reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-12. Issuance and Refusal of Licenses; Evidence of Compliance; Criminal Background Checks

Sec. 12. (a) The department shall determine the financial responsibility, business experience, character, and general fitness of the applicant before issuing the license.
(b) The department may refuse to issue a license for any of the following reasons:
(1) Any of the following has been convicted of a felony under the laws of Indiana or any other jurisdiction:
(A) An executive officer, director, or manager of the applicant, or any other individual having a similar status or performing a similar function for the applicant.
(B) Any 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.
(2) The application was submitted for the benefit of, or on behalf of, a person who does not qualify for a license.
(c) The director of the department may request evidence of compliance with this section by the licensee at:
(1) the time of application;
(2) the time of renewal of the licensee's license; or
(3) any other time considered necessary by the director.
(d) For purposes of subsection (c), evidence of compliance may include:
(1) criminal background checks, including a national criminal history background check (as defined in IC 10-13-3-12) by the Federal Bureau of Investigation for any individual described in subsection (b)(1);
(2) credit histories; and
(3) other background checks considered necessary by the director.
If the director requests a national criminal history background check under subdivision (1) for an individual described in that subdivision, the director shall require the individual to submit fingerprints to the department or to the state police department, as appropriate, at the time evidence of compliance is requested under subsection (c). The individual to whom the request is made shall pay any fees or costs associated with the fingerprints and the national criminal history background check. The national criminal history background check may be used by the director to determine the individual's compliance with this section. The director or the department may not release the results of the national criminal history background check to any private entity.
As added by P.L.42-1993, SEC.86. Amended by P.L.80-1998, SEC.22; P.L.63-2001, SEC.21 and P.L.134-2001, SEC.23; P.L.10-2006, SEC.63 and P.L.57-2006, SEC.63; P.L.213-2007, SEC.87; P.L.217-2007, SEC.85; P.L.90-2008, SEC.64; P.L.35-2010, SEC.186.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-13. Licenses Not Transferable or Assignable

Sec. 13. Except in a transaction approved under section 13.1 of this chapter, a license is not transferable or assignable.
As added by P.L.42-1993, SEC.86. Amended by P.L.89-2011, SEC.63.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-14. Expiration of Licenses

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.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-15. License Renewal; Application; Fee; Changes and Events Concerning Licensees or Applicants; Notice to Department Required

Sec. 15. (a) To remain in force, a license must be renewed not later than December 31 of each year, beginning with the year following the date of issuance, as set forth in section 14 of this chapter. A licensee may renew a license issued under this chapter by filing a renewal application as prescribed by the director of the department. The department shall prescribe a form for the renewal application. To be accepted for processing, a renewal application must be accompanied by:
(1) the license renewal fee described in subsection (b); and
(2) all information and documents requested by the director of the department.
(b) A licensee that seeks to renew a license issued under this chapter shall pay to the department not later than December 31 of each year a fee fixed by the department under IC 28-11-3-5 as a renewal fee. The department may fix a daily late fee under IC 28-11-3-5 for a:
(1) renewal license application; or
(2) renewal fee;
that is received by the department after December 31.
(c) A person that is licensed under this chapter, or a person that seeks a license or a renewal of a license under this chapter in accordance with this section and sections 11 and 12 of this chapter, shall notify the department not later than thirty (30) days after any of the following occurs:
(1) The person has a change in name, address, or principals.
(2) The person opens a new branch, closes an existing branch, or relocates an existing branch.
(3) The person files for bankruptcy or reorganization.
(4) The person is notified by a state or governmental authority that the person is subject to revocation or suspension proceedings with respect to the person's activities related to the business of cashing checks or the provision of other financial services.
(5) An individual described in section 12(b)(1) of this chapter has been convicted of a felony involving fraud, deceit, or misrepresentation under the laws of Indiana or any other jurisdiction.
As added by P.L.42-1993, SEC.86. Amended by P.L.35-2010, SEC.187; P.L.89-2011, SEC.65; P.L.137-2014, SEC.36; P.L.69-2018, SEC.67; P.L.129-2020, SEC.22.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-16. Check Cashing Requirements

