Indiana Code
Title 28. Financial Institutions
Article 7. Specialized Financial Institutions

28-7-1-9. Powers; Investments; Maintenance of Files; Authority to Purchase and Hold Life Insurance - Sec. 9. (a) A credit union has the following powers:...

28-7-1-9.1. Sale of Life Insurance Policy or Annuity Contract; Prohibitions - Sec. 9.1. (a) A credit union or a related credit...

28-7-1-9.2. Request to Exercise Rights and Privileges Granted to Federal Credit Unions; Appeal - Sec. 9.2. (a) As used in this section, "rights and...

28-7-1-10. Membership; Identification; Qualified Groups; Membership Cards - Sec. 10. (a) The membership of credit unions shall be...

28-7-1-10.1. Illegal Members; Purging of Accounts; Loans Not Affected - Sec. 10.1. The department shall consider a person, a firm,...

28-7-1-10.5. Repealed - As added by P.L.35-2010, SEC.152. Repealed by P.L.89-2011, SEC.78.

28-7-1-10.6. Issuing Shares in a Revocable or Irrevocable Trust; Conditions - Sec. 10.6. A credit union may issue shares in a...

28-7-1-11. Quarterly Call Report of Credit Union's Condition; Civil Penalty for Failure to Report; Information in Report - Sec. 11. Each credit union shall make a call report...

28-7-1-12. Examinations of Credit Unions and Affiliates; Recognition of Cpa Audit; Examination of Vendors - Sec. 12. (a) Every credit union and every affiliate of...

28-7-1-13. Repealed - Formerly: Acts 1961, c.182, s.13. Repealed by P.L.263-1995, SEC.31.

28-7-1-14. Fiscal Year; Membership Meetings; Voting Rights - Sec. