reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-13. "Recommended Spread Adjustment"

Sec. 13. As used in this chapter, "recommended spread adjustment" means a spread adjustment, or method for calculating or determining the spread adjustment, that:
(1) is selected or recommended by a relevant recommending body for:
(A) a recommended benchmark replacement;
(B) a particular type of contract, security, or instrument; and
(C) a particular term;
to account for the effects of the transition or change from LIBOR to the recommended benchmark replacement; and
(2) may:
(A) have a positive or negative value; or
(B) equal zero (0).
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 › 28-10-2-14. "Relevant Recommending Body"

Sec. 14. As used in this chapter, "relevant recommending body" means:
(1) the Federal Reserve Board or any successor;
(2) the Federal Reserve Bank of New York or any successor; or
(3) the Alternative Reference Rates Committee or any successor.
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 › 28-10-2-15. "Secured Overnight Financing Rate"

Sec. 15. As used in this chapter, "secured overnight financing rate", or "SOFR", with respect to any day, means the secured overnight financing rate published for the day by the Federal Reserve Bank of New York, as the administrator of the benchmark, or by any successor administrator, on the SOFR administrator's Internet web site.
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 › 28-10-2-16. "Sofr Administrator's Internet Web Site"

Sec. 16. As used in this chapter, "SOFR administrator's Internet web site" means the Internet web site of the Federal Reserve Bank of New York, or of any successor source for the secured overnight financing rate, that is identified as such by the administrator of SOFR from time to time.
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 › 28-10-2-17. Libor Replacement Date; Recommended Benchmark Replacement as Benchmark Replacement by Operation of Law

Sec. 17. (a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, becomes the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and that either:
(1) contains no fallback provisions; or
(2) contains fallback provisions that result in a benchmark replacement that:
(A) is not a recommended benchmark replacement; and
(B) is based in any way on any LIBOR value.
(b) After the occurrence of a LIBOR discontinuance event, any fallback provisions in a contract, security, or instrument that provide for a benchmark replacement based on or involving:
(1) a poll, survey, or inquiries for quotes or information concerning interbank lending rates; or
(2) any:
(A) interest rate; or
(B) dividend rate;
based on LIBOR;
shall be disregarded as if not included in the contract, security, or instrument, and are considered void and without any force or effect.
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 › 28-10-2-18. Fallback Provisions Permitting or Requiring a Benchmark Replacement Based on Libor; Determining Person Authorized to Select Recommended Benchmark Replacement; Conditions

Sec. 18. (a) This section applies to any contract, security, or instrument that uses LIBOR as a benchmark and that contains fallback provisions that permit or require the selection of a benchmark replacement that:
(1) is based in any way on any LIBOR value; or
(2) is:
(A) a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR;
(B) a reasonable, comparable, or analogous term for LIBOR under or with respect to the contract, security, or instrument; or
(C) based on a methodology or information that is similar or comparable to LIBOR.
(b) With respect to any contract, security, or instrument to which this section applies, a determining person is authorized, but is not required, to select on or after the occurrence of a LIBOR discontinuance event the recommended benchmark replacement as the benchmark replacement for the contract, security, or instrument. A selection of the recommended benchmark replacement under this section must be:
(1) irrevocable;
(2) made by the earlier of:
(A) the LIBOR replacement date; or
(B) the latest date for selecting a benchmark replacement under the terms of the contract, security, or instrument; and
(3) used in any determination of the benchmark that is made under or with respect to the contract, security, or instrument on or after the LIBOR replacement date.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 10. General Provisions and Definitions › Chapter 2. Libor Discontinuance and Replacement › 28-10-2-19. Benchmark Replacement Conforming Changes Applicable to Recommended Benchmark Replacement; Incorporated by Operation of Law

Sec. 19. If a recommended benchmark replacement becomes the benchmark replacement for any contract, security, or instrument under this chapter, any benchmark replacement conforming changes that are applicable to the recommended benchmark replacement become an integral part of the contract, security, or instrument by operation of law.
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 › 28-10-2-20. Certain Agreements, Contracts, Securities, and Instruments Not Affected