Sec. 16. (a) A licensee must do the following:
(1) Conspicuously display at each place of business a notice to the public stating the maximum charges for cashing checks.
(2) Make payment to a customer for whom a check is being cashed upon presentment of the check.
(3) Endorse the name in which the licensee is licensed on all checks before depositing them in a financial institution.
(4) Cash a check made payable only to a natural person as payee unless the licensee has previously obtained appropriate documentation from a payee clearly indicating the authority of the natural person or persons cashing the check on behalf of the payee.
(b) If a licensee engages in a check cashing transaction in which the amount on the check is at least three thousand dollars ($3,000) or in which the sum of the amounts on two (2) or more checks from the same customer on the same day total at least three thousand dollars ($3,000), the licensee must obtain:
(1) the thumbprint of the customer or a photograph of both the customer and the check;
(2) the full name of the customer;
(3) the residence address of the customer; and
(4) the identification of the customer by:
(A) Social Security number;
(B) driver's license number;
(C) passport number; or
(D) other traceable record.
As added by P.L.42-1993, SEC.86. Amended by P.L.11-2023, SEC.91.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-17. Check Cashing Fee Limitations

Sec. 17. (a) Except as otherwise provided in this chapter, a licensee may not charge check cashing fees in excess of:
(1) the greater of ten dollars ($10) or ten percent (10%) of the face amount of a check, in the case of a personal check; or
(2) the greater of five dollars ($5) or five percent (5%) of the face amount of a check, in the case of all other checks.
(b) Except as provided in this chapter, a licensee or the licensee's agent may not accept multiple checks from a:
(1) person;
(2) person's spouse; or
(3) person's agent;
drawn on the person's account with the intent that the licensee may collect multiple or increased fees for cashing the checks.
As added by P.L.42-1993, SEC.86. Amended by P.L.80-1998, SEC.23; P.L.213-2007, SEC.88; P.L.217-2007, SEC.86.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-18. Record Keeping; Duty to Safeguard Personal Records

Sec. 18. (a) A licensee shall keep its books, accounts, and records satisfactory to the department for each transaction for at least three (3) years from the transaction date.
(b) A licensee shall keep its books, accounts, and records separate from those of any other type of business and in a manner that reflects the order of the licensee's transactions.
(c) A person 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 person.
As added by P.L.42-1993, SEC.86. Amended by P.L.90-2008, SEC.65.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-18.2. Carrying on Other Business

Sec. 18.2. A licensee may carry on other business at a location where the licensee conducts the business of cashing checks 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.50.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-18.4. Felony Convictions or Pleas; Notice to Department

Sec. 18.4. (a) This section applies if, after a person has been issued a license or renewal license under this chapter, the licensee, or any individual described in section 11(b)(2) of this chapter, has been convicted of or pleaded guilty to a felony under the laws of Indiana or any other jurisdiction.
(b) If this section applies, the licensee shall provide to the department the information required under section 11(b)(2)(D) of this chapter:
(1) not later than thirty (30) days after the licensee or individual described in section 11(b)(2) of this chapter has been convicted of or pleaded guilty to the felony; or
(2) if the licensee's next license renewal fee under section 15 of this chapter is due before the date described in subdivision (1), along with the licensee's next license renewal fee under section 15 of this chapter.
As added by P.L.213-2007, SEC.89; P.L.217-2007, SEC.87. Amended by P.L.35-2010, SEC.188; P.L.186-2015, SEC.47.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-18.5. Checks Drawn on Valid Accounts and Deposited With Intent to Draw Funds

Sec. 18.5. The check in a check cashing transaction, to the best of the licensee's knowledge, must be drawn on a valid, open, and active account and must be deposited by the licensee into a financial institution with the intent to draw the funds of that check.
As added by P.L.80-1998, SEC.24.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-20. Investigation Procedures

Sec. 20. In making investigations concerning the compliance of a licensee the department may:
(1) administer oaths;
(2) subpoena witnesses; and
(3) require the production of:
(A) books, documents, or other tangible items; and
(B) information pertaining to the identity of and location of persons having knowledge of facts concerning compliance with this chapter.
As added by P.L.42-1993, SEC.86. Amended by P.L.9-2022, SEC.59.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-21. Examination of Records Located Outside Indiana

