reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 3. The Board of Trustees of Savings Banks Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-3-11. Reducing Number of Trustees

Sec. 11. (a) The board of a savings bank may, by resolution incorporated in the bylaws of the savings bank, reduce the number of trustees to a number not less than the minimum number required by section 3 of this chapter.
(b) If the board adopts a resolution under subsection (a), the number of trustees may be reduced by not filling vacancies on the board as vacancies occur until the number of trustees reaches the number set in the resolution.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 3. The Board of Trustees of Savings Banks Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-3-12. Increasing Number of Trustees

Sec. 12. (a) Subject to section 3 of this chapter, the board of a savings bank may, by resolution incorporated in the bylaws of the savings bank, increase the number of trustees.
(b) The board may adopt a resolution under subsection (a) at any time.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 3. The Board of Trustees of Savings Banks Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-3-13. Meetings

Sec. 13. (a) The board shall hold regular meetings at least every three (3) months.
(b) The board may provide in the bylaws of the savings bank for:
(1) regular meetings more frequent than required by subsection (a); and
(2) the calling of special meetings.
(c) The board shall keep minutes of the proceedings of each meeting in a record provided for that purpose.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 3. The Board of Trustees of Savings Banks Organized, Reorganized, or Operating Before January 1, 1993 › 28-6.1-3-14. Suspension of Trustees

Sec. 14. (a) The auditor of state may at any time, by an order under the seal of the auditor of state, for due cause stated in the order, suspend a trustee from the board.
(b) Upon the application of two-thirds (2/3) of the trustees of a savings bank setting forth good reasons for the action in regard to a trustee, the auditor of state shall issue the order.
(c) Upon issuing an order under this section, the auditor of state shall send a copy of the order to each of the following:
(1) The savings bank. The order shall be entered in full in the minutes of the savings bank.
(2) To the suspended trustee. Upon request of the trustee, the auditor of state shall send the original order to the trustee.
(3) To the judge of the court.
(d) The judge of the court, after giving proper notice to the trustee and an opportunity for the trustee to be heard in the trustee's defense, may vacate or confirm the order. Confirmation of an order under this subsection operates to remove the trustee from office.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 4. Board Members, Officers, and Employees › 28-6.1-4-1. Compensation

Sec. 1. A savings bank may pay its officers, board members, and employees reasonable compensation for services rendered that the board of the savings bank determines.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 4. Board Members, Officers, and Employees › 28-6.1-4-2. Group Insurance; Retirement and Pension Plans

Sec. 2. A savings bank may purchase group insurance and provide retirement or pension plans for its officers and employees, with or without the officers' or employees' participation in the cost of the insurance or plans.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 4. Board Members, Officers, and Employees › 28-6.1-4-3. Special Service Compensation

Sec. 3. (a) A savings bank that has accumulated a surplus of at least five percent (5%) upon its deposits may pay board members who render special personal service (beyond the ordinary duty of attending meetings and serving upon committees other than of examination) compensation determined by the board.
(b) A board member for whom special service compensation is under consideration by the board may not vote upon the question.
(c) If, after special compensation is paid to a board member under subsection (a), the savings bank's surplus becomes impaired so as to be less than five percent (5%) of its deposits, the special compensation to the board member shall cease until the surplus is again at least five percent (5%) of deposits.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 4. Board Members, Officers, and Employees › 28-6.1-4-4.1. Indemnification of Directors; Application to Banks Formed Before January 1, 1993

Sec. 4.1. (a) The provisions concerning indemnification of directors set forth in IC 28-13-13 shall apply to savings banks formed before January 1, 1993.
(b) In the application of IC 28-13-13 to a savings bank formed before January 1, 1993, references in IC 28-13-13 to "directors" and "the board of directors" shall be treated as referring to the trustees and the board of trustees of the savings bank.
As added by P.L.122-1994, SEC.97.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 5. Fidelity Coverage for Savings Banks › 28-6.1-5-1. Provision of Coverage

Sec. 1. A savings bank shall make provision for adequate fidelity coverage for all officers and employees having access to money or bonds of the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 5. Fidelity Coverage for Savings Banks › 28-6.1-5-2. Approval of Amount and Form of Coverage

