Title 28, FINANCIAL INSTITUTIONS

Sec. 4. As used in this chapter, "effective time of the charter conversion" means: (1) the date on which articles of conversion are filed with the secretary of state; or (2) the date designated in the articles of conversion. As added by P.L.1-2006, SEC.490.

Sec. 5. As used in this chapter, "out-of-state financial institution" means a bank or savings bank organized under the laws of any other state or the United States that has a branch or branches in Indiana that were established under IC 28-2-17 or IC 28-2-18. As added by P.L.1-200…

Sec. 6. An out-of-state financial institution may, upon approval of the department, effect a charter conversion. As added by P.L.1-2006, SEC.490.

Sec. 7. The department shall prescribe procedures for charter conversions. The procedures prescribed by the department must include the following: (1) The out-of-state financial institution shall prepare and submit to the department a plan of charter conversion that provides the …

Sec. 8. (a) The department may approve or disapprove the plan of charter conversion filed under section 7 of this chapter. (b) Solicitation of the votes of voting parties may occur before receipt of the approval of the department. (c) The department may not approve the plan of ch…

Sec. 9. Upon conversion of an out-of-state financial institution, the resulting commercial bank: (1) possesses all of the rights, privileges, immunities, and powers of a commercial bank; (2) unless otherwise provided in this chapter, is subject to all of the duties, restrictions,…

Sec. 1. As used in this chapter, "conversion plan" refers to a plan for the conversion of a mutual savings association into a credit union that is prepared under this chapter. As added by P.L.1-2006, SEC.491.

Sec. 10. The department may not approve a conversion plan unless the department finds, after appropriate investigation or examination, all of the following: (1) The resulting credit union will operate in a safe, sound, and prudent manner. (2) The proposed credit union conversion …

Sec. 11. At the effective time of the conversion of a mutual savings association into a credit union under this chapter, the resulting credit union: (1) possesses all of the rights, privileges, immunities, and powers of a credit union; (2) unless otherwise provided in this chapte…

Sec. 12. The department may authorize the credit union resulting from a conversion under this chapter to do the following: (1) Wind up any activities that the savings association was legally engaged in at the effective time of the conversion but that otherwise are not permitted t…

Sec. 13. A credit union resulting from a conversion under this chapter may retain all branches lawfully established. As added by P.L.1-2006, SEC.491.

Sec. 14. (a) A savings association converting into a credit union under this chapter shall file with the secretary of state the articles of conversion showing the approval of the director of the department. (b) The converting savings association shall record copies of the article…

Sec. 15. Upon the effective time of the conversion, the converted credit union is subject to all statutes and rules applicable to credit unions. As added by P.L.1-2006, SEC.491.

Sec. 16. The department may adopt rules under IC 4-22-2 or policies to implement this chapter. As added by P.L.1-2006, SEC.491.

Sec. 2. As used in this chapter, "credit union" has the meaning set forth in IC 28-7-1-0.5(3). As added by P.L.1-2006, SEC.491.

Sec. 3. As used in this chapter, "effective time of the conversion" means: (1) the date on which articles of conversion are filed with the secretary of state; or (2) the date designated in the articles of conversion as the effective time of the conversion. As added by P.L.1-2006,…

Sec. 4. As used in this chapter, "mutual savings association" means a savings association (as defined in 12 U.S.C. 1813(b)) that: (1) maintains its principal office in Indiana; and (2) has a mutual form of ownership. As added by P.L.1-2006, SEC.491.

Sec. 5. As used in this chapter, "voting parties" means the depositors or members of a mutual savings association. As added by P.L.1-2006, SEC.491.

Sec. 6. For purposes of this chapter, voting parties have the voting rights as provided in the applicable corporate governance documents of the converting mutual savings association. As added by P.L.1-2006, SEC.491.

Sec. 7. With the approval of the department, a mutual savings association may convert into a credit union under this chapter. As added by P.L.1-2006, SEC.491.

Sec. 8. (a) Except as provided in section 8.1 of this chapter for the conversion of a mutual savings association into a federally chartered credit union, the department shall prescribe procedures for the conversion of a mutual savings association into a credit union under this ch…

Sec. 8.1. (a) A mutual savings association may convert into a federally chartered credit union by complying with the following requirements: (1) The mutual savings association must prepare a conversion plan that provides the terms and conditions for the conversion of the mutual s…

Sec. 9. (a) The department may approve or disapprove a conversion plan filed under section 8 of this chapter. (b) The department is not required to hold a hearing on the conversion plan. (c) Solicitation of the votes of voting parties may occur before the savings association rece…

Sec. 1. As used in this chapter, "charter conversion" means the conversion of a mutual savings bank into a credit union under this chapter. As added by P.L.1-2006, SEC.492.