Sec. 20. This chapter does not alter or impair any of the following:
(1) Any written agreement by all requisite parties that, retrospectively or prospectively, a contract, security, or instrument is not subject to any provisions set forth in this chapter, regardless of whether the written agreement refers specifically to this chapter. For purposes of this subdivision, "all requisite parties" means all parties required to amend the terms and provisions of a contract, security, or instrument that, but for a written agreement described in this subdivision, would otherwise be altered or affected by this chapter.
(2) Any contract, security, or instrument that contains fallback provisions that would result in a benchmark replacement that is not based on LIBOR, including any benchmark replacement that is based on the prime rate or on the federal funds rate. However, a contract, security, or instrument described in this subdivision is subject to section 17(b) of this chapter.
(3) Any contract, security, or instrument described in section 18(a) of this chapter and with respect to which:
(A) a determining person does not elect to use the recommended benchmark replacement under section 18(b) of this chapter; or
(B) a determining person elects to use the recommended benchmark replacement before the occurrence of a LIBOR discontinuance event.
However, a contract, security, or instrument described in this subdivision is subject to section 17(b) of this chapter.
(4) The application to a recommended benchmark replacement of any cap, floor, modifier, or spread adjustment to which LIBOR had been subject under the terms of 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 › 28-10-2-21. Selection or Use of Recommended Benchmark Replacement as Substantial Performance

Sec. 21. The selection or use of a recommended benchmark replacement as a benchmark replacement under or with respect to a contract, security, or instrument by operation of this chapter constitutes:
(1) a commercially reasonable replacement for and a commercially substantial equivalent to LIBOR;
(2) a reasonable, comparable, or analogous term for LIBOR under or with respect to the contract, security, or instrument;
(3) a replacement that is based on a methodology or information that is similar or comparable to LIBOR; and
(4) substantial performance by any person of any right or obligation relating to or based on LIBOR under or with respect to the 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 › 28-10-2-22. Occurrence of Libor Discontinuance Event or Replacement Date; Selection of Recommended Benchmark Replacement; Implementation of Benchmark Replacement Conforming Changes; Effect on Existing Rights and Obligations

Sec. 22. (a) This section applies if any of the following occur or take place as described in, or by operation of, this chapter:
(1) A LIBOR discontinuance event.
(2) A LIBOR replacement date.
(3) The selection or use of a recommended benchmark replacement as a benchmark replacement.
(4) The determination, implementation, or performance of benchmark replacement conforming changes.
(b) An event, occurrence, or action described in subsection (a) does not:
(1) impair or affect the right of any person to receive a payment, or affect the amount or timing of the payment, under any contract, security, or instrument;
(2) discharge or excuse performance under any contract, security, or instrument for any reason, claim, or defense, including any force majeure or other provision in a contract, security, or instrument;
(3) give any person the right to unilaterally terminate or suspend performance under any contract, security, or instrument;
(4) constitute a breach of a contract, security, or instrument; or
(5) void or nullify any contract, security, or instrument, except as provided in section 17(b) of this chapter.
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 › 28-10-2-23. Recommended Benchmark Replacement; Benchmark Conforming Changes; Immunity From Liability; Rights, Interests, and Obligations Not Impaired or Affected

Sec. 23. (a) A person is not liable for damages to any person, and is not subject to any claim or request for equitable relief, arising out of or related to:
(1) the selection or use of a recommended benchmark replacement; or
(2) the determination, implementation, or performance of benchmark replacement conforming changes;
by operation of this chapter, and an action described in subdivision (1) or (2) does not give rise to any claim or cause of action in law or in equity.
(b) An action described in subsection (a)(1) or (a)(2) that occurs by operation of this chapter does not:
(1) constitute an amendment or a modification of any contract, security, or instrument; or
(2) prejudice, impair, or affect any person's rights, interests, or obligations under or with respect to any 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 › 28-10-2-24. No Negative Inference or Presumption as to Validity or Enforceability of Certain Terms

Sec. 24. Except as provided in sections 17 and 18 of this chapter, this chapter shall not be construed as creating any negative inference or negative presumption regarding the validity or enforceability of any of the following:
(1) Any benchmark replacement that is not a recommended benchmark replacement.
(2) Any spread adjustment, or method for calculating or determining a spread adjustment, that is not a recommended spread adjustment.
(3) Any changes, alterations, or modifications with respect to a contract, security, or instrument that are not benchmark replacement conforming changes.
As added by P.L.67-2022, SEC.1.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-1. Department of Financial Institutions; Establishment; Expenses Paid by Fees; Not Subject to Oversight; Examination of Funds, Accounts, and Financial Affairs