Sec. 2. The amount and form of fidelity coverage must be approved by the board of the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 5. Fidelity Coverage for Savings Banks › 28-6.1-5-3. Form of Coverage

Sec. 3. Fidelity coverage may be provided in either of the following ways:
(1) In the form of a blanket fidelity bond issued by a corporate surety authorized to transact business in Indiana.
(2) Through establishment of a separate reserve fund within the savings bank for that purpose.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-1. Discounting, Negotiating, Selling, and Guaranteeing Evidences of Debt

Sec. 1. A savings bank may discount, negotiate, sell, and guarantee promissory notes, bonds, drafts, acceptances, bills of exchange, and other evidences of debt.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-3. Loaning Money; Engaging in Tax Equity Finance Transactions

Sec. 3. (a) A savings bank may loan money.
(b) Subject to any regulation, rule, policy, or guidance adopted by the department, pursuant to its lending authority, a savings bank may engage directly or indirectly in any tax equity finance transaction permissible for a national bank or federal savings association under 12 CFR 7.1025. The authority to engage in tax equity finance transactions under this subsection is separate from, and does not limit, any investment authorities available to a savings bank. A tax equity finance transaction is subject to the substantive legal requirements of a loan, including, without limitation, IC 28-6.1-9.
As added by P.L.42-1993, SEC.72. Amended by P.L.31-2022, SEC.3.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-4. Borrowing Money

Sec. 4. A savings bank may borrow money and do the following:
(1) Issue notes, bonds, or debentures to evidence that borrowing.
(2) Mortgage, pledge, or hypothecate any of its assets to secure the repayment of that money.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-5. Receiving Savings and Demand Deposits

Sec. 5. (a) A savings bank may receive savings deposits and, subject to subsection (b), demand deposits.
(b) If a savings bank accepts demand deposits, the savings bank shall establish and maintain the reserve balances prescribed by law applicable to banks and trust companies or by any general rules of the department, when the law, rules, and regulations apply to all banks and trust companies alike.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-6. Receiving Deposits of Securities and Personal Property

Sec. 6. A savings bank may receive deposits of securities or other personal property from any person or corporation, upon terms agreed upon by the parties.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-7. Contracting for and Receiving Highest Rate of Interest

Sec. 7. A savings bank may contract for and receive on loans and discounts the highest rate of interest allowed to be contracted for and received by individuals.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-8. Accepting Drafts for Future Payment; Issuing Letters of Credit

Sec. 8. A savings bank may accept for future payment drafts drawn upon the savings bank by its customers and may issue letters of credit with a specific expiration date authorizing the holders of the letters to draw drafts upon the savings bank or its correspondents at sight or on time.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-9. Exercising General Banking Powers; Issuing Money

Sec. 9. A savings bank may exercise all the powers incidental, proper, necessary, or usual in carrying on a general banking business, but it may not issue bills to circulate as money.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-10. Receiving Deposits of State and Federal Public Funds

Sec. 10. (a) A savings bank may receive deposits of state and federal public funds:
(1) on the same terms and conditions;
(2) with the same rights and privileges; and
(3) subject to the same duties and obligations;
as provided by law for banks of discount and deposit, trust companies, and other financial institutions.
(b) The power under subsection (a) includes the right to pledge securities or other assets for the repayment of the deposits if the pledge is permitted by applicable law or regulation.
As added by P.L.42-1993, SEC.72. Amended by P.L.35-2010, SEC.145.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-11. Acting as Fiscal or Transfer Agent of Government Bodies

Sec. 11. A savings bank may act as a fiscal or transfer agent of the United States or of any state, municipality, body politic or corporate, and in that capacity receive and disburse money.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-12. Transferring, Registering, and Countersigning Certificates of Stock, Bonds, and Other Evidences of Indebtedness

Sec. 12. A savings bank may transfer, register, and countersign certificates of stock, bonds, or other evidence of indebtedness and authenticate and certify the bonds and certificates of indebtedness.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-14. Soliciting and Writing Insurance; Acting as Insurance Producer for Life Insurance or Annuity; Prohibitions; Authority to Purchase and Hold Life Insurance

