Title 28, FINANCIAL INSTITUTIONS

Sec. 5.5. (a) As used in this section, "Nationwide Multistate Licensing System and Registry" (or "Nationwide Mortgage Licensing System and Registry" or "NMLSR") means a multistate licensing system owned and operated by the State Regulatory Registry, LLC, or by any successor or af…

Sec. 6. (a) Each application for a license must be accompanied by proof that the applicant has executed a surety bond in accordance with this section. (b) A surety bond issued under this section must: (1) be in a form prescribed by the director; (2) be in effect during the term o…

Sec. 7.5. (a) This section applies if, after a person has been issued a license or renewal license under this chapter, any individuals described in section 5(b)(2), 5(b)(3), or 5(b)(4) of this chapter have been convicted of a felony under Indiana law or the laws of any other juri…

Sec. 7.7. (a) A licensee may not furnish debt management services to a debtor unless: (1) the licensee has prepared a budget analysis; and (2) if the debtor is to make regular, periodic payments, the licensee: (A) has prepared a plan for the debtor; (B) has made a determination, …

Sec. 8. (a) An agreement between a licensee and a debtor must: (1) be in a written form; (2) be dated and signed by the licensee and the debtor; (3) include the name of the debtor and the address where the debtor resides; (4) include the name, business address, and telephone numb…

Sec. 8.3. (a) Except as otherwise permitted by this section, a licensee may not: (1) impose, directly or indirectly, a fee or other charge on a debtor; or (2) receive money from or on behalf of a debtor for debt management services. (b) A licensee may not impose charges or receiv…

Sec. 8.8. (a) If a contract debtor fails to make a payment to a licensee within ninety (90) days after the date a payment is due under an agreement, the agreement may be considered canceled by the licensee unless: (1) one (1) or more creditors included in the contract debtor's pl…

Sec. 9. (a) All money paid to a licensee by or on behalf of an Indiana contract debtor for distribution to creditors under a plan shall be held in trust in a separate account maintained specifically for the benefit of the licensee's Indiana contract debtors. However, as an altern…

Sec. 9.5. (a) A licensee may not, directly or indirectly, do any of the following: (1) Misappropriate or misapply money held in trust. (2) Exercise or attempt to exercise a power of attorney after a contract debtor has terminated an agreement. (3) Initiate a transfer to or from a…

Sec. 9.7. A licensee: (1) may not use false, misleading, or deceptive advertising; and (2) shall meet the following conditions in advertising: (A) An advertisement may not include a statement that states or implies that no financial problem is too great for the licensee to solve.…

Sec. 1. As used in this chapter, "credit union" has the meaning set forth in IC 28-7-1-0.5. As added by P.L.62-1999, SEC.2.

Sec. 10. (a) The converting credit union shall file articles of mutual bank conversion, approved in writing by the director, with the secretary of state. (b) The effective date of the mutual bank conversion is the date and time that the approved articles of mutual bank conversion…

Sec. 11. Upon filing the articles of mutual bank conversion, the converted mutual bank, unless otherwise provided in this chapter, immediately is subject to all statutes and rules applicable to mutual banks. As added by P.L.62-1999, SEC.2.

Sec. 12. The department may adopt rules under IC 4-22-2 or policies to implement this chapter. As added by P.L.62-1999, SEC.2.

Sec. 2. As used in this chapter, "mutual bank" means a mutual savings bank governed by IC 28-6.1. As added by P.L.62-1999, SEC.2.

Sec. 3. As used in this chapter, "mutual bank conversion" means the conversion of a credit union to a mutual bank. As added by P.L.62-1999, SEC.2.

Sec. 4. As used in this chapter, "voting parties" means a credit union's members. As added by P.L.62-1999, SEC.2.

Sec. 5. (a) A credit union may convert to a mutual bank with the approval of the department and, if required by law, the appropriate federal agency. (b) The department shall prescribe procedures for mutual bank conversions. The procedures must require the following: (1) The credi…

Sec. 6. (a) The department may approve or disapprove the plan of mutual bank conversion filed under section 5 of this chapter. (b) The department may not approve a plan of mutual bank conversion unless the department finds, after appropriate investigation or examination, but with…

Sec. 7. Upon the conversion of a credit union, the resulting mutual bank: (1) possesses all of the rights, privileges, immunities, and powers of a mutual bank; (2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions, obligations, and liabiliti…

Sec. 8. (a) During a transitional period not to exceed ten (10) years from the effective date of the conversion, the department may authorize the resulting mutual bank to do the following: (1) Wind up any activities legally engaged in by the credit union at the time of mutual ban…

Sec. 9. A mutual bank created by charter conversion may retain all branches lawfully established. As added by P.L.62-1999, SEC.2.

