reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 28. Financial Institutions › Article 14. Corporate Fiduciaries › Chapter 7. Requirements and Prohibitions Applying to Corporate Fiduciaries › 28-14-7-5. Maintenance of Principal Office in County in Which Corporate Fiduciary Conducts Trust Business; Post Office Address of Principal Office

Sec. 5. (a) A corporate fiduciary that engages in the trust business in Indiana shall maintain an office or a place of business in Indiana. The office maintained under this subsection shall be known as the principal office, and must be located in a county in which the corporate fiduciary conducts business.
(b) The post office address of the principal office shall be stated in the original articles of incorporation, at the time of the incorporation. Thereafter, the location of the principal office may be changed at any time or from time to time when authorized by the board of directors and approved by the department, by filing with the secretary of state, before the date on which the change is to take effect, a certificate that:
(1) is signed by the president or a vice president and by the secretary or cashier of the corporate fiduciary;
(2) is verified by one (1) of the officers signing the certificate; and
(3) states that the change is to be made and that it is made under authorization by the board of directors.
As added by P.L.262-1995, SEC.90.
2023 Indiana Code › Title 28. Financial Institutions › Article 14. Corporate Fiduciaries › Chapter 7. Requirements and Prohibitions Applying to Corporate Fiduciaries › 28-14-7-6. Administration of Common Trust Funds

Sec. 6. A corporate fiduciary that administers common trust funds is subject to 12 CFR 9.18.
As added by P.L.262-1995, SEC.90.
2023 Indiana Code › Title 28. Financial Institutions › Article 14. Corporate Fiduciaries › Chapter 7.5. Conservatorship of Corporate Fiduciaries › 28-14-7.5-1. Application of Chapter

Sec. 1. This chapter applies to a corporate fiduciary (as defined in IC 28-1-1-3(19)).
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
2023 Indiana Code › Title 28. Financial Institutions › Article 14. Corporate Fiduciaries › Chapter 7.5. Conservatorship of Corporate Fiduciaries › 28-14-7.5-2. Applications of Definitions

Sec. 2. Except as otherwise provided, the definitions in IC 28-14-1 apply throughout this chapter.
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
2023 Indiana Code › Title 28. Financial Institutions › Article 14. Corporate Fiduciaries › Chapter 7.5. Conservatorship of Corporate Fiduciaries › 28-14-7.5-3. Appointment of Conservator; Bond or Security

Sec. 3. (a) The department may appoint a conservator for a corporate fiduciary if the department determines that:
(1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2(a) exist with respect to the corporate fiduciary; or
(2) the appointment of a conservator is necessary to conserve the assets of the corporate fiduciary for the benefit of:
(A) creditors of the corporate fiduciary;
(B) the beneficiaries of trusts and other fiduciary accounts administered by the corporate fiduciary; or
(C) other persons for whom the corporate fiduciary acts in a fiduciary capacity.
(b) A conservator appointed under this section shall give any bond or security that the department considers appropriate.
(c) The department may appoint any competent and disinterested person as a conservator under this section.
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
2023 Indiana Code › Title 28. Financial Institutions › Article 14. Corporate Fiduciaries › Chapter 7.5. Conservatorship of Corporate Fiduciaries › 28-14-7.5-4. Reimbursement of Department; Administrative Expenses; Payment From Assets

Sec. 4. (a) A conservator appointed by the department under this chapter shall reimburse the department for all amounts expended by the department in connection with the conservatorship. Amounts reimbursed to the department under this subsection shall be paid from the assets of the corporate fiduciary as administrative expenses. Upon approval of the department, the conservator shall pay all other administrative expenses of the conservatorship from the assets of the corporate fiduciary.
(b) Administrative expenses described in this section constitute a first charge against the assets of the corporate fiduciary. The conservator shall pay the administrative expenses in full before any:
(1) final distribution of the corporate fiduciary's assets; or
(2) payments to any person described in section 3(a)(2) of this chapter.
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
2023 Indiana Code › Title 28. Financial Institutions › Article 14. Corporate Fiduciaries › Chapter 7.5. Conservatorship of Corporate Fiduciaries › 28-14-7.5-5. Possession of Books, Records, and Assets; Conservation of Assets; Powers and Obligations of Conservator; Rights of Parties