Sec. 14. (a) A savings bank may solicit and write insurance as an insurance producer or a broker for any insurance company authorized to do business in the state or states where the insurance producer or broker operates.
(b) A savings bank or its affiliate (as defined in IC 28-6.2-1-4) may act as an insurance producer for the sale of any life insurance policy or annuity contract issued by a life insurance company (as defined in IC 27-1-2-3) authorized to do business in the state or states where the insurance producer operates.
(c) A savings bank or its affiliate that acts as an insurance producer for the sale of a life insurance policy or an annuity contract under subsection (b):
(1) is subject to all requirements of IC 27 with respect to the insurance producer's activity in Indiana; and
(2) must comply with the disclosure requirements under IC 27-1-38.
(d) A savings bank or its affiliate may not condition:
(1) an extension of credit;
(2) a lease or sale of real or personal property;
(3) the performance of a service; or
(4) the amount charged for:
(A) extending credit;
(B) leasing or selling real or personal property; or
(C) performing services;
upon a person's purchase of a life insurance policy or an annuity contract from the savings bank or its affiliate.
(e) This section does not prohibit a savings bank or its affiliate from requiring that a person, as a condition to a transaction, obtain a life insurance policy from an insurance company acceptable to the savings bank or its affiliate.
(f) Subject to any limitations or restrictions that the department or a federal regulator may impose by regulation, rule, policy, or guidance, a savings bank may purchase and hold life insurance as follows:
(1) Life insurance purchased or held in connection with employee compensation or benefit plans approved by the savings bank's board.
(2) Life insurance purchased or held to recover the cost of providing preretirement or postretirement employee benefits approved by the savings bank's board.
(3) Life insurance on the lives of borrowers.
(4) Life insurance held as security for a loan.
(5) Life insurance that a national bank may purchase or hold under 12 U.S.C. 24 (Seventh).
As added by P.L.42-1993, SEC.72. Amended by P.L.262-1995, SEC.67; P.L.188-1997, SEC.8; P.L.63-2001, SEC.14 and P.L.134-2001, SEC.16; P.L.130-2002, SEC.7; P.L.178-2003, SEC.92; P.L.10-2006, SEC.36 and P.L.57-2006, SEC.36; P.L.27-2012, SEC.84.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-16. Receiving Personal Property for Deposit

Sec. 16. (a) A savings bank may do the following:
(1) Receive upon deposit for safekeeping or in escrow, money, bonds, mortgages, jewelry, plate, stock, securities, valuable papers of any kind, and other personal property.
(2) Lease receptacles for safe deposits of personal property.
(b) The savings bank may prescribe terms and conditions not inconsistent with this section for the receiving or leasing authorized by subsection (a).
(c) A savings bank or any of the savings bank's assets are not liable for the value of any property received by the savings bank under the power conferred by this section or for damages for the loss, theft, or misappropriation of the property.
(d) A savings bank may procure and carry insurance for the benefit of the owners of property received by the savings bank under the power conferred by this section.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-17. Acting Under Court Appointment

Sec. 17. A savings bank may act under court appointment as any of the following:
(1) Commissioner for the sale of real property.
(2) Guardian of the person or estate of an incapacitated person (as defined in IC 29-3-1-7.5), or in other instances where a guardian may be appointed.
(3) Trustee, receiver, conservator, or committee of the property or estate of a person or corporation in insolvency or bankruptcy proceedings.
(4) Depository of money paid into court, whether for the benefit of a person or corporation.
(5) In any other fiduciary capacity.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-18. Acting in Probate

Sec. 18. (a) A savings bank may do any of the following:
(1) Act as the personal representative of the estate of a deceased individual.
(2) Act as the trustee under the last will and testament of a deceased individual.
(3) Act under court appointment as personal representative or trustee under a last will and testament, when the savings bank is the successor to a corporation appointed in the last will and testament.
(b) When an individual is appointed with a savings bank as receiver, guardian, commissioner, trustee, or personal representative, the individual's appointment may be under the limitation of powers and upon the terms and conditions of possession and control of the trust assets by the savings bank, or otherwise. If the individual is required to give bond or security, the bond or security shall be as:
(1) the individual and the savings bank agree; and
(2) approved by the court or judge making the appointment.
(c) When an individual who is appointed in a fiduciary capacity is required to give a bond or security for the faithful performance of duties, the savings bank may guarantee or become surety for the individual if:
(1) the savings bank takes possession and control of the assets involved; and
(2) approved by the court having jurisdiction of the fiduciary.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-19. Acting as Guardian, Trustee, or Personal Representative