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.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-21.1. Applicability of Law Governing Administrative Orders and Procedures; Venue

Sec. 21.1. Except as otherwise provided, IC 4-21.5 applies to and governs all agency action taken by the department under this chapter. A proceeding for administrative review under IC 4-21.5-3 or judicial review under IC 4-21.5-5 must be held in Marion County.
As added by P.L.35-2010, SEC.190.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-22.5. Failure to File Renewal Form or Pay Renewal Fee; Revocation or Suspension of License

Sec. 22.5. (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 applications prescribed by the director; or
(2) pay any license renewal fee described under section 15 of this chapter;
not later than sixty (60) days after the date the renewal is due.
(b) A person whose license is revoked or suspended under this section may:
(1) pay all delinquent fees and apply for reinstatement of the person's license; or
(2) appeal the revocation 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.176-1996, SEC.26. Amended by P.L.35-2010, SEC.191; P.L.89-2011, SEC.66.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-23. Investigations; Void Check Cashing Transactions

Sec. 23. (a) If the department determines that a reasonable belief exists that a person is operating without a valid license or in violation of this chapter, the department may investigate the person.
(b) If a person knowingly acts as a casher of checks without the license required by section 12 of this chapter, the check cashing transaction is void and the customer is not required to pay any check cashing fees to the person. If the customer has paid any check cashing fees to the person, the customer, or the department on behalf of the customer, is entitled to recover the payment from the person.
As added by P.L.42-1993, SEC.86. Amended by P.L.172-1997, SEC.24.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-24. Civil Penalties; Civil Action by Department

Sec. 24. (a) If the department determines, after notice and an opportunity to be heard, that a person has violated this chapter, the department may, in addition to or instead of all other remedies available under this chapter, impose upon the person a civil penalty not greater than ten thousand dollars ($10,000) per violation.
(b) In addition to or instead of imposing a civil penalty under subsection (a), the department may bring a civil action against a person for violating this chapter.
(c) If the court finds that the defendant is guilty of violating this chapter, the court may assess a civil penalty not to exceed five thousand dollars ($5,000) per violation.
(d) Civil penalties collected under this section shall be deposited into the financial institutions fund established by IC 28-11-2-9.
As added by P.L.42-1993, SEC.86. Amended by P.L.89-2011, SEC.67.
2023 Indiana Code › Title 28. Financial Institutions › Article 8. Financial Services › Chapter 5. Cashing Checks › 28-8-5-24.5. Compliance With Money Laundering Laws; Investigation and Enforcement by Department

Sec. 24.5. (a) A licensee shall comply with all state and federal money laundering statutes and regulations, including the following:
(1) The Bank Secrecy Act (31 U.S.C. 5311 et seq.).
(2) The USA Patriot Act of 2001 (P.L. 107-56).
(3) Any regulations, policies, or reporting requirements established by the Financial Crimes Enforcement Network of the United States Department of the Treasury.
(4) Any other state or federal money laundering statutes or regulations that apply to a licensee.
(b) The department shall do the following:
(1) To the extent authorized or required by state law, investigate potential violations of, and enforce compliance with, state money laundering statutes or regulations.
(2) Investigate potential violations of federal money laundering statutes or regulations and, to the extent authorized or required by federal law:
(A) enforce compliance with the federal statutes or regulations; or
(B) refer suspected violations of the federal statutes or regulations to the appropriate federal regulatory agencies.
As added by P.L.10-2006, SEC.66 and P.L.57-2006, SEC.66.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 1. Applicability › 28-9-1-1. Application of Article

Sec. 1. This article does not apply to income withholding under IC 31-16-15.
As added by P.L.258-1989, SEC.2. Amended by P.L.1-1997, SEC.117.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 2. Definitions › 28-9-2-2. "Adverse Claim"