Sec. 5. (a) Under the direction of the department, a conservator appointed under this chapter shall:
(1) take possession of the books, records, and assets of the corporate fiduciary; and
(2) take any action necessary to conserve the assets of the corporate fiduciary pending:
(A) a liquidation under IC 28-1-3.1; or
(B) other disposition of the corporate fiduciary's business as provided by law.
(b) A conservator appointed under this chapter:
(1) has all the rights, powers, and privileges of a receiver appointed under IC 28-1-3.1, except the power to liquidate a corporate fiduciary; and
(2) is subject to those obligations and liabilities to which a receiver is subject, to the extent the obligations and liabilities are consistent with this chapter.
(c) Throughout the time a conservator is in possession of a corporate fiduciary under this chapter, the rights of all parties with respect to the corporate fiduciary are the same as if a receiver had been appointed under IC 28-1-3.1.
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
2023 Indiana Code › Title 28. Financial Institutions › Article 14. Corporate Fiduciaries › Chapter 7.5. Conservatorship of Corporate Fiduciaries › 28-14-7.5-6. Amounts Available to Creditors and Beneficiaries; Assets Received After Placement in Conservatorship

Sec. 6. (a) While a corporate fiduciary is in conservatorship under this chapter, the department may require the conservator to set aside and make available for payment to any persons described in section 3(a)(2) of this chapter, on a pro rata basis, any amounts that, in the opinion of the department, may be safely and prudently used for such payments.
(b) Any assets received or acquired after a corporate fiduciary is placed in conservatorship under this chapter shall be:
(1) kept in cash;
(2) invested in direct obligations of the United States; or
(3) deposited in depository institutions designated by the department.
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
2023 Indiana Code › Title 28. Financial Institutions › Article 14. Corporate Fiduciaries › Chapter 7.5. Conservatorship of Corporate Fiduciaries › 28-14-7.5-7. Loans in Aid of Operation or Reorganization; Security

Sec. 7. With the prior approval of the department, a conservator appointed under this chapter may borrow money as necessary or expedient to aid in the operation or reorganization of the corporate fiduciary. Any loan obtained by the conservator under this section may be secured by the pledge or mortgage of, or through a lien upon or security interest in, any assets:
(1) belonging to the corporate fiduciary; and
(2) not held in trust for the benefit of another person.
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
2023 Indiana Code › Title 28. Financial Institutions › Article 14. Corporate Fiduciaries › Chapter 7.5. Conservatorship of Corporate Fiduciaries › 28-14-7.5-8. Termination of Conservatorship; Appointment of Receiver; Liquidation

Sec. 8. (a) The department may:
(1) terminate a conservatorship ordered under this chapter; and
(2) permit the corporate fiduciary subject to the conservatorship to resume the transaction of the corporate fiduciary's business, subject to any terms, conditions, restrictions, and limitations that the department may prescribe;
if the department is satisfied that a termination of the conservatorship may be done safely and is in the public interest.
(b) Subject to subsection (c), the department may:
(1) terminate a conservatorship ordered under this chapter; and
(2) apply for the appointment of a receiver for the corporate fiduciary under IC 28-1-3.1;
if the department determines that the appointment of a receiver for the corporate fiduciary is in the public interest.
(c) If the department determines that the liquidation of a corporate fiduciary placed in conservatorship under this chapter is in the public interest, the department shall:
(1) terminate the conservatorship ordered under this chapter; and
(2) apply for the appointment of a receiver for the corporate fiduciary under IC 28-1-3.1.
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
2023 Indiana Code › Title 28. Financial Institutions › Article 14. Corporate Fiduciaries › Chapter 7.5. Conservatorship of Corporate Fiduciaries › 28-14-7.5-9. Adoption of Rules

Sec. 9. The department may adopt rules under IC 4-22-2 to implement this chapter.
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 1. Definitions › 28-15-1-3. "Branch Office"

Sec. 3. "Branch office" means any office, agency, mobile unit, messenger service, or other place of business at which deposits are received, checks paid, or money lent. However, the term does not include:
(1) the principal office of a savings association;
(2) an automated teller machine;
(3) a night depository; or
(4) a temporary facility for a savings association as provided in IC 28-2-13-22.5.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 1. Definitions › 28-15-1-5. "Deposit Account"

Sec. 5. (a) "Deposit account":
(1) means the total monetary interest of a depositor in a savings association; and
(2) consists of the withdrawal value of such interest.
(b) For the purposes of IC 28, a "share account" in a share account association organized and existing before January 1, 1997, has the same meaning as a deposit account.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 1. Definitions › 28-15-1-8. "Member"

