reglab/statecodes huggingface dataset:
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-3 - Licensee record keeping

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 3.
(a) In
				administering this article and in order to determine whether this article is
				being complied with by persons engaging in acts subject to this article, the
				department may examine the records of persons and may make investigations of
				persons as necessary to determine compliance. Records subject to examination
				under this section include the following:
(1)
				Training, operating, and policy manuals.
(2) Minutes of:
(A) management meetings; and
(B) other meetings.
(3) Financial records, credit files, and
				databases.
(4) Other records that
				the department determines are necessary to perform its investigation or
				examination.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-4 - Director authority

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 4.
To carry out the purposes of this article, the director
				  may:
(1) retain attorneys,
				accountants, or other professionals and specialists as examiners, auditors, or
				investigators to conduct or assist in the conduct of examinations or
				investigations;
(2) enter into
				agreements or relationships with other government officials or regulatory
				associations to improve efficiencies and reduce regulatory burden by sharing:
(A) resources;
(B) standardized or uniform methods or
				procedures; and
(C) documents,
				records, information, or evidence obtained under this section;
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-6 - Administrative review

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 4-21.5-3; IC 4-21.5-5; IC 24-4.4; IC
				  24-4.5
Sec. 6.
Except as otherwise provided, IC 4-21.5-3, which is
				  incorporated by reference, governs any action taken by the department under
				  this article. All proceedings for administrative review under IC 4-21.5-3 or
				  judicial review under IC 4-21.5-5, which is incorporated by reference, shall be
				  held in Marion County, Indiana.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-7 - Cease and desist order

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 7.
(a) After
				notice and hearing, the department may order a mortgage loan originator or a
				person acting on behalf of the mortgage loan originator to cease and desist
				from engaging in violations of this article. In any civil court with
				jurisdiction:
(1) a respondent aggrieved by an
				order of the department may obtain judicial review of the order; and
(2) the department may obtain an order of the
				court for the enforcement of the department's order.
A proceeding for review or enforcement under this subsection
				  must be initiated by the filing of a petition in the court. Copies of the
				  petition shall be served upon all parties of record.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-8 - Assurance of discontinuance

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 8.
If it is claimed that a person has engaged in conduct
				  subject to an order by:
(1) the
				department under section 7(a) of this rule; or
(2) a court under sections 9 through 11 of
				this rule; the department may accept an assurance in writing that the person
				will not engage in the conduct in the future. If a person giving an assurance
				of discontinuance fails to comply with the terms of the assurance, the
				assurance is evidence that before the assurance was issued the person engaged
				in the conduct described in the assurance.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-9 - Civil action

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 9.
The department may bring a civil action to restrain a person
				  from violating this article or other state or federal law, rule, or regulation
				  and for other appropriate relief.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-10 - Deceptive acts

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 10.
(a) As used
				in this section, "deceptive act" means an act or a practice in which a person
				knowingly or intentionally:
(1) makes a
				material misrepresentation concerning; or
(2) conceals material information regarding
				the terms or conditions of; a mortgage transaction.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-11 - Temporary relief

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 11.
With respect to an action brought under:
(1) section 9 of this rule to enjoin a
				violation of this article; or
(2)
				section 10 of this rule to enjoin a deceptive act; the department may apply to
				the court for appropriate temporary relief against a respondent, pending final
				determination of the proceedings. If the court finds after a hearing held upon
				notice to the respondent that there is reasonable cause to believe that the
				respondent is engaging in or is likely to engage in the conduct sought to be
				restrained, the court may grant any temporary relief or restraining order the
				court considers appropriate.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-12 - Civil penalties

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 12.
(a) The
				department may bring a civil action to recover a civil penalty against a
				mortgage loan originator who willfully violates this article. If the court
				finds that the mortgage loan originator engaged in a course of repeated and
				willful violations of this article, the court may assess a civil penalty of not
				more than five thousand dollars ($5,000). A civil penalty may not be imposed
				under this subsection:
(1) for a violation of
				this article occurring more than two (2) years before the action is brought;
				or
(2) for making an unconscionable
				agreement or engaging in a course of fraudulent or unconscionable
				conduct.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-13 - Other remedies

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 13.
The grant of powers to the department under this article
				  does not affect remedies available to debtors under this article or under other
				  principles of law or equity.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE LENDERS AND ORIGINATORS › Rule 5 - Compliance; Enforcement › Section 5-14 - Venue

Current through July 10, 2024
Authority: IC
				  24-4.4-1-101
Affected: IC 24-4.4; IC 24-4.5
Sec. 14.
The department may bring an action or a proceeding in a
				  court in a county:
(1) in which an act
				on which the action or proceeding is based occurred;
(2) in which the respondent resides or
				transacts business;
(3) in which
				the action or proceeding is otherwise authorized by rule or venue laws;
				or
(4) in Marion County.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 1 - Fee Schedules for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 1-1 - Applicability

