Title 28, FINANCIAL INSTITUTIONS

Sec. 9. (a) As used in this chapter, "LIBOR" means United States Dollar LIBOR (formerly known as the London Interbank Offered Rate), as administered by Intercontinental Exchange Benchmark Administration Limited (or by any predecessor or successor entity), that is used in making a…

Sec. 1. (a) The governor shall appoint a qualified individual to be the director of the department. The appointment must be without regard to political beliefs or affiliations. (b) The director shall take an oath of office before assuming office. (c) The term of the director is f…

Sec. 2. (a) The director, with the approval of the members, shall organize the department. (b) The department must consist of at least the following divisions: (1) The division of banks and trust companies. (2) The division of consumer credit. (3) The division of credit unions. A…

Sec. 3. (a) The director, on behalf of the department, shall employ qualified individuals as assistants, deputies, supervisors, and other necessary employees. Individuals employed by the director are not subject to job classifications or compensation schedules established under I…

Sec. 4. (a) The department may require that the members, the director, or specified classes of employees of the department be covered by bonds for faithful performance of their respective duties. A requirement for purchase of faithful performance bonds may be satisfied by the pur…

Sec. 6. (a) The department shall adopt policies defining conflicts of interest by the members, the director, and the employees of the department. (b) The policies adopted under subsection (a) must include means by which conflicts of interest can be avoided. As added by P.L.33-199…

Sec. 6.1. (a) The members, the director, and the employees of the department are: (1) under the jurisdiction of, and subject to the rules adopted by, the state ethics commission; and (2) subject to all other ethics rules and requirements that apply to the executive branch of stat…

Sec. 6.2. Except as otherwise provided by law, the department is subject to the following: (1) IC 5-14-1.5. (2) IC 5-15-3. As added by P.L.213-2007, SEC.98; P.L.217-2007, SEC.96.

Sec. 7. The members, director, and employees of the department are not liable in an individual capacity except to the state for an act done or omitted in connection with the performance of their respective duties. As added by P.L.33-1991, SEC.56.

Sec. 8. (a) A member, the director, or an employee of the department authorized by the director may do the following: (1) Administer oaths and require information for any purpose under this title from any of the persons to which this title applies. (2) Require the production of b…

Sec. 9. (a) The financial institutions fund is established. (b) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investment…

Sec. 1. The articles of incorporation must set forth the following: (1) A corporate name for the corporation that satisfies the requirements of IC 28-12-3. (2) The number of shares the corporation is authorized to issue. (3) The street address of the corporation's principal offic…

Sec. 2. The articles may set forth other provisions not inconsistent with law. As added by P.L.14-1992, SEC.162.

Sec. 3. The articles of incorporation need not set forth any of the corporate powers of the corporation. As added by P.L.14-1992, SEC.162.

Sec. 1. (a) A subscription for shares entered into before incorporation is irrevocable for six (6) months unless the subscription agreement provides a longer or shorter period or all the subscribers agree to revocation. (b) The board of directors may determine the payment terms o…

Sec. 2. (a) A subscription agreement entered into after incorporation is a contract between the subscriber and the corporation subject to this section. (b) The powers granted in this section to the board of directors may be reserved to the shareholders by the articles of incorpor…

Sec. 3. (a) A purchaser from a corporation of the corporation's own shares is not liable to the corporation or the corporation's creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued or specified in the subscription…

Sec. 4. (a) Unless the articles of incorporation provide otherwise, shares may be issued pro rata and without consideration to the corporation's shareholders or to the shareholders of at least one (1) class or series. An issuance of shares under this subsection may be in the form…

Sec. 5. A corporation, acting through the corporation's board of directors, may create or issue rights, options, or warrants for the purchase of shares or other securities of the corporation or any successor in interest of the corporation. The board of directors shall determine t…

Sec. 6. (a) Shares may be represented by certificates. Unless this article or another statute expressly provides otherwise, the rights and obligations of shareholders of the same class or series of shares are identical whether or not the shares are represented by certificates. (b…

Sec. 7. (a) Unless the articles of incorporation or bylaws provide otherwise, the board of directors of a corporation may authorize the issue of some or all of the shares of any or all classes or series without certificates. The authorization does not affect shares already repres…

Sec. 8. (a) For purposes of this section, "shares" includes a security convertible into or carrying a right to subscribe for or acquire shares. (b) The articles of incorporation, bylaws, an agreement among shareholders, or an agreement between shareholders and the corporation may…

Sec. 9. A corporation may pay the expenses of: (1) selling or underwriting the corporation's shares; and (2) organizing or reorganizing the corporation; from the consideration received for shares. As added by P.L.14-1992, SEC.163.

