reglab/housing_qa huggingface dataset:
IN Code § 28-6.1-9-7 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 9. Lending Limitations of Savings Banks|28-6.1-9-7. Loan Limitations for Commercial Paper Carrying Full Recourse Endorsements or Unconditional Guarantees

Sec. 7. (a) Loans and extensions of credit arising from the discount of negotiable or nonnegotiable installment consumer paper that carries a full recourse endorsement or an unconditional guarantee by the person transferring the paper is subject to a maximum limitation equal to twenty-five percent (25%) of the capital and surplus, notwithstanding the collateral requirements in section 5(b) of this chapter.(b) If the savings bank's files or the knowledge of the savings bank's officers of the financial condition of each maker of the consumer paper is reasonably adequate, and an officer of the savings bank designated for that purpose by the board of the savings bank certifies in writing that the savings bank is relying primarily upon the responsibility of each maker for payment of the loans or extensions of credit and not upon any full or partial recourse endorsement or guarantee by the transferor, the limitations of this section as to the loans or extensions of credit of each maker are the only applicable loan limitations.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-9-8 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 9. Lending Limitations of Savings Banks|28-6.1-9-8. Special Limits for Obligations Secured by Livestock or Dairy Cattle

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.
IN Code § 28-6.1-9-9 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 9. Lending Limitations of Savings Banks|28-6.1-9-9. Extensions of Credit to Officers, Directors, Trustees, and Principal Shareholders

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.
IN Code § 28-6.1-9-10 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 9. Lending Limitations of Savings Banks|28-6.1-9-10. Loans or Discounts on Security and Purchase or Holding of Bank's Own Capital Stock

Sec. 10. (a) A stock savings bank may not:(1) make a loan or discount on the security of the shares of its own capital stock; or(2) be the purchaser or holder of shares of its own capital stock;unless the security or purchase is necessary to prevent loss under a debt previously contracted in good faith.(b) Stock that may be purchased or acquired under subsection (a) shall be sold or disposed of within six (6) months from the time of its purchase at public or private sale, unless otherwise ordered by the department.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-9-11 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 9. Lending Limitations of Savings Banks|28-6.1-9-11. Conformity With Lending Limitations; Sanctions

Sec. 11. (a) Except as otherwise provided in this article, a savings bank that holds obligations of indebtedness in violation of the limitations prescribed in this article shall take action to conform the amount of the obligations to the limitations prescribed by this article.(b) If a savings bank fails to comply with the limitations of this article or an order of the department in relation to the limitations of this article, the department may find that the savings bank is conducting its business in an unauthorized or unsafe manner and proceed under IC 28-1-3.1-2.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-9-12 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 9. Lending Limitations of Savings Banks|28-6.1-9-12. Exception to Limitations for Student Loan Marketing Association Loans and Extensions of Credit

Sec. 12. Loans or extensions of credit to the Student Loan Marketing Association are not subject to any limitation based on capital and surplus.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-9-14 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 9. Lending Limitations of Savings Banks|28-6.1-9-14. Application of Federal Regulations

Sec. 14. The department may apply the provisions of 12 CFR 32 in the application and administration of this chapter.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-9-15 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 9. Lending Limitations of Savings Banks|28-6.1-9-15. Receiving Fees, Commissions, Gifts, or Things of Value; Violation

Sec. 15. Except as otherwise provided, an officer, a director, an owner, a partner, an employee, or an attorney of a savings bank who stipulates for, receives, or agrees to receive, a fee, commission, gift, or thing of value, from any person, for the purpose of procuring or attempting to procure for a person a loan from or the purchase or discount of a paper, note, draft, check, or bill of exchange by the savings bank commits a Class A misdemeanor.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-1. Application of Limitations

Sec. 1. The limitations imposed by this chapter do not apply to the following:(1) Direct or indirect obligations of the United States.(2) Direct obligations of a United States territory or insular possession.(3) Direct obligations of the state or a municipal corporation or taxing district in Indiana.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-2. Total Equity Capital

Sec. 2. As used in this section, "total equity capital" means unimpaired capital stock, unimpaired surplus, unimpaired retained earnings, subordinated debt that has been approved by state or federal regulatory agencies, and one hundred percent (100%) of loan reserves.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-3. Dealing Requirements

Sec. 3. Except as otherwise provided in this article, a savings bank may deal in investment securities only by purchasing and selling securities without recourse, solely upon the order and for the account of customers.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-4 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-4. Dealings for Bank's Own Account

Sec. 4. Except as otherwise provided in this article, a savings bank may not deal in investment securities for its own account.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-5. Underwriting or Guaranteeing Issues of Securities

Sec. 5. A savings bank may not underwrite or guarantee all or a part of an issue of securities other than obligations issued or guaranteed by or on behalf of the state, a political subdivision of the state, or an agency or instrumentality of the state or of a political subdivision.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-6 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-6. Purchase and Sale of Investment Securities for Bank's Own Account Under Department Rules; Limitation on Investment Securities