Sec. 1. (a) The department of financial institutions is established.
(b) The department:
(1) is an independent agency in the executive branch of state government; and
(2) exercises essential public functions.
(c) The expenses of the department in administering the financial institutions subject to the department's oversight are paid by financial institutions through fees established by the department under IC 28-11-3-5.
(d) Subject to subsection (e), the department's regulatory and budgetary functions are not subject to oversight by the following:
(1) The office of management and budget (notwithstanding IC 4-3-22-14).
(2) The budget agency (notwithstanding IC 4-12-1).
(3) The state personnel department (notwithstanding IC 4-15-2.2).
(4) The Indiana department of administration (notwithstanding IC 4-13-1).
(5) The office of technology (notwithstanding IC 4-13.1).
(e) The department's funds, accounts, and financial affairs shall be examined by the state board of accounts.
As added by P.L.33-1991, SEC.56. Amended by P.L.213-2007, SEC.91; P.L.217-2007, SEC.89; P.L.6-2012, SEC.200; P.L.181-2015, SEC.45.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-3. Members of Department

Note: This version of section effective until 1-1-2024. See also following version of this section, effective 1-1-2024.
Sec. 3. (a) The ultimate authority for and the powers, duties, management, and control of the department are vested in the following seven (7) members:
(1) The director of the department, who serves as an ex officio, voting member.
(2) The following six (6) members appointed by the governor as follows:
(A) Three (3) members must have practical experience at the executive level of a:
(i) state chartered bank;
(ii) state chartered savings association; or
(iii) state chartered savings bank.
(B) One (1) member must have practical experience at the executive level as a:
(i) lender licensed under IC 24-4.5;
(ii) mortgage lender licensed under IC 24-4.4;
(iii) registrant under IC 24-7;
(iv) licensee under IC 28-1-29;
(v) licensee under IC 28-7-5;
(vi) licensee under IC 28-8-4; or
(vii) licensee under IC 28-8-5.
(C) One (1) member must have practical experience at the executive level of a state chartered credit union.
(D) One (1) member must be appointed with due regard for the consumer, agricultural, industrial, and commercial interests of Indiana.
(b) Not more than three (3) members appointed by the governor under subsection (a)(2) after June 30, 2006, may be affiliated with the same political party.
As added by P.L.33-1991, SEC.56. Amended by P.L.262-1995, SEC.73; P.L.79-1998, SEC.85; P.L.10-2006, SEC.68 and P.L.57-2006, SEC.68; P.L.213-2007, SEC.92; P.L.217-2007, SEC.90; P.L.159-2017, SEC.53.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-3-b. Members of Department

Note: This version of section effective 1-1-2024. See also preceding version of this section, effective until 1-1-2024.
Sec. 3. (a) The ultimate authority for and the powers, duties, management, and control of the department are vested in the following seven (7) members:
(1) The director of the department, who serves as an ex officio, voting member.
(2) The following six (6) members appointed by the governor as follows:
(A) Three (3) members must have practical experience at the executive level of a:
(i) state chartered bank;
(ii) state chartered savings association; or
(iii) state chartered savings bank.
(B) One (1) member must have practical experience at the executive level as a:
(i) lender licensed under IC 24-4.5;
(ii) mortgage lender licensed under IC 24-4.4;
(iii) registrant under IC 24-7;
(iv) licensee under IC 28-1-29;
(v) licensee under IC 28-7-5;
(vi) licensee under IC 28-8-4.1; or
(vii) licensee under IC 28-8-5.
(C) One (1) member must have practical experience at the executive level of a state chartered credit union.
(D) One (1) member must be appointed with due regard for the consumer, agricultural, industrial, and commercial interests of Indiana.
(b) Not more than three (3) members appointed by the governor under subsection (a)(2) after June 30, 2006, may be affiliated with the same political party.
As added by P.L.33-1991, SEC.56. Amended by P.L.262-1995, SEC.73; P.L.79-1998, SEC.85; P.L.10-2006, SEC.68 and P.L.57-2006, SEC.68; P.L.213-2007, SEC.92; P.L.217-2007, SEC.90; P.L.159-2017, SEC.53; P.L.198-2023, SEC.5.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-5. Term of Office; Reappointment of a Member; Service to Continue Until Successor Appointed

Sec. 5. (a) A member appointed by the governor under section 3(a)(2) of this chapter serves a term of four (4) years but at the pleasure of the governor.
(b) The governor may reappoint a member appointed under section 3(a)(2) of this chapter.
(c) Notwithstanding the expiration of a member's term, the member continues to serve until a successor is appointed and qualified.
As added by P.L.33-1991, SEC.56. Amended by P.L.10-2006, SEC.69 and P.L.57-2006, SEC.69; P.L.35-2010, SEC.193.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-6. Chairman

Sec. 6. (a) The governor shall designate one (1) of the members as chairman. The governor may appoint the director as chairman under this section.
(b) The chairman has one (1) vote on all matters voted on by the members.
As added by P.L.33-1991, SEC.56. Amended by P.L.10-2006, SEC.70 and P.L.57-2006, SEC.70.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-7. Salary; Expenses

Sec. 7. (a) Each member who is not a state officer or employee is entitled to receive an annual salary of four thousand dollars ($4,000).
(b) Each member is entitled to receive actual and necessary travel and other expenses incurred in the performance of the member's duties.
As added by P.L.33-1991, SEC.56. Amended by P.L.10-2006, SEC.71 and P.L.57-2006, SEC.71.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-8. Officers; Election; Term of Office

Sec. 8. (a) During the first meeting after June 30 of each year, the members shall elect the following officers:
(1) One (1) member as vice chairman.
(2) One (1) individual, who need not be a member, as secretary.
(3) Other officers considered necessary by the members.
(b) The officers elected under subsection (a) hold office for one (1) year and until their successors are elected and qualified.
As added by P.L.33-1991, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-9. Meetings

Sec. 9. Each year the members shall hold the following:
(1) Regular meetings at times specified by resolution of the members.
(2) Special meetings at the call of the chairman.
As added by P.L.33-1991, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-10. Quorum; Action by Majority

Sec. 10. (a) Four (4) members constitute a quorum.
(b) Unless otherwise provided for in this title, if a quorum is present, a majority of the members present is sufficient for the department to take action.
As added by P.L.33-1991, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-11. Delegation of Power

Sec. 11. The members may delegate a power or duty to:
(1) the director;
(2) an agent of the department; or
(3) an employee of the department;
by a rule of the department adopted under IC 4-22-2 or by a resolution of the members.
As added by P.L.33-1991, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-12. Adoption of Rules

Sec. 12. The department may, by a majority vote of the members, adopt rules under IC 4-22-2 to implement this title.
As added by P.L.33-1991, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-13. Policies and Procedures

Sec. 13. The members may by resolution establish policies and procedures in order to facilitate:
(1) the supervision of financial institutions by the department; and
(2) the licensing and regulation of persons and entities by the department under:
(A) this title; and
(B) IC 24.
As added by P.L.33-1991, SEC.56. Amended by P.L.262-1995, SEC.74; P.L.213-2007, SEC.93; P.L.217-2007, SEC.91.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-13.5. Payments by Credit Card, Debit Card, or Charge Card; Discharge of Liability; Department's Authority to Contract With Vendor; Vendor Transaction Charge or Discount Fee

Sec. 13.5. (a) The department may accept payment of any of the following by credit card, debit card, charge card, or similar method:
(1) A fee established by the department under IC 28-11-3-5.
(2) A penalty assessed by the department under this title or IC 24-4.5.
(3) A fee assessed:
(A) in connection with the director's designation of an automated central licensing system and repository under IC 24-4.5-3-503(10); and
(B) for:
(i) processing applications and renewals for licenses under IC 24-4.5-3; or
(ii) performing other services that the director determines are necessary for the orderly administration of the department's licensing system under IC 24-4.5-3.
(b) If a fee or penalty described in subsection (a) is paid by credit card, debit card, charge card, or similar method, the liability is not finally discharged until the department receives payment or credit from the institution responsible for making the payment or credit.
(c) The department may contract with a bank or credit card vendor for acceptance of bank or credit cards. If there is a vendor transaction charge or discount fee, whether billed to the department or charged directly to the department's account, the department or the bank or credit card vendor may collect from the person using the bank or credit card a uniform fee that is determined by the department.
As added by P.L.90-2008, SEC.67.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-14. Assignments, Deeds, and Other Documents; Execution

Sec. 14. All assignments, deeds, instruments, notices, orders, rules, and other documents of the department shall be executed in the name of "The Department of Financial Institutions" by the director or, in case of the director's absence or disability, by:
(1) the chairman;
(2) an officer elected by the members; or
(3) an employee of the department designated in writing by the director or the chairman.
As added by P.L.33-1991, SEC.56. Amended by P.L.213-2007, SEC.94; P.L.217-2007, SEC.92.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 1. Establishment of the Department of Financial Institutions › 28-11-1-15. Director's Powers; State of Emergency or Governor's Approval

Sec. 15. If the governor:
(1) declares, under IC 10-14-3-12, a state of emergency in all or part of Indiana; or
(2) in the absence of a declaration under subdivision (1), gives prior approval to the director;
the director is authorized to take necessary and appropriate action to establish or preserve safe and sound methods of banking and other action the director considers necessary under the circumstances to promote and safeguard the interests of depositors, debtors, consumers, creditors, or the public.
As added by P.L.213-2007, SEC.95; P.L.217-2007, SEC.93. Amended by P.L.35-2010, SEC.195.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 2. Organization of Department › 28-11-2-1. Director; Appointment; Oath of Office; Term of Office; Salary; Duties; Expenses

Sec. 1. (a) The governor shall appoint a qualified individual to be the director of the department. The appointment must be without regard to political beliefs or affiliations.
(b) The director shall take an oath of office before assuming office.
(c) The term of the director is four (4) years. However, the director serves at the pleasure of the governor during the term.
(d) The governor may reappoint the director.
(e) The governor shall fix the director's salary.
(f) The director:
(1) is the chief executive and administrative officer of the department; and
(2) has general supervision of the work of the department and each of the divisions and employees of the department;
subject to the orders and under the direction of the members.
(g) The director is entitled to receive actual and necessary travel and other expenses incurred in the performance of the director's duties.
As added by P.L.33-1991, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 2. Organization of Department › 28-11-2-2. Organization of Department; Divisions

Sec. 2. (a) The director, with the approval of the members, shall organize the department.
(b) The department must consist of at least the following divisions:
(1) The division of banks and trust companies.
(2) The division of consumer credit.
(3) The division of credit unions.
As added by P.L.33-1991, SEC.56. Amended by P.L.90-2008, SEC.68.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 2. Organization of Department › 28-11-2-3. Employees; Salaries and Benefits; Contractors to Assist With Examinations; Contracts Not Subject to Approval

Sec. 3. (a) The director, on behalf of the department, shall employ qualified individuals as assistants, deputies, supervisors, and other necessary employees. Individuals employed by the director are not subject to job classifications or compensation schedules established under IC 4-15. The technical or professional qualification of an applicant shall be determined by examination, by professional rating, or as the director determines. Salaries and benefits for employees of the department shall be:
(1) established by the members, upon recommendation of the director; and
(2) paid from the financial institutions fund established by section 9 of this chapter.
In making a recommendation under subdivision (1), the director may recommend salaries and benefits substantially equivalent to those paid by the Federal Deposit Insurance Corporation or other federal agencies that supervise financial institutions.
(b) The director may enter into contracts, including contracts for the services of a qualified independent contractor to assist the department in the examination process under this article. Notwithstanding IC 4-13-2-14.1, contracts executed under this section are not subject to the approval of:
(1) the director of the budget agency; or
(2) the commissioner of the Indiana department of administration.
As added by P.L.33-1991, SEC.56. Amended by P.L.141-2005, SEC.20; P.L.213-2007, SEC.96; P.L.217-2007, SEC.94.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 2. Organization of Department › 28-11-2-4. Performance Bonds and Crime Policies

Sec. 4. (a) The department may require that the members, the director, or specified classes of employees of the department be covered by bonds for faithful performance of their respective duties. A requirement for purchase of faithful performance bonds may be satisfied by the purchase of a blanket bond or a crime insurance policy endorsed to include faithful performance. The cost of a bond or crime insurance policy purchased under this section shall be paid from the fund.
(b) The commissioner of insurance shall prescribe the form of the bonds or crime policies required by this section.
As added by P.L.33-1991, SEC.56. Amended by P.L.49-1995, SEC.11.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 2. Organization of Department › 28-11-2-5. Repealed

As added by P.L.33-1991, SEC.56. Amended by P.L.10-2006, SEC.72 and P.L.57-2006, SEC.72. Repealed by P.L.100-2012, SEC.67.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 2. Organization of Department › 28-11-2-6. Conflicts of Interest; Adoption of Policies

Sec. 6. (a) The department shall adopt policies defining conflicts of interest by the members, the director, and the employees of the department.
(b) The policies adopted under subsection (a) must include means by which conflicts of interest can be avoided.
As added by P.L.33-1991, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 2. Organization of Department › 28-11-2-6.1. Ethics Rules and Requirements; Adopting Additional Rules

Sec. 6.1. (a) The members, the director, and the employees of the department are:
(1) under the jurisdiction of, and subject to the rules adopted by, the state ethics commission; and
(2) subject to all other ethics rules and requirements that apply to the executive branch of state government.
(b) The department may adopt additional ethics rules and requirements that:
(1) apply to the members, the director, and the employees of the department;
(2) are not less stringent than the rules adopted by the state ethics commission; and
(3) are consistent with state law.
As added by P.L.213-2007, SEC.97; P.L.217-2007, SEC.95.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 2. Organization of Department › 28-11-2-6.2. Public Meetings; Transcribing and Preserving Damaged Records

Sec. 6.2. Except as otherwise provided by law, the department is subject to the following:
(1) IC 5-14-1.5.
(2) IC 5-15-3.
As added by P.L.213-2007, SEC.98; P.L.217-2007, SEC.96.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 2. Organization of Department › 28-11-2-7. Liability for Official Acts

Sec. 7. The members, director, and employees of the department are not liable in an individual capacity except to the state for an act done or omitted in connection with the performance of their respective duties.
As added by P.L.33-1991, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 2. Organization of Department › 28-11-2-8. Powers of Inquiry; Administration of Oaths; Requiring Production of Books and Records; Refusal of Person to Comply With Order or Subpoena

Sec. 8. (a) A member, the director, or an employee of the department authorized by the director may do the following:
(1) Administer oaths and require information for any purpose under this title from any of the persons to which this title applies.
(2) Require the production of books, accounts, papers, records, documents, and other evidence for any purpose under this title.
(b) If a person refuses to comply with an order or a subpoena or refuses to appear and testify to any matter regarding which the person may be interrogated, the department may petition an appropriate court for enforcement of the department's order or subpoena.
As added by P.L.33-1991, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 2. Organization of Department › 28-11-2-9. Financial Institutions Fund

Sec. 9. (a) The financial institutions fund is established.
(b) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the state general fund.
(c) All revenue accruing to the department shall be paid into the fund.
(d) All expenses incurred and all compensation paid by the department shall be paid out of the fund in the same manner as other state expenses and compensation are paid.
(e) Money in the fund at the end of a fiscal year does not revert to the state general fund.
(f) All civil penalties assessed by the department shall be paid into the fund.
(g) If the department is required to defend the constitutionality of any of the statutes or rules the department administers, the costs and expenses incurred in connection with the defense may not:
(1) be paid from the fund; or
(2) be assessed in any way to the department's budget.
As added by P.L.33-1991, SEC.56. Amended by P.L.89-2011, SEC.69.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 3. Supervision of Financial Institutions › 28-11-3-3. Disclosure of Confidential Information; Information Sharing Agreements

Sec. 3. (a) The director or the director's designee may disclose or make available to a:
(1) state, federal, or foreign law enforcement agency;
(2) state, federal, or foreign financial institution supervisory agency;
(3) state, federal, or foreign prosecutorial agency;
(4) state, federal, or foreign money services business supervisory agency;
(5) private insurer of deposit accounts or share accounts of a financial institution;
(6) state, federal, or foreign agency responsible for licensing, registering, chartering, or supervising any regulated:
(A) business; or
(B) nonprofit activity; or
(7) the Federal Home Loan Bank;
confidential information described under IC 28-1-2-30 or pertaining to a regulated business or nonprofit activity.
(b) Confidential information provided by the director or the director's designee under this section is privileged by law, remains the property of the department, and is not:
(1) subject to inspection under IC 5-14-3;
(2) subject to subpoena;
(3) subject to discovery; or
(4) admissible in evidence in any civil action.
(c) The director may enter into information sharing agreements with parties authorized to received information under this section.
As added by P.L.33-1991, SEC.56. Amended by P.L.213-2007, SEC.99; P.L.217-2007, SEC.97; P.L.90-2008, SEC.70.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 3. Supervision of Financial Institutions › 28-11-3-4. Documents, Reports, and Other Papers; Certified Copies; Prima Facie Evidence

Sec. 4. A copy of a document, report, or other paper received and filed by the department, when certified by the director, shall be received in all courts and places as prima facie evidence of the facts stated in the certified copy.
As added by P.L.33-1991, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 3. Supervision of Financial Institutions › 28-11-3-5. Schedule of Fees; Classification of Assets; Changes or Modifications of Fees; Excess Costs of Examinations

Sec. 5. (a) As used in this section, "assets" means the assets of a financial institution as disclosed by a report made by the financial institution at the end of the year immediately preceding the fiscal year in which a fee is fixed under this section.
(b) The department shall fix and collect, on an annual basis, a schedule of fees for the services rendered and the duties performed by the department in the administration of financial institutions.
(c) The fees may not exceed the comparative cost to the department in the administration of financial institutions. In determining the costs, the department may classify the assets of financial institutions and fix fees at different rates for the examination, supervision, regulation, and liquidation of the classes of assets, based on the proportionate cost and expense incurred by the department in making examinations and in the administration of financial institutions.
(d) The fees shall be charged and collected until changed or modified by the department. A change or modification of fees may not be adopted more often than one (1) time each state fiscal year. A modified schedule of fees is effective on the first day of the state fiscal year following the fiscal year in which the modification is adopted.
(e) Administrative charges included in the fee are in addition to charges collected under other statutes.
(f) If the reasonable costs of performing an examination of a financial institution exceed the fees established under this section, the financial institution shall pay the excess costs not later than thirty (30) days after receipt of an invoice from the department. The department may impose a fee, in an amount fixed by the department under this section, for each day that the excess costs are not paid, beginning on the first day after the thirty (30) day period described in this subsection.
As added by P.L.33-1991, SEC.56. Amended by P.L.10-2006, SEC.73 and P.L.57-2006, SEC.73; P.L.35-2010, SEC.197.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 4. Enforcement Powers of the Department › 28-11-4-1. Application of Ic 4-21.5

Sec. 1. (a) Except as provided in subsection (b), IC 4-21.5 does not apply to a proceeding under this chapter.
(b) IC 4-21.5-5 applies to judicial review of a final order of the department under this chapter.
As added by P.L.33-1991, SEC.56.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 4. Enforcement Powers of the Department › 28-11-4-2. Unsafe or Unsound Practices or Violations of Law; Notice of Charges; Joint Exercise of Enforcement Powers With Federal Regulators

Sec. 2. If the director has reasonable cause to believe that a financial institution:
(1) has engaged, is engaging, or will engage in an unsafe or unsound practice in conducting the business of the financial institution; or
(2) has violated, is violating, or will violate a:
(A) statute;
(B) rule;
(C) condition imposed in writing by the director in connection with the granting of an application or other request by the financial institution; or
(D) written agreement entered into with the department;
the director may issue and serve upon the financial institution a notice of charges of the practice or violation. The department may, when appropriate, exercise enforcement powers under this chapter jointly with a financial institution's primary federal regulator.
As added by P.L.33-1991, SEC.56. Amended by P.L.141-2005, SEC.22.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 4. Enforcement Powers of the Department › 28-11-4-5. Consent to a Final Order

Sec. 5. If the director of the department enters into a consent to a final order under section 7 of this chapter with a financial institution, director, officer, or employee, the director is not required to issue and serve a notice of charges upon the financial institution, director, or officer under section 2 or 3 of this chapter. A consent agreement may be negotiated and entered into before or after the issuance of a notice of charges.
As added by P.L.33-1991, SEC.56. Amended by P.L.122-1994, SEC.110; P.L.262-1995, SEC.77; P.L.258-2003, SEC.21; P.L.141-2005, SEC.23.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 4. Enforcement Powers of the Department › 28-11-4-6. Temporary Order

Sec. 6. (a) If the director determines that an alleged practice, a violation, or an act specified in a notice served under this chapter is likely to:
(1) cause insolvency of the financial institution;
(2) cause substantial dissipation of assets or earnings of the financial institution; or
(3) otherwise seriously prejudice the interests of the depositors of the financial institution;
the director may issue a temporary order without a hearing.
(b) A temporary order may:
(1) require the financial institution to cease and desist from the practice or violation;
(2) require the financial institution to take affirmative action to correct the conditions resulting from the practice or violation; or
(3) suspend or prohibit a director, an officer, or an employee from participating in the conduct of the affairs of the financial institution.
(c) A temporary order is effective upon service and remains effective and enforceable until the earliest of the following:
(1) The issuance of an injunction by a court under subsection (d).
(2) The dismissal of the charges by the department.
(3) The effective date of a final order under section 7 of this chapter.
(d) A financial institution served with a temporary order under this section may apply to a court having jurisdiction for an injunction to stay, modify, or vacate the order.
As added by P.L.33-1991, SEC.56. Amended by P.L.258-2003, SEC.22; P.L.35-2010, SEC.200.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 4. Enforcement Powers of the Department › 28-11-4-7. Final Order; Remedies; Consent Presumed; Confidentiality