Current through July 10, 2024
Authority: IC 24-4.4-3-103; IC 24-4.5-6-104; IC 24-7-7-1; IC
				  24-12-10-1; IC 28-1-20-4; IC 28-1-29-2; IC 28-8-4.1-401; IC 28-11-1-12
Affected: IC 24-4.4-3-101; IC 24-4.5; IC 24-5; IC 24-7-1-1;
				  IC 24-12-1-0.5; IC 28-1-2-30; IC 28-1-29-3; IC 28-7-5-3; IC 28-8-4.1-201; IC
				  28-8-5-11
Sec. 1.
(a) This
				rule applies to financial institutions, persons who commit acts in violation of
				IC 28, and persons subject to IC 24-4.4-3-101, IC 24-4.5-6-102, IC
				24-4.5-7-102, IC 24-7-1-1, IC 24-12-1-0.5, IC 28-1-29-3, IC 28-7-5-3, IC
				28-8-4.1-201, and IC 28-8-5-11.
(b)
				For purposes of this article, "financial institution" has the meaning as set
				forth in IC 28-1-2-30.
(c) For
				purposes of this article, "person" or "persons" has the meaning as set forth in
				IC 24-4.5-1-301.5(33).
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 1 - Fee Schedules for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 1-2 - Purpose

Current through July 10, 2024
Authority: IC 24-4.4-3-103; IC 24-4.5-6-104; IC 24-7-7-1; IC
				  24-12-10-1; IC 28-1-29-2; IC 28-8-4.1-401; IC 28-11-1-12
Affected: IC 24-4.4; IC 24-4.5; IC 24-5; IC 24-7; IC 24-12;
				  IC 28-1; IC 28-7; IC 28-8; IC 28-11
Sec. 2.
The purpose of this rule is to establish fee schedules for
				  financial institutions.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 1 - Fee Schedules for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 1-3 - Fees for banks, savings banks, building and loan associations, and industrial authorities

Current through July 10, 2024
Authority: IC 28-11-1-12
Affected: IC 28-1-1-3; IC 28-11-3-5
Sec. 3.
(a) Under IC
				28-11-3-5, the schedule of fees for services rendered and the duties performed
				by the department in the administration of financial institutions for banks,
				savings banks, building and loan associations, and industrial authorities is as
				follows:
IF THE AMOUNT OF TOTAL ASSETS IS:
THE FEE WILL BE:
OVER
BUT NOT OVER
THIS AMOUNT
PLUS
OF EXCESS OVER
$0
$ 10,000M
4,380
10,001M
15,000M
4,380
.2160 per thousand
10,000M
15,001M
25,000M
5,460
.0970 per thousand
15,000M
25,001M
50,000M
6,430
.0748 per thousand
25,000M
50,001M
100,000M
8,301
.0683 per thousand
50,000M
100,001M
500,000M
11,717
.0660 per thousand
100,000M
500,001M
1,000,000M
38,101
.0644 per thousand
500,000M
1,000,001M
3,000,000M
70,279
.0482 per thousand
1,000,000M
3,000,0001M
5,000,000M
166,669
.0378 per thousand
3,000,000M
5,000,0001M
10,000,000M
242,269
.0346 per thousand
5,000,000M
10,000,001M
20,000,000M
415,204
.0324 per thousand
10,000,000M
20,000,001M
40,000,000M
739,339
.0318 per thousand
20,000,000M
40,000,001M
1,376,269
0.0297 per thousand
40,000,000M
(b)
				For purposes of this section, "M" means multiply by one thousand
				(1,000).
(c) For purposes of this
				article, "department" has the meaning as set forth in IC
				28-1-1-3(14).
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 1 - Fee Schedules for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 1-4 - Fees for trust departments

Current through July 10, 2024
Authority: IC 28-11-1-12
Affected: IC 28-11-3-5
Sec. 4.
(a) Under IC
				28-11-3-5, the schedule of fees for services rendered and the duties performed
				by the department in the administration of financial institutions for trust
				departments is as follows:
IF THE AMOUNT OF TOTAL ASSETS IS:
THE FEE WILL BE:
OVER
BUT NOT OVER
THIS ASSESSMENT
$0
$ 2,000M
$ 800
2,001M
5,000M
1,500
5,001M
10,000M
2,000
10,001M
20,000M
3,000
20,001M
30,000M
4,000
30,001M
40,000M
5,000
40,001M
50,000M
6,000
50,001M
100,000M
8,500
100,001M
500,000M
11,000
500,001M
1,000,000M
21,000
1,000,001M
$21,000 plus $.0022 per thousand on trust assets over
							 $1,000,000M
(b)
				For purposes of this section, "M" means multiply by one thousand
				(1,000).
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 1 - Fee Schedules for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 1-5 - Fees for corporate fiduciaries

Current through July 10, 2024
Authority: IC 28-11-1-12
Affected: IC 28-11-3-5
Sec. 5.
(a) Under IC
				28-11-3-5, the schedule of fees for services rendered and the duties performed
				by the department in the administration of financial institutions for corporate
				fiduciaries is as follows:
IF THE AMOUNT OF TRUST ASSETS IS:
THE FEE WILL BE:
OVER
BUT NOT OVER
THIS AMOUNT
PLUS
OF EXCESS OVER
$0
$ 20,000M
5,150
20,001M
50,000M
5,150
0.1578 per thousand
20,000M
50,001M
100,000M
9,884
0.0922 per thousand
50,000M
100,001M
500,000M
14,494
0.0205 per thousand
100,000M
500,001M
1,000,000M
22,694
0.0102 per thousand
500,000M
1,000,001M
10,000,000M
27,794
0.0050 per thousand
1,000,000M
10,000,001M
20,000,000M
72,794
0.0035 per thousand
10,000,000M
20,000,001M
40,000,000M
107,794
0.0025 per thousand
20,000,000M
40,000,001M
157,794
0.0020 per thousand
40,000,000M
(b)
				For purposes of this section, "M" means multiply by one thousand
				(1,000).
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 1 - Fee Schedules for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 1-6 - Fees for credit unions

Current through July 10, 2024
Authority: IC 28-11-1-12
Affected: IC 28-11-3-5
Sec. 6.
(a) Under IC
				28-11-3-5, the schedule of fees for services rendered and the duties performed
				by the department in the administration of financial institutions for credit
				unions is as follows:
IF THE AMOUNT OF TOTAL ASSETS IS:
THE FEE WILL BE:
OVER
BUT NOT OVER
THIS AMOUNT
PLUS
OF EXCESS OVER
$0
$ 545M
510
546M
1,000M
510
0.7373 per thousand
$ 545M
1,001M
5,000M
845
0.7607 per thousand
1,000M
5,001M
10,000M
3,888
0.2534 per thousand
5,000M
10,001M
50,000M
5,155
0.0677 per thousand
10,000M
50,001M
100,000M
7,861
0.0665 per thousand
50,000M
100,001M
500,000M
11,188
0.0660 per thousand
100,000M
500,001M
1,000,000M
37,572
0.0644 per thousand
500,000M
1,000,001M
3,000,000M
69,749
0.0631 per thousand
1,000,000M
3,000,001M
5,000,000M
196,001
0.0232 per thousand
3,000,000M
5,000,001M
242,306
0.0227 per thousand
5,000,000M
(b)
				For purposes of this section, "M" means multiply by one thousand
				(1,000).
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 1 - Fee Schedules for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 1-7 - Fee increase for composite ratings

Current through July 10, 2024
Authority: IC 28-11-1-12
Affected: IC 28-11-3-5
Sec. 7.
(a) If a:
(1) bank;
(2) savings bank;
(3) building and loan association;
(4) industrial authority;
(5) trust department;
(6) corporate fiduciary; or
(7) credit union;
receives a composite 3 rating at its most recent state or
				  federal safety and soundness examination, its annual fee is increased by twelve
				  and one-half percent (12.5%). This assessment is prorated on a quarterly basis.
				  The increased supervisory assessment stays in effect until the quarter
				  following the financial institution's receipt of a composite 1 or 2 rating at a
				  state or federal safety and soundness examination.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 1 - Fee Schedules for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 1-8 - Prorated fees for newly chartered and converted financial institutions

Current through July 10, 2024
Authority: IC 28-11-1-12
Affected: IC 28-11-3-5
Sec. 8.
A newly chartered and converted financial institution, which
				  includes thrift and national to state chartered financial institutions, is
				  charged a percentage of its annual fee, as calculated in sections 3 through 6
				  of this rule, based on the number of months that it is in existence as an
				  Indiana state chartered financial institution during the department's fiscal
				  year.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 1 - Fee Schedules for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 1-9 - Fees due

Current through July 10, 2024
Authority: IC 28-11-1-12
Affected: IC 28-11-3-5
Sec. 9.
The fees prescribed in sections 3 through 6 of this rule are
				  due on or before August 1 of each year.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 1 - Fee Schedules for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 1-10 - Schedule of fees for applications