Sec. 6. (a) Subject to subsection (b), a savings bank may purchase for its own account and sell investment securities under limitations and restrictions the department prescribes by regulation, rule, policy, or guidance.(b) The total amount of the investment securities of any one (1) obligor or maker, purchased or held by any savings bank for its own account may not at any time exceed ten percent (10%) of the amount of the total equity capital of the savings bank.As added by P.L.42-1993, SEC.72. Amended by P.L.27-2012, SEC.88.
IN Code § 28-6.1-10-7 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-7. Purchase and Sale of Government Chartered Small Business Investment Company Stock

Sec. 7. A savings bank may purchase for its own account and sell shares of stock in federal or state chartered small business investment companies that have received a permit or license to operate under the federal Small Business Investment Act, subject to the limitations and restrictions the department prescribes by rule.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-8 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-8. Purchase and Sale of Collateralized Mortgage Obligations

Sec. 8. (a) Subject to subsection (b), a savings bank may purchase for its own account and sell obligations, commonly known as collateralized mortgage obligations, that are eligible for purchase and sale by national banking associations.(b) A savings bank may purchase for its own account and sell the obligations only to the extent that a national banking association can purchase and sell those obligations.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-8.5 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-8.5. Purchase of Speculative Securities or Securities Not Rated by a Generally Recognized Security Rating Service

Sec. 8.5. (a) A savings bank may not purchase for its own account any bond, note, or other evidence of indebtedness that is commonly designated as a security that is speculative in character or that has speculative characteristics. For the purposes of this subsection, a security is speculative or has speculative characteristics if at the time of purchase the security:(1) is rated below the first four (4) rating classes by a generally recognized security rating service;(2) is in default; or(3) is otherwise considered speculative by the director.(b) A savings bank may purchase for its own account a security that is not rated by a generally recognized security rating service if:(1) the savings bank at the time of purchase obtains financial information that is adequate to document the investment quality of the security; and(2) the security is not otherwise considered speculative by the director.As added by P.L.176-1996, SEC.20. Amended by P.L.89-2011, SEC.46.
IN Code § 28-6.1-10-9 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-9. Purchase and Sale of Nonsubsidiary Corporation Stock

Sec. 9. (a) Except as otherwise provided by law, a savings bank may not purchase shares of stock of a corporation that is not a subsidiary of that savings bank unless the purchase is considered expedient to prevent loss from a debt previously contracted in good faith.(b) A savings bank shall sell shares of stock:(1) acquired under subsection (a); and(2) that the savings bank would not otherwise have been permitted to buy;not more than six (6) months after the date of acquisition unless the director grants an extension of time for the sale.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-10 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-10. Purchase and Holding of Banker's Bank Stock

Sec. 10. (a) As used in this section, "bank" has the meaning set forth in IC 28-2-14-2.(b) As used in this section, "banker's bank" means a bank that satisfies both of the following:(1) The stock of the bank is owned exclusively by:(A) other banks; or(B) a bank holding company, the stock of which is owned exclusively by other banks.(2) The bank is engaged exclusively in providing services to other banks and to their officers, directors, and employees.(c) Notwithstanding any other provision of this article, a savings bank may purchase for its own account shares of stock of a banker's bank insured by the Federal Deposit Insurance Corporation or a holding company that owns or controls a banker's bank insured by the Federal Deposit Insurance Corporation.(d) A savings bank's holdings of the stock of an insured banker's bank or of a holding company that owns or controls an insured banker's bank may not exceed ten percent (10%) of the capital and surplus of the savings bank.(e) A savings bank may not purchase the stock of an insured banker's bank or of a holding company that owns or controls an insured banker's bank if, after the purchase, the savings bank would own more than five percent (5%) of any class of voting securities of the banker's bank or holding company.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-11 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-11. Investments in Casualty Insurance Companies

Sec. 11. (a) Notwithstanding any other provision of this article, a savings bank may invest in a casualty insurance company organized solely for the purpose of insuring banks, trust companies, and bank holding companies and their officers and directors from and against liabilities, including those covered by bankers' blanket bonds and director and officer liability insurance and other public liability insurance.(b) An investment under this section must take the form of:(1) the purchase for the savings bank's own account of shares of stock of the casualty insurance company or shares of stock of an association of banks organized for the purpose of funding the casualty insurance company; or(2) loans to such an association of banks.(c) The total investment of a savings bank under this subsection may not exceed five percent (5%) of the capital and surplus of the savings bank.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-12 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-12. Establishment and Acquisition of Subsidiaries

Sec. 12. A savings bank may establish or acquire a subsidiary that engages in either of the following:(1) The sale, distribution, or underwriting of securities issued by investment companies (as defined in Section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3)).(2) The underwriting or distribution of securities backed by or representing an interest in mortgages.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-13 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-13. Establishment of Trading Accounts

Sec. 13. A savings bank may establish a trading account for the purchase and resale of securities that are otherwise eligible for purchase or resale by the savings bank. The trading account must comply with the requirements established by policy or rule of the department.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-14 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-14. Definition of Investment Securities

Sec. 14. The department may define an investment security by department policy or by rule.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-10-15 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 10. Savings Banks Dealing in Investment Securities|28-6.1-10-15. Purchase Records

