Indiana Code
Chapter 4. Enforcement Powers of the Department
28-11-4-12. Enforcement Powers Exercised Against Affiliate of Financial Institution

Sec. 12. (a) The director of the department may exercise the enforcement powers of this chapter against an affiliate of a financial institution, or against an officer, a director, or an employee of the affiliate, as if the affiliate were a financial institution if the director determines that a practice of the affiliate, or of the officer, director, or employee, could cause either:
(1) the financial institution to suffer substantial loss or other damage; or
(2) the interests of the financial institution's depositors to be seriously prejudiced by reason of a violation, practice, or breach of fiduciary duty.
(b) In exercising the director's enforcement powers under this chapter against an officer, a director, or an employee of an affiliate, the director may:
(1) remove the officer, director, or employee from the person's office, position, or employment;
(2) prohibit any participation by the officer, director, or employee in the conduct of the affairs of any financial institution; or
(3) take both of the actions set forth in subdivisions (1) and (2).
(c) The director of the department may issue and serve upon the officer, director, or employee of the affiliate a notice of charges of the practice, violation, or act.
(d) For purposes of this section, affiliate has the meaning set forth in IC 28-1-18.2.
As added by P.L.215-1999, SEC.8. Amended by P.L.90-2008, SEC.73.

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