Current through July 10, 2024
Authority: IC 28-11-1-12
Affected: IC 24-4.5-1-301.5; IC 28-1-9-3; IC 28-11-3-5
Sec. 10.
(a) Under IC
				28-11-3-5, the schedule of fees for services rendered and the duties performed
				by the department in the administration of financial institutions for the
				following applications is as follows:
FINANCIAL INSTITUTION FORMATION
BASE FEES
Interim Institution
$2,000
Full-Service Institution Upon Submission of
							 Application
$4,000
Full-Service Institution Upon Department's Approval of
							 Application
$4,000
BANK HOLDING COMPANY
Bank Holding Company Acquisition
$5,000
Bank Holding Company Acquisitions (including Interim
							 Bank and Merger)
$5,000
CHANGE OF CONTROL
$500
MERGER FEE FOR BANKS, TRUST COMPANIES, SAVINGS BANKS,
							 BUILDING AND LOAN ASSOCIATIONS, INDUSTRIAL AUTHORITIES, TRUST DEPARTMENTS, AND
							 CORPORATE FIDUCIARIES
$1,000
MERGER FOR CREDIT UNION
$500
CONVERSIONS
National Bank to State Charter
$0
Federally Chartered Savings and Loan to Bank or
							 Savings Bank
$0
Mutual Savings Bank to Stock Savings Bank
$0
State Chartered Savings and Loan to Bank or Savings
							 Bank
$0
Federal Credit Union to State Charter
$0
MUTUAL HOLDING COMPANY REORGANIZATION
$1,000
ESTABLISHMENT OF A BRANCH
Full-Service Branch
$500
ESTABLISHMENT OF A TRUST OFFICE
$500
RELOCATION OF MAIN OFFICE OR BRANCH
$500
BANK HOLDING COMPANY FORMATION
$1,000
CONSOLIDATION
$1,000
VOLUNTARY DISSOLUTION
Time of Submission of Application
$2,500
ISSUANCE OF SUBORDINATED DEBT AS CAPITAL
$0
ESTABLISHMENT OF A NONQUALIFYING SUBSIDIARY
$500
(b)
				The base fees listed in subsection (a) are the minimum amounts charged for an
				application. Actual expenses are charged at eighty dollars ($80) per hour, or a
				part thereof, for all personnel involved in processing, analyzing, or
				investigating an application. Actual expenses also include transcript
				preparation, administrative law judge fees, and travel expenses for the members
				of the department and office personnel. If an actual expense exceeds the basic
				fee for an application, the amount of the actual expense is charged for the
				application. Actual expenses of an application for a:
(1) conversion;
(2) merger; or
(3) consolidation;
examination shall not exceed thirty thousand dollars
				  ($30,000).
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 2 - Civil Penalty Schedule for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 2-1 - Applicability

Current through July 10, 2024
Authority: IC 24-4.4-3-103; IC 24-4.5-3-104; IC 24-7-7-1; IC
				  24-12-10-1; IC 28-1-20-4; IC 28-1-29-2; IC 28-8-4.1-401; IC 28-11-1-12
Affected: IC 24-4.4-3-101; IC 24-4.5-6-102; IC 24-4.5-7-102;
				  IC 24-7-1-1; IC 24-12-1-0.5; IC 28-1-29-3; IC 28-7-5-3; IC 28-8-4.1-201; IC
				  28-8-5-11; IC 28-11
Sec. 1.
This rule applies to financial institutions, persons who
				  commit acts in violation of IC 28, and persons subject to IC 24-4.4-3-101, IC
				  24-4.5-6-102, IC 24-4.5-7-102, IC 24-7-1-1, IC 24-12-1-0.5, IC 28-1-29-3, IC
				  28-7-5-3, IC 28-8-4.1-201, and IC 28-8-5-11.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 2 - Civil Penalty Schedule for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 2-2 - Purpose

Current through July 10, 2024
Authority: IC 24-4.4-3-103; IC 24-4.5-6-104; IC 24-7-7-1; IC
				  24-12-10-1; IC 28-1-20-4; IC 28-1-29-2; IC 28-8-4.1-401; IC 28-11-1-12
Affected: IC 24-4.4; IC 24-4.5; IC 24-7; IC 24-12; IC
				  28
Sec. 2.
The purpose of this rule is to set forth standards for the
				  assessment of civil penalties for violations of IC 24-4.4, IC 24-4.5, IC 24-7,
				  IC 24-12, and IC 28.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 2 - Civil Penalty Schedule for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 2-3 - Authority

Current through July 10, 2024
Authority: IC 24-4.4-3-103; IC 24-4.5-6-104; IC 24-7-7-1; IC
				  24-12-10-1; IC 28-1-20-4; IC 28-1-29-2; IC 28-8-4.1-401; IC 28-11-1-12
Affected: IC 24-4.4-2-404.4; IC 24-4.4-2-404.6; IC
				  24-4.4-3-111; IC 24-4.5; IC 24-7-7-1; IC 24-12-5-1; IC 28-1-20-4; IC
				  28-1-29-13; IC 28-7-5-38.1; IC 28-8-4.1-1105; IC 28-8-5-24; IC 28-11-4-7; IC
				  28-11-4-9
Sec. 3.
(a) The
				department is authorized to assess civil penalties under IC 24-4.4-2-404.4, IC
				24-4.4-2-404.6, IC 24-4.4-3-111, IC 24-4.5-6-113, IC 24-4.5-6-122, IC
				24-4.5-6-124, IC 24-7-7-1, IC 24-12-5-1, IC 28-1-20-4, IC 28-1-29-13, IC
				28-7-5-38.1, IC 28-8-4.1-1105, IC 28-8-5-24, IC 28-11-4-7, and IC
				28-11-4-9.
(b) The director is
				authorized to assess civil penalties under IC 24-4.5-4-108, IC 24-4.5-6-122, IC
				24-4.5-6-124, and IC 24-4.5-7-404.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 2 - Civil Penalty Schedule for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 2-4 - Civil penalty schedule for banks, savings banks, building and loan associations, industrial authorities, trust departments, corporate fiduciaries, credit unions, and licensees under IC 24-4.4 and IC 24-4.5