Sec. 19. (a) A savings bank may act under court appointment as guardian, trustee, or personal representative on the application or consent of a person acting or entitled to act as such and in the place of that person.
(b) An appointment under subsection (a) may be made:
(1) upon notice required by law to the persons interested in the estate or fund; and
(2) with the consent of the principal beneficiaries or other persons interested in the estate or fund;
as the court making the appointment considers proper.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-20. Taking, Accepting, and Executing Trusts

Sec. 20. A savings bank may do any of the following:
(1) Take, accept, and execute a legal trust, duties, and powers in regard to:
(A) the holding, management, sale, or disposition of property; and
(B) the rents and profits from that property;
that are granted or confided to the savings bank by any authority.
(2) Take, accept, and execute a trust and any powers that may be conferred upon the savings bank by any authority.
(3) Generally execute legal trusts of every description.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-21. Acting in Fiduciary Capacity

Sec. 21. (a) Except as otherwise provided in this article, a savings bank may act:
(1) in a fiduciary capacity permitted by this article; and
(2) as commissioner for the sale of real estate;
without bond or other security.
(b) When a savings bank is acting in a fiduciary capacity, the savings bank may administer oaths attested by the signature of the savings bank's secretary or cashier and the savings bank's seal in the same fashion as an individual acting in the same capacity may administer oaths.
(c) The court having jurisdiction of the fiduciary may require a bond or other security at any time. Upon failure of the savings bank to give a bond or security as required, the court may remove the savings bank and revoke the savings bank's appointment.
(d) A savings bank may not pledge or deposit any of its assets as a condition to the exercise of any of its powers as a fiduciary.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-22. Receiving Fees, Commissions, Gifts, and Things of Value

Sec. 22. Except as otherwise provided by law, an officer, a trustee, an employee, an agent, or an attorney of a savings bank commits a Class A misdemeanor if the individual stipulates for, receives, or agrees to receive a fee, commission, gift, or thing of value from any person for the purpose of procuring or attempting to procure for any person:
(1) a loan from a savings bank; or
(2) the purchase or discount of any paper, note, draft, check, or bill of exchange by a savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-22.5. Profit or Commission on Sales or Purchases; Necessity of Specific Authorization; Surcharge

Sec. 22.5. (a) Except for interest at the legal rate on a loan or advancement, a savings bank 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 bank 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 bank 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 bank as the fiduciary.
As added by P.L.192-2003, SEC.5.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-23. Requesting Mergers, Consolidations, and Joinings

Sec. 23. Notwithstanding any other provision of this article, a savings bank may request under IC 28-1-7-25 or IC 28-3-2-10 that the department order its merger, consolidation, or other joining with a bank or trust company organized under IC 28-1 or with a national banking association.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 6. General Powers of a Savings Bank › 28-6.1-6-25. Requirement to Provide Property Tax Information in Certain Transactions

Sec. 25. With respect to a residential real property financing or refinancing, a savings bank shall comply with IC 6-1.1-12-43.
As added by P.L.64-2004, SEC.31.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 7. Powers of a Savings Bank Subject to the Rules of the Department › 28-6.1-7-1. Application of Rules

Sec. 1. (a) The powers of a savings bank set forth in this chapter are subject to the rules of the department.
(b) A rule adopted under this chapter may apply to one (1) or more savings banks or to one (1) or more localities in Indiana as the department determines.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 7. Powers of a Savings Bank Subject to the Rules of the Department › 28-6.1-7-2. Making Fha Loans, Advances of Credit, and Purchases of Obligations

Sec. 2. (a) A savings bank may make loans and advances of credit and purchases of obligations representing loans and advances of credit that are eligible for insurance by the federal housing administrator and to obtain such insurance.
(b) An Indiana law:
(1) prescribing the nature, amount, or form of security;
(2) requiring security upon which loans or advances of credit may be made;
(3) prescribing or limiting interest rates upon loans or advances of credit; or
(4) prescribing or limiting the period for which loans or advances of credit may be made;
does not apply to loans, advances of credit, or purchases made under this section.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 7. Powers of a Savings Bank Subject to the Rules of the Department › 28-6.1-7-3. Making Fha Loans Secured by Mortgages