Sec. 2. "Adverse claim" includes the following:
(1) A claim to a deposit account that is adverse to the rights or interest of any depositor of the deposit account.
(2) A claim to a deposit account that is made in the name of a person other than a person who is named as a depositor of the deposit account.
(3) A claim of authority by a corporate officer or agent to manage, draw on, or control a deposit account, if that claim of authority:
(A) is contrary to the authority indicated in the records of the depository financial institution; or
(B) conflicts with a claim of authority asserted by another person.
(4) The claim of a money judgment creditor against a person who is or may be a depositor.
As added by P.L.258-1989, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 2. Definitions › 28-9-2-4. "Depositor"

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.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 2. Definitions › 28-9-2-5. "Deposit Account"

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.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 2. Definitions › 28-9-2-6. "Depository Financial Institution"

Sec. 6. "Depository financial institution" means a financial institution that is organized or reorganized under Indiana law, the law of another state, or United States law. The term includes:
(1) a commercial bank;
(2) a trust company;
(3) a credit union;
(4) a savings bank;
(5) a savings association;
(6) a bank of discount and deposit;
(7) an industrial loan and investment company; or
(8) a similar financial institution to those listed in subdivisions (1) through (7);
if that financial institution has the financial institution's principal place of business or a branch in Indiana.
As added by P.L.258-1989, SEC.2. Amended by P.L.42-1993, SEC.87; P.L.79-1998, SEC.82.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 2. Definitions › 28-9-2-8. "Working Day"

Sec. 8. "Working day" means that part of any day on which a depository financial institution is open to the public for carrying on substantially all of its functions.
As added by P.L.258-1989, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 3. Notice of Adverse Claims › 28-9-3-1. Duty of Depository Financial Institution Upon Notice of Adverse Claim

Sec. 1. Except upon the conditions specified in sections 3 and 4 of this chapter, notice to a depository financial institution of an adverse claim does not require the depository financial institution to:
(1) recognize the adverse claim in any manner; or
(2) place a hold on, or otherwise restrict withdrawal of funds from, a deposit account.
As added by P.L.258-1989, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 3. Notice of Adverse Claims › 28-9-3-2. Honoring Order or Instructions of Depositor; Liability

Sec. 2. Except as provided in sections 3 and 4 of this chapter, and notwithstanding IC 34-25-3-3 or any other rule or doctrine of law that:
(1) would cause a depository financial institution to be accountable to an adverse claimant for any portion of any deposit account; or
(2) would create or impose in favor of an adverse claimant a lien, charge, encumbrance, or other right with respect to a deposit account;
a depository financial institution may, without being liable in damages to any person, honor the order or instructions of a depositor or an agent of a depositor who is authorized under records maintained by the depository financial institution to control the depositor's deposit account.
As added by P.L.258-1989, SEC.2. Amended by P.L.1-1998, SEC.156.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 3. Notice of Adverse Claims › 28-9-3-3. Adverse Claim by One Who Is Not a Money Judgment Creditor of a Depositor; Accountability of Depository Financial Institution; Actions Required of Adverse Claimant

Sec. 3. (a) This section applies to an adverse claimant who is not a money judgment creditor of a depositor.
(b) A depository financial institution may not be held accountable to an adverse claimant for funds in a deposit account that are claimed by the adverse claimant unless the adverse claimant:
(1) serves on the depository financial institution written verified notice of the adverse claim stating in detail:
(A) the nature of the adverse claim, including the facts from which the adverse claim arose;
(B) that an action has been instituted in a court having jurisdiction in Indiana, or will be instituted within three (3) working days after receipt by the depository financial institution of the notice; and
(C) that the action instituted will include all persons known by the adverse claimant to have a claim against or an interest in the deposit account;
(2) serves on the depository financial institution notice of an adverse claim with a restraining order, an injunction, or another legal process that:
(A) directs the depository financial institution to place a hold on or otherwise restrict withdrawals from a deposit account;
(B) is issued or appears to be issued by a court having jurisdiction as a result of an action in which the depositor, the depository financial institution, and all persons who are known to the depository financial institution as having an interest in the deposit account are parties; and
(C) is accompanied by a court order providing for the recovery and collection by the depository financial institution of all costs and expenses, including attorney's fees, that have been or may be incurred by the depository financial institution as a result of the action; or
(3) furnishes to the depository financial institution, in form and with sureties acceptable to the depository financial institution, a bond indemnifying the depository financial institution from payment of damages, costs and expenses, and attorney's fees incurred by the depository financial institution as a result of the:
(A) payment by the depository financial institution of the adverse claim;
(B) dishonor by the depository financial institution of any instructions from, or orders by, a depositor; or
(C) dishonor by the depository financial institution of other duties imposed upon the depository financial institution by contract or law.
As added by P.L.258-1989, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 4. Procedure Upon Receipt of Notice › 28-9-4-1. Receipt of Notice From an Adverse Claimant Who Is Not a Money Judgment Creditor; Hold on Deposit Account

