reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-18. Duties and Powers of Supervisory Committee; Audits; Meeting Minutes

Sec. 18. (a) The supervisory committee shall cause the share and loan accounts of the members to be verified with the records of the treasurer at least each biennium. A verification under this subsection shall be performed using one (1) of the following methods:
(1) A verification of one hundred percent (100%) of the share and loan accounts of all members.
(2) A verification of share and loan accounts in accordance with the requirements of the National Credit Union Administration set forth in 12 CFR 715.8.
(b) The supervisory committee shall supervise the acts of the board of directors, credit committee, and officers.
(c) By a majority vote, the supervisory committee may call a meeting of the shareholders to consider any violation of this chapter, or of the bylaws, or any practice of the credit union which, in the opinion of the committee is unsafe and unauthorized.
(d) The supervisory committee shall fill vacancies in its own number until the next annual meeting of the members.
(e) At the close of the audit period, the supervisory committee shall make or cause to be made a thorough audit of the credit union for each audit period and shall make a full report to the directors. The audit report shall be issued not later than one hundred twenty (120) days following the close of the audit period. Tapes, work papers, schedules, and evidence of verification of accounts shall be retained until the next examination by the department. A summary of the report shall be read at the annual meeting and shall be filed and preserved with the records of the credit union.
(f) A credit union with assets of at least five million dollars ($5,000,000) shall have an annual audit performed by an outside professional accounting firm. The department may require a professional outside audit to be performed upon any credit union if the department questions the safety and soundness of the credit union.
(g) Minutes of every meeting of the supervisory committee shall be kept and maintained.
Formerly: Acts 1961, c.182, s.18. As amended by Acts 1979, P.L.267, SEC.3; P.L.14-1992, SEC.126; P.L.228-1993, SEC.6; P.L.263-1995, SEC.16; P.L.192-1997, SEC.19; P.L.11-1998, SEC.18; P.L.35-2010, SEC.159; P.L.137-2014, SEC.28; P.L.186-2015, SEC.37.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-19. Capital; Lien on Shares; Transfer of Shares; Use of Secondary Capital; Safety and Soundness; Regulations Regarding Prompt Corrective Action and Risk Based Net Worth

Sec. 19. (a) The capital of a credit union shall consist of the payments on shares which have been made to it by members. A credit union may attach a lien on the shares of any member with outstanding obligations to the credit union. A credit union may, upon the resignation of a member, cancel the shares of such member, and apply the withdrawal value of such shares towards the liquidation of the member's obligations. Fully paid up shares of a credit union may be transferred to any qualified member upon such terms as the bylaws provide. If a federal credit union is authorized by the federal regulatory authority with jurisdiction or by federal law to use one (1) or more forms of secondary capital, the department may by rule, order, or declaratory ruling allow a credit union to use one (1) or more forms of secondary capital. The rule, order, or declaratory ruling must include disclosure requirements concerning the conditions for return of the secondary capital and the liquidation priority of the secondary capital.
(b) A credit union shall maintain capital consistent with the safety and soundness necessary to support the risk in the credit union's activities, as determined appropriate by the director. The National Credit Union Administration's:
(1) prompt corrective action; and
(2) risk based net worth;
regulations set forth in 12 CFR 702.101, 12 CFR 702.102, 12 CFR 702.103, 12 CFR 702.104, and 12 CFR 702.105 apply to all credit unions.
Formerly: Acts 1961, c.182, s.19; Acts 1969, c.133, s.5. As amended by P.L.263-1995, SEC.17; P.L.35-2010, SEC.160; P.L.197-2023, SEC.14.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-19.1. Classification as Adequately Capitalized or Lower; Net Worth Requirements; Exception

Sec. 19.1. (a) Beginning on the effective date of a credit union's classification as adequately capitalized or lower, the credit union must increase the dollar amount of the credit union's net worth on a quarterly basis, either:
(1) in the current quarter; or
(2) on average over the current quarter and the preceding three (3) quarters;
by an amount equal to at least one-tenth of one percent (0.1%) of the credit union's total assets (or by a greater amount at the election of the credit union) until the credit union is classified as well capitalized.
(b) Upon written application:
(1) made by a credit union described in subsection (a); and
(2) received by the director and the credit union's share insurer not later than fourteen (14) days before the end of the applicable quarter;
the director and the credit union's share insurer may permit the credit union to increase the dollar amount of the credit union's net worth by an amount that is less than the amount set forth in subsection (a), to the extent the director and the credit union's share insurer determine that the lesser amount is necessary to avoid a significant redemption of the credit union's shares, and would further the purposes of section 19(b) of this chapter.
(c) A decision under subsection (b) is subject to quarterly review and revocation unless the credit union is operating under an approved net worth restoration plan that is in accordance with the decision under subsection (b).
As added by P.L.197-2023, SEC.15.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-20.1. Issuance of Shares; Joint Tenancy; Deposits, Investments, and Withdrawals by Minors

