Title 28, FINANCIAL INSTITUTIONS

Sec. 9. A corporation may pay the expenses of: (1) selling or underwriting the corporation's shares; and (2) organizing or reorganizing the corporation; from the consideration received for shares. As added by P.L.14-1992, SEC.163.

Sec. 1. A nondepository trust company that was organized under the laws of Indiana before July 1, 1995, is considered a corporate fiduciary. As added by P.L.262-1995, SEC.90.

Sec. 2. A nondepository trust company that is organized under the laws of Indiana after June 30, 1995, has only the powers granted to a corporate fiduciary organized after June 30, 1995. As added by P.L.262-1995, SEC.90.

Sec. 1. (a) Savings associations may do the following: (1) Accept deposit accounts. (2) Issue evidence of deposit account ownership. (3) Declare and distribute earnings to members. (4) Pay, in part or in full, withdrawal requests of deposit accounts. (5) Subject to the provisions…

Sec. 1.5. (a) Except for interest at the legal rate on a loan or advancement, a savings association may not, directly or indirectly, receive a profit or commission from the sale to or purchase from an estate, a guardianship, or a trust of which the savings association is the fidu…

Sec. 2. (a) As used in this section, "rights and privileges" means the power: (1) to: (A) create; (B) deliver; (C) acquire; or (D) sell; a product, a service, or an investment that is available to or offered by; or (2) to engage in mergers, consolidations, reorganizations, or oth…

Sec. 3. If the department denies the request of a savings association under section 2 of this chapter to exercise any rights and privileges that are granted to federal savings associations, the savings association may appeal the decision of the department to the circuit court, su…

Sec. 1. The definitions in this chapter apply throughout this article. As added by P.L.42-1993, SEC.72.

Sec. 2. "Board" refers to either of the following: (1) If the savings bank was organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993, the term refers to the board of trustees of the savings bank. (2) If the savings bank is not described by …

Sec. 3. "Department" refers to the department of financial institutions established by IC 28-11-1-1. As added by P.L.42-1993, SEC.72.

Sec. 4. "Member" means a deposit account holder or borrower in a mutual savings bank formed as a result of a conversion under IC 28-1-21.7 after December 31, 1992. As added by P.L.42-1993, SEC.72.

Sec. 5. "Mutual savings bank" means a savings bank that is: (1) governed by members; and (2) formed as the result of a conversion under IC 28-1-21.7 after December 31, 1992. As added by P.L.42-1993, SEC.72. Amended by P.L.262-1995, SEC.66.

Sec. 6. "Savings bank" means any of the following: (1) A financial institution organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993. (2) A financial institution formed as the result of a conversion under IC 28-1-21.7, IC 28-1-21.8, or IC 2…

Sec. 7. "Stock savings bank" means a savings bank that is owned by the holders of capital stock and that was: (1) formed as the result of conversion under IC 28-1-21.8 or IC 28-1-21.9 after December 31, 1992; or (2) incorporated under IC 28-12. As added by P.L.42-1993, SEC.72. Am…

Sec. 8. "Trustee" refers to a member of the board of a savings bank organized, reorganized, or operating under IC 28-6 (before its repeal) before January 1, 1993. As added by P.L.42-1993, SEC.72.

Sec. 1. A mutual savings bank may, upon application to and approval by the department, reorganize as a mutual holding company by: (1) organizing one (1) or more subsidiary stock savings banks, the ownership of which shall be evidenced by shares of stock to be owned by the reorgan…

Sec. 1.5. (a) As used in this section, "primary federal regulator" means the federal agency primarily responsible for the regulation of mutual holding companies (as defined in IC 28-6.2-1-12). (b) A mutual savings bank may, upon application to and with the approval by the departm…

Sec. 10. Each person who holds a deposit account in a reorganizing savings bank or any acquiree savings bank immediately before the reorganization shall receive, upon consummation of the reorganization, without payment, an identical deposit account in the resulting savings bank o…

Sec. 11. A reorganization plan adopted by the boards of directors of the reorganizing savings bank and any acquiree savings bank may be: (1) amended by those boards as a result of any regulator's comments: (A) before any solicitation of proxies from the members to vote on the reo…

Sec. 2. Before reorganizing into a mutual holding company, a reorganizing savings bank shall do the following: (1) Obtain approval of a reorganization plan by a majority of the board of directors of the reorganizing savings bank. (2) File the reorganization plan with the departme…

Sec. 2.5. The voting parties of a reorganizing mutual savings bank have the voting rights set forth in IC 28-13-6-2 with respect to a reorganization of a mutual savings bank under this chapter. As added by P.L.11-1998, SEC.14.

Sec. 3. (a) Upon receipt of an application for a mutual holding company reorganization under this article, the department may: (1) accept the application for processing; (2) request additional information to complete the application; or (3) return the application if it is substan…

Sec. 4. The department may disapprove an application for a mutual holding company reorganization plan if any of the following applies: (1) The reorganization would result in unsafe or unsound practices, or an unsafe or unsound financial institution. (2) The applicant has not demo…

Sec. 5. (a) The department may not approve an application for a mutual holding company reorganization unless the department finds, after an appropriate investigation or examination, that the following requirements have been satisfied: (1) That the reorganizing savings bank and an…

Sec. 6. After a mutual holding company reorganization plan is approved by the department, the person applying for a mutual holding company reorganization must file articles of reorganization under IC 28-6.2-4, to effect the reorganization. As added by P.L.122-1994, SEC.101.

