Sec. 19. A company may not engage in the banking or trust business, operate a savings bank, commercial bank or trust company, advertise or hold itself out to the public as a bank, savings bank or trust company, or use the word "bank" in connection with its name or business in any of its advertising or literature. A company may not accept deposits or "savings accounts" or advertise or hold itself out to the public as accepting deposits of money or "savings accounts", unless the company maintains federal deposit insurance, as authorized by section 6(a)(16) of this chapter. A company may not advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner whatsoever, any statement or representation with regard to the rates, terms, or conditions for the lending of money, credit, goods, or things in action which is false, misleading, or calculated to deceive. If any company refers in any advertising matter to the rate of charge upon loans to be made by it, the department may require such company to state such rate of charge fully and clearly in such manner as it may deem necessary to prevent misunderstanding thereof by prospective borrowers. The department may order any company to desist from any conduct which it shall find to be a violation of this section.
Formerly: Acts 1935, c.181, s.19. As amended by P.L.269-1983, SEC.4; P.L.90-2008, SEC.37.
Structure Indiana Code
Title 28. Financial Institutions
Article 5. Industrial Loan and Investment Companies
Chapter 1. Industrial Loan and Investment Act
28-5-1-2. Application of Chapter
28-5-1-3. Definitions; Department's Powers
28-5-1-4. Definitions; Certificate of Authority; Branches; Automated Teller Machines
28-5-1-5. Capital Requirements
28-5-1-6.3. Request to Exercise Rights and Privileges Granted to National Banks; Appeal
28-5-1-6.5. Sale of Annuity Contracts
28-5-1-10. Time for Existing Companies to Comply With Loan Limits
28-5-1-11. Acquisition or Conveyance of Real Estate; Purposes
28-5-1-12. Certificates of Indebtedness or Investment; Form; Payment; Withdrawals
28-5-1-13. Certificates of Indebtedness or Investment; Reserve Balance
28-5-1-14. Surplus Account; Dividends
28-5-1-15. Authority of Department; Examination of Affiliates; Examination of Vendors
28-5-1-16. Records Retention Policy
28-5-1-17. Rules and Regulations
28-5-1-18. Fidelity Coverage for Officers and Employees; Bonds; Reserve Funds
28-5-1-19. Exclusion From Banking Business; False Advertising; Desist Orders
28-5-1-22.1. Prohibited Transactions
28-5-1-25. Conversion Into State Bank, Trust Company, or Savings Association
28-5-1-26. Requirement to Provide Property Tax Information in Certain Transactions