Title 28, FINANCIAL INSTITUTIONS

Sec. 12. The department may, by a majority vote of the members, adopt rules under IC 4-22-2 to implement this title. As added by P.L.33-1991, SEC.56.

Sec. 13. The members may by resolution establish policies and procedures in order to facilitate: (1) the supervision of financial institutions by the department; and (2) the licensing and regulation of persons and entities by the department under: (A) this title; and (B) IC 24. A…

Sec. 13.5. (a) The department may accept payment of any of the following by credit card, debit card, charge card, or similar method: (1) A fee established by the department under IC 28-11-3-5. (2) A penalty assessed by the department under this title or IC 37-2. (3) A fee assesse…

Sec. 14. All assignments, deeds, instruments, notices, orders, rules, and other documents of the department shall be executed in the name of "The Department of Financial Institutions" by the director or, in case of the director's absence or disability, by: (1) the chairman; (2) a…

Sec. 15. If the governor: (1) declares, under IC 10-14-3-12, a state of emergency in all or part of Indiana; or (2) in the absence of a declaration under subdivision (1), gives prior approval to the director; the director is authorized to take necessary and appropriate action to …

Sec. 2. The department shall administer this title. As added by P.L.33-1991, SEC.56.

Sec. 3. (a) The ultimate authority for and the powers, duties, management, and control of the department are vested in the following seven (7) members: (1) The director of the department, who serves as an ex officio, voting member. (2) The following six (6) members appointed by t…

Sec. 4. An individual must take an oath of office before assuming office as a member. As added by P.L.33-1991, SEC.56.

Sec. 5. (a) A member appointed by the governor under section 3(a)(2) of this chapter serves a term of four (4) years but at the pleasure of the governor. (b) The governor may reappoint a member appointed under section 3(a)(2) of this chapter. (c) Notwithstanding the expiration of…

Sec. 6. (a) The governor shall designate one (1) of the members as chairman. The governor may appoint the director as chairman under this section. (b) The chairman has one (1) vote on all matters voted on by the members. As added by P.L.33-1991, SEC.56. Amended by P.L.10-2006, SE…

Sec. 7. (a) Each member who is not a state officer or employee is entitled to receive an annual salary of four thousand dollars ($4,000). (b) Each member is entitled to receive actual and necessary travel and other expenses incurred in the performance of the member's duties. As a…

Sec. 8. (a) During the first meeting after June 30 of each year, the members shall elect the following officers: (1) One (1) member as vice chairman. (2) One (1) individual, who need not be a member, as secretary. (3) Other officers considered necessary by the members. (b) The of…

Sec. 9. Each year the members shall hold the following: (1) Regular meetings at times specified by resolution of the members. (2) Special meetings at the call of the chairman. As added by P.L.33-1991, SEC.56.

Sec. 1. One (1) or more individuals, all of whom are at least eighteen (18) years of age and at least a majority of whom are citizens of Indiana, may act as the incorporator of a corporation (as defined in IC 28-10-1-3) by doing all of the following: (1) Signing and acknowledging…

Sec. 2. The department shall prescribe the form of the articles of incorporation. As added by P.L.14-1992, SEC.162.

Sec. 1. The articles of incorporation must prescribe the number of shares that the corporation is authorized to issue. If more than one (1) class of shares is authorized by the articles of incorporation, the articles of incorporation must prescribe the number of shares in each cl…

Sec. 2. The articles of incorporation must authorize the following: (1) At least one (1) class of shares that together have unlimited voting rights. (2) At least one (1) class of shares, which may be the same class or classes as those with voting rights, that together are entitle…

Sec. 3. (a) The articles of incorporation may authorize at least one (1) class of shares that have at least one (1) of the following characteristics: (1) Have special, conditional, or limited voting rights, or no right to vote, except to the extent prohibited by this article. (2)…

Sec. 4. (a) If the articles of incorporation so provide, the board of directors may create at least one (1) series, and may determine, in whole or in part, the preferences, limitations, and relative voting and other rights within the limits set forth in sections 1 through 3 of th…

Sec. 5. (a) A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued are outstanding shares until the shares are reacquired, redeemed, converted, or canceled. (b) The reacquisition, redemption, or con…

Sec. 6. (a) A corporation may do any of the following: (1) Issue fractions of a share or pay in money the value of fractions of a share. (2) Arrange for disposition of fractional shares by the shareholders. (3) Issue scrip in registered or bearer form entitling the holder to rece…

Sec. 1. The definitions in this chapter apply throughout this article. As added by P.L.262-1995, SEC.90.

