Title 28, FINANCIAL INSTITUTIONS

Sec. 3.7. For purposes of section 7 of this chapter, "emancipated youth" means an individual who is less than eighteen (18) years of age and has been: (1) granted emancipation; or (2) emancipated by operation of law. As added by P.L.90-2025, SEC.1.

Sec. 3.9. For purposes of section 7 of this chapter, "foster youth" means an individual who is: (1) at least sixteen (16) years of age; and (2) certified or acknowledged as a foster youth (as defined in IC 31-9-2.1-110(b)) by the department of child services or a designee of the …

Sec. 4. As used in IC 28-11, "fund" refers to the financial institutions fund established by IC 28-11-2-9. As added by P.L.33-1991, SEC.2.

Sec. 5. A reference in the Indiana Code to any of the following shall be interpreted as a reference to a savings association (as defined in IC 28-15-1-11): (1) Building and loan association. (2) Savings and loan association. (3) Rural loan and savings association. (4) Guaranty lo…

Sec. 6. For purposes of IC 28-1-23-16, "depository financial institution" means a financial institution that is: (1) a commercial bank, organized or reorganized under the law of another state (as defined in IC 28-2-17-19) or United States law; (2) a trust company, organized or re…

Sec. 7. For purposes of IC 28-1-23-17, "qualified youth" means an individual who is: (1) a foster youth; or (2) an emancipated youth. As added by P.L.90-2025, SEC.3.

Sec. 1. Whenever the directors of any bank organized under the laws of this state, shall desire to liquidate any such bank, they may file a petition with the department of financial institutions for authority so to do. After the filing of any such petition, the said department sh…

Sec. 2. Upon the filing and approval of such bond, the officers of any such bank, shall without delay, proceed with the liquidation of its business by first paying all of its depositors in full, and when all of such depositors have been paid in full, the holders of the capital st…

Sec. 3. When the affairs of said bank shall have been completely liquidated, its officers shall at once surrender its certificate of incorporation to the secretary of state who shall cancel same, and said certificate shall thereafter be void and of no legal effect. Formerly: Acts…

Sec. 4. This chapter shall not be construed to repeal any other law providing for the liquidation of banks, but it shall be construed as providing an alternative method for the liquidation of banks. Formerly: Acts 1943, c.39, s.4. As amended by P.L.263-1985, SEC.128.

Sec. 1. This chapter shall be known and may be cited as The Indiana Industrial Loan and Investment Act. Formerly: Acts 1935, c.181, s.1. As amended by P.L.263-1985, SEC.148.

Sec. 10. Except as otherwise provided in this chapter, any such company which holds obligations of indebtedness in violation of the limitations prescribed in this chapter shall, by July 1, 1938, cause the amount of such obligations to conform to the limitations prescribed in this…

Sec. 11. (a) Any such company shall have the power to purchase, hold and convey real estate for the following purposes and for no others: (1) Such as shall be necessary for the convenient transaction of its business, but the cost or value of such real estate as carried on its boo…

Sec. 12. Any certificates of indebtedness or investment issued by any such company pursuant to the provisions of this chapter may be issued as fully paid or to be paid for in installments by the purchaser. All of the terms and conditions upon which any such certificate of indebte…

Sec. 13. Every company issuing any such certificates of indebtedness or investment shall at all times maintain a reserve balance equal to at least three percent (3%) of the total amount paid in on all of its outstanding certificates of indebtedness or investment, which said reser…

Sec. 14. Every such company shall on June 30 and December 31 of each year, and before the payment of any dividends on its outstanding stock, transfer to its surplus account a credit equal to five per cent (5%) of the net earnings of such company for the preceding six (6) months a…

Sec. 15. (a) The department shall have charge of the organization, supervision, regulation, examination, and liquidation of all industrial loan and investment companies to which this chapter is applicable, to the same extent and in the same manner as is provided for financial ins…

Sec. 16. (a) The board of directors shall develop a records retention policy. In developing the policy, the board of directors shall consider: (1) legal actions and administrative proceedings in which the production of company records is necessary or desirable; (2) state and fede…

Sec. 17. The department may by a majority vote of the members of the commission promulgate rules and regulations for any of the following purposes: (1) Prescribing the methods and standards to be used in making the examinations and evaluating the assets and prescribing the forms …

Sec. 18. Every company shall make provision for adequate fidelity coverage for all officers and employees having access to money or bonds of the company. The amount and form of fidelity coverage must be approved annually by the board of directors of the company. Coverage may be p…

Sec. 19. A company may not engage in the banking or trust business, operate a savings bank, commercial bank or trust company, advertise or hold itself out to the public as a bank, savings bank or trust company, or use the word "bank" in connection with its name or business in any…

Sec. 2. This chapter shall be applicable to all corporations engaged or attempting to engage in business on or after June 7, 1937, as an industrial loan and investment company pursuant to the provisions of this chapter. Formerly: Acts 1935, c.181, s.2; Acts 1937, c.105, s.1. As a…

Sec. 21. Companies that do not have any certificates of indebtedness, certificates of investment, deposits, or savings accounts outstanding shall not be subject to the provisions of sections 5, 8 through 14, and 18 of this chapter. After February 27, 1951, no company engaged in b…

Sec. 22. A person who violates a provision of this chapter for which there is no other penalty provided commits a Class C infraction. Formerly: Acts 1935, c.181, s.21. As amended by Acts 1978, P.L.2, SEC.2818.