Sec. 20.1. (a) Shares may be issued as the bylaws provide. The provisions of IC 28-1-20-6 apply to loans to any borrower and shall inure to the benefit of the credit union. Shares may be issued in a joint tenancy with right of survivorship, but no joint tenant shall be permitted to vote, obtain loans, or hold office, unless the tenant is a member.
(b) A credit union may issue shares to and receive deposits from a minor. The minor may withdraw the deposits or shares and any dividends or interest on the deposits or shares. A deposit, investment in a share, or withdrawal under this subsection by a minor is valid and enforceable. The minor is considered an adult with respect to the deposit, investment, or withdrawal.
As added by Acts 1977, P.L.294, SEC.11. Amended by P.L.263-1995, SEC.18; P.L.35-2010, SEC.161.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-22. Authority to Borrow; Limits; Authority to Receive Public Deposits and Pledge Securities

Sec. 22. (a) A credit union may borrow from any source. The total borrowing of a credit union may not at any time exceed fifty per cent (50%) of the unimpaired shares capital and surplus of the credit union.
(b) A credit union may receive deposits of state and federal public funds, including the right to pledge securities or other assets for the repayment of the deposits if the pledge is permitted by applicable law or regulation.
Formerly: Acts 1961, c.182, s.22. As amended by P.L.263-1995, SEC.19; P.L.90-2008, SEC.45; P.L.35-2010, SEC.162.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-23. Loans to Members; Purposes; Repayment Plans; Direct Deposit

Sec. 23. (a) A credit union may make loans to its members for such purposes and upon such security as the bylaws provide, and as the credit committee or loan officer shall approve.
(b) A member may receive a loan for crops in installments.
(c) A borrower may repay the whole loan or any part of a loan on any day on which the credit union is open.
(d) A credit union may offer payroll deduction for:
(1) the repayment of loans; and
(2) deposits into the accounts of members.
(e) A credit union may offer direct deposit.
Formerly: Acts 1961, c.182, s.23; Acts 1969, c.133, s.6; Acts 1974, P.L.130, SEC.6. As amended by P.L.270-1983, SEC.7; P.L.263-1995, SEC.20.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-25. Dividends

Sec. 25. Dividends may be declared by the board of directors, after making provision for the required reserves. The board of directors may declare separate dividend periods and rates for each type of share account.
Formerly: Acts 1961, c.182, s.25; Acts 1969, c.133, s.8; Acts 1974, P.L.130, SEC.8. As amended by Acts 1979, P.L.267, SEC.4; P.L.263-1995, SEC.22.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-26. Repealed

Formerly: Acts 1961, c.182, s.26. As amended by P.L.263-1985, SEC.179; P.L.263-1995, SEC.23. Repealed by P.L.35-2010, SEC.209.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-26.3. Termination of Membership; Termination or Suspension of Services to Member; Withdrawal From Membership; Notice

Sec. 26.3. (a) A credit union board may terminate the membership of, or terminate some or all services to, a member who does any of the following:
(1) Causes a loss to the credit union.
(2) Commits fraud or another misdeed against the credit union or against a person on the premises of the credit union.
(b) Pending action by the credit union board at the credit union board's next regularly scheduled meeting, a credit union may immediately suspend any credit union services to a member who does any of the following:
(1) Causes a loss to the credit union.
(2) Commits fraud or another misdeed against:
(A) the credit union; or
(B) a person on the premises of the credit union.
(c) A member may withdraw from a credit union at any time. However, the credit union may require a notice of withdrawal from the withdrawing member as a condition of withdrawal.
(d) Unless the withdrawal of a member occurs on a maturity date or not later than seven (7) days after a maturity date, a credit union may require that a withdrawing member give sixty (60) days written notice of the member's intention to withdraw shares. A credit union may waive an applicable notice period for a specific member or account in writing.
(e) After a termination or withdrawal under this section, the former member has no rights in the credit union. However, the termination or withdrawal does not release the former member from any remaining liability to the credit union.
As added by P.L.35-2010, SEC.165.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-26.5. Refusal to Make Payment From Account