Sec. 15. A savings bank that purchases a security for its own account shall maintain sufficient records of the security to allow the security to be properly identified by the department for examination purposes.As added by P.L.176-1996, SEC.21.
IN Code § 28-6.1-11-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 11. Real Property Holdings by Savings Banks|28-6.1-11-1. Application of Chapter

Sec. 1. A savings bank may purchase and sell real property only as provided in this chapter.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-11-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 11. Real Property Holdings by Savings Banks|28-6.1-11-2. Purchase, Holding, and Conveyance of Real Property

Sec. 2. (a) A savings bank may purchase, hold, and convey real property as follows:(1) As necessary for the convenient transaction of the savings bank's business as provided in IC 28-6.1-7-12.(2) Real property mortgaged to the savings bank in good faith for money loaned, or upon which the savings bank purchased a mortgage.(3) Real property purchased:(A) at sales upon judgments, decrees, or mortgages obtained upon claims in favor of the savings bank; or(B) to prevent loss upon claims held by the savings bank.(4) Real property conveyed to the savings bank:(A) in satisfaction of:(i) debts constructed in the course of the bank's dealings; or(ii) debts, notes, or mortgages purchased by or assigned to the savings bank; or(B) in exchange for real property conveyed to the savings bank.(b) Real property described in subsection (a)(2) and (a)(3) of this chapter shall be sold not more than ten (10) years after the real property has become vested in the savings bank if the sale will bring the amount due on account of the real property. If the real property cannot be sold for a sufficient sum for that purpose, the department may give further time the department considers necessary to sell the real property.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-11-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 11. Real Property Holdings by Savings Banks|28-6.1-11-3. Limitation on Investments; Investments in Holding Corporations

Sec. 3. (a) Except with the approval of the department, the sum invested in real property used for the convenient transaction of business may not exceed fifty percent (50%) of the unimpaired capital stock, surplus, and retained earnings of the savings bank.(b) The investment may be made in the stock of a corporation organized to own and hold the real property occupied and used wholly or in part by the savings bank.As added by P.L.42-1993, SEC.72.
IN Code § 28-6.1-12-1 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 12. Branches of Savings Banks|28-6.1-12-1. Application of Definitions

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.
IN Code § 28-6.1-12-2 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 12. Branches of Savings Banks|28-6.1-12-2. Bank

Sec. 2. (a) As used in this chapter, "bank" means a financial institution that is either of the following:(1) A bank that:(A) has been organized or reorganized under the laws of the United States, any state of the United States, or the District of Columbia; and(B) is an "insured bank" (as defined in Section 3(h) of the Federal Deposit Insurance Act (12 U.S.C. 1813(h)) eligible to make application to become an insured depository institution under Section 5 of the Federal Deposit Insurance Act (12 U.S.C. 1815).(2) Notwithstanding subsection (b), a savings bank formed as a result of conversion.(b) The term does not include any of the following:(1) An institution that has been or is chartered or regulated as a federal savings association or federal savings bank under Section 5 of the Home Owners Loan Act (12 U.S.C. 1464).(2) Institutions of the "Farm Credit System" as described in 12 U.S.C. 2001 through 2260, which include the Farm Credit Banks, the Federal Land Bank Associations, the Production Credit Associations, the Banks for Cooperatives, and any other institution that may become a part of the Farm Credit System, as chartered by and subject to the supervision of the Farm Credit Administration.(3) Another institution that has been organized or reorganized as a savings association, a credit union, or an industrial loan and investment company.As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.73; P.L.27-2012, SEC.89.
IN Code § 28-6.1-12-3 (2021)
2021 Indiana Code|Title 28. Financial Institutions|Article 6.1. Savings Banks|Chapter 12. Branches of Savings Banks|28-6.1-12-3. Branches De Novo and Branches by Acquisition; Approval of Department Required; Application; Approval or Disapproval by Department; Location; Savings Banks Organized or Operating Before January 1, 1993; Exemption From Approval Requirements

Sec. 3. (a) Subject to this section, a savings bank is entitled to establish one (1) or more branches de novo and one (1) or more branches by acquisition in any location or locations within Indiana.(b) A branch de novo may not be established under this section without the written approval of the department. A savings bank desiring to establish one (1) or more branches de novo under this section must file a written application to do so in the form, and containing the information, required by the director.(c) The department may approve or disapprove the application. Before the department approves the application, the department shall determine to its satisfaction that the applicant savings bank will have adequate capital, sound management, and adequate future earnings prospects after the establishment of the branch. The investigation of the department relative to any application as required by this section shall be conducted without a public hearing.(d) The location of a branch established under this section may be changed at any time to a location within Indiana when the change of location is authorized by the board of the savings bank and approved by the department.(e) Except as provided in IC 28-6.1-6-23, a savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993, may not establish a branch by acquisition.(f) A savings bank created as a result of a conversion under IC 28-1-30 may retain all branches in existence on the date of conversion.(g) The department may establish criteria to exempt a savings bank from the approval requirements described in this section.As added by P.L.42-1993, SEC.72. Amended by P.L.122-1994, SEC.98; P.L.192-1997, SEC.14; P.L.62-1999, SEC.4; P.L.69-2018, SEC.52.