Current through July 10, 2024
Authority: IC 28-1-20-4; IC 28-11-1-12
Affected: IC 28-1-20-4; IC 28-11-4-7; IC 28-11-4-9
Sec. 4.
The schedule of civil penalties for violations of the
				  following statutes is as follows:
Legal Citation
General Description of Violation
Base Violation
IC 28-1-20-4(m)
Violation of naming convention standards
$7,500 per day
IC 28-11-4-7; IC 28-11-4-9
Unsafe or unsound practices or violations of law;
							 violations by certain individuals
$500 per day
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 2 - Civil Penalty Schedule for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 2-5 - Mitigating factors

Current through July 10, 2024
Authority: IC 28-1-20-4; IC 28-11-1-12
Affected: IC 28-1; IC 28-11
Sec. 5.
The amount of a civil penalty described in section 4 of this
				  rule may be adjusted downward to reflect mitigating factors. The existence or
				  nonexistence of any factor is not determinative. Factors that may be considered
				  are as follows:
(1) The
				appropriateness of the civil penalty with respect to the financial resources
				and good faith of a person or an individual charged.
(2) Existence of written policies governing
				the conduct.
(3) Cooperation with
				the department in addressing the violation.
(4) A person's history of
				compliance.
(5) Remedial or
				corrective action taken by a person.
(6) Whether the violation was voluntarily
				disclosed to the department.
(7)
				Evidence of restitution paid.
(8)
				Other factors that justice requires.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 2 - Civil Penalty Schedule for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 2-6 - Aggravating factors

Current through July 10, 2024
Authority: IC 28-1-20-4; IC 28-11-1-12
Affected: IC 28-1; IC 28-11
Sec. 6.
The amount of a civil penalty described in section 4 of this
				  rule may be adjusted upward to reflect aggravating factors. The existence or
				  nonexistence of any factor is not determinative. Factors that may be considered
				  are as follows:
(1) The gravity of the
				practice, violation, or act, including:
(A)
				loss or risk of loss to a person;
(B) loss or risk of loss to
				consumers;
(C) an impact other than
				loss;
(D) concealment;
				and
(E) the number of violations at
				issue.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 2 - Civil Penalty Schedule for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 2-7 - Civil penalty schedule for check cashers; civil proceeding advance payment providers; debt management, consumer credit loan, money transmitter, mortgage lending, pawnbroker, and small loan licensees; mortgage loan originators; nonlender and rental purchase registrants

Current through July 10, 2024
Authority: IC 24-4.4-3-103; IC 24-4.5-6-104; IC 24-7-7-1; IC
				  24-12-10-1; IC 28-1-29-2; IC 28-8-4.4-401; IC 28-11-1-12
Affected: IC 24-4.4-2-404.4; IC 24-4.4-3-111; IC 24-4.5; IC
				  24-7-7-1; IC 24-12-5-1; IC 28-1-29-13; IC 28-7-5-38.1; IC 28-8-4.1-1105; IC
				  28-8-5-24
Sec. 7.
The schedule of civil penalties for violations of the
				  following statutes is as follows:
Legal Citation
General Description of Violation
Base Violation
IC 24-4.4-2-404.4(3)(c)
Violation of statute, cease and desist order, or any
							 condition imposed in writing by the director by individuals
$7,500
IC 24-4.4-3-111(2)
Violations of the First Lien Mortgage Act
$2,500
IC 24-4.5-4-108(6)
Pattern or practice of refusal to issue a refund of
							 credit insurance, GAP, or other authorized product, when a prepayment of a
							 consumer credit sale or consumer loan is made
$500 per violation
IC 24-4.5-6-113(3)
Violations of the Uniform Consumer Credit Code
$5,000
IC 24-4.5-6-122(c)
Violation of statute, cease and desist order, or any
							 condition imposed in writing by the director upon the directors, officers, or
							 manager of a creditor
$7,500
IC 24-4.5-7-404(10)
Violations of limits and number of amounts of
							 outstanding small loans, lender verification requirements, and third party
							 database requirements
$50 per violation
IC 24-7-7-1(b)
Violations of the Rental Purchase Agreement Act
$5,000
IC 24-12-5-1
Violations of the Civil Proceeding Advance Payment Act
$5,000
IC 28-1-29-13(b)
Violations of the debt management chapter
$5,000
IC 28-1-29-13(c)
Knowingly authorized, directs, or aids violations of
							 the debt management chapter
$10,000
IC 28-7-5-38.1
Violations of the pawnbroking law
$5,000
IC 28-8-4.1-1105
Violations of Money Transmission Modernization Act
$5,000
IC 28-8-5-24(a)
Violations of the Check Cashing Act
$5,000
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 2 - Civil Penalty Schedule for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 2-8 - Mitigating factors