Sec. 7. A mutual holding company that acquires a stock savings bank other than a resulting savings bank or an acquiree savings bank shall not confer any membership rights upon the depositors or borrowers of that savings bank, unless the savings bank is merged into a mutual saving…

Sec. 8. Each reorganization plan must: (1) contain a description of all significant terms of the proposed reorganization; and (2) include as an attachment and incorporate the following: (A) Any proposed stock issuance plan. (B) An opinion of counsel or a ruling from the federal I…

Sec. 9. All assets, rights, obligations, and liabilities of a reorganizing savings bank that are not expressly retained by the mutual holding company shall be transferred to the resulting savings bank. As added by P.L.122-1994, SEC.101.

Sec. 1. Any bank, trust company, savings association or other financial institution incorporated or organized under any law of this state and which has heretofore undertaken voluntary liquidation proceedings but failed to comply with the then existing law as to the giving of noti…

Sec. 2. Any creditor, shareholder, or other interested person failing to object in writing within sixty (60) days after the first publication of any notice given pursuant to the provisions of section 1 of this chapter shall be forever barred from thereafter asserting any claim ag…

Sec. 1. All persons, regardless of age, may become purchasers of instalment or fully paid certificates of investment or indebtedness issued by any industrial loan and investment company organized under the laws of this state. When any such certificate of investment or indebtednes…

Sec. 2. When, in case of any loan made by any industrial loan and investment company organized under the laws of this state, the borrower or any other person furnishing security on behalf of the borrower, shall, as an inducement to such industrial loan and investment company to m…

Sec. 3. Payment of certificates as provided in section 1 of this chapter shall be subject to the provisions set forth in IC 28-5-1-12. Formerly: Acts 1953, c.46, s.3. As amended by P.L.263-1985, SEC.158.

Sec. 1. Except upon the conditions specified in sections 3 and 4 of this chapter, notice to a depository financial institution of an adverse claim does not require the depository financial institution to: (1) recognize the adverse claim in any manner; or (2) place a hold on, or o…

Sec. 2. Except as provided in sections 3 and 4 of this chapter, and notwithstanding IC 34-25-3-3 or any other rule or doctrine of law that: (1) would cause a depository financial institution to be accountable to an adverse claimant for any portion of any deposit account; or (2) w…

Sec. 3. (a) This section applies to an adverse claimant who is not a money judgment creditor of a depositor. (b) A depository financial institution may not be held accountable to an adverse claimant for funds in a deposit account that are claimed by the adverse claimant unless th…

Sec. 4. (a) This section applies to an adverse claimant who is a money judgment creditor attempting to garnish a deposit account. (b) A depository financial institution may not be held accountable to an adverse claimant for funds in a deposit account that are claimed by the adver…

Sec. 5. (a) The information specified in section 4(b)(3)(B) through 4(b)(3)(C) of this chapter and the legend set forth in subsection (c) must be printed more conspicuously than the other information specified in section 4(b)(3) of this chapter. The information specified in secti…

Sec. 1. As used in this chapter, "corporation" means any: (1) bank; (2) trust company; (3) corporate fiduciary; (4) savings bank; (5) savings association; (6) industrial loan and investment company that maintains federal deposit insurance; (7) credit union; or (8) bank of discoun…

Sec. 2. Notwithstanding IC 24-4.9 or any other law, a corporation shall notify the director of the department of a reportable cyber incident or notification incident in accordance with the same procedures required by the corporation's federal supervisory authority or federal insu…

Sec. 1. (a) The department shall examine the affairs of every financial institution as often as the department considers necessary. Examinations may be made without notice to the institution to be examined. (b) In making an examination, the department may examine any of the offic…

Sec. 2. The department has visitorial powers with respect to any financial institution for the purpose of maintaining the safety and soundness of the financial institution. As added by P.L.33-1991, SEC.56.

Sec. 3. (a) The director or the director's designee may disclose or make available to a: (1) state, federal, or foreign law enforcement agency; (2) state, federal, or foreign financial institution supervisory agency; (3) state, federal, or foreign prosecutorial agency; (4) state,…

Sec. 4. A copy of a document, report, or other paper received and filed by the department, when certified by the director, shall be received in all courts and places as prima facie evidence of the facts stated in the certified copy. As added by P.L.33-1991, SEC.56.

Sec. 5. (a) As used in this section, "assets" means the assets of a financial institution as disclosed by a report made by the financial institution at the end of the year immediately preceding the fiscal year in which a fee is fixed under this section. (b) The department shall f…

Sec. 6. (a) As used in this section: (1) "federally chartered" means an entity organized or reorganized under the law of the United States; and (2) "state chartered" means an entity organized or reorganized under the law of Indiana or another state. (b) If the department determin…