Sec. 1. (a) Upon receipt of the notice required under IC 28-9-3-3(b)(1), a depository financial institution shall place a hold on the deposit account described in the notice the amount in controversy that is specified by the notice.
(b) If within three (3) working days after receipt by a depository financial institution of the notice required under IC 28-9-3-3(b)(1), the adverse claimant has failed to serve or cause to be served an apparently valid order directing the depository financial institution to hold or restrict the funds in a deposit account against which an adverse claim is asserted, the depository financial institution shall treat the deposit account as if no notice of an adverse claim had been given.
As added by P.L.258-1989, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 4. Procedure Upon Receipt of Notice › 28-9-4-2. Receipt of Notice From an Adverse Claimant Who Is a Money Judgment Creditor; Restriction on Withdrawal From Deposit Account; Expiration of Restriction

Sec. 2. (a) Upon receipt from an adverse claimant who is a money judgment creditor of the documents and process required under IC 28-9-3-4(d), a depository financial institution shall:
(1) deduct and obtain from the deposit account the full amount of the fee specified in section 3(b) of this chapter;
(2) within a commercially reasonable time after receiving the documents and process, restrict withdrawal of funds in the deposit account identified in the documents and process in an amount equal to the lesser of:
(A) the unpaid amount of the judgment specified by the documents and process; or
(B) the balance in the account at the time of receipt of the documents and process;
less one-half (1/2) of the amount of the fee deducted under subdivision (1);
(3) if the depository financial institution places a hold on the deposit account of a judgment defendant who is an individual, within one (1) working day after the hold has been placed, send to each depositor whose deposit account is affected at the last known address of such depositor or depositors (as the address is shown by the records of the depository financial institution with respect to that deposit account) a copy of the notice or order containing the notice specified in IC 28-9-3-4(d)(3) and a written notification advising the depositor or depositors that the hold has been placed; and
(4) if the depository financial institution places a hold on the deposit account of a judgment defendant who is not an individual, within one (1) working day after the hold has been placed, send to each depositor whose deposit account is affected at the last known address of such depositor or depositors (as the address is shown by the records of the depository financial institution with respect to that deposit account) a written notification advising the depositor or depositors that the hold has been placed.
(b) The restriction on withdrawal from a deposit account imposed by a depository financial institution under this section may not exceed ninety (90) days, pending a court's determination of the adverse claimant's rights to the amount restricted.
(c) If:
(1) ninety (90) days have elapsed after the hold is placed on a deposit account; and
(2) an apparently valid order of a court has not been served upon the depository financial institution that directs the depository financial institution to begin or to continue to restrict withdrawals from a deposit account;
the restriction on withdrawal from the deposit account imposed under subsection (a) expires.
As added by P.L.258-1989, SEC.2. Amended by P.L.89-1998, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 4. Procedure Upon Receipt of Notice › 28-9-4-3. Garnishment Fee; Credit Against Unpaid Amount of Judgment; Deposit Funds Exempt From Garnishment

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.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 5. Immunity; Indemnification; Interpleader › 28-9-5-1. Holds on or Restrictions of Withdrawals From Deposit Accounts; Failure to Send Copy of Order or Notice or Written Notification to Depositor; Immunity

