Indiana Code
Chapter 1. Industrial Loan and Investment Act
28-5-1-5. Capital Requirements

Sec. 5. The capital stock of any company engaged in business under the provisions of this chapter:
(1) shall be in an amount determined by the department based on the risk profile and business activity of the company during any application or approval process required by the department under this chapter;
(2) shall be fully paid to the corporation in cash; and
(3) shall not at any time thereafter be voluntarily reduced below the amount originally paid in.
Ongoing capital requirements shall be risk-based, as determined by the department. In the event the capital of any such company should for any reason become impaired, as determined by the department, the right to issue certificates of indebtedness or investment as provided in this chapter shall forthwith be suspended until said capital stock has been restored to an amount determined prudent by the department.
Formerly: Acts 1935, c.181, s.5. As amended by P.L.263-1985, SEC.151; P.L.176-2019, SEC.58.

Structure Indiana Code

Indiana Code

Title 28. Financial Institutions

Article 5. Industrial Loan and Investment Companies

Chapter 1. Industrial Loan and Investment Act

28-5-1-1. Citation

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. Corporate Powers

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

28-5-1-7. Repealed

28-5-1-8. Limitation of Total Obligation of Single Borrower; Exceptions; Loans to Officers, Agents, and Employees; Violation; Offense; Credit Exposure From Derivative Transactions

28-5-1-9. Mortgage Loans

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

28-5-1-20. Repealed

28-5-1-21. Elimination of Certificates of Indebtedness or Certificates of Investment, Deposits, or Savings Accounts

28-5-1-22. Violations

28-5-1-22.1. Prohibited Transactions

28-5-1-23. Taxation

28-5-1-24. Repealed

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