Sec. 1. (a) The definitions set forth in this section apply throughout this chapter. (b) "Federal deposit insurance agency" means an agency or instrumentality of the United States that insures to any extent the deposits of a financial institution, including the Federal Deposit In…

Sec. 10.1. (a) All claims against the financial institution that are proved to the satisfaction of the receiver or approved by the receivership court shall be paid in the following order: (1) Claims of persons referred to in IC 28-1-12-6 as having preference and priority. (2) Adm…

Sec. 11. (a) Within one hundred eighty (180) days of the date that the department has taken possession, the receiver may, at his election, reject: (1) any executory contract to which the closed financial institution is a party without any further liability to the closed financial…

Sec. 12. Whenever a federal deposit insurance agency pays or makes available for payment the insured deposit liabilities of a closed financial institution, the federal deposit insurance agency, whether or not it acts as receiver, shall be subrogated by operation of law to all rig…

Sec. 13. (a) The receiver, with the approval of the receivership court, may appoint a successor to all rights, obligations, assets, deposits, agreements, and trusts held by the closed financial institution as trustee, administrator, executor, guardian, agent, and all other fiduci…

Sec. 14. (a) The receiver shall cause notice to be mailed to: (1) the owners of any personal property left in the possession of a closed financial institution for safekeeping or as bailee or depository for hire; (2) all lessees; and (3) other persons in possession of any safe dep…

Sec. 15. The receiver may, within ten (10) years after any cause of action has accrued against any of the directors, trustees, officers, owners, or employees of any closed financial institution, institute and maintain, in the name of the receiver, any action or proceeding for the…

Sec. 16. (a) When the proceedings described in this chapter have been completed, the receiver shall execute and file, in the manner provided in this section, articles of dissolution, setting forth the following information: (1) The name of the financial institution. (2) The place…

Sec. 17. The articles of dissolution shall be executed in triplicate and shall be presented in triplicate to the secretary of state at his office (as provided in section 18 of this chapter) accompanied by the fees prescribed by law. As added by P.L.141-1984, SEC.2.

Sec. 18. Upon presentation of the articles of dissolution as provided in section 17 of this chapter, the secretary of state shall: (1) endorse the secretary of state's approval upon each of the triplicate copies of the articles if the secretary of state finds that they conform to…

Sec. 19. The department shall file for record with the county recorder of the county where the principal office of the financial institution is located one (1) of the triplicate copies of the articles of dissolution bearing the endorsement of the approval of the secretary of stat…

Sec. 2. (a) The department may take possession of the business and property of any financial institution except a creditor licensed to make supervised or regulated loans under IC 37-2, whenever it appears to the department that the financial institution: (1) is insolvent or in im…

Sec. 20. Upon the issuance of the certificate of dissolution and the recording of the articles of dissolution, as provided in section 19 of this chapter, the financial institution shall be dissolved and its existence shall cease. As added by P.L.141-1984, SEC.2.

Sec. 21. Whenever a federal supervisory agency is bidding, consolidating, merging, selling, or otherwise resolving or disposing of a troubled, an insolvent, or an imminently insolvent financial institution, the director of the department may approve any transaction, including the…

Sec. 3. (a) When the department has taken possession of the business and property of a financial institution under the provisions of section 2 of this chapter, the department shall hold possession of the business and property until the affairs of the institution have been finally…

Sec. 4. (a) Immediately upon the taking possession of the business and property of any financial institution under section 2 of this chapter, the department shall give notice by: (1) posting the notice at the main entrance of the principal office of the financial institution; (2)…

Sec. 5. (a) The department may appoint the receiver of the closed financial institution. Unless the receiver is the Federal Deposit Insurance Corporation, the department, upon acceptance of the appointment of a receiver, shall make immediate application to the receivership court …

Sec. 6. The receiver of a closed financial institution may do the following: (1) Take possession of all books, records, and assets of the financial institution. (2) Collect all debts, claims, and judgments belonging to the financial institution and do such other acts as are neces…

Sec. 7. The receiver may, with ex parte approval of the receivership court, sell all or any part of the financial institution's assets to another state or federally chartered financial institution or to a federal deposit insurance agency acting in its corporate capacity. The Fede…

Sec. 8. (a) All parties having claims against the closed financial institution shall present their claims supported by proof to the receiver within one hundred eighty (180) days after the department has taken possession. (b) The receiver shall cause notice of the claims procedure…

Sec. 9. Any claims filed after the one hundred eighty (180) day claim period prescribed by section 8 of this chapter and subsequently accepted by the receiver or allowed by the receivership court shall be entitled to share in the distribution of assets only to the extent of the u…

Sec. 1. As used in this chapter, "charter conversion" means the conversion of an out-of-state financial institution to a commercial bank. As added by P.L.1-2006, SEC.490.

Sec. 10. The department may authorize the resulting commercial bank to do the following: (1) Wind up any activities that are legally engaged in by the out-of-state financial institution at the time of charter conversion but that are not permitted to commercial banks. (2) Retain a…

Sec. 11. A commercial bank created by charter conversion may retain all branches lawfully established. As added by P.L.1-2006, SEC.490.