Sec. 26.5. (a) A credit union may refuse to make a payment from an account to a person claiming an interest in the account if the credit union:
(1) is uncertain under the agreement governing the account of who is entitled to receive the payment; or
(2) has actual knowledge of a dispute between any account owners, beneficiaries with present vested rights in the account, or other persons concerning ownership of the money in the account, the proposed withdrawal, or any previous withdrawals from the account.
(b) If a credit union refuses to make a payment under subsection (a), the credit union:
(1) shall notify, in writing, the account owners, beneficiaries with present vested rights in the account, and other persons claiming an interest in the account of the basis for the credit union's refusal; and
(2) may refuse to make the payment until all interested parties consent in writing to the requested payment or a court with jurisdiction orders the credit union to make the payment.
(c) The credit union is not liable in damages as a result of an action taken under this section.
As added by P.L.35-2010, SEC.166.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-28. Change of Place of Business

Sec. 28. A credit union may:
(1) with department approval; or
(2) by meeting the department's established criteria to be exempt from the department's approval;
change its place of business. The department may deny the change of location if the new situs is undesirable or would detrimentally affect the operation of the credit union.
Formerly: Acts 1961, c.182, s.28. As amended by P.L.263-1995, SEC.25; P.L.69-2018, SEC.57.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-31. Fidelity Coverage for Directors, Officers, and Employees With Access to Money or Bonds; Blanket Fidelity Bond or Separate Reserve Fund Required

Sec. 31. Every credit union shall make provisions for adequate fidelity coverage for all directors, officers, and employees having access to money or bonds of the credit union. The amount and form of fidelity coverage must be approved annually by the board of directors of the credit union. Coverage may be provided:
(1) in the form of a blanket fidelity bond issued by a corporate surety authorized to transact business in Indiana; or
(2) through the establishment of a separate reserve fund within the credit union for that purpose.
Formerly: Acts 1961, c.182, s.31. As amended by P.L.276-1987, SEC.4; P.L.263-1995, SEC.27; P.L.35-2010, SEC.167; P.L.29-2022, SEC.10.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-31.3. Credit Union Officials; Discharge of Duties; Indemnification

Sec. 31.3. (a) As used in this section, "official" means an individual who is or who was a director, committee member, officer, or employee of a credit union.
(b) An official of a credit union shall discharge the duties of the official's position in good faith and with the degree of diligence, care, and skill that an ordinarily prudent person would exercise under similar circumstances in a like position. In discharging the official's duties, an official may rely upon:
(1) the opinion of legal counsel for the credit union;
(2) the report of an independent appraiser selected with reasonable care by:
(A) the board; or
(B) an officer of the credit union; or
(3) financial statements of the credit union:
(A) represented to the official to be correct by the:
(i) chief executive officer; or
(ii) officer of the credit union having charge of the credit union's records; or
(B) stated in a written report by an independent public or certified public accountant or firm of accountants fairly to reflect the financial condition of the credit union.
(c) As used in this section, "credit union" includes all other credit unions that become related to a credit union by a consolidation or merger and the resulting or continuing credit union.
(d) A credit union may indemnify a director, a committee member, an officer, an employee, or an agent to the extent and in the same manner that a corporation may indemnify a director, committee member, officer, employee, or agent under IC 28-13-13-2 through IC 28-13-13-13.
As added by P.L.35-2010, SEC.168.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-31.5. Insurance; Examinations

Sec. 31.5. (a) Before transacting business in Indiana, a credit union shall insure its shares and other deposits with the National Credit Union Share Insurance Fund or a similar insurance company approved by the department.
(b) The department may examine any organization that insures the shares of a credit union that is subject to this chapter. The reasonable costs of an examination conducted under this subsection may be charged to the organization that is examined.
As added by P.L.270-1983, SEC.8. Amended by P.L.263-1995, SEC.28.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-32. Repealed

Formerly: Acts 1961, c.182, s.33. As amended by Acts 1976, P.L.124, SEC.1; P.L.88-1983, SEC.12. Repealed by P.L.347-1989(ss), SEC.24.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-33.1. Merger of Credit Unions; Surviving Credit Union Organized Under Federal or Other State Law; Department Approval Not Required