Sec. 1. (a) A depository financial institution that, in good faith, places a hold on, or otherwise restricts withdrawals from, a deposit account under IC 28-9-4-1(a), under IC 28-9-4-2(a), or in response to the process prescribed in IC 28-9-3-3(b)(2) is immune from civil liability to any person, including any depositor, by reason of the failure of the depository financial institution to treat the deposit account in accordance with an agreement made between the depository financial institution and a depositor.
(b) A depository financial institution that, in good faith, places a hold on a deposit account under IC 28-9-4-2(a) is immune from civil liability to any depositor for the failure of the depository financial institution to send the copy of the order or notice or the written notification required under IC 28-9-4-2(a)(2) or for the failure to send the written notification required under IC 28-9-4-2(a)(3) if the failure was not intentional and was the result of a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid such an error.
As added by P.L.258-1989, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 5. Immunity; Indemnification; Interpleader › 28-9-5-2. Indemnification of Depository Financial Institution by Adverse Claimant

Sec. 2. If a depository financial institution:
(1) has responded in good faith to an adverse claimant under this article; and
(2) is held liable to a depositor or another person by reason of the failure of the depository financial institution to treat a deposit account in accordance with an agreement made between the depository financial institution and a depositor;
the depository financial institution is entitled to indemnification from the adverse claimant for the full amount of damages incurred by the depository financial institution, including attorney's fees.
As added by P.L.258-1989, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 9. Depository Financial Institutions Adverse Claims Act › Chapter 5. Immunity; Indemnification; Interpleader › 28-9-5-3. Interpleader

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.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 1. General Provisions › 28-10-1-1. References to Federal Laws or Regulations

Sec. 1. A reference to a federal law or federal regulation in this title is a reference to the law or regulation as in effect December 31, 2022.
As added by P.L.33-1991, SEC.55. Amended by P.L.14-1992, SEC.159; P.L.42-1993, SEC.88; P.L.122-1994, SEC.106; P.L.262-1995, SEC.69; P.L.176-1996, SEC.27; P.L.192-1997, SEC.23; P.L.11-1998, SEC.20; P.L.215-1999, SEC.7; P.L.23-2000, SEC.10; P.L.63-2001, SEC.22 and P.L.134-2001, SEC.24; P.L.82-2002, SEC.2; P.L.192-2003, SEC.6 and P.L.258-2003, SEC.18; P.L.73-2004, SEC.40; P.L.141-2005, SEC.19; P.L.10-2006, SEC.67 and P.L.57-2006, SEC.67; P.L.213-2007, SEC.90; P.L.217-2007, SEC.88; P.L.90-2008, SEC.66; P.L.182-2009(ss), SEC.372; P.L.35-2010, SEC.192; P.L.89-2011, SEC.68; P.L.27-2012, SEC.106; P.L.216-2013, SEC.65; P.L.137-2014, SEC.38; P.L.186-2015, SEC.50; P.L.73-2016, SEC.28; P.L.159-2017, SEC.52; P.L.69-2018, SEC.68; P.L.176-2019, SEC.63; P.L.129-2020, SEC.23; P.L.54-2021, SEC.5; P.L.29-2022, SEC.13; P.L.197-2023, SEC.19.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 1. General Provisions › 28-10-1-2. Applicability of Definitions

Sec. 2. The definitions in IC 28-1-1-3 apply in the following statutes:
(1) This article.
(2) IC 28-11.
(3) IC 28-12.
(4) IC 28-13.
(5) IC 28-14.
As added by P.L.14-1992, SEC.160. Amended by P.L.262-1995, SEC.70.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 1. General Provisions › 28-10-1-3. "Corporation" Defined

Sec. 3. For purposes of IC 28-12, "corporation" means any of the following:
(1) A bank and trust company.
(2) A bank.
(3) A savings association.
(4) A trust company.
(5) A stock savings bank.
(6) A corporate fiduciary.
As added by P.L.14-1992, SEC.161. Amended by P.L.42-1993, SEC.89; P.L.122-1994, SEC.107; P.L.262-1995, SEC.71; P.L.79-1998, SEC.83.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 1. General Provisions › 28-10-1-4. "Corporation" Defined