Sec. 7. (a) If, after a hearing held under section 4(b) of this chapter, the department finds that the conditions specified in section 2 or 3 of this chapter have been established, the department may issue a final order. If a hearing is not requested within the time specified in section 4(b) of this chapter, the director may issue a final order on the basis of the facts set forth in the written notice served under section 3(a) of this chapter.
(b) Unless the director has entered into a consent agreement described in section 5 of this chapter, a final order must include separately stated findings of fact and conclusions of law for all aspects of the order.
(c) A final order may do any of the following:
(1) Require the financial institution and its directors, officers, employees, and agents to do any of the following:
(A) Cease and desist from the practice or violation.
(B) Take affirmative action to correct the conditions resulting from the practice or violation.
(2) Suspend or prohibit a director, an officer, or an employee from participating in the affairs of a financial institution or subsidiary.
(3) Impose a civil penalty not to exceed the amount specified in section 9 of this chapter.
(d) A final order shall be issued in writing within ninety (90) days after conclusion of a hearing held under section 4(b) of this chapter, unless this period is waived or extended with the written consent of all parties or for good cause shown.
(e) If the financial institution, director, or officer does not appear individually or by a duly authorized representative at a hearing held under section 4(b) of this chapter, the financial institution, director, or officer is considered to have consented to the issuance of a final order.
(f) The director may keep a final order confidential if the director determines that the immediate release of the order would endanger:
(1) the stability of the financial institution; or
(2) the security of depositors' funds.
However, after two (2) years after the date of its issuance, a final order is no longer confidential under IC 28-1-2-30.
As added by P.L.33-1991, SEC.56. Amended by P.L.258-2003, SEC.23; P.L.90-2008, SEC.71; P.L.35-2010, SEC.201.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 4. Enforcement Powers of the Department › 28-11-4-8. Final Order; Time in Effect

Sec. 8. (a) A final order issued under this chapter is effective:
(1) on the date specified in the order; or
(2) ten (10) days after service of the order, if an effective date is not specified in the order.
A final order issued upon consent under section 7(e) of this chapter is effective at the time specified in the order.
(b) A final order remains effective and enforceable as provided in the order.
(c) The department or a reviewing court may stay, modify, or vacate a final order.
As added by P.L.33-1991, SEC.56. Amended by P.L.89-2011, SEC.70.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 4. Enforcement Powers of the Department › 28-11-4-9. Civil Penalty

Sec. 9. (a) A civil penalty imposed on a director or an officer under section 7 of this chapter may not exceed one thousand dollars ($1,000) per day for each practice, violation, or act found to exist in the final order.
(b) In determining the amount of a civil penalty assessed under section 7 of this chapter, the following factors shall be considered:
(1) The appropriateness of the civil penalty with respect to the financial resources and good faith of the individual charged.
(2) The gravity of the practice, violation, or act.
(3) The history of previous practices, violations, or acts.
(4) The economic benefit derived by the individual from the practice, violation, or act.
(5) Other factors that justice requires.
(c) A financial institution may not indemnify a director or an officer for a civil penalty imposed under section 7 of this chapter.
(d) Civil penalties shall be deposited in the financial institutions fund established by IC 28-11-2-9.
As added by P.L.33-1991, SEC.56. Amended by P.L.89-2011, SEC.71.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 4. Enforcement Powers of the Department › 28-11-4-10. Enforcement of Orders, Agreements, and Conditions

Sec. 10. The director may enforce any of the following by applying for appropriate relief to a court having jurisdiction:
(1) An order issued under this chapter.
(2) A written agreement entered into by the department or the director and:
(A) a financial institution; or
(B) any director, officer, employee, or agent of the financial institution.
(3) Any condition imposed in writing by the department or the director on:
(A) a financial institution; or
(B) any director, officer, employee, or agent of the financial institution;
in connection with any application, notice, or request concerning the financial institution.
As added by P.L.33-1991, SEC.56. Amended by P.L.90-2008, SEC.72; P.L.35-2010, SEC.202.
2023 Indiana Code › Title 28. Financial Institutions › Article 11. Department of Financial Institutions › Chapter 4. Enforcement Powers of the Department › 28-11-4-11. Persons Suspended or Prohibited From Participation

Sec. 11. An individual who:
(1) is suspended or prohibited from participating in the conduct of the affairs of a financial institution under section 6 or 7 of this chapter; and
(2) after the suspension or prohibition knowingly or intentionally participates, directly or indirectly, in the management of the financial institution;
commits a Level 6 felony.
As added by P.L.33-1991, SEC.56. Amended by P.L.35-2010, SEC.203; P.L.158-2013, SEC.302.