Sec. 33.1. The approval of the department of the merger of two (2) or more credit unions is not required under this chapter if the credit union surviving the merger is an institution organized or reorganized under the laws of the United States or a state (as defined in IC 28-2-17-19) other than Indiana. However, the surviving credit union shall:
(1) notify the department of the merger;
(2) provide satisfactory evidence to the department of compliance with the requirements of IC 28-1-22 relating to foreign corporations, if applicable; and
(3) provide satisfactory evidence to the department of compliance with the requirements of section 34 of this chapter relating to credit unions organized in other states, if applicable.
As added by P.L.73-2016, SEC.27.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-35. Effect of Amendments by Acts 1974, p.l.130

Sec. 35. (a) This section applies to a credit union organized under Acts 1933, c.40, s.296 through s.323.
(b) The amendments to this chapter made by Acts 1974, P.L.130 do not affect a credit union's rights existing on June 11, 1974.
As added by P.L.1-1989, SEC.58.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-37. Withdrawal of Deposits

Sec. 37. All members, regardless of age, may become depositors in a credit union and shall be subject to the same duties and liabilities respecting their deposits. Whenever a deposit is accepted by a credit union in the name of any person, regardless of age, the deposit may be withdrawn by the depositor by any of the following methods:
(1) Check or other instrument in writing. The check or other instrument in writing constitutes a receipt or acquittance if it is signed by the depositor, and constitutes a valid release and discharge to the credit union for all payments so made.
(2) Electronic means through:
(A) preauthorized direct withdrawal;
(B) an automated teller machine;
(C) a debit card;
(D) a transfer by telephone;
(E) a network, including the Internet; or
(F) any:
(i) electronic terminal;
(ii) computer;
(iii) magnetic tape; or
(iv) other electronic means.
However, this section may not be construed to affect the rights, liabilities, or responsibilities of participants in an electronic fund transfer under the federal Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.).
As added by P.L.81-2001, SEC.7.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 1. Credit Unions › 28-7-1-38. Requirement to Provide Property Tax Information in Certain Transactions

Sec. 38. With respect to a residential real property financing or refinancing, a credit union shall comply with IC 6-1.1-12-43.
As added by P.L.64-2004, SEC.32.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 2.5. Conservatorship of Credit Unions › 28-7-2.5-1. Application of Chapter

Sec. 1. This chapter applies to a credit union (as defined in IC 28-7-1-0.5(3)).
As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 2.5. Conservatorship of Credit Unions › 28-7-2.5-2. Application of Definitions

Sec. 2. Except as otherwise provided, the definitions in IC 28-7-1 apply throughout this chapter.
As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 2.5. Conservatorship of Credit Unions › 28-7-2.5-3. Appointment of Conservator; Bond or Security; Eligible Conservators

Sec. 3. (a) The department may appoint a conservator for a credit union if the department determines that:
(1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2(a) exist with respect to the credit union; or
(2) the appointment of a conservator is necessary to conserve the assets of the credit union for the benefit of the members, depositors, and other creditors of the credit union.
(b) A conservator appointed under this section shall give any bond or security that the department considers appropriate.
(c) The department may appoint any of the following as a conservator under this section:
(1) A private insurance company authorized to insure deposits or share accounts in Indiana.
(2) The National Credit Union Administration or its successor.
(3) Any competent and disinterested person.
As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 2.5. Conservatorship of Credit Unions › 28-7-2.5-4. Reimbursement of Department; Administrative Expenses

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 credit union as administrative expenses. Upon approval of the department, the conservator shall pay all other administrative expenses of the conservatorship from the assets of the credit union.
(b) Administrative expenses described in this section constitute a first charge against the assets of the credit union. The conservator shall pay the administrative expenses in full before any:
(1) final distribution of the credit union's assets; or
(2) payment of dividends to members, depositors, and other creditors of the credit union.
As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 2.5. Conservatorship of Credit Unions › 28-7-2.5-5. 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 credit union; and
(2) take any action necessary to conserve the assets of the credit union pending:
(A) a liquidation under IC 28-1-3.1; or
(B) other disposition of the credit union'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 credit union; 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 credit union under this chapter, the rights of all parties with respect to the credit union are the same as if a receiver had been appointed under IC 28-1-3.1.
As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 2.5. Conservatorship of Credit Unions › 28-7-2.5-7. 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 credit union. 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, the assets of the credit union.
As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 2.5. Conservatorship of Credit Unions › 28-7-2.5-8. 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 credit union subject to the conservatorship to resume the transaction of the credit union'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 credit union under IC 28-1-3.1;
if the department determines that the appointment of a receiver for the credit union is in the public interest.
(c) If the department determines that the liquidation of a credit union 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 credit union under IC 28-1-3.1.
As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 2.5. Conservatorship of Credit Unions › 28-7-2.5-9. 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.37 and P.L.57-2006, SEC.37.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-2. Definitions