Sec. 3. (a) A savings bank may make loans secured by mortgages on real property or leasehold, as the federal housing administrator insures or makes a commitment to insure, and to obtain such insurance.
(b) An Indiana law:
(1) prescribing the nature, amount, or form of security;
(2) requiring security upon which loans or advances of credit may be made;
(3) prescribing or limiting interest rates upon loans or advances of credit; or
(4) prescribing or limiting the period for which loans or advances of credit may be made;
does not apply to loans made under this section.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 7. Powers of a Savings Bank Subject to the Rules of the Department › 28-6.1-7-4. Purchasing, Investing In, and Disposing of Fha and National Mortgage Association Bonds, Notes, and Debentures

Sec. 4. (a) A savings bank may purchase, invest in, and dispose of any of the following:
(1) Notes or bonds secured by mortgage or trust deed insured by the federal housing administrator.
(2) Debentures issued by the federal housing administrator.
(3) Bonds or other securities issued by national mortgage associations.
(b) An Indiana law:
(1) prescribing the nature, amount, or form of security;
(2) requiring security upon which loans or advances of credit may be made;
(3) prescribing or limiting interest rates upon loans or advances of credit; or
(4) prescribing or limiting the period for which loans or advances of credit may be made;
does not apply to purchases, investments, or dispositions made under this section.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 7. Powers of a Savings Bank Subject to the Rules of the Department › 28-6.1-7-5. Extending Credit to State Agencies

Sec. 5. (a) A savings bank may extend credit to any state agency, with the approval of the department, notwithstanding any other provisions or limitations of IC 28-1.
(b) An Indiana law:
(1) prescribing the nature, amount, or form of security;
(2) requiring security upon which loans or advances of credit may be made;
(3) prescribing or limiting interest rates upon loans or advances of credit; or
(4) prescribing or limiting the period for which loans or advances of credit may be made;
does not apply to loans or advances of credit made under this section.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 7. Powers of a Savings Bank Subject to the Rules of the Department › 28-6.1-7-6. Purchasing, Taking, Holding, and Disposing of Incorporated Joint Stock Land Bank Notes and Mortgages

Sec. 6. (a) A savings bank may purchase, take, hold, and dispose of notes and mortgages securing the notes, made to any incorporated joint stock land bank if not less than ninety-nine percent (99%) of the stock of the joint stock land bank is owned by the savings bank at the time the notes or mortgages are acquired by the savings bank.
(b) Upon dissolution of the joint stock land bank, or at any stage in the process of the dissolution, a savings bank then owning not less than ninety-nine percent (99%) of the stock of the joint stock land bank may take, hold, and dispose of notes, mortgages, or other assets of the joint stock land bank of any nature, including real estate, wherever located, that the joint stock land bank assigns, transfers, conveys, or otherwise makes over to the savings bank by way of final or partial distribution of the joint stock land bank's assets to the joint stock land bank's stockholders upon the dissolution or in connection with the process of the dissolution.
(c) An Indiana law:
(1) prescribing the nature, amount, location, or form of security;
(2) requiring security upon which loans or advances of credit may be made;
(3) prescribing or limiting interest rates upon loans or advances of credit;
(4) prescribing or limiting the period for which loans or advances of credit may be made;
(5) prescribing any ratio between the amount of a loan and the appraised value of the security for the loan; or
(6) requiring periodic reductions of the principal of a loan;
does not apply to loans, notes, mortgages, real estate, or other assets subject to this section.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 7. Powers of a Savings Bank Subject to the Rules of the Department › 28-6.1-7-7. Owning and Leasing Property

Sec. 7. Subject to any restrictions the department may impose, a savings bank may:
(1) become the owner or lessor of personal or real property upon the request of and for the use of a customer; and
(2) incur additional obligations incident to becoming an owner or a lessor of the property.
As added by P.L.42-1993, SEC.72. Amended by P.L.11-1998, SEC.11.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 7. Powers of a Savings Bank Subject to the Rules of the Department › 28-6.1-7-8. Purchasing and Constructing Buildings to Be Leased to Public Authorities