Current through July 10, 2024
Authority: IC 24-4.4-3-103; IC 24-4.5-6-104; IC 24-7-7-1; IC
				  24-12-10-1; IC 28-1-29-2; IC 28-8-4.1-401; IC 28-11-1-12
Affected: IC 24-4.4; IC 24-4.5; IC 24-7; IC 24-12; IC 28-1;
				  IC 28-7; IC 28-8
Sec. 8.
The amount of a civil penalty described under section 7 of
				  this rule may be adjusted downward to reflect mitigating factors. The existence
				  or nonexistence of any factor is not determinative. Factors that may be
				  considered are as follows:
(1) The
				appropriateness of the civil penalty with respect to the financial resources
				and good faith of a person or an individual charged.
(2) Existence of written policies governing
				the conduct.
(3) Cooperation with
				the department in addressing the violation.
(4) A person's history of
				compliance.
(5) Remedial or
				corrective action taken by a person.
(6) Whether the violation was voluntarily
				disclosed to the department.
(7)
				Evidence of restitution paid.
(8)
				Other factors that justice requires.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 2 - Civil Penalty Schedule for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 2-9 - Aggravating factors

Current through July 10, 2024
Authority: IC 24-4.4-3-103; IC 24-4.5-6-104; IC 24-7-7-1; IC
				  24-12-10-1; IC 28-1-29-2; IC 28-8-4.1-401; IC 28-11-1-12
Affected: IC 24-4.4; IC 24-4.5; IC 24-7; IC 24-12; IC 28-1;
				  IC 28-7; IC 28-8
Sec. 9.
The amount of a civil penalty described under section 7 of
				  this rule may be adjusted upward to reflect aggravating factors. The existence
				  or nonexistence of any factor is not determinative. Factors that may be
				  considered are as follows:
(1) The
				gravity of the practice, violation, or act, including:
(A) loss or risk of loss to a
				person;
(B) loss or risk of loss to
				consumers;
(C) an impact other than
				loss;
(D) concealment;
				and
(E) the number of violations at
				issue.
Indiana Administrative Code › Title 750 - DEPARTMENT OF FINANCIAL INSTITUTIONS › Article 10 - FEES AND CIVIL PENALTIES › Rule 2 - Civil Penalty Schedule for Financial Institutions Required to be Licensed, Chartered, or Registered with the Indiana Department of Financial Institutions Under IC 24 and IC 28 › Section 2-10 - Assessment of civil penalty not required

Current through July 10, 2024
Authority: IC 24-4.4-3-103; IC 24-4.5-6-104; IC 24-7-7-1; IC
				  24-12-10-1; IC 28-1-20-4; IC 28-1-29-2; IC 28-8-4.1-401; IC 28-11-1-12
Affected: IC 24-4.4; IC 24-4.5; IC 24-7; IC 24-12; IC 28-1;
				  IC 28-7; IC 28-8; IC 28-11
Sec. 10.
Nothing in this rule shall require the department or
				  director to assess a civil penalty for a violation.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 1 - Automobile Liability Insurance-Policy Form › Section 1-1 - Disclaimer of personal injury or property damage coverage

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-13-7
Sec. 1.
Whenever any insurance company authorized to do business in
				  the State of Indiana issues an automobile insurance policy providing collision
				  or material damage coverage only and which does not provide liability coverage
				  for personal injury or property damage, the policy or the certificate given in
				  lieu thereof shall contain the following notation upon its face or filing
				  back:
"THIS POLICY (CERTIFICATE) DOES NOT PROVIDE LIABILITY
				  INSURANCE FOR BODILY INJURY OR PROPERTY DAMAGE."
Such notice shall appear in not less than 10 point type. It
				  may be printed or may be made by rubber stamp impression; provided, however,
				  that deviation from the form prescribed herein may be permitted upon the
				  approval of the Department of Insurance of Indiana.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 3 - Domestic Stock Insurance Companies-Organization, Promotion and Capital Enlargement › Section 3-1 - Authority to promulgate rule

Current through July 10, 2024
Authority: IC
				  27-1-3-7
Affected: IC
				  27-1-1-1; IC
				  27-1-2-1; IC
				  27-1-3; IC
				  27-1-6-17;
				  IC
				  27-1-6-18;
				  IC
				  27-1-20-32
Sec. 1.
AUTHORITY FOR REGULATION. Pursuant to the mandate of Section
				  II
[IC
				  27-1-3-4
				  ]
of the Indiana Insurance Law reading:
"Every insurance company to which this act
[IC
				  27-1-2-1 - IC
				  27-1-20-32
				  ]
is applicable shall conduct and transact its business in a safe and
				  prudent manner; shall maintain such company in a safe and solvent condition;
				  and shall establish and maintain safe and sound methods for the conduct of such
				  insurance company and its business and prudential affairs." and pursuant to
				  authority reposed in The Department of Insurance under Section 1
[IC
				  27-1-1-1
				  ]
of the Acts 1945, ch. 351 and Sections 14, 15, 17, 26, 76 and 77
[IC
				  27-1-3-7,
				  IC
				  27-1-3-8, IC
				  27-1-3-10,
				  IC
				  27-1-3-19,
				  IC
				  27-1-6-17
				  and IC
				  27-1-6-18
				  ]
of the Indiana Insurance Law, this Regulation, No. 1956-1, is hereby
				  adopted.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 3 - Domestic Stock Insurance Companies-Organization, Promotion and Capital Enlargement › Section 3-2 - Incorporation and promotion of new insurance companies; permits