Sec. 2. In this chapter, unless the context otherwise requires:
"Director" refers to the director of the department.
"Pawn" means lending money on the deposit or pledge of personal property, or purchasing personal property on the condition of selling the property back again at a stipulated price, with the condition indicated verbally, in a written agreement, or in any other form indicating that the seller may repurchase the personal property sold. For purposes of this chapter, "personal property" does not include general intangibles, accounts (including deposit accounts), chattel paper, commercial tort claims, documents, instruments, investment property, letter-of-credit rights, letters of credit, money, or oil, gas, or other minerals before extraction.
"Pawnbroker" means any person, partnership, association, limited liability company, or corporation that engages in the pawn business.
"Pledge" means personal property deposited with a pawnbroker as security for a loan.
"Pledger" means the person who delivers personal property into the possession of a pawnbroker as security for a loan. However, if the person delivering the personal property into the possession of the pawnbroker discloses that the person is acting for another, "pledger" means the disclosed principal.
"Department" means the department of financial institutions.
"Person" means any individual, limited liability company, sole proprietorship, partnership, trust, joint venture, corporation, unincorporated organization, or other form of entity, however organized.
"Month" means a period extending from a given date in one (1) calendar month to the like date in the succeeding calendar month or, if there is no such like date, then to the last day of the succeeding calendar month. For purposes of this chapter, each month is considered to have thirty (30) days.
Formerly: Acts 1935, c.195, s.2. As amended by P.L.263-1985, SEC.183; P.L.14-1992, SEC.131; P.L.42-1993, SEC.74; P.L.258-2003, SEC.11; P.L.10-2006, SEC.38 and P.L.57-2006, SEC.38; P.L.90-2008, SEC.47; P.L.137-2014, SEC.29.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-3. Necessity of License; Misleading Representations; Territorial Application

Sec. 3. (a) Except as authorized by this chapter and unless a license is first obtained from the department, a person shall not engage in business as a pawnbroker, act as a pawnbroker, transact or solicit business as a pawnbroker, or use in any advertisement, signage, or electronic or printed material, or in the person's business name, a phrase or statement that includes "pawn", "pawnbroker", "pawn shop", "pawn loan", or any word or phrase that would reasonably lead another person to conclude that the person is a pawnbroker, is engaging in business as a pawnbroker, or is engaging in conduct that would mislead or confuse a person into believing that the person is a pawnbroker or is engaging in business as a pawnbroker.
(b) A pawnbroking transaction occurs in Indiana and is subject to the licensing requirements of this chapter and all other requirements of this chapter if a consumer who is a resident of Indiana enters into the pawnbroking transaction with a pawnbroker, or a person acting on behalf of the pawnbroker, that is located:
(1) in Indiana; or
(2) outside Indiana if the pawnbroker or person acting on behalf of the pawnbroker has advertised or solicited pawnbroking in Indiana by any means, including by mail, brochure, telephone, print, radio, television, the Internet, or electronic means.
A pawnbroking transaction does not occur in Indiana if a consumer who is a resident of Indiana enters into the pawnbroking transaction at a pawnbroker's place of business in another state.
Formerly: Acts 1935, c.195, s.3. As amended by P.L.263-1985, SEC.184; P.L.14-1992, SEC.132; P.L.163-2001, SEC.1; P.L.90-2008, SEC.48; P.L.216-2013, SEC.33.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-4. Application for License; Business Locations; Criminal History; Evidence of Compliance; Criminal Background Checks and Credit Histories