Sec. 8. (a) A savings bank may purchase or construct buildings and hold legal title to a building to be leased to a municipal corporation or other public authority, for public purposes, having resources sufficient to make payment of all rentals as the payments become due.
(b) A lease agreement shall provide that upon expiration, the lessee will become the owner of the building.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 7. Powers of a Savings Bank Subject to the Rules of the Department › 28-6.1-7-9. Purchasing, Holding, and Conveying Real Property to Be Used as Branch Savings Bank and Rental Property; Resolution

Sec. 9. (a) Subject to the prior written approval of the department, a savings bank may purchase, hold, and convey real property that is:
(1) improved or to be improved by a single, freestanding building; and
(2) to be used, in part, as a branch of the savings bank and, in part, as rental property for one (1) lessee.
(b) If real estate described in subsection (a) is held by a savings bank for at least one (1) year without being used as described in subsection (a), the board of directors of the savings bank shall state, by resolution, definite plans for the use of the real estate. A resolution adopted under this subsection shall be made available for inspection by the department.
(c) Unless a written extension of time is given by the department under this subsection, the savings bank shall open the branch not later than three (3) years after the acquisition date of the real estate. The department may grant an extension of time for the savings bank to open the branch if:
(1) the board of directors of the savings bank, by resolution:
(A) reaffirms annually that the savings bank expects to use the real estate as described in subsection (a) in the future; and
(B) explains the reason why the real estate has not yet been used as described in subsection (a); and
(2) the director determines that:
(A) the continued holding of the real estate by the savings bank does not endanger the safety and soundness of the savings bank; and
(B) the savings bank is holding the real estate to use the real estate in the future for one (1) of the purposes set forth in subsection (a).
(d) If the savings bank:
(1) does not open a branch on the real estate within the period specified in subsection (c); or
(2) removes its branch from the real estate;
the savings bank shall divest itself of all interest in the real estate not more than ten (10) years after the acquisition date of the real estate, if a branch was not opened, or ten (10) years after the removal date of the branch office.
(e) Except with the written approval of the department, the sum invested in real property and buildings used for the convenient transaction of the savings bank's business as provided in this section may not exceed fifty percent (50%) of the surplus and retained earnings of the savings bank.
As added by P.L.42-1993, SEC.72. Amended by P.L.213-2007, SEC.63; P.L.217-2007, SEC.61.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 7. Powers of a Savings Bank Subject to the Rules of the Department › 28-6.1-7-12. Purchasing, Holding, and Conveying Real Estate Necessary for Transaction of Business

Sec. 12. (a) A savings bank may purchase, hold, and convey real estate that is necessary for the convenient transaction of the business of the savings bank.
(b) For the purposes of this section, real estate purchased or held for the convenient transaction of the business of a savings bank includes the following:
(1) Real estate on which the principal office or a branch office of the savings bank is located.
(2) Real estate that is the location of facilities supporting the operations of the savings bank, such as parking facilities, data processing centers, loan production offices, automated teller machines, night depositories, facilities necessary for the operations of a savings bank, or other facilities that are approved by the director.
(3) Real estate that the board of the savings bank expects, in good faith, to use as a savings bank office or facility in the future.
(c) If real estate referred to in subsection (b)(3) is held by a savings bank for one (1) year without being used as a savings bank office or facility, the board of trustees of the savings bank shall state, by resolution, definite plans for the use of the real estate. A resolution adopted under this subsection shall be made available for inspection by the department.
(d) Real estate referred to in subsection (b)(3) may not be held by a savings bank for more than three (3) years without being used as a savings bank office or facility unless both of the following apply:
(1) The board of the savings bank, by resolution:
(A) reaffirms annually that the savings bank expects to use the real estate as a savings bank office or facility in the future; and
(B) explains the reason why the real estate has not yet been used as a savings bank office or facility.
(2) The director determines that both of the following apply:
(A) The continued holding of the real estate by the savings bank does not endanger the safety and soundness of the savings bank.
(B) The savings bank is holding the real estate to use in the future for one (1) of the purposes set forth in subsection (b)(1) and (b)(2).
(e) Real estate referred to in subsection (b)(3) may not be held by a savings bank for more than ten (10) years without being used as a savings bank office or facility unless the department consents in writing to the continued holding of the real estate by the savings bank.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 7. Powers of a Savings Bank Subject to the Rules of the Department › 28-6.1-7-13. Paying Interest and Expenses