Sec. 8. "Member" means:
(1) any depositor in a deposit association or owner of a share account in a share account association; and
(2) unless otherwise provided by the articles of incorporation, any debtor.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 1. Definitions › 28-15-1-9. "Mutual Association"

Sec. 9. (a) "Mutual association" means a nonstock savings association that is governed by members.
(b) The term includes a deposit association or share account association organized and existing before January 1, 1997.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 1. Definitions › 28-15-1-9.8. "Primary Federal Regulator"

Sec. 9.8. "Primary federal regulator" means the federal agency primarily responsible for the regulation of:
(1) savings associations; or
(2) savings association holding companies;
organized under the laws of any state or the United States.
As added by P.L.27-2012, SEC.110.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 1. Definitions › 28-15-1-10. "Property Improvement Loan"

Sec. 10. "Property improvement loan" means a loan to the owners of real estate, the proceeds of which are used to improve or equip real estate or a structure upon it.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 1. Definitions › 28-15-1-11. "Savings Association"

Sec. 11. "Savings association" means any:
(1) building and loan association;
(2) savings and loan association;
(3) rural loan and savings association; or
(4) guaranty loan and savings association;
organized or reorganized and operating under the laws of Indiana, any other state, or the United States, whether in stock or mutual form.
As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.14.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 1. Definitions › 28-15-1-15. "Unimpaired Capital and Unimpaired Surplus"

Sec. 15. "Unimpaired capital and unimpaired surplus" means capital and surplus as that term is defined in 12 CFR 3.100.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 2. Powers of Savings Associations › 28-15-2-1.5. Profit or Commission on Sales or Purchases; Necessity of Specific Authorization; Surcharge

Sec. 1.5. (a) Except for interest at the legal rate on a loan or advancement, a savings association may not, directly or indirectly, receive a profit or commission from the sale to or purchase from an estate, a guardianship, or a trust of which the savings association is the fiduciary unless the profit or commission is authorized by agreement with the creator of the trust or a court with jurisdiction over the estate, guardianship, or trust.
(b) A savings association that receives a profit or commission in violation of subsection (a) shall be surcharged an amount equal to the profit or commission. In addition, a court with jurisdiction over the estate, guardianship, or trust may remove the savings association as the fiduciary.
As added by P.L.192-2003, SEC.8.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 2. Powers of Savings Associations › 28-15-2-3. Denial of Rights and Privileges; Appeal

Sec. 3. If the department denies the request of a savings association under section 2 of this chapter to exercise any rights and privileges that are granted to federal savings associations, the savings association may appeal the decision of the department to the circuit court, superior court, or probate court with jurisdiction in the county in which the principal office of the savings association is located. In an appeal under this section, the court shall determine the matter de novo.
As added by P.L.193-1997, SEC.2. Amended by P.L.84-2016, SEC.130.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 3. Powers and Duties of Deposit Associations › 28-15-3-1. Applicability of Statutes Relating to Share Account Associations

Sec. 1. Deposit associations:
(1) continue to possess all the rights, powers, privileges, and immunities afforded by IC 28-1 and any other statutes relating to share account associations; and
(2) are subject to all the duties and obligations imposed upon share account associations by IC 28-1 or other statutes relating to share account associations.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 3. Powers and Duties of Deposit Associations › 28-15-3-2. Share Account Association; Conversion to Deposit Association

Sec. 2. A share account association may convert to a deposit association by amending its articles of incorporation in accordance with IC 28-13-14.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 4. Deposit Accounts › 28-15-4-4. Eligible Investments for Trust Funds

Sec. 4. (a) Deposit accounts are eligible investments for trust funds administered by a savings association.
(b) As a fiduciary, a savings association must comply with the provisions of IC 30-4-3-7.
(c) A fiduciary has all rights and privileges of a member of a mutual savings association except the right to hold office or serve on the board of the savings association.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 5. Withdrawal of Deposit Accounts › 28-15-5-3. Methods of Withdrawing Deposits