Sec. 4. (a) Application for a pawnbroker's license shall be submitted on a form prescribed by the director and must include all information required by the director. An application submitted under this section must identify the location or locations at which the applicant proposes to engage in business as a pawnbroker in Indiana.
(b) An application submitted under this section must indicate whether any individual described in section 8(a)(2) or 8(a)(3) of this chapter at the time of the application:
(1) is under indictment for a felony under the laws of Indiana or any other jurisdiction; or
(2) has been convicted of a felony under the laws of Indiana or any other jurisdiction.
(c) The director may request that the applicant provide evidence of compliance with this section at:
(1) the time of application;
(2) the time of renewal of a license; or
(3) any other time considered necessary by the director.
(d) For purposes of subsection (c), evidence of compliance with this section may include:
(1) criminal background checks, including a national criminal history background check (as defined in IC 10-13-3-12) by the Federal Bureau of Investigation for any individual described in subsection (b);
(2) credit histories; and
(3) other background checks considered necessary by the director.
If the director requests a national criminal history background check under subdivision (1) for an individual described in that subdivision, the director shall require the individual to submit fingerprints to the department or to the state police department, as appropriate, at the time evidence of compliance is requested under subsection (c). The individual to whom the request is made shall pay any fees or costs associated with the fingerprints and the national criminal history background check. The national criminal history background check may be used by the director to determine the individual's compliance with this section. The director or the department may not release the results of the national criminal history background check to any private entity.
Formerly: Acts 1935, c.195, s.4. As amended by P.L.14-1992, SEC.133; P.L.63-2001, SEC.18 and P.L.134-2001, SEC.20; P.L.10-2006, SEC.39 and P.L.57-2006, SEC.39; P.L.213-2007, SEC.70; P.L.217-2007, SEC.68; P.L.3-2008, SEC.223; P.L.90-2008, SEC.49; P.L.1-2009, SEC.149; P.L.35-2010, SEC.170; P.L.216-2013, SEC.34; P.L.137-2014, SEC.30; P.L.159-2017, SEC.38.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-5. Initial and Renewal Applications; Fees; Financial Statement; Proof of Bond and Insurance; Standards; Tax Warrant List

Sec. 5. (a) The initial application and any renewal application shall be accompanied by a fee fixed by the department under IC 28-11-3-5. The initial application and any renewal application must include a financial statement that:
(1) is prepared in accordance with standards adopted by the director;
(2) indicates the applicant meets minimum financial responsibility standards adopted by the director; and
(3) is prepared by a third party acceptable to the director.
(b) The initial application and any renewal application must be accompanied by proof that the applicant:
(1) has executed a bond in accordance with section 5.5 of this chapter and payable to the state, in an amount determined by the director; and
(2) has obtained property and casualty insurance coverage, in an amount determined by the director;
in accordance with standards adopted by the director.
(c) Any standards adopted by the director and described in subsection (a)(1), (a)(2), or (b) must be made available:
(1) for public inspection and copying at the offices of the department under IC 5-14-3; and
(2) electronically through the computer gateway administered by the office of technology established by IC 4-13.1-2-1.
(d) If the department of state revenue notifies the department that a person is on the most recent tax warrant list, the department shall not issue or renew the person's license until:
(1) the person provides to the department a statement from the department of state revenue that the person's tax warrant has been satisfied; or
(2) the department receives a notice from the commissioner of the department of state revenue under IC 6-8.1-8-2(k).
Formerly: Acts 1935, c.195, s.5. As amended by P.L.14-1992, SEC.134; P.L.42-1993, SEC.75; P.L.45-1995, SEC.23; P.L.80-1998, SEC.12; P.L.10-2006, SEC.40 and P.L.57-2006, SEC.40; P.L.172-2011, SEC.133; P.L.216-2013, SEC.35.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-7. Repealed

Formerly: Acts 1935, c.195, s.7. As amended by P.L.263-1985, SEC.185; P.L.14-1992, SEC.135. Repealed by P.L.45-1995, SEC.33.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-8. Issuance and Duration of License; Evidence of Compliance; Denial of Application; Person Not Qualifying for License; Replacement of Manager

Sec. 8. (a) Upon an applicant's filing of the application required by section 4 of this chapter and payment of the license fee, if the department finds the financial standing, competence, business experience, and character of:
(1) the applicant and any significant affiliate of the applicant;
(2) each director, executive officer, or manager of the applicant, or any other individual having a similar status or performing a similar function for the applicant; and
(3) if known, each person directly or indirectly owning of record or owning beneficially at least ten percent (10%) of the outstanding shares of any class of equity security of the applicant;
are such that the business will be operated honestly, fairly, and efficiently and that the convenience and needs of the public exist for the operation of the business in the community wherein the applicant proposes to operate, it shall issue and deliver a license to the applicant, which license shall authorize the applicant to engage in the business of pawnbroking.
(b) The director is entitled to request evidence of compliance with the requirements of this section by the licensee, including any affiliate or person described in subsection (a), at:
(1) the time of issuance of the license;
(2) the time of renewal of the license; or
(3) any other time considered necessary by the director.
A license shall remain in effect until it is surrendered, revoked, or suspended. If the department denies the application, it shall notify the applicant of the denial. The department may hold a public hearing if the department considers the hearing necessary.
(c) The department may deny an application under this section if the director determines that the application was submitted for the benefit of, or on behalf of, a person who does not qualify for a license.
(d) If a licensee replaces a manager, the licensee shall give the department written notice of the replacement not later than thirty (30) days after engaging another person to serve as manager.
Formerly: Acts 1935, c.195, s.8. As amended by P.L.263-1985, SEC.186; P.L.14-1992, SEC.136; P.L.45-1995, SEC.24; P.L.80-1998, SEC.13; P.L.10-2006, SEC.41 and P.L.57-2006, SEC.41; P.L.90-2008, SEC.50; P.L.35-2010, SEC.171; P.L.89-2011, SEC.50; P.L.176-2019, SEC.60.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-9. License Not Transferrable or Assignable; Branch Locations