Sec. 13. A savings bank may not pay:
(1) interest contracted for with a depositor; or
(2) other expenses incurred in operating the business of the savings bank;
except from current earnings or undivided profits without the approval of the department.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 8. Investment and Loan Powers of Savings Banks › 28-6.1-8-2. Making, Arranging, Purchasing, and Selling Real Estate Loans and Extensions of Credit

Sec. 2. A savings bank may make, arrange, purchase, or sell loans or extensions of credit secured by liens on interests in real estate as provided in IC 28-1-13-7.1.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 8. Investment and Loan Powers of Savings Banks › 28-6.1-8-3. Making Fha Loans, Advances of Credit, and Purchases of Obligations

Sec. 3. (a) Subject to rules of the department, a savings bank may do the following:
(1) Make loans and advances of credit and purchases of obligations representing loans and advances of credit eligible for insurance by the federal housing administrator, and to obtain such insurance.
(2) Make loans secured by mortgages on real property or leasehold, as the federal housing administrator insures or makes a commitment to insure, and to obtain such insurance.
(3) To purchase, invest in, and dispose of notes or bonds secured by mortgage or trust deed insured by the federal housing administrator or debentures issued by the federal housing administrator, or bonds or other securities issued by national mortgage associations.
(b) An Indiana law:
(1) prescribing the nature, amount, or form of security;
(2) requiring security upon which loans or advances of credit may be made;
(3) prescribing or limiting interest rates upon loans, advances, or credit; or
(4) prescribing or limiting the period for which loans, advances, or credit may be made;
does not apply to loans, advances of credit, or purchases made under subsection (a).
(c) A rule adopted by the department under this section may apply to one (1) or more savings banks and to one (1) or more localities in Indiana as the department determines.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 8. Investment and Loan Powers of Savings Banks › 28-6.1-8-4. Lending Deposited Money

Sec. 4. (a) A savings bank may do the following:
(1) Lend the money deposited in the savings bank upon:
(A) individual credit;
(B) the security of comakers or personal endorsement;
(C) the mortgage or pledge of personal property, either tangible or intangible; or
(D) the pledge of choses in action.
(2) Discount, purchase, or otherwise acquire retail installment sales contracts, notes, bills of exchange, or acceptance or other choses in action.
(b) The savings bank may contract for and receive on loans and discounts described in this subsection the highest rate of interest allowed by Indiana law to be contracted for and received by individuals.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 8. Investment and Loan Powers of Savings Banks › 28-6.1-8-6. Investing in Dealings in Exchange

Sec. 6. (a) Subject to subsection (b), a savings bank may invest in dealing in exchange by purchasing and selling sight or time drafts and acceptances payable out of Indiana.
(b) A draft or an acceptance may not:
(1) exceed ten thousand dollars ($10,000); or
(2) have to exceed one hundred twenty (120) days to run from the time of its purchase.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 8. Investment and Loan Powers of Savings Banks › 28-6.1-8-7. Becoming Federal Reserve System Member and Exercising Conferred Powers

Sec. 7. A savings bank may do any of the following to become a member of the Federal Reserve System and exercise all powers, not in conflict with Indiana law, conferred on a member of the Federal Reserve Act:
(1) Purchase and hold, for the purpose of becoming a member of the Federal Reserve System, so much of the capital stock of a federal reserve bank to qualify the savings bank for membership under the Federal Reserve Act (12 U.S.C. 221 et seq.).
(2) Do any of the following regarding federal deposit insurance:
(A) Make a deposit with the Federal Deposit Insurance Corporation to qualify the savings bank for membership in any fund for insurance of deposits provided by 12 U.S.C. 1811 through 1833e.
(B) Purchase and hold the amount of the capital stock of the Federal Deposit Insurance Corporation that will qualify the savings bank for membership in a fund described in clause (A).
(C) Exercise all powers, not in conflict with Indiana law, conferred upon members of a fund described in clause (A) or stockholders of the Federal Deposit Insurance Corporation.
(D) Anything necessary or appropriate to acquire and maintain insurance of the savings bank's deposits in accordance with federal law.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 8. Investment and Loan Powers of Savings Banks › 28-6.1-8-8. Exercising Powers Relating to Federal Home Loan Banks and Corporations