Sec. 2. "Acting as a fiduciary" means undertaking to act primarily for the benefit of another. The term includes the following: (1) Acting alone and jointly with others. (2) Acting: (A) as a trustee; (B) as a personal representative; (C) as a registrar of stocks and bonds; (D) as…

Sec. 3. "Clearing corporation" has the meaning set forth in IC 26-1-8.1-102. As added by P.L.262-1995, SEC.90. Amended by P.L.176-2019, SEC.64.

Sec. 4. "Corporate fiduciary" has the meaning set forth in IC 28-1-1-3. As added by P.L.262-1995, SEC.90.

Sec. 5. "Department" refers to the department of financial institutions established by IC 28-11-1. As added by P.L.262-1995, SEC.90.

Sec. 6. "Director" refers to the director of the department appointed under IC 28-11-2-1. As added by P.L.262-1995, SEC.90.

Sec. 7. "Person" means an individual, a corporation, a limited liability company, a partnership, or an unincorporated association. As added by P.L.262-1995, SEC.90.

Sec. 8. (a) Engaging in "the trust business" means: (1) acting as a fiduciary for hire as one's primary business purpose; or (2) holding oneself out to the public as being willing to act as a fiduciary for hire as one's primary business purpose. (b) Notwithstanding subsection (a)…

Sec. 9. "Subsidiary" means a foreign or domestic corporation or a limited liability company in which a corporate fiduciary has more than a fifty percent (50%) ownership. As added by P.L.215-1999, SEC.11.

Sec. 1. The definitions in this chapter apply throughout IC 28-15, except where the context requires otherwise. As added by P.L.193-1997, SEC.2.

Sec. 10. "Property improvement loan" means a loan to the owners of real estate, the proceeds of which are used to improve or equip real estate or a structure upon it. As added by P.L.193-1997, SEC.2.

Sec. 11. "Savings association" means any: (1) building and loan association; (2) savings and loan association; (3) rural loan and savings association; or (4) guaranty loan and savings association; organized or reorganized and operating under the laws of Indiana, any other state, …

Sec. 12. "Share account" in a share account association organized and existing before January 1, 1997, has the same meaning as a deposit account. As added by P.L.193-1997, SEC.2.

Sec. 13. "Share account association" means any savings association that has accounts representing interests in the shares of the savings association (referred to in this chapter as share accounts). As added by P.L.193-1997, SEC.2.

Sec. 14. "Stock association" means a savings association owned by holders of capital stock. As added by P.L.193-1997, SEC.2.

Sec. 15. "Unimpaired capital and unimpaired surplus" means capital and surplus as that term is defined in 12 CFR 3.100. As added by P.L.193-1997, SEC.2.

Sec. 2. "Automated teller machine" means unmanned electronic or mechanical equipment that performs routine financial transactions for the public. As added by P.L.193-1997, SEC.2.

Sec. 3. "Branch office" means any office, agency, mobile unit, messenger service, or other place of business at which deposits are received, checks paid, or money lent. However, the term does not include: (1) the principal office of a savings association; (2) an automated teller …

Sec. 4. "Department" refers to the department of financial institutions. As added by P.L.193-1997, SEC.2.

Sec. 5. (a) "Deposit account": (1) means the total monetary interest of a depositor in a savings association; and (2) consists of the withdrawal value of such interest. (b) For the purposes of IC 28, a "share account" in a share account association organized and existing before J…

Sec. 6. "Deposit association" means any savings association governed by its members. As added by P.L.193-1997, SEC.2.

Sec. 7. "Depositor" means a person who owns a withdrawable interest in an account or deposit in a savings association. As added by P.L.193-1997, SEC.2.

Sec. 8. "Member" means: (1) any depositor in a deposit association or owner of a share account in a share account association; and (2) unless otherwise provided by the articles of incorporation, any debtor. As added by P.L.193-1997, SEC.2.

Sec. 9. (a) "Mutual association" means a nonstock savings association that is governed by members. (b) The term includes a deposit association or share account association organized and existing before January 1, 1997. As added by P.L.193-1997, SEC.2.

Sec. 9.8. "Primary federal regulator" means the federal agency primarily responsible for the regulation of: (1) savings associations; or (2) savings association holding companies; organized under the laws of any state or the United States. As added by P.L.27-2012, SEC.110.…