Sec. 4. For purposes of IC 28-13, "corporation" means any of the following:
(1) A bank and trust company.
(2) A bank.
(3) A savings association.
(4) A mutual savings bank formed as the result of a conversion under IC 28-1-21.7 and governed by IC 28-6.1.
(5) A stock savings bank that was:
(A) formed as the result of a conversion under IC 28-1-21.8 or IC 28-1-21.9; or
(B) incorporated under IC 28-12; and
that is governed by IC 28-6.1.
(6) A trust company.
(7) A corporate fiduciary.
As added by P.L.42-1993, SEC.90. Amended by P.L.122-1994, SEC.108; P.L.262-1995, SEC.72; P.L.79-1998, SEC.84.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-1. Applicability; Conflicts With Other Indiana Code Provisions

Sec. 1. Notwithstanding IC 26-1 or any other Indiana law, this chapter applies to any contract, security, or instrument, including contracts involving commercial transactions. If there is a conflict between a provision in this chapter and another provision of the Indiana Code, this chapter controls.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-2. "Benchmark"

Sec. 2. As used in this chapter, "benchmark" means an index of interest rates or dividend rates that is used, in whole or in part, as the basis of, or as a reference for, calculating or determining any valuation, payment, or other measurement under or with respect to a contract, security, or instrument.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-3. "Benchmark Replacement"

Sec. 3. As used in this chapter, "benchmark replacement" means:
(1) a benchmark;
(2) an interest rate; or
(3) a dividend rate;
that may or may not be based in whole or in part on a prior setting of LIBOR, and that replaces LIBOR (or any interest rate or dividend rate based on LIBOR), whether on a temporary, permanent, or indefinite basis, under or with respect to a contract, security, or instrument.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-4. "Benchmark Replacement Conforming Changes"

Sec. 4. As used in this chapter, "benchmark replacement conforming changes" means any technical, administrative, or operational changes, alterations, or modifications that:
(1) are made to a contract, security, or instrument;
(2) are associated with and reasonably necessary for the use, adoption, calculation, or implementation of a recommended benchmark replacement; and
(3) either:
(A) have been selected or recommended by a relevant recommending body; or
(B) if, in the reasonable judgment of the calculating person for a particular contract, security, or instrument, the changes selected or recommended under clause (A):
(i) do not apply to the contract, security, or instrument; or
(ii) are insufficient to permit the administration and calculation of the recommended benchmark replacement;
consist of such other changes, alterations, or modifications that, in the reasonable judgment of the calculating person, are necessary to permit the administration and calculation of the recommended benchmark replacement in a manner consistent with market practice for substantially similar contracts, securities, or instruments and, to the extent practicable, in the manner in which the particular contract, security, or instrument was administered immediately before the LIBOR replacement date, and that would not result in a disposition of the contract, security, or instrument for United States federal income tax purposes.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-5. "Calculating Person"

Sec. 5. (a) As used in this chapter, "calculating person", with respect to a particular contract, security, or instrument, means any person responsible for calculating or determining any valuation, payment, or other measurement based on a benchmark.
(b) The term includes the determining person for a particular contract, security, or instrument.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-6. "Contract, Security, or Instrument"

Sec. 6. As used in this chapter, "contract, security, or instrument" includes any:
(1) contract;
(2) agreement;
(3) mortgage;
(4) deed of trust;
(5) lease;
(6) instrument; or
(7) other obligation or security, whether representing debt or equity, and including any interest in a corporation, partnership, or limited liability company.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-7. "Determining Person"

Sec. 7. As used in this chapter, "determining person", with respect to a particular contract, security, or instrument, means:
(1) a person specified as the determining person with respect to the contract, security, or instrument; or
(2) if there is not a person specified as the determining person with respect to the contract, security, or instrument, the following, in order of priority:
(A) A person with the authority, right, or obligation to determine the benchmark replacement that will take effect on the LIBOR replacement date.
(B) If there is not a person described in clause (A) with respect to the contract, security, or instrument, a person with the authority, right, or obligation to calculate or determine a valuation, payment, or other measurement based on a benchmark.
(C) If there is not a person described in clause (A) or (B) with respect to the contract, security, or instrument, a person with the authority, right, or obligation to notify other persons of the occurrence of a LIBOR discontinuance event, a LIBOR replacement date, or a benchmark replacement.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-8. "Fallback Provisions"

