Title 28, FINANCIAL INSTITUTIONS

Sec. 6. "Depository financial institution" means a financial institution that is organized or reorganized under Indiana law, the law of another state, or United States law. The term includes: (1) a commercial bank; (2) a trust company; (3) a credit union; (4) a savings bank; (5) …

Sec. 7. "Person" has the meaning set forth in IC 3-5-2.1-77. As added by P.L.258-1989, SEC.2. Amended by P.L.186-2025, SEC.149.

Sec. 8. "Working day" means that part of any day on which a depository financial institution is open to the public for carrying on substantially all of its functions. As added by P.L.258-1989, SEC.2.

Sec. 1. Notwithstanding IC 26-1 or any other Indiana law, this chapter applies to any contract, security, or instrument, including contracts involving commercial transactions. If there is a conflict between a provision in this chapter and another provision of the Indiana Code, th…

Sec. 10. (a) As used in this chapter, "LIBOR discontinuance event" means the earliest to occur of any of the following: (1) A public statement or publication of information that: (A) is made by, or on behalf of, the administrator of LIBOR; (B) announces that the administrator has…

Sec. 11. (a) As used in this chapter, "LIBOR replacement date" means the following: (1) In the case of a LIBOR discontinuance event described in section 10(a)(1) or 10(a)(2) of this chapter, the later of: (A) the date of the public statement or publication of information describe…

Sec. 12. As used in this chapter, "recommended benchmark replacement", with respect to a particular type of contract, security, or instrument, means a benchmark replacement based on SOFR, including any recommended spread adjustment and any benchmark replacement conforming changes…

Sec. 13. As used in this chapter, "recommended spread adjustment" means a spread adjustment, or method for calculating or determining the spread adjustment, that: (1) is selected or recommended by a relevant recommending body for: (A) a recommended benchmark replacement; (B) a pa…

Sec. 14. As used in this chapter, "relevant recommending body" means: (1) the Federal Reserve Board or any successor; (2) the Federal Reserve Bank of New York or any successor; or (3) the Alternative Reference Rates Committee or any successor. As added by P.L.67-2022, SEC.1.…

Sec. 15. As used in this chapter, "secured overnight financing rate", or "SOFR", with respect to any day, means the secured overnight financing rate published for the day by the Federal Reserve Bank of New York, as the administrator of the benchmark, or by any successor administr…

Sec. 16. As used in this chapter, "SOFR administrator's Internet web site" means the Internet web site of the Federal Reserve Bank of New York, or of any successor source for the secured overnight financing rate, that is identified as such by the administrator of SOFR from time t…

Sec. 17. (a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, becomes the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and that either: (1) contains no fallback provisions; or (2) contains…

Sec. 18. (a) This section applies to any contract, security, or instrument that uses LIBOR as a benchmark and that contains fallback provisions that permit or require the selection of a benchmark replacement that: (1) is based in any way on any LIBOR value; or (2) is: (A) a comme…

Sec. 19. If a recommended benchmark replacement becomes the benchmark replacement for any contract, security, or instrument under this chapter, any benchmark replacement conforming changes that are applicable to the recommended benchmark replacement become an integral part of the…

Sec. 2. As used in this chapter, "benchmark" means an index of interest rates or dividend rates that is used, in whole or in part, as the basis of, or as a reference for, calculating or determining any valuation, payment, or other measurement under or with respect to a contract, …

Sec. 20. This chapter does not alter or impair any of the following: (1) Any written agreement by all requisite parties that, retrospectively or prospectively, a contract, security, or instrument is not subject to any provisions set forth in this chapter, regardless of whether th…

Sec. 21. The selection or use of a recommended benchmark replacement as a benchmark replacement under or with respect to a contract, security, or instrument by operation of this chapter constitutes: (1) a commercially reasonable replacement for and a commercially substantial equi…

Sec. 22. (a) This section applies if any of the following occur or take place as described in, or by operation of, this chapter: (1) A LIBOR discontinuance event. (2) A LIBOR replacement date. (3) The selection or use of a recommended benchmark replacement as a benchmark replacem…

Sec. 23. (a) A person is not liable for damages to any person, and is not subject to any claim or request for equitable relief, arising out of or related to: (1) the selection or use of a recommended benchmark replacement; or (2) the determination, implementation, or performance …

Sec. 24. Except as provided in sections 17 and 18 of this chapter, this chapter shall not be construed as creating any negative inference or negative presumption regarding the validity or enforceability of any of the following: (1) Any benchmark replacement that is not a recommen…

Sec. 25. The provisions of this chapter are severable as provided in IC 1-1-1-8(b). As added by P.L.67-2022, SEC.1.

Sec. 3. As used in this chapter, "benchmark replacement" means: (1) a benchmark; (2) an interest rate; or (3) a dividend rate; that may or may not be based in whole or in part on a prior setting of LIBOR, and that replaces LIBOR (or any interest rate or dividend rate based on LIB…

Sec. 4. As used in this chapter, "benchmark replacement conforming changes" means any technical, administrative, or operational changes, alterations, or modifications that: (1) are made to a contract, security, or instrument; (2) are associated with and reasonably necessary for t…

Sec. 5. (a) As used in this chapter, "calculating person", with respect to a particular contract, security, or instrument, means any person responsible for calculating or determining any valuation, payment, or other measurement based on a benchmark. (b) The term includes the dete…

Sec. 6. As used in this chapter, "contract, security, or instrument" includes any: (1) contract; (2) agreement; (3) mortgage; (4) deed of trust; (5) lease; (6) instrument; or (7) other obligation or security, whether representing debt or equity, and including any interest in a co…

Sec. 7. As used in this chapter, "determining person", with respect to a particular contract, security, or instrument, means: (1) a person specified as the determining person with respect to the contract, security, or instrument; or (2) if there is not a person specified as the d…

Sec. 8. As used in this chapter, "fallback provisions" means terms that are included in a contract, security, or instrument and that set forth a methodology or procedure for determining a benchmark replacement, including any terms relating to the effective date of the benchmark r…

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…