Sec. 8. Subject to any limitations imposed by the department through policy, a savings bank may do any of the following:
(1) Invest the money deposited in the savings bank in the shares of the capital stock, bonds, debentures, notes, or other obligations of a federal home loan bank of the United States.
(2) Become a member of the federal home loan bank of this or an adjoining district.
(3) Borrow money from:
(A) a bank described in subdivision (2);
(B) the Federal Deposit Insurance Corporation; or
(C) any other corporation.
(4) Transfer, assign to, and pledge with a bank described in subdivision (2), the Federal Deposit Insurance Corporation, or other corporation, any of the bonds, notes, contracts, mortgages, securities, or other property of the savings bank held or acquired, as security for the payment of loans entered into under subdivision (3).
(5) Exercise all rights, powers, and privileges conferred upon, and to do all things and perform all acts required of, members or shareholders of a federal home loan bank by the Federal Home Loan Bank Act (12 U.S.C. 1421 through 1449).
As added by P.L.42-1993, SEC.72. Amended by P.L.258-2003, SEC.8.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 8. Investment and Loan Powers of Savings Banks › 28-6.1-8-9. Investing in and Selling Shares of Open-End Investment Companies

Sec. 9. A savings bank may invest the money deposited in the savings bank in and sell shares of open-end investment companies, the portfolios of which consist solely of securities eligible for purchase and sale by national banking associations, on terms and conditions prescribed by federal law or regulation for national banking associations.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 8. Investment and Loan Powers of Savings Banks › 28-6.1-8-10. Depositing Funds; Permissible Institutions and Accounts

Sec. 10. A savings bank may deposit its funds in:
(1) a federally chartered savings association; or
(2) a savings association or other entity organized and operated according to federal law or the laws of a state or the District of Columbia;
the accounts of which are insured by the Federal Deposit Insurance Corporation.
As added by P.L.42-1993, SEC.72. Amended by P.L.79-1998, SEC.72; P.L.89-2011, SEC.45.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-1. "Capital and Surplus" and "Unimpaired Capital and Surplus" Defined

Sec. 1. As used in this chapter, "capital and surplus" and "unimpaired capital and surplus" have the meaning set forth in 12 CFR 32.2.
As added by P.L.42-1993, SEC.72. Amended by P.L.176-1996, SEC.19; P.L.213-2007, SEC.64; P.L.217-2007, SEC.62.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-2. Loans and Extensions of Credit

Sec. 2. As used in this chapter, "loans and extensions of credit" includes all direct or indirect advances of funds to a person made on the basis of an obligation of that person to repay the funds or repayable from specific property pledged by or on behalf of the person. To the extent specified by the department, the term includes a liability of a savings bank to advance funds to or on behalf of a person under a contractual commitment.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-3. Person

Sec. 3. As used in this chapter, "person" includes an individual, an association, a business trust, a corporation, an estate, a joint venture, a sole proprietorship, a partnership, a trust, a government, or an agency, an instrumentality, or a political subdivision of a government, or any similar entity.
As added by P.L.42-1993, SEC.72.
2023 Indiana Code › Title 28. Financial Institutions › Article 6.1. Savings Banks › Chapter 9. Lending Limitations of Savings Banks › 28-6.1-9-5. Limits on Total Loans and Extensions of Credit to One Borrower; Loans and Extensions Not Fully Secured; Loans and Extensions Fully Secured; Derivative Transactions

Sec. 5. (a) The total loans and extensions of credit by a savings bank to a person outstanding at one (1) time and not fully secured, as determined in a manner consistent with subsection (b), by collateral having a market value at least equal to the amount of the loan or extension of credit may not exceed fifteen percent (15%) of the unimpaired capital and unimpaired surplus of the savings bank.
(b) The total loans and extensions of credit by a savings bank to a person outstanding at one (1) time and fully secured by readily marketable collateral having a market value, as determined by reliable and continuously available price quotations, at least equal to the amount of the funds outstanding may not exceed ten percent (10%) of the unimpaired capital and unimpaired surplus of the savings bank. The limitation in this subsection is separate from and in addition to the limitation contained in subsection (a).
(c) The total loans and extensions of credit by a savings bank 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 bank and the person.
As added by P.L.42-1993, SEC.72. Amended by P.L.27-2012, SEC.86.