Sec. 3. All persons, regardless of age, may become depositors in a savings association and shall be subject to the same duties and liabilities respecting their deposits. Whenever a deposit is accepted by a savings association in the name of any person, regardless of age, the deposit may be withdrawn by the depositor by any of the following methods:
(1) Check or other instrument in writing. The check or other instrument in writing constitutes a receipt or acquittance if it is signed by the depositor, and constitutes a valid release and discharge to the savings association for all payments so made.
(2) Electronic means through:
(A) preauthorized direct withdrawal;
(B) an automated teller machine;
(C) a debit card;
(D) a transfer by telephone;
(E) a network, including the Internet; or
(F) any:
(i) electronic terminal;
(ii) computer;
(iii) magnetic tape; or
(iv) other electronic means.
However, this section may not be construed to affect the rights, liabilities, or responsibilities of participants in an electronic fund transfer under the federal Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.).
As added by P.L.81-2001, SEC.8.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 6. Lending Limits › 28-15-6-1. Limits on Loans Made to Single Borrower; Derivative Transactions

Sec. 1. (a) The following limits apply to the loans that a savings association may make to one (1) borrower:
(1) Loans that a savings association may make to one (1) borrower are restricted by the provisions of 12 U.S.C. 84 and 12 CFR 32.
(2) Notwithstanding subdivision (1), a savings association may loan to one (1) borrower no more than the lesser of:
(A) an amount equal to four percent (4%) of the assets of the savings association; or
(B) five hundred thousand dollars ($500,000).
(3) Notwithstanding subdivisions (1) and (2), a savings association may make loans to one (1) borrower to develop domestic residential housing units in an amount equal to or less than thirty percent (30%) of the savings association's unimpaired capital and surplus if:
(A) the final purchase price of each single family dwelling unit whose development is financed under this section does not exceed five hundred thousand dollars ($500,000);
(B) loans made under this subdivision to all borrowers do not in the aggregate exceed one hundred fifty percent (150%) of the savings association's unimpaired capital and surplus; and
(C) the loans made under this subdivision comply with the applicable loan to value requirements that apply to federal savings associations.
(b) For purposes of any lending limits set forth under this article with respect to savings associations, the total loans and extensions of credit by a savings association includes any credit exposure to a person arising from a derivative transaction (as defined in 12 U.S.C. 84(b)(3)) between the savings association and the person.
As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.112.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 8. Other Types of Loans › 28-15-8-1. Transactions Regarding Interests in Certain Loans

Sec. 1. A savings association may make, buy, sell, or hold interests in the following loans:
(1) Mobile home loans.
(2) Real estate mortgage loans on real property or leasehold improvements insured or guaranteed by any state of the United States, the United States government, or any of the agencies or government sponsored enterprises of the United States government.
(3) Loans for construction and development of residential or commercial property.
(4) Secured or unsecured consumer loans or leases.
(5) Secured or unsecured commercial loans or leases.
(6) Education loans.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 8. Other Types of Loans › 28-15-8-2. Loans on Security of Certain Property Interests

Sec. 2. (a) Subject to such additional limitations as the department may prescribe, savings associations may make loans on the security of any of the following:
(1) Real estate.
(2) A leasehold or subleasehold interests.
(3) An assignment or transfer of stock certificates or other evidence of the borrower's ownership interest in a corporation formed for the cooperative ownership of real estate.
(b) A savings association may make loans secured by real estate in compliance with 12 U.S.C. 1828(O) as implemented by 12 CFR 365.
(c) Real estate appraisals shall be performed concerning loans authorized by this section in compliance with 12 CFR 323.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 9. Formation of and Investment in Service Corporations › 28-15-9-1. Limitations

Sec. 1. A savings association may form and invest in a service corporation to the same extent and with the same limitations as a federally chartered savings association, as provided for by 12 CFR 559.
As added by P.L.193-1997, SEC.2. Amended by P.L.215-1999, SEC.15.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 9. Formation of and Investment in Service Corporations › 28-15-9-2. Notice of Establishment or Acquisition of or New Activity Through Service Corporation

Sec. 2. A savings association shall notify the department:
(1) not less than thirty (30) days before the establishment or acquisition of any service corporation; and
(2) not less than thirty (30) days before the commencement of any new activity through a service corporation.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 10. Interstate Acquisition of Savings Associations › 28-15-10-1. "Foreign Savings Association" Defined

Sec. 1. As used in this chapter, "foreign savings association" means:
(1) a savings association:
(A) that is organized or reorganized under the laws of any other state or territory of the United States, including the District of Columbia; and
(B) whose home office is located outside Indiana; or
(2) a federal savings association whose home office is located outside Indiana.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 10. Interstate Acquisition of Savings Associations › 28-15-10-2. "Foreign Savings Association Holding Company" Defined