Sec. 9. (a) As used in this section, "branch location" means a location that:
(1) is maintained by a person licensed or required to be licensed under this chapter;
(2) is located somewhere other than the person's main office location; and
(3) does not constitute a separate legal entity from, or a subsidiary of, the person.
(b) Except in a transaction approved under section 9.1 of this chapter, a license is not transferable or assignable. Subject to section 10 of this chapter, one (1) or more branch locations may be maintained under the same license.
Formerly: Acts 1935, c.195, s.9. As amended by P.L.263-1985, SEC.187; P.L.14-1992, SEC.137; P.L.45-1995, SEC.25; P.L.89-2011, SEC.51; P.L.186-2015, SEC.41.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-10. Closing, Opening, or Relocating a Branch; Changes and Events Concerning Licensees or Applicants; Notice to Department Required

Sec. 10. (a) Whenever a licensee:
(1) closes an existing branch; or
(2) intends to open a new branch or relocate an existing branch;
the licensee shall give written notice to the department. A licensee shall give written notice to the department of the closing of an existing branch under subdivision (1) not later than thirty (30) days after the date of the closing of the branch. Not later than thirty (30) days before the intended relocation or addition of one (1) or more branches under subdivision (2), the licensee shall provide to the department the written notice of its intention required by this section and shall request approval in a form prescribed by the director to add or relocate one (1) or more branches.
(b) A person that is licensed under this chapter, or a person that seeks a license or a renewal of a license under this chapter, in accordance with sections 4, 5, and 8 of this chapter, shall notify the department not later than thirty (30) days after any of the following occurs:
(1) The person has a change in name, address, or principals.
(2) The person files for bankruptcy or reorganization.
(3) The person is notified by a state or governmental authority that the person is subject to revocation or suspension proceedings with respect to the person's activities related to the business of pawnbroking or the provision of other similar services.
(4) An individual described in section 8(a)(2) or 8(a)(3) of this chapter has been convicted of a felony involving fraud, deceit, or misrepresentation under the laws of Indiana or any other jurisdiction.
Formerly: Acts 1935, c.195, s.10. As amended by P.L.14-1992, SEC.138; P.L.45-1995, SEC.26; P.L.10-2006, SEC.42 and P.L.57-2006, SEC.42; P.L.129-2020, SEC.17; P.L.32-2021, SEC.85.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-10.1. Ceasing Business as a Pawnbroker; Requirements; Appointment of Liquidating Agent; Two Month Redemption Period; Partial Payments by Pledgers