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-6-11; IC 27-1-6-19
Sec. 2.
INCORPORATION AND PROMOTION OF NEW INSURANCE COMPANIES.
(1) In addition to the requirements
				and conditions expressly prescribed in the Indiana Insurance Law, relative to
				the organization and promotion of new stock insurance companies, the
				Commissioner will require that the incorporators of a new company submit to him
				in duplicate, authenticated copies of the following items, to the extent they
				are involved or used in the incorporation or promotion procedures, namely:
(a) Any and all contracts, letters,
				memoranda, plans, resolutions, or other documents (exclusive of those expressly
				required to be filed under any section of the Indiana Insurance Law) pertaining
				in any way to the organization or promotion of the subject company, or to the
				rights and duties of the organizers inter se or in relation to the company, or
				pertaining to the gain or profits the organizers contemplate receiving from the
				corporate venture.
(b) Stock
				subscription agreement.
(c) Note or
				other promissory instrument or instruments for use incident to the subscription
				or payment for stock in the subject company.
(d) Prospectus and any other promotional
				literature for use in selling stock of the subject company.
(e) Registration certificate or certificates
				issued by the Securities Commission of Indiana, relative to the stock of the
				subject company and its sale through dealers.
(f) The names and addresses of all
				individuals, partnerships, and corporations which by contract have been
				authorized to solicit stock subscription and the agreement or agreements under
				which such person or persons or organizations will operate and be
				compensated.
(g) The number of
				shares of stock to be offered in the first issue and the price at which such
				stock will be offered and sold.
(h)
				An estimate of the maximum expense of issuing and selling capital stock of the
				first issue and in accomplishing all other organizational procedures.
(i) An agreement, on a form to be prepared by
				the Commissioner, executed by all the incorporators, obligating the
				incorporators to submit promptly any items of information specifically or
				generally described in the foregoing enumeration which come into existence
				during the period of organization or during the period of one year subsequent
				to the organization meeting provided for under Section 78
[IC
				27-1-6-19]
of the Indiana Insurance Law.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 3 - Domestic Stock Insurance Companies-Organization, Promotion and Capital Enlargement › Section 3-3 - Second or subsequent stock issues; approval

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-6-4; IC 27-1-6-11
Sec. 3.
SECOND OR SUBSEQUENT ISSUES OF STOCK BY AN INSURANCE COMPANY
				  HERETOFORE OR HEREAFTER ORGANIZED.
(1)
				A second or subsequent issue of stock by a stock insurance company heretofore
				or hereafter organized (stock issued as a dividend excepted) shall be cleared
				with the Commissioner through the identical process described in paragraph II
[
				760
				IAC 1-3-2 ]
above in relation to a company in
				the process of incorporation, except that the Commissioner will not require the
				submission of information already in his file on certification by the company
				that a duplication would result were a stated requirement fulfilled.
(2) With respect to a second or subsequent
				issue of stock by a company which has been in existence for a period less than
				six years, the information and agreements described in subparagraphs (a) and
				(b) below shall be submitted to the Commissioner in addition to the data
				required in paragraph 1 above, namely:
(a) A
				statement showing parallel columns the names and addresses of the directors,
				officers and the ten largest stockholders of the company and, separately, of
				any related or subsidiary company, and the number of shares of the company or
				companies respectively owned by each of such persons.
(b) An agreement on the part of each
				director, officer or stockholder owning, in the case of the latter, 10% or more
				of the respective stocks described in (a) above, to the effect that such
				director, officer or stockholder will not, during the period the stock is being
				offered and for the period of six months following the termination of the
				offering period, sell or offer for sale any stock he may own or which he
				controls in such company or companies at a price higher than the price at which
				was acquired by him or by any other person for his use and benefit. In applying
				this subparagraph to any director, officer or stockholder, he shall be regarded
				as owning stock in which he has a beneficial interest or which, regardless of
				discernible beneficial interest, is registered in the name of his wife, child,
				father or mother, or any or all of same.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 3 - Domestic Stock Insurance Companies-Organization, Promotion and Capital Enlargement › Section 3-4 - Cooperation with securities commissioner

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-6-11
Sec. 4.
COLLABORATION WITH INDIANA SECURITIES COMMISSIONER. The
				  Commissioner in administering the regulations propounded in paragraphs II and
				  III
[
				  760
				  IAC 1-3-2 and
				  760 IAC
				  1-3-3 ]
above will be mindful of the
				  requirements and administrative procedures under the Indiana Securities Law,
				  and, accordingly will seek to minimize duplications of procedures and
				  information wherever possible, and he may consult with the Securities
				  Commissioner relative to decisions which both offices are respectively required
				  to make pursuant to law or this regulation
[ 760 IAC 1-3 ]
.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 3 - Domestic Stock Insurance Companies-Organization, Promotion and Capital Enlargement › Section 3-6 - Consistency of rule with statute

