Sec. 1. (a) The department of financial institutions is established.
(b) The department:
(1) is an independent agency in the executive branch of state government; and
(2) exercises essential public functions.
(c) The expenses of the department in administering the financial institutions subject to the department's oversight are paid by financial institutions through fees established by the department under IC 28-11-3-5.
(d) Subject to subsection (e), the department's regulatory and budgetary functions are not subject to oversight by the following:
(1) The office of management and budget (notwithstanding IC 4-3-22-14).
(2) The budget agency (notwithstanding IC 4-12-1).
(3) The state personnel department (notwithstanding IC 4-15-2.2).
(4) The Indiana department of administration (notwithstanding IC 4-13-1).
(5) The office of technology (notwithstanding IC 4-13.1).
(e) The department's funds, accounts, and financial affairs shall be examined by the state board of accounts.
As added by P.L.33-1991, SEC.56. Amended by P.L.213-2007, SEC.91; P.L.217-2007, SEC.89; P.L.6-2012, SEC.200; P.L.181-2015, SEC.45.
Structure Indiana Code
Title 28. Financial Institutions
Article 11. Department of Financial Institutions
Chapter 1. Establishment of the Department of Financial Institutions
28-11-1-2. Administration of Title 28
28-11-1-3. Members of Department
28-11-1-4. Oath of Office; Necessity
28-11-1-5. Term of Office; Reappointment of a Member; Service to Continue Until Successor Appointed
28-11-1-8. Officers; Election; Term of Office
28-11-1-10. Quorum; Action by Majority
28-11-1-11. Delegation of Power
28-11-1-13. Policies and Procedures
28-11-1-14. Assignments, Deeds, and Other Documents; Execution
28-11-1-15. Director's Powers; State of Emergency or Governor's Approval