Title 28, FINANCIAL INSTITUTIONS

Sec. 3. (a) Except with the approval of the department, the sum invested in real property used for the convenient transaction of business may not exceed fifty percent (50%) of the unimpaired capital stock, surplus, and retained earnings of the savings bank. (b) The investment may…

Sec. 1. (a) Any court or officer thereof having jurisdiction to grant letters of guardianship, to appoint a trustee, guardian, receiver, or committee of the estate of any person, to appoint a committee or trustee or a receiver in insolvency or bankruptcy proceedings, or in any ot…

Sec. 2. Every bank or trust company appointed as a fiduciary, pursuant to the provisions of this article, shall be subject at all times to the orders, judgments, and decrees of the court from which it shall have accepted any such trust, appointment, or commission, as to such trus…

Sec. 3. (a) Every bank or trust company exercising trust powers or any powers as a fiduciary shall establish and maintain in its office a trust department in which it shall keep, separate and apart from its other business, separate books and accounts, and shall keep all securitie…

Sec. 4. No profit or commission, other than interest at the legal rate upon a loan or advancement, shall be taken or received by any bank or trust company or corporate fiduciary, directly or indirectly, out of any sale or purchase to or from any estate, guardianship, or trust of …

Sec. 6. Upon the liquidation of any bank or trust company or corporate fiduciary while it is acting as guardian, trustee, receiver, administrator, executor, commissioner, or assignee for the benefit of creditors the person or persons beneficially entitled to receive property or p…

Sec. 7. A person who violates this chapter commits a Class B infraction. In addition, if the person is an officer of any bank or trust company, he is subject to removal from office in the manner prescribed in IC 28-11-4. Formerly: Acts 1933, c.40, s.194; Acts 1937, c.33, s.27. As…

Sec. 8. (a) Unless otherwise provided in an agreement or a trust, a bank or trust company that holds funds or property as a fiduciary may use the funds or property to purchase from the bank, the trust company, or an affiliate of the bank or trust company a product, service, or se…

Sec. 1. (a) The officers of a corporation must consist of the following: (1) A president and, if the president is not the highest acting officer of the corporation, another officer designated by the directors, regardless of the title of that officer, whose duties are equivalent t…

Sec. 2. Each officer has the authority and shall perform the duties set forth in the bylaws or, to the extent consistent with the bylaws, the duties prescribed by the board of directors or by direction of an officer authorized by the board of directors to prescribe the duties of …

Sec. 3. (a) An officer may resign at any time by delivering notice: (1) to the board of directors, its chairman, or the secretary of the corporation; or (2) if the articles of incorporation or bylaws so provide, to another designated officer. (b) A resignation is effective when t…

Sec. 4. (a) The election or appointment of an officer does not create contract rights. (b) An officer's removal does not affect the officer's contract rights, if any, with the corporation. An officer's resignation does not affect the corporation's contract rights, if any, with th…

Sec. 5. (a) Every corporation shall make provision for adequate fidelity coverage for all officers and employees having access to money or bonds of the corporation. The amount and form of fidelity coverage must be approved annually by the board of directors of the corporation. Co…

Sec. 1. (a) In a mutual savings association, each member is entitled at every members' meeting to cast one (1) vote for each: (1) one hundred dollars ($100); or (2) fraction of one hundred dollars ($100); of the total amount paid in on all share or deposit accounts standing in th…

Sec. 1. Except as otherwise provided in this chapter, the definitions in IC 28-2-13 apply throughout this chapter. As added by P.L.42-1993, SEC.72.

Sec. 2. (a) As used in this chapter, "bank" means a financial institution that is either of the following: (1) A bank that: (A) has been organized or reorganized under the laws of the United States, any state of the United States, or the District of Columbia; and (B) is an "insur…

Sec. 3. (a) Subject to this section, a savings bank is entitled to establish one (1) or more branches de novo and one (1) or more branches by acquisition in any location or locations within Indiana. (b) A branch de novo may not be established under this section without the writte…

Sec. 4. A branch by acquisition under this chapter involving one (1) or more savings banks formed after December 31, 1992, may be established under section 3 of this chapter by complying with IC 28-1-7 or IC 28-1-8 as if the savings bank (were a bank as defined in IC 28-1-1-3). A…

Sec. 5. (a) A savings bank is entitled to open or establish an automated teller machine in any location within Indiana or as permitted by the laws of the state in which the automated teller machine is to be located. (b) An automated teller machine may be owned or operated individ…

Sec. 6. A person who fails to comply with this chapter commits a Class A infraction. As added by P.L.42-1993, SEC.72.

Sec. 7. (a) A person, company, bank, or bank holding company that may be or has been injured by reason of any conduct that constitutes or will constitute a violation of this chapter by a savings bank may sue the savings bank to enjoin the conduct or for damages, together with the…

Sec. 8. The department may adopt rules under IC 4-22-2 to implement this chapter. As added by P.L.42-1993, SEC.72.

Sec. 1.1. As used in this chapter, "capital and surplus" or "unimpaired capital and unimpaired surplus" has the meaning set forth in 12 CFR 32.2. As added by P.L.14-1992, SEC.83. Amended by P.L.176-1996, SEC.13; P.L.213-2007, SEC.42; P.L.217-2007, SEC.40.

Sec. 1.2. As used in this chapter, "loans and extensions of credit" has the meaning set forth in 12 CFR 32.2. As added by P.L.14-1992, SEC.84. Amended by P.L.90-2008, SEC.25.

Sec. 1.3. As used in this chapter, "person" includes an individual, a sole proprietorship, a partnership, a joint venture, an association, a trust, an estate, a business trust, a limited liability company, a corporation, a sovereign government, or an agency, an instrumentality, o…

Sec. 1.5. (a) The total loans and extensions of credit by a bank to a person outstanding at one (1) time and not fully secured, as determined in a manner consistent with subsection (b), by collateral having a market value at least equal to the amount of the loan or extension of c…

Sec. 1.6. The limitations contained in section 1.5 of this chapter are subject to the exceptions set forth in 12 CFR 32.3. As added by P.L.14-1992, SEC.88. Amended by P.L.73-2016, SEC.20.

Sec. 1.7. (a) Loans and extensions of credit arising from the discount of negotiable or nonnegotiable installment consumer paper that carries a full recourse endorsement or unconditional guarantee by the person transferring the paper is subject under this section to a maximum lim…

Sec. 1.8. (a) Loans and extensions of credit secured by shipping documents or instruments transferring or securing title covering livestock or giving a lien on livestock when the market value of the livestock securing the obligation is not at any time less than one hundred fiftee…

Sec. 10. (a) Except as otherwise provided, and subject to subsection (b), an officer, director, owner, partner, employee, or attorney of any bank or trust company who stipulates for, receives, or consents or agrees to receive, any fee, commission, gift, or thing of value, from an…

Sec. 11. Except as otherwise provided in this chapter, any bank or trust company which holds obligations of indebtedness in violation of the limitations prescribed in this chapter shall, not later than July 1, 1936, cause the amount of such obligations to conform to the limitatio…

Sec. 12. Loans or extensions of credit to the Student Loan Marketing Association are not subject to any limitation based on capital and surplus. As added by P.L.14-1992, SEC.92.

Sec. 13. The department may apply the provisions of 12 CFR 32 in the application and administration of this chapter. As added by P.L.14-1992, SEC.93.

Sec. 6. Any bank or trust company may extend credit to an officer, a director, or a principal shareholder in accordance with the restrictions and provisions of Regulation O of the Board of Governors of the Federal Reserve System (12 CFR 215). Formerly: Acts 1933, c.40, s.200; Act…

Sec. 7.1. (a) As used in this section, "federally chartered bank" means a bank that was incorporated under 12 U.S.C. 21 et seq. and is doing business in Indiana. (b) As used in this section, "rollover mortgage" means a loan that: (1) is secured by a first mortgage on real estate …

Sec. 8. No bank or trust company shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss under a debt previously contracted in go…

Sec. 1. As used in this chapter, "acquired bank" means: (1) any nonsurviving bank in a merger or consolidation of banks; or (2) any bank that: (A) sells all or substantially all of its assets; and (B) subsequently dissolves as a result of the transaction. As added by P.L.265-1985…

Sec. 10. As used in this chapter, "company" means any corporation, limited liability company, partnership, joint-stock company, business trust, voting trust, joint venture, association, or similar organization, domestic or foreign. The term may or may not include a bank holding c…

Sec. 12. As used in this chapter, "control" means directly or indirectly: (1) to own, control, or hold, with power to vote, twenty-five percent (25%) or more of the voting shares of a bank or company; (2) to control in any manner the election of a majority of the directors or tru…

Sec. 13. As used in this chapter, "department" refers to the department of financial institutions created under IC 28-11-1-1. As added by P.L.265-1985, SEC.3. Amended by P.L.33-1991, SEC.24.

Sec. 15. As used in this chapter, "foreign bank" means a bank that has its principal office in a state other than Indiana or in the District of Columbia. As added by P.L.265-1985, SEC.3.

Sec. 16. As used in this chapter, "Indiana affiliate" means, as to a bank controlled by one (1) or more bank holding companies, another Indiana bank controlled by the bank holding company or bank holding companies. As added by P.L.265-1985, SEC.3.

Sec. 17. As used in this chapter, "Indiana bank" means a bank that has its principal office in Indiana. As added by P.L.265-1985, SEC.3.

Sec. 18. As used in this chapter, "state bank" means a bank that has been organized or reorganized under Indiana law. As added by P.L.265-1985, SEC.3.

Sec. 19. (a) Subject to subsections (b) and (c), a state bank is entitled to establish one (1) or more branches de novo and one (1) or more branches by acquisition in any location or locations within Indiana. (b) A state bank is entitled to establish a branch de novo under this s…

Sec. 2. As used in this chapter, "acquiring bank" means the surviving bank in a merger of banks, the new corporation in a consolidation of banks, or the bank that purchases all, or substantially all, of the assets of another bank. As added by P.L.265-1985, SEC.3.