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-6-11
Sec. 6.
This regulation
[ 760 IAC 1-3 ]
,
				  representing as it does a projection of the workings of the insurance law in a
				  specific area, shall not be regarded either as a contraction or enlargement of
				  the insurance law, but rather, as an administrative application or
				  interpretation of such law.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 3 - Domestic Stock Insurance Companies-Organization, Promotion and Capital Enlargement › Section 3-7 - Applicability of rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-6-11
Sec. 7.
This regulation
[ 760 IAC 1-3 ]
is intended
				  to apply only to actual offering and sale of stock to the public. It does not
				  apply to changes in corporate structure, amendments to articles of
				  incorporation, merger, consolidation or other corporate changes which do not
				  involve the public offering of stock; nor is it intended to cover situations
				  which are exempt from registration under provisions of the Indiana Securities
				  Law or regulations of the Indiana Securities Commission.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 3 - Domestic Stock Insurance Companies-Organization, Promotion and Capital Enlargement › Section 3-8 - Effective date; discretionary transitional application of rule

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-6-11
Sec. 8.
This regulation
[ 760 IAC 1-3 ]
shall be
				  effective from the date of its formal publication by the Commissioner of
				  Insurance. To the end that hardships may be minimized, the Commissioner will
				  exercise his discretion in ameliorating the operation of the various provisions
				  of the regulation in relation to companies in the process of organization at
				  the time of its adoption.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 5.1 - Credit Life Insurance; Credit Accident and Health Insurance › Section 5.1-1 - Purpose and authority

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-8-4-12
Affected: IC
				  24-4.5-4-102
Sec. 1.
The purpose of this rule is to protect the interests of
				  debtors and the public in this state by providing a system of rate, policy
				  form, and operating standards for the regulation of consumer credit insurance.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 5.1 - Credit Life Insurance; Credit Accident and Health Insurance › Section 5.1-3 - Rights and treatment of debtors

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-8-4-12
Affected: IC
				  24-4.5-4-102;
				  IC
				  27-1-12-37;
				  IC
				  27-8-4-4
Sec. 3.
(a) If a
				creditor makes available to the debtors more than one (1) plan of consumer
				credit insurance, every debtor must be informed of each plan for which the
				debtor is eligible and of the premium or insurance charge for each.
(b) When a creditor requires insurance as
				additional security for a debt, the creditor shall inform the debtor that the
				debtor has the option of procuring alternative coverage. The debtor shall be
				informed by the creditor of the right to provide alternative coverage before
				the transaction is completed.
(c)
				The following applies to the termination of a group consumer credit insurance
				policy:
(1) If a debtor is covered by a group
				consumer credit insurance policy providing for the payment of single premiums
				to the insurer, or any other premium payment method that prepays coverage
				beyond one (1) month, then provision shall be made by the insurer that in the
				event of termination of the policy for any reason, insurance coverage with
				respect to any debtor insured under the policy shall be continued for the
				entire period for which the premium has been paid.
(2) If a debtor is covered by a group
				consumer credit insurance policy providing for the payment of premiums to the
				insurer on a monthly basis, then the policy shall provide that, in the event of
				termination of the policy, termination notice shall be given to the insured
				debtor at least thirty (30) days prior to the effective date of termination,
				except where replacement of the coverage by the same or another insurer in the
				same or greater amount takes place without lapse of coverage. The insurer shall
				provide or cause to be provided this required information to the
				debtor.
Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 5.1 - Credit Life Insurance; Credit Accident and Health Insurance › Section 5.1-4 - Determination of reasonableness of benefits in relation to premium charge

Current through July 10, 2024
Authority: IC
				  27-1-3-7;
				  IC
				  27-8-4-12
Affected: IC
				  24-4.5-4-102
Sec. 4.
(a) Benefits
				provided by consumer credit insurance policies must be reasonable in relation
				to the premium charged. This requirement is satisfied if the premium rate
				charged develops or may reasonably be expected to develop a loss ratio of not
				less than fifty-five percent (55%). With the exception of deviations approved
				under section 10 of this rule, the rates shown in sections 6 and 7 of this
				rule, as adjusted pursuant to section 9 of this rule, shall be presumed to
				satisfy this loss ratio standard. Anticipated losses that develop or are
				expected to develop a loss ratio of not less than fifty-five percent (55%)
				shall be presumed reasonable. Any insurer filing a deviation in accordance with
				section 10 of this rule must satisfy the fifty-five percent (55%) loss ratio
				standard for their total consumer credit insurance business.
(b) If any insurer files for approval of any
				form providing coverage different than that described in sections 6 and 7 of
				this rule, the insurer shall demonstrate to the satisfaction of the
				commissioner that the premium rates to be charged for such coverage are:
(1) reasonably expected to develop a loss
				ratio of not less than fifty-five percent (55%); or
(2) actuarially consistent with the rates
				used for standard coverages.