Sec. 10. (a) The department may approve or disapprove the conversion plan filed under section 8 of this chapter. (b) The department is not required to hold a hearing on the conversion plan. (c) Solicitation of the votes of voting parties may occur before the mutual savings bank r…

Sec. 11. The department may not approve the conversion plan unless the department finds, after appropriate investigation or examination, all of the following: (1) The resulting credit union will operate in a safe, sound, and prudent manner. (2) The proposed charter conversion wil…

Sec. 12. At the effective time of a charter conversion under this chapter, the resulting credit union: (1) possesses all of the rights, privileges, immunities, and powers of a credit union; (2) unless otherwise provided in this chapter, is subject to all of the statutes, regulati…

Sec. 13. The department may authorize the credit union resulting from a charter conversion under this chapter to do the following: (1) Wind up any activities that the mutual savings bank legally engaged in at the effective time of the charter conversion but that otherwise are not…

Sec. 14. A credit union created by charter conversion may retain all branches lawfully established. As added by P.L.1-2006, SEC.492.

Sec. 15. (a) To effect a charter conversion, the converting mutual savings bank must file with the secretary of state articles of charter conversion showing the approval of the director of the department. (b) The converting mutual savings bank shall record copies of the articles …

Sec. 16. Upon the effective time of a charter conversion, the converted credit union is subject to all statutes and rules applicable to credit unions. As added by P.L.1-2006, SEC.492.

Sec. 17. The department may adopt rules under IC 4-22-2 or policies to implement this chapter. As added by P.L.1-2006, SEC.492.

Sec. 2. As used in this chapter, "conversion plan" refers to a plan of charter conversion prepared under this chapter. As added by P.L.1-2006, SEC.492.

Sec. 3. As used in this chapter, "credit union" has the meaning set forth in IC 28-7-1-0.5(3). As added by P.L.1-2006, SEC.492.

Sec. 4. As used in this chapter, "effective time of the charter conversion" means: (1) the date on which articles of conversion are filed with the secretary of state; or (2) the date designated in the articles of conversion as the effective time of the charter conversion. As adde…

Sec. 5. As used in this chapter, "mutual savings bank" has the meaning set forth in IC 28-6.1-2-5. As added by P.L.1-2006, SEC.492.

Sec. 6. As used in this chapter, "voting parties" means the: (1) depositors; and (2) borrowers; of a mutual savings bank. As added by P.L.1-2006, SEC.492.

Sec. 7. With the approval of the department, a mutual savings bank may convert its charter under this chapter. As added by P.L.1-2006, SEC.492.

Sec. 8. (a) Except as provided in section 8.1 of this chapter for the conversion of a mutual savings bank into a federally chartered credit union, the department shall prescribe procedures for charter conversions under this chapter. (b) The procedures prescribed by the department…

Sec. 8.1. (a) A mutual savings bank may convert into a federally chartered credit union by complying with the following requirements: (1) The mutual savings bank must prepare a conversion plan that provides the terms and conditions for the conversion of the mutual savings bank in…

Sec. 9. The voting parties of a mutual savings bank have the voting rights set forth in IC 28-13-6-2 with respect to a charter conversion of the mutual savings bank under this chapter. As added by P.L.1-2006, SEC.492.

Sec. 1001. (a) A licensee under this chapter shall maintain at all times a tangible net worth of at least the greater of: (1) one hundred thousand dollars ($100,000); or (2) the total of the following: (A) Three percent (3%) of the first one hundred million dollars ($100,000,000)…

Sec. 1002. (a) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the director. (b) Subject to subsections (c) and (d), the amount of the required security under thi…

Sec. 1003. (a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of the licensee's outstanding money transmission …

Sec. 1004. (a) The following investments are permissible under section 1003 of this chapter: (1) Cash (including demand deposits, savings deposits, and funds in such accounts held, for the benefit of the licensee's customers, in a federally insured depository financial institutio…

Sec. 1005. A licensee shall maintain a policy of insurance, issued by an insurer authorized to do business in Indiana, that insures the applicant against loss by a criminal act or by an act of dishonesty. The principal sum of the policy shall be at least equal to the amount of th…