Sec. 2. As used in this chapter, "foreign savings association holding company" means a savings association holding company whose principal place of business is located outside Indiana.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 10. Interstate Acquisition of Savings Associations › 28-15-10-3. "Indiana Savings Association" Defined

Sec. 3. As used in this chapter, "Indiana savings association" means:
(1) a savings association whose home office is located in Indiana; or
(2) a federal savings association whose home office is located in Indiana.
As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.15.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 10. Interstate Acquisition of Savings Associations › 28-15-10-4. "Indiana Savings Association Holding Company" Defined

Sec. 4. As used in this chapter, "Indiana savings association holding company" means a savings association holding company whose principal place of business is located in Indiana.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 10. Interstate Acquisition of Savings Associations › 28-15-10-5. Indiana Savings Association Holding Company; Acquisitions By

Sec. 5. (a) An Indiana savings association holding company is entitled to acquire one (1) or more:
(1) foreign savings associations; or
(2) foreign savings association holding companies;
after the department grants the application of the holding company for approval of the proposed acquisition.
(b) The department shall approve or deny an application for approval of a proposed acquisition under this section not more than ninety (90) days after the department receives the application, unless the department needs additional time for consideration of the application.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 10. Interstate Acquisition of Savings Associations › 28-15-10-6. Foreign Savings Association Holding Company; Acquisitions By

Sec. 6. (a) A foreign savings association holding company is entitled to acquire one (1) or more:
(1) Indiana savings associations; or
(2) Indiana savings association holding companies;
after the department grants the application of the foreign savings association holding company for approval of the proposed acquisition.
(b) The department shall approve or deny an application for approval of a proposed acquisition under this section not more than ninety (90) days after the department receives the application, unless the department needs additional time for consideration of the application.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 10. Interstate Acquisition of Savings Associations › 28-15-10-7. Acquisition of Foreign Savings Associations and Holding Companies

Sec. 7. (a) The acquisition of a foreign savings association by an Indiana savings association holding company under section 5 of this chapter includes the acquisition of all the branches owned by the foreign savings association.
(b) The acquisition of the holding company of a foreign savings association by an Indiana savings association holding company includes the acquisition of:
(1) all the subsidiaries of the acquired foreign savings association holding company; and
(2) all the branches of the subsidiaries of the foreign savings association holding company.
(c) After an acquisition under section 5 of this chapter:
(1) an acquiring Indiana savings association;
(2) an acquired foreign savings association; and
(3) the subsidiaries of an acquired foreign savings association holding company;
have the same branching rights as a foreign savings association.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 10. Interstate Acquisition of Savings Associations › 28-15-10-8. Acquisition of Indiana Savings Associations

Sec. 8. (a) The acquisition of an Indiana savings association under section 6 of this chapter includes the acquisition of all subsidiaries of the Indiana savings association.
(b) The acquisition of the holding company of an Indiana savings association under this chapter includes the acquisition of:
(1) the Indiana savings association subsidiaries of the acquired Indiana savings association holding company; and
(2) all branches of the Indiana savings association subsidiaries of the acquired Indiana savings association holding company.
(c) After an acquisition under section 6 of this chapter:
(1) an acquiring foreign savings association;
(2) an acquired Indiana savings association; and
(3) the subsidiaries of an acquired Indiana savings association holding company;
have the same branching rights as an Indiana savings association.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 10. Interstate Acquisition of Savings Associations › 28-15-10-9. Applications for Acquisitions; Required Filings

Sec. 9. (a) If federal law requires a savings association or savings association holding company to submit an application to a federal agency before an acquisition under this chapter, the savings association or savings association holding company must comply with federal law and file with the department:
(1) a copy of all papers filed with the federal agency; and
(2) when issued, a copy of the approval or other action taken by the federal agency regarding the application.
(b) For purposes of an acquisition under this chapter, compliance with federal law requiring the submission and approval of a permit authorizing the acquisition constitutes compliance with the requirements of this chapter.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-1. "Adjustable Mortgage Loan"

Sec. 1. As used in this chapter, "adjustable mortgage loan" means a loan:
(1) whose terms permit adjustments to the interest rate that:
(A) reflect the movement of the money cost index; and
(B) are implemented through changes in the monthly payment amounts, adjustments to the outstanding principal loan balance, or changes in the loan term; and
(2) whose term does not exceed forty (40) years.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-3. "Association"

Sec. 3. As used in this chapter, "association" refers to a savings association (as defined in IC 28-15-1-11).
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-4. "Federal Savings Association"