Sec. 1. A nondepository trust company that was organized under the laws of Indiana before July 1, 1995, is considered a corporate fiduciary. As added by P.L.262-1995, SEC.90.

Sec. 2. A nondepository trust company that is organized under the laws of Indiana after June 30, 1995, has only the powers granted to a corporate fiduciary organized after June 30, 1995. As added by P.L.262-1995, SEC.90.

Sec. 1. (a) Savings associations may do the following: (1) Accept deposit accounts. (2) Issue evidence of deposit account ownership. (3) Declare and distribute earnings to members. (4) Pay, in part or in full, withdrawal requests of deposit accounts. (5) Subject to the provisions…

Sec. 1.5. (a) Except for interest at the legal rate on a loan or advancement, a savings association may not, directly or indirectly, receive a profit or commission from the sale to or purchase from an estate, a guardianship, or a trust of which the savings association is the fidu…

Sec. 2. (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 oth…

Sec. 3. If the department denies the request of a savings association under section 2 of this chapter to exercise any rights and privileges that are granted to federal savings associations, the savings association may appeal the decision of the department to the circuit court, su…

Sec. 1. The definitions in this chapter apply throughout this article. As added by P.L.42-1993, SEC.72.

Sec. 2. "Board" refers to either of the following: (1) If the savings bank was organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993, the term refers to the board of trustees of the savings bank. (2) If the savings bank is not described by …

Sec. 3. "Department" refers to the department of financial institutions established by IC 28-11-1-1. As added by P.L.42-1993, SEC.72.

Sec. 4. "Member" means a deposit account holder or borrower in a mutual savings bank formed as a result of a conversion under IC 28-1-21.7 after December 31, 1992. As added by P.L.42-1993, SEC.72.

Sec. 5. "Mutual savings bank" means a savings bank that is: (1) governed by members; and (2) formed as the result of a conversion under IC 28-1-21.7 after December 31, 1992. As added by P.L.42-1993, SEC.72. Amended by P.L.262-1995, SEC.66.

Sec. 6. "Savings bank" means any of the following: (1) A financial institution organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993. (2) A financial institution formed as the result of a conversion under IC 28-1-21.7, IC 28-1-21.8, or IC 2…

Sec. 7. "Stock savings bank" means a savings bank that is owned by the holders of capital stock and that was: (1) formed as the result of conversion under IC 28-1-21.8 or IC 28-1-21.9 after December 31, 1992; or (2) incorporated under IC 28-12. As added by P.L.42-1993, SEC.72. Am…

Sec. 8. "Trustee" refers to a member of the board of a savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993. As added by P.L.42-1993, SEC.72.

Sec. 1. A mutual savings bank may, upon application to and approval by the department, reorganize as a mutual holding company by: (1) organizing one (1) or more subsidiary stock savings banks, the ownership of which shall be evidenced by shares of stock to be owned by the reorgan…

Sec. 1.5. (a) As used in this section, "primary federal regulator" means the federal agency primarily responsible for the regulation of mutual holding companies (as defined in IC 28-6.2-1-12). (b) A mutual savings bank may, upon application to and with the approval by the departm…

Sec. 10. Each person who holds a deposit account in a reorganizing savings bank or any acquiree savings bank immediately before the reorganization shall receive, upon consummation of the reorganization, without payment, an identical deposit account in the resulting savings bank o…

Sec. 11. A reorganization plan adopted by the boards of directors of the reorganizing savings bank and any acquiree savings bank may be: (1) amended by those boards as a result of any regulator's comments: (A) before any solicitation of proxies from the members to vote on the reo…

Sec. 2. Before reorganizing into a mutual holding company, a reorganizing savings bank shall do the following: (1) Obtain approval of a reorganization plan by a majority of the board of directors of the reorganizing savings bank. (2) File the reorganization plan with the departme…

Sec. 2.5. The voting parties of a reorganizing mutual savings bank have the voting rights set forth in IC 28-13-6-2 with respect to a reorganization of a mutual savings bank under this chapter. As added by P.L.11-1998, SEC.14.

Sec. 3. (a) Upon receipt of an application for a mutual holding company reorganization under this article, the department may: (1) accept the application for processing; (2) request additional information to complete the application; or (3) return the application if it is substan…

Sec. 4. The department may disapprove an application for a mutual holding company reorganization plan if any of the following applies: (1) The reorganization would result in unsafe or unsound practices, or an unsafe or unsound financial institution. (2) The applicant has not demo…

Sec. 5. (a) The department may not approve an application for a mutual holding company reorganization unless the department finds, after an appropriate investigation or examination, that the following requirements have been satisfied: (1) That the reorganizing savings bank and an…