Sec. 10.1. (a) A licensee that decides to cease engaging in business as a pawnbroker in Indiana shall do the following not later than thirty (30) days before closing the licensee's pawnbroking business:
(1) Notify the department of:
(A) the licensee's intention to cease engaging in business as a pawnbroker in Indiana; and
(B) the date on which the licensee's pawnbroking business will cease.
(2) Surrender the license to the department.
(3) Provide the following to all pledgers that have loans outstanding with the licensee:
(A) Notice of:
(i) the licensee's intention to cease engaging in business as a pawnbroker in Indiana; and
(ii) the date on which the licensee's pawnbroking business will cease.
(B) Instructions, approved by the director, on how pledged articles may be redeemed before the date identified under clause (A)(ii).
(b) If:
(1) a licensee ceases engaging in business as a pawnbroker in Indiana without complying with subsection (a); and
(2) the director determines that it is in the public interest that the department oversees the liquidation of the licensee's business;
the director may appoint a liquidating agent to conclude the affairs of the licensee's pawnbroker business in Indiana. The department may use the proceeds of the licensee's bond under section 5.5 of this chapter to pay the expenses of the liquidation.
(c) If:
(1) a license is revoked under section 13 of this chapter and the director determines that it is not in the best interests of the public for the licensee to liquidate the business; or
(2) the director otherwise determines that it is in the best interests of the public;
the director may appoint a liquidating agent to conclude the affairs of the licensee's pawnbroker business in Indiana. The department may use the proceeds of the licensee's bond under section 5.5 of this chapter to pay the expenses of liquidation.
(d) If a pawnbroker gives notice to the department under subsection (a) that the pawnbroker intends to cease engaging in business as a pawnbroker in Indiana, the pawnbroker may accept during the two (2) months immediately following the maturity of a loan that the pawnbroker has made to any pledger, as described in section 30(a) of this chapter, partial payments from the pledger for the loan. A partial payment made under this subsection must be applied to the loan's principal and used to reduce the pledger's loan obligation. Acceptance of partial payments under this subsection does not require the pawnbroker to extend the two (2) month period described in section 30(a) of this chapter with respect to any loan.
As added by P.L.213-2007, SEC.71; P.L.217-2007, SEC.69. Amended by P.L.90-2008, SEC.51; P.L.35-2010, SEC.172; P.L.216-2013, SEC.37.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-10.4. Carrying on Other Business

Sec. 10.4. A licensee may carry on other business at a location where the licensee conducts the business of acting as a pawnbroker unless the licensee carries on other business for the purpose of evasion or violation of this chapter.
As added by P.L.159-2017, SEC.39.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-10.6. Felony Convictions or Pleas; Notice to Department

Sec. 10.6. (a) This section applies if, after a person has been issued a license or renewal license under this chapter, any individual described in section 8(a)(2) or 8(a)(3) of this chapter has been convicted of or pleaded guilty or nolo contendere to a felony under the laws of Indiana or any other jurisdiction.
(b) If this section applies, the licensee shall provide to the department the information required under section 4(b) of this chapter:
(1) not later than thirty (30) days after the licensee or any individual described in section 8(a)(2) or 8(a)(3) of this chapter has been convicted of or pleaded guilty or nolo contendere to the felony; or
(2) if the licensee's next license renewal fee under section 11 of this chapter is due before the date described in subdivision (1), along with the licensee's next license renewal fee under section 11 of this chapter.
As added by P.L.213-2007, SEC.72; P.L.217-2007, SEC.70. Amended by P.L.90-2008, SEC.52; P.L.35-2010, SEC.173.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-11. License Renewal; Application; Fees

Sec. 11. (a) To remain in force, a license must be renewed not later than December 31 of each year, beginning with the year following the date of issuance. A licensee may renew a license issued under this chapter by filing a renewal application prescribed by the director. The department shall prescribe the form of the renewal application. To be accepted for processing, a renewal application must be accompanied by:
(1) the license renewal fee fixed by the department under IC 28-11-3-5; and
(2) all other information and documents requested by the director.
(b) The department may fix a daily late fee under IC 28-11-3-5 for a:
(1) renewal application; or
(2) license renewal fee;
that is received by the department after December 31.
Formerly: Acts 1935, c.195, s.11. As amended by P.L.263-1985, SEC.188; P.L.14-1992, SEC.139; P.L.42-1993, SEC.76; P.L.45-1995, SEC.27; P.L.35-2010, SEC.174; P.L.89-2011, SEC.53; P.L.69-2018, SEC.59.
2023 Indiana Code › Title 28. Financial Institutions › Article 7. Specialized Financial Institutions › Chapter 5. Pawnbrokers › 28-7-5-13.1. Failure to File Renewal Form or Pay Renewal Fee; Revocation or Suspension of License

Sec. 13.1. (a) A license issued by the department under this chapter may be revoked or suspended by the department if the licensee fails to:
(1) file any renewal form required by the department; or
(2) pay any license renewal fee described under section 11 of this chapter;
not later than sixty (60) days after the due date.
(b) A person whose license is revoked or suspended under this section may:
(1) pay all delinquent fees and apply for reinstatement of the person's license; or
(2) appeal the revocation or suspension to the department for an administrative review under IC 4-21.5-3.
Pending the decision resulting from a hearing under IC 4-21.5-3 concerning a license revocation or suspension, the license remains in force.
As added by P.L.176-1996, SEC.23. Amended by P.L.10-2006, SEC.44 and P.L.57-2006, SEC.44; P.L.89-2011, SEC.54.