Sec. 4. As used in this chapter, "federal savings association" means any federal savings association or federal savings bank chartered or regulated under Section 5 of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464).
As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.113.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-5. "Graduated Payment Mortgage Loan"

Sec. 5. As used in this chapter, "graduated payment mortgage loan" or "GPM loan" means a mortgage loan under which:
(1) the scheduled repayments begin at a level lower than that of a comparable standard mortgage loan and rise to a point determined by the loan documents; and
(2) the period of the rise, the rate of increase, and the interest rate are fixed in the loan documents.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-7. "Money Cost Index"

Sec. 7. As used in this chapter, "money cost index" means any of the following:
(1) The Federal Cost of Funds Index calculated and made available by the Federal Home Loan Mortgage Corporation on or about the twentieth day of each month.
(2) The monthly average of weekly auction rates on United States Treasury bills with a maturity of three (3) months or six (6) months, as published in the Federal Reserve Bulletin and made available by the Federal Reserve Board each month.
(3) The monthly average yield on United States Treasury securities adjusted to a constant maturity of one (1), two (2), three (3), or five (5) years, as published in the Federal Reserve Bulletin and made available by the Federal Reserve Board each month.
(4) Any rate that is designated by the department.
As added by P.L.193-1997, SEC.2. Amended by P.L.89-2011, SEC.74; P.L.27-2012, SEC.114.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-8. "Mortgage Loan"

Sec. 8. As used in this chapter, "mortgage loan" means:
(1) a loan:
(A) secured by a mortgage on real estate that is improved by a dwelling intended for occupancy by at least one (1) and not more than four (4) families; and
(B) that includes:
(i) the note;
(ii) the mortgage; and
(iii) any other documents constituting the loan transaction; or
(2) a loan:
(A) secured by a mortgage on real estate that is improved by a combination home and business building; and
(B) that includes:
(i) the note;
(ii) the mortgage; and
(iii) any other documents constituting the loan transaction.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-9. "Reverse Annuity Mortgage Loan" or "Ram Loan"

Sec. 9. As used in this chapter, "reverse annuity mortgage loan" or "RAM loan" means a mortgage loan that:
(1) provides periodic payments to the borrower based on the accumulated equity in the real estate securing the loan, with payments made directly by the lender or through the purchase of an annuity from an insurance company; and
(2) becomes due either:
(A) at a specified date; or
(B) on the occurrence of a specified event, such as a sale of the real estate securing the loan or the death of the borrower.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-10. "Rollover Mortgage"

Sec. 10. As used in this chapter, "rollover mortgage" means a mortgage loan that:
(1) is secured by a first mortgage on real estate improved by:
(A) a dwelling intended for occupancy by at least one (1) and not more than four (4) families; or
(B) a combination home and business building; and
(2) may be subject to rate adjustments at regularly scheduled times.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-11. "Standard Mortgage Loan"

Sec. 11. As used in this chapter, "standard mortgage loan" means a loan under which the principal and interest are paid in equal monthly installments for a period of not more than forty (40) years.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-12. Regulation of Graduated Payment Mortgage Loans

Sec. 12. (a) Graduated payment mortgage (GPM) loans are subject to the following:
(1) Interest only may be paid for five (5) years, or increases in mortgage payments may be made for periods of not more than ten (10) years within the following maximum rates of increase:
(A) Seven and one-half percent (7.5%) annually for five (5) years or less.
(B) Six and one-half percent (6.5%) annually for six (6) years.
(C) Five and one-half percent (5.5%) annually for seven (7) years.
(D) Four and one-half percent (4.5%) annually for eight (8) years.
(E) Three and one-half percent (3.5%) annually for nine (9) years.
(F) Three percent (3%) annually for ten (10) years.
(2) Payment amounts may be changed annually only after one (1) year following the first regular loan payment.
(b) The borrower may convert a GPM loan into a standard mortgage loan with the same interest rate and maturity if the borrower is qualified under the normal underwriting standards of the savings association. A savings association may not assess penalties for any conversion.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-14. Regulation of Adjustable Mortgage Loans

