Title 28, FINANCIAL INSTITUTIONS

Sec. 3. Every corporation shall maintain an office or place of business in this state, which shall be known as the "principal office", and which shall be located in a county in which the corporation conducts business. The post office address of the principal office shall be state…

Sec. 8.5. (a) A person may not commence a proceeding in the right of a corporation unless the person was a shareholder of the corporation when the transaction complained of occurred or unless the person became a shareholder through transfer by operation of law from one who was a …

Sec. 1. Within thirty (30) days after the governor has designated any area or areas of the state of Indiana as disaster areas by his proclamation, the board of public depository shall meet for the purpose of determination as to whether low cost loans are needed by the victims of …

Sec. 2. If the board of public depository determines that low cost loans are needed for use of the victims of the disaster it shall, by rule or regulation, establish interest rates of not less than one per cent (1%) nor more than five per cent (5%) for terms of not less than six …

Sec. 3. The treasurer of state shall deposit in any bank in the general area of the disaster an amount of interest-free state money equal to the amount of the loan granted by the lending bank when the bank has provided the treasurer of state with a copy of the loan instrument sho…

Sec. 1. This chapter shall be known as the Pawnbroking Law. Formerly: Acts 1935, c.195, s.1. As amended by P.L.263-1985, SEC.182.

Sec. 10. (a) Whenever a licensee: (1) closes an existing branch; or (2) intends to open a new branch or relocate an existing branch; the licensee shall give written notice to the department. A licensee shall give written notice to the department of the closing of an existing bran…

Sec. 10.1. (a) A licensee that decides to cease engaging in business as a pawnbroker in Indiana shall do the following not later than thirty (30) days before closing the licensee's pawnbroking business: (1) Notify the department of: (A) the licensee's intention to cease engaging …

Sec. 10.4. A licensee may carry on other business at a location where the licensee conducts the business of acting as a pawnbroker unless the licensee carries on other business for the purpose of evasion or violation of this chapter. As added by P.L.159-2017, SEC.39.

Sec. 10.6. (a) This section applies if, after a person has been issued a license or renewal license under this chapter, any individual described in section 8(a)(2) or 8(a)(3) of this chapter has been convicted of or pleaded guilty or nolo contendere to a felony under the laws of …

Sec. 11. (a) To remain in force, a license must be renewed not later than December 31 of each year, beginning with the year following the date of issuance. A licensee may renew a license issued under this chapter by filing a renewal application prescribed by the director. The dep…

Sec. 13. (a) The department may issue to a licensee an order to show cause why the licensee's license should not be revoked or suspended for a period determined by the department. (b) An order issued under subsection (a) must: (1) include: (A) a statement of the place, date, and …

Sec. 13.1. (a) A license issued by the department under this chapter may be revoked or suspended by the department if the licensee fails to: (1) file any renewal form required by the department; or (2) pay any license renewal fee described under section 11 of this chapter; not la…

Sec. 15. (a) For the purpose of discovering violations of this chapter and securing information necessary for the enforcement of this chapter, the department may investigate: (1) any licensee; or (2) any person that it suspects to be operating without a license or in violation of…

Sec. 15.1. Except as otherwise provided, IC 4-21.5 applies to and governs all agency action taken by the department under this chapter. A proceeding for administrative review under IC 4-21.5-3 or judicial review under IC 4-21.5-5 must be held in Marion County. As added by P.L.35-…

Sec. 16. (a) The licensee shall keep and use in the licensee's business such books, accounts, and records as will enable the department to determine whether the licensee is complying with this chapter and with the rules adopted by the department under this chapter. Every licensee…

Sec. 17. Each licensee shall file a report as requested by the director, but not more frequently than annually, giving any relevant information the department may reasonably require concerning the business and operations of each licensed place of business conducted by the license…

Sec. 19. (a) Every pawnbroker shall keep a record in ink that must include the following: (1) The name, date of birth, and address of the pledger, or where the pledge is made by a person acting as agent for a disclosed principal, the names, dates of birth, and addresses of princi…

Sec. 2. In this chapter, unless the context otherwise requires: "Director" refers to the director of the department. "Pawn" means lending money on the deposit or pledge of personal property, or purchasing personal property on the condition of selling the property back again at a …

Sec. 20. The pawnbroker shall at the time of making a loan or purchase require the signature and right thumbprint of the pledger on all pawn tickets, bills of sale, or ledger cards retained by the licensee. If the person is unable to write, the person shall sign by mark. In such …

Sec. 21. (a) The pawnbroker shall, at the time of making a loan, deliver to the pledger or the pledger's agent a memorandum or ticket on which shall be legibly written or printed the following information: (1) The name of the pledger. (2) The name of the pawnbroker and the place …

Sec. 21.5. A pawnbroker is required to disclose to a debtor in a pawn transaction the information required by the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) and by regulations adopted under that act. As added by P.L.172-1997, SEC.21. Amended by P.L.80-1998, SEC.18; P…

local ordinance or law concerning pledge retention Sec. 22. (a) The holder of a ticket described in section 21 of this chapter shall be presumed to be the person entitled to redeem the pledge, and, except as provided in subsection (b), the pawnbroker shall deliver the pledge to t…

Sec. 23. (a) Except as provided in subsection (b), when a ticket, instead of being presented in person, is sent to the pawnbroker by mail, accompanied with a money order for the total amount due and a reasonable fee for shipping and handling, the pawnbroker may securely pack and …