Sec. 22.1. An industrial loan and investment company is prohibited from entering into any transaction that would be prohibited for a bank under IC 28-1-18.2. As added by P.L.192-1997, SEC.12.

Sec. 23. All industrial loan and investment companies subject to the provisions of this chapter shall be taxed in the same manner as banks and trust companies are taxed under IC 6-5.5. Formerly: Acts 1935, c.181, s.21a; Acts 1969, c.129, s.3. As amended by P.L.263-1985, SEC.156; …

Sec. 25. (a) Any industrial loan and investment company organized under this chapter may, upon approval of the department, convert into a state bank or trust company or a savings association. (b) The department shall prescribe the procedure for conversion under this section. The …

Sec. 26. With respect to a residential real property financing or refinancing, an industrial loan and investment company shall comply with IC 6-1.1-12-43. As added by P.L.64-2004, SEC.30.

Sec. 3. As used in this chapter and unless a different meaning appears from the context: (a) The term "capital and surplus" or "unimpaired capital and unimpaired surplus" has the meaning set forth in 12 CFR 32.2. (b) The term "company" shall mean and include any corporation to wh…

Sec. 4. (a) As used in this section: "Automated teller facility" means electronic or mechanical equipment that performs routine transactions for the public at locations off premises of the principal office or branch office of a company that holds a certificate to engage in busine…

Sec. 5. The capital stock of any company engaged in business under the provisions of this chapter: (1) shall be in an amount determined by the department based on the risk profile and business activity of the company during any application or approval process required by the depa…

Sec. 6. (a) Every company may exercise all the powers conferred upon domestic corporations by IC 23-1 but only to the extent that those powers may be necessary, convenient, or expedient to accomplish the purposes for which it is organized. Subject to the restrictions and limitati…

Sec. 6.3. (a) As used in this section, "rights and privileges" means the power: (1) to: (A) create; (B) deliver; (C) acquire; or (D) sell; a product, a service, or an investment that is available to or offered by; or (2) to engage in mergers, consolidations, reorganizations, or o…

Sec. 6.5. (a) Notwithstanding any other provision of this title, an industrial loan and investment company may act as an insurance producer for the sale of any annuity contract issued by a life insurance company (as defined in IC 27-1-2-3) authorized to do business in Indiana und…

Sec. 8. (a) Except as otherwise provided in subsections (c), (d), and (e), the total obligation of any person, firm, limited liability company, or corporation to any industrial loan and investment company shall at no time exceed fifteen percent (15%) of the amount of the capital …

Sec. 9. An industrial loan and investment company, hereinafter in this section sometimes called "company" may, subject to the requirements of this section, make or acquire a loan secured by a first lien upon real estate (including a leasehold) located in any state or the District…

Sec. 0.1. The amendments made to section 9(9) of this chapter by P.L.14-1992 apply to expenditures made by credit unions after July 1, 1992, for buildings or other office space. As added by P.L.220-2011, SEC.464.

Sec. 0.5. The following definitions apply throughout this chapter: (1) "Automated teller machine" (ATM) means a piece of unmanned electronic or mechanical equipment that performs routine financial transactions for authorized individuals. (2) "Branch" office" means an office, agen…

Sec. 1. (a) Any seven (7) persons who are residents of Indiana, of legal age, and representing not less than five hundred (500) persons who belong to one (1) or more qualified groups (as defined in section 10 of this chapter) may apply to the department for permission to organize…

Sec. 10. (a) The membership of credit unions shall be clearly and specifically identified. The membership of a credit union shall be limited to one (1) or more qualified groups of persons, immediate family members of the persons in the qualified group or groups, and organizations…

Sec. 10.1. The department shall consider a person, a firm, a corporation, or an organization to be an illegal member if the person, firm, corporation, or organization: (1) became a member of a credit union; and (2) did not qualify under section 10(a) of this chapter or the articl…

Sec. 10.6. A credit union may issue shares in a revocable or irrevocable trust, subject to the following: (1) If shares are issued in a revocable trust, at least one (1) of the settlors must be a member of the credit union in the settlor's own right. (2) If shares are issued in a…

Sec. 11. Each credit union shall make a call report of its condition to the department, at least quarterly on forms and in accordance with guidelines approved by the director. Reports in addition to the regular reports may be required. A credit union that fails to comply with thi…

Sec. 12. (a) Every credit union and every affiliate of a credit union shall be subject to examination in accordance with IC 28-11-3-1 by the department. A credit union shall be examined by the department as often as the department shall deem necessary. The department shall at all…

Sec. 14. A credit union fiscal year shall end at the close of business on the thirty-first day of December. Special meetings of the members of any credit union may be convened by order of the board of directors or the supervisory committee, or by a petition of at least ten per ce…

Sec. 15. (a) At the annual meeting, the members shall elect a board of directors and a supervisory committee. (b) The bylaws: (1) may provide for a credit committee; and (2) if a credit committee is provided for, must state whether the credit committee is to be elected by the mem…