Sec. 14. Adjustable mortgage loans are subject to the following:
(1) Adjustments to the principal loan balance are permissible only if:
(A) the initial payment amount is sufficient to fully amortize the loan at the beginning of the loan term; and
(B) the payment amount is adjusted at least every five (5) years to amortize the loan at the current interest rate and principal loan balance over the remaining term of the loan.
(2) Prepayment in full or in part shall be allowed without penalty.
(3) Adjustments to the interest rate must correspond directly to the movement of the money cost index, subject to such rate-adjustment limitations, if any, as a savings association may provide. For the purposes of this subdivision:
(A) the initial money cost index value is the value of the money cost index most recently available within six (6) months before the date of the closing of the loan; and
(B) the interest rate at adjustment shall reflect the difference, in reference to the interest rate of the loan on the date of closing, between the initial money cost index value and either:
(i) the money cost index value most recently available as of the date of rate adjustment, if the payment is not simultaneously adjusted; or
(ii) the money cost index value most recently available as of the date of notification of a payment adjustment.
However, when the movement of the money cost index permits an interest rate increase, the savings association may decline to increase the interest rate by the indicated amount. The savings association may decrease the interest rate at any time.
(4) The borrower may not be charged any costs or fees in connection with regularly scheduled adjustments to:
(A) the interest rate;
(B) the payment;
(C) the outstanding principal loan balance; or
(D) the loan term.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-15. Restrictions on Graduated Payment Adjustable Mortgage Loans

Sec. 15. A savings association may make graduated payment adjustable mortgage loans subject to the requirements set forth in section 14 of this chapter, except that:
(1) the amount of the scheduled monthly payment at the beginning of the loan may be insufficient to fully amortize the loan; and
(2) during a period of not more than ten (10) years beginning with the closing date of the loan, the scheduled payments must rise sufficiently to amortize the loan at the then existing interest rate and principal balance over the then remaining loan term, and thereafter the monthly payments must be adjusted every five (5) years to a level sufficient to fully amortize the loan.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-16. Regulation of Rollover Mortgage Loans

Sec. 16. Rollover mortgage loans are subject to the following:
(1) At each scheduled adjustment time, if the loan is not in default, the lender shall make rate adjustments available for the amount of the outstanding loan.
(2) In adjusting the loan, administrative expenses may not be charged to the borrower.
(3) Adjustments must be at least one (1) year apart.
(4) The lender may not charge a penalty or other assessment for the prepayment of the loan.
(5) The lender and the borrower may agree to increase or decrease the interest rate applicable to the outstanding balance of the loan at each adjustment.
(6) The lender may grant the borrower the option of extending the amortization period for purposes of calculating monthly payments on the loan in accordance with the following rules:
(A) The extension of the amortization period may equal up to one-third (1/3) of the original amortization period, regardless of whether this extends the amortization period beyond thirty (30) years.
(B) To the extent of any extension of the amortization period, the amortization period will be reduced upon a subsequent downward adjustment in the interest rate.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-17. Alternative Mortgage Loans; Required Disclosures

Sec. 17. (a) Any statement, disclosure, or notification required by this chapter with respect to an alternative mortgage loan may be made in the form prescribed by the primary federal regulator or its successor for a similar alternative mortgage loan made by a federal savings association.
(b) In addition to the disclosures required by this chapter, the department may adopt rules under IC 4-22-2, including emergency rules under IC 4-22-2-37.1, or policies that require additional disclosures for alternative mortgage loans.
As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.115; P.L.140-2013, SEC.20.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 11. Alternative Mortgage Loans of Savings Associations › 28-15-11-18. Inapplicability of Indiana Laws; Interest Added to Principal; Lien Provided by Mortgage

Sec. 18. (a) Subsections (b) and (c) apply to alternative mortgage loans and to similar loans authorized under federal law or regulations for a federal savings association.
(b) Any Indiana laws prohibiting:
(1) the compounding of interest;
(2) capitalizing interest because contracted loan repayments create negative amortization; or
(3) paying interest on interest;
do not apply. For purposes of the application of IC 24-4.5-3 to a loan described in subsection (a), "principal" (as defined in IC 24-4.5-3-107(3)) includes interest unpaid and added to principal because the contracted repayments under the loan do not cover the entire interest due at any time.
(c) The lien of the loan provided by the mortgage and the loan documents:
(1) includes all advances or additions to principal of either principal or interest that are made in accordance with the terms of the loan documents; and
(2) is superior to any lien on the property created after the date the mortgage securing the loan is recorded, other than taxes and special property or taxing district assessments.
As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.116.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 12. Voting Rights of Members › 28-15-12-1. Mutual Savings Association; Member Entitled to One Vote