Sec. 24. Upon the pledger's: (1) presentation of the pawn ticket before maturity of the underlying loan; (2) payment of accrued interest and any authorized additional charge; and (3) tender of not less than one dollar ($1) of the principal balance; the pawnbroker shall accept the…

Sec. 25. If a ticket is lost, destroyed, or stolen, the pledger shall so notify the pawnbroker in writing. Before delivering the collateral or issuing a new ticket, the pawnbroker shall require the pledger to make affidavit of the alleged loss, destruction, or theft of the ticket…

Sec. 26. The alteration of a ticket shall not excuse the pawnbroker who issued it from liability to deliver the pledge according to the terms of the ticket as originally issued, but shall relieve the pawnbroker of any other liability to the pledger or holder of the ticket. Former…

Sec. 28. (a) The maximum rate of interest charged by pawnbrokers shall be the same as the maximum loan finance charge for supervised lenders under IC 37-2-4-35(b). For purposes of this subsection: (1) the term of a loan commences on the date on which the loan is made; (2) differe…

Sec. 28.5. (a) Except as provided in subsection (b), in addition to the loan finance charge authorized by section 28 of this chapter, a pawnbroker may charge, contract for, and receive a fee not to exceed one-fifth (1/5) of the principal amount of the loan per month or any fracti…

Sec. 29. A pawnbroker shall be liable for the loss of a pledge resulting from the pawnbroker's failure to exercise reasonable care in regard to it, but the pawnbroker shall not be liable for the loss of a pledge which could not have been avoided by the exercise of reasonable care…

Sec. 29.5. A debtor may not waive or agree to forego any rights or benefits under this chapter. As added by P.L.172-1997, SEC.22.

Sec. 3. (a) Except as authorized by this chapter and unless a license is first obtained from the department, a person shall not engage in business as a pawnbroker, act as a pawnbroker, transact or solicit business as a pawnbroker, or use in any advertisement, signage, or electron…

Sec. 30. (a) Subject to subsections (b) and (c), upon the expiration of two (2) months from the maturity of the loan, a pawned article becomes the property of the pawnbroker and is subject to sale. (b) Subsection (a) applies only if the pledger is given a reasonable opportunity d…

Sec. 33. A pawnbroker has a first lien on all pledges for the amount of his loan, interest, and charges except: (1) when the property that constitutes the pledge is stolen (IC 35-43-4-2) or converted (IC 35-43-4-3) property; or (2) where a prior lien exists under another statute.…

Sec. 34. A pawnbroker shall not be required to deliver a pledge except upon surrender of the ticket, unless the ticket be impounded or its negotiation enjoined by a court. Formerly: Acts 1935, c.195, s.33. As amended by P.L.263-1985, SEC.195; P.L.14-1992, SEC.155.

Sec. 35. If more than one (1) person shall claim the right to redeem a pledge, the pawnbroker shall incur no liability for refusing to deliver the pledge until the respective rights of the claimants shall have been adjudicated. If no action be brought against the pawnbroker by ei…

Sec. 36. (a) No pawnbroker shall: (1) receive any pledge or make a purchase from a person under eighteen (18) years of age; or (2) receive any pledge or make a purchase of property that the pawnbroker believes or should have reason to believe is stolen property acquired as a resu…

Sec. 37. A person who violates this chapter commits a Class A misdemeanor. Formerly: Acts 1935, c.195, s.36. As amended by Acts 1978, P.L.2, SEC.2821; P.L.14-1992, SEC.158; P.L.42-1993, SEC.83.

Sec. 37.5. (a) A licensee shall comply with all state and federal money laundering statutes and regulations, including the following as they become applicable to licensees under this chapter: (1) The Bank Secrecy Act (31 U.S.C. 5311 et seq.). (2) The USA Patriot Act of 2001 (P.L.…

Sec. 38. The department may bring a civil action, including an action for injunctive relief, on the department's own behalf or on behalf of a pledger, against a person, a business, or a licensee for violating this chapter. If a court finds that the defendant has violated this cha…

Sec. 38.1. If the department determines, after notice and opportunity to be heard, that a person has violated this chapter, the department may, in addition to or instead of all other remedies available under this chapter, impose on the person a civil penalty that does not exceed …

Sec. 39. (a) Records and information generated by licensees in the course of their business are confidential under IC 5-14-3-4. (b) A law enforcement or prosecutorial official may obtain or receive records and information described in subsection (a) relating to pawnbroking transa…

Sec. 4. (a) Application for a pawnbroker's license shall be submitted on a form prescribed by the director and must include all information required by the director. An application submitted under this section must identify the location or locations at which the applicant propose…

Sec. 5. (a) The initial application and any renewal application shall be accompanied by a fee fixed by the department under IC 28-11-3-5. The initial application and any renewal application must include a financial statement that: (1) is prepared in accordance with standards adop…

Sec. 5.5. (a) Each person engaged in the business of pawnbroking in Indiana must be covered by a surety bond in accordance with this section. The initial application and any renewal application for licensure under this chapter must be accompanied by proof that the applicant has e…

Sec. 8. (a) Upon an applicant's filing of the application required by section 4 of this chapter and payment of the license fee, if the department finds the financial standing, competence, business experience, and character of: (1) the applicant and any significant affiliate of th…