses to make a payment under subsection (a), the credit union:(1) shall notify, in writing, the account owners, beneficiaries with present vested rights in the account, and other persons claiming an interest in the account of the basis for the credit union's refusal; and(2) may refuse to make the payment until all interested parties consent in writing to the requested payment or a court with jurisdiction orders the credit union to make the payment.(c) The credit union is not liable in damages as a result of an action taken under this section.As added by P.L.35-2010, SEC.166.
IN Code § 28-7-1-28 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-28. Change of Place of Business

Sec. 28. A credit union may:(1) with department approval; or(2) by meeting the department's established criteria to be exempt from the department's approval;change its place of business. The department may deny the change of location if the new situs is undesirable or would detrimentally affect the operation of the credit union.Formerly: Acts 1961, c.182, s.28. As amended by P.L.263-1995, SEC.25; P.L.69-2018, SEC.57.
IN Code § 28-7-1-31 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-31. Fidelity Coverage for Directors, Officers, and Employees; Blanket Fidelity Bond or Separate Reserve Fund Required

Sec. 31. Every credit union shall make provisions for adequate fidelity coverage for directors, officers, and employees of the credit union. The amount and form of fidelity coverage must be approved by the board of directors of the credit union. Coverage may be provided:(1) in the form of a blanket fidelity bond issued by a corporate surety authorized to transact business in Indiana; or(2) through the establishment of a separate reserve fund within the credit union for that purpose.Formerly: Acts 1961, c.182, s.31. As amended by P.L.276-1987, SEC.4; P.L.263-1995, SEC.27; P.L.35-2010, SEC.167.
IN Code § 28-7-1-31.3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-31.3. Credit Union Officials; Discharge of Duties; Indemnification

Sec. 31.3. (a) As used in this section, "official" means an individual who is or who was a director, committee member, officer, or employee of a credit union.(b) An official of a credit union shall discharge the duties of the official's position in good faith and with the degree of diligence, care, and skill that an ordinarily prudent person would exercise under similar circumstances in a like position. In discharging the official's duties, an official may rely upon:(1) the opinion of legal counsel for the credit union;(2) the report of an independent appraiser selected with reasonable care by:(A) the board; or(B) an officer of the credit union; or(3) financial statements of the credit union:(A) represented to the official to be correct by the:(i) chief executive officer; or(ii) officer of the credit union having charge of the credit union's records; or(B) stated in a written report by an independent public or certified public accountant or firm of accountants fairly to reflect the financial condition of the credit union.(c) As used in this section, "credit union" includes all other credit unions that become related to a credit union by a consolidation or merger and the resulting or continuing credit union.(d) A credit union may indemnify a director, a committee member, an officer, an employee, or an agent to the extent and in the same manner that a corporation may indemnify a director, committee member, officer, employee, or agent under IC 28-13-13-2 through IC 28-13-13-13.As added by P.L.35-2010, SEC.168.
IN Code § 28-7-1-31.5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-31.5. Insurance; Examinations

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.
IN Code § 28-7-1-33.1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-33.1. Merger of Credit Unions; Surviving Credit Union Organized Under Federal or Other State Law; Department Approval Not Required

Sec. 33.1. The approval of the department of the merger of two (2) or more credit unions is not required under this chapter if the credit union surviving the merger is an institution organized or reorganized under the laws of the United States or a state (as defined in IC 28-2-17-19) other than Indiana. However, the surviving credit union shall:(1) notify the department of the merger;(2) provide satisfactory evidence to the department of compliance with the requirements of IC 28-1-22 relating to foreign corporations, if applicable; and(3) provide satisfactory evidence to the department of compliance with the requirements of section 34 of this chapter relating to credit unions organized in other states, if applicable.As added by P.L.73-2016, SEC.27.
IN Code § 28-7-1-35 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-35. Effect of Amendments by Acts 1974, p.l.130

Sec. 35. (a) This section applies to a credit union organized under Acts 1933, c.40, s.296 through s.323.(b) The amendments to this chapter made by Acts 1974, P.L.130 do not affect a credit union's rights existing on June 11, 1974.As added by P.L.1-1989, SEC.58.
IN Code § 28-7-1-36 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-36. Atm Ownership

Sec. 36. An automated teller machine (ATM) may be owned or operated individually by any credit union or jointly on a cost sharing or fee basis.As added by P.L.192-1997, SEC.22.
IN Code § 28-7-1-37 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-37. Withdrawal of Deposits

Sec. 37. All members, regardless of age, may become depositors in a credit union and shall be subject to the same duties and liabilities respecting their deposits. Whenever a deposit is accepted by a credit union in the name of any person, regardless of age, the deposit may be withdrawn by the depositor by any of the following methods:(1) Check or other instrument in writing. The check or other instrument in writing constitutes a receipt or acquittance if it is signed by the depositor, and constitutes a valid release and discharge to the credit union for all payments so made.(2) Electronic means through:(A) preauthorized direct withdrawal;(B) an automated teller machine;(C) a debit card;(D) a transfer by telephone;(E) a network, including the Internet; or(F) any:(i) electronic terminal;(ii) computer;(iii) magnetic tape; or(iv) other electronic means.However, this section may not be construed to affect the rights, liabilities, or responsibilities of participants in an electronic fund transfer under the federal Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.).As added by P.L.81-2001, SEC.7.
IN Code § 28-7-1-38 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 1. Credit Unions|28-7-1-38. Requirement to Provide Property Tax Information in Certain Transactions

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.
IN Code § 28-7-2.5-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 2.5. Conservatorship of Credit Unions|28-7-2.5-1. Application of Chapter

Sec. 1. This chapter applies to a credit union (as defined in IC 28-7-1-0.5(3)).As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
IN Code § 28-7-2.5-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 2.5. Conservatorship of Credit Unions|28-7-2.5-2. Application of Definitions

Sec. 2. Except as otherwise provided, the definitions in IC 28-7-1 apply throughout this chapter.As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
IN Code § 28-7-2.5-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 7. Specialized Financial Institutions|Chapter 2.5. Conservatorship of Credit Unions|28-7-2.5-3. Appointment of Conservator; Bond or Security; Eligible Conservators

Sec. 3. (a) The department may appoint a conservator for a credit union 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 credit union; or(2) the appointment of a conservator is necessary to conserve the assets of the credit union for the benefit of the members, depositors, and other creditors of the credit union.(b) A conservator appointed under this section shall give any bond or security that the department considers appropriate.(c) The department may appoint any of the following as a conservator under this section:(1) A private insurance company authorized to insure deposits or share accounts in Indiana.(2) The National Credit Union Administration or its successor.(3) Any competent and disinterested person.As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.