Sec. 1. (a) In a mutual savings association, each member is entitled at every members' meeting to cast one (1) vote for each:
(1) one hundred dollars ($100); or
(2) fraction of one hundred dollars ($100);
of the total amount paid in on all share or deposit accounts standing in the member's name on the books of the mutual savings association.
(b) Each borrowing member of a mutual savings association who is not a depositor or owner of a share account is entitled at a members' meeting to cast one (1) vote, if the articles of incorporation of the mutual savings association provide the borrowing member the right to vote.
(c) A member of a mutual savings association may not, except as proxy, cast more than fifty (50) votes at an election held by the mutual savings association.
As added by P.L.193-1997, SEC.2.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 13. Applicability of Corporate Governance Laws › 28-15-13-1. References to Shareholders and Shareholders' Meetings

Sec. 1. A reference in IC 28-13-5, IC 28-13-6, IC 28-1-7, IC 28-1-7.1, IC 28-1-8, or IC 28-1-9 to shareholders and shareholders' meetings means, as to a mutual savings association, members and members' meetings.
As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.117.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 14. Merger or Consolidation With Federal Savings Association › 28-15-14-1. Merger, Consolidation, or Conversion; Vote of Shareholders and Members Required; Compliance With Federal Law

Sec. 1. (a) A savings association may be:
(1) merged or consolidated with; or
(2) converted into;
a federal savings association, under the charter of the federal savings association or under a new charter issued to the converted association or the merged or consolidated association, upon a vote of fifty-one percent (51%) or more of the votes cast at a legal meeting of the shareholders and members of the state chartered savings association called to consider the proposed merger, consolidation, or conversion.
(b) A merger, consolidation, or conversion under this section must be accomplished:
(1) in compliance with the laws of the United States relating to the merger, consolidation, or conversion; and
(2) upon terms and conditions prescribed or approved by the Office of the Comptroller of the Currency or its successor.
As added by P.L.193-1997, SEC.2. Amended by P.L.27-2012, SEC.118; P.L.29-2022, SEC.16.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 14. Merger or Consolidation With Federal Savings Association › 28-15-14-2. Filing Requirements

Sec. 2. (a) If a savings association:
(1) merges with;
(2) consolidates with; or
(3) is converted into;
a federal savings association, the savings association shall file with the secretary of state three (3) copies of a certificate executed by a duly constituted federal authority showing the merger, consolidation, or conversion.
(b) Upon the payment of the fees prescribed by law, the secretary of state shall:
(1) note the filing upon each of the copies;
(2) retain one (1) copy in the secretary's office; and
(3) return two (2) copies to the association.
(c) One (1) of the copies returned to a savings association under subsection (b) shall be filed by the savings association with the department and the other copy shall be filed with the recorder of the county in which the principal office of the savings association is located.
(d) Upon completion of the filings required by this section, the savings association ceases to be a corporation under Indiana law, except as provided in section 4 of this chapter.
As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.17.
2023 Indiana Code › Title 28. Financial Institutions › Article 15. Savings Associations › Chapter 14. Merger or Consolidation With Federal Savings Association › 28-15-14-3. Effect of Merger, Consolidation, or Conversion on Federal Savings Association

Sec. 3. (a) Upon the effective date of a merger, consolidation, or conversion under sections 1 and 2 of this chapter, all of the assets and property of the state chartered savings association of every kind and character, including:
(1) real, personal, and mixed property;
(2) tangible and intangible property; and
(3) choses in action, rights, and credits that:
(A) the savings association owns; or
(B) would inure to the savings association;
shall immediately, by operation of law and without any conveyance or transfer, and without any further act or deed, be vested in and become the property of the federal savings association.
(b) A federal savings association referred to in subsection (a) shall have, hold, and enjoy the assets and property of the state chartered savings association after a merger, consolidation, or conversion under sections 1 and 2 of this chapter in its own right, as fully and to the same extent that the assets and property were possessed, held, and enjoyed by the state chartered savings association before the merger, consolidation, or conversion.
(c) After a merger, consolidation, or conversion under sections 1 and 2 of this chapter, the federal savings association is considered a continuation of the entity and identity of the state chartered savings association, and all of the rights and obligations of the savings association remain unimpaired.
(d) The federal association, at the time of the taking effect of the merger, consolidation, or conversion under sections 1 and 2 of this chapter, shall succeed to all of the rights and obligations and the duties and liabilities connected with the state chartered savings association.
As added by P.L.193-1997, SEC.2. Amended by P.L.29-2022, SEC.18.