Sec. 8. As used in this chapter, "fallback provisions" means terms that are included in a contract, security, or instrument and that set forth a methodology or procedure for determining a benchmark replacement, including any terms relating to the effective date of the benchmark replacement, regardless of whether a benchmark replacement can be determined in accordance with the specified methodology or procedure.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-9. "Libor"

Sec. 9. (a) As used in this chapter, "LIBOR" means United States Dollar LIBOR (formerly known as the London Interbank Offered Rate), as administered by Intercontinental Exchange Benchmark Administration Limited (or by any predecessor or successor entity), that is used in making any calculation or determination under a particular contract, security or instrument.
(b) The term includes any:
(1) predecessor or successor of LIBOR; and
(2) tenor of LIBOR.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-10. "Libor Discontinuance Event"

Sec. 10. (a) As used in this chapter, "LIBOR discontinuance event" means the earliest to occur of any of the following:
(1) A public statement or publication of information that:
(A) is made by, or on behalf of, the administrator of LIBOR;
(B) announces that the administrator has ceased or will cease to provide LIBOR, whether permanently or indefinitely; and
(C) when made, there is no successor administrator that will continue to provide LIBOR.
(2) A public statement or publication of information that:
(A) is made by the regulatory supervisor for the administrator of LIBOR, the United States Federal Reserve System, an insolvency official with jurisdiction over the administrator of LIBOR, a resolution authority with jurisdiction over the administrator of LIBOR, or a court or entity with similar insolvency or resolution authority over the administrator of LIBOR;
(B) states that the administrator of LIBOR has ceased or will cease to provide LIBOR, whether permanently or indefinitely; and
(C) when made, there is no successor administrator that will continue to provide LIBOR.
(3) A public statement or publication of information that:
(A) is made by the regulatory supervisor for the administrator of LIBOR; and
(B) announces that LIBOR is no longer representative.
(b) With respect to a particular contract, security, or instrument, the term does not include a public statement or publication of information that affects one (1) or more tenors of LIBOR in either of the following circumstances:
(1) If:
(A) the contract, security, or instrument:
(i) provides for only one (1) tenor of LIBOR; and
(ii) requires interpolation; and
(B) the tenor provided for can be interpolated from LIBOR tenors that are not affected by the public statement or publication of information.
(2) If:
(A) the contract, security, or instrument permits a party to choose from more than one (1) tenor of LIBOR; and
(B) any of the specified tenors:
(i) is not affected by the public statement or publication of information; or
(ii) can be interpolated from LIBOR tenors that are not affected by the public statement or publication of information, if the contract, security, or instrument requires interpolation.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-11. "Libor Replacement Date"

Sec. 11. (a) As used in this chapter, "LIBOR replacement date" means the following:
(1) In the case of a LIBOR discontinuance event described in section 10(a)(1) or 10(a)(2) of this chapter, the later of:
(A) the date of the public statement or publication of information described in section 10(a)(1) or 10(a)(2) of this chapter, as applicable; or
(B) the date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR.
(2) In the case of a LIBOR discontinuance event described in section 10(a)(3) of this chapter, the date of the public statement or publication of information described in section 10(a)(3) of this chapter.
(b) With respect to a particular contract, security, or instrument, the term does not include a date that affects one (1) or more tenors of LIBOR in either of the following circumstances:
(1) If:
(A) the contract, security, or instrument:
(i) provides for only one (1) tenor of LIBOR; and
(ii) requires interpolation; and
(B) the tenor provided for can be interpolated from LIBOR tenors that are not affected on the date.
(2) If:
(A) the contract, security, or instrument permits a party to choose from more than one (1) tenor of LIBOR; and
(B) any of the specified tenors:
(i) is not affected on the date; or
(ii) can be interpolated from LIBOR tenors that are not affected on the date, if the contract, security, or instrument requires interpolation.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-12. "Recommended Benchmark Replacement"

Sec. 12. As used in this chapter, "recommended benchmark replacement", with respect to a particular type of contract, security, or instrument, means a benchmark replacement based on SOFR, including any recommended spread adjustment and any benchmark replacement conforming changes, that is selected or recommended by a relevant recommending body with respect to the type of contract, security, or instrument.
As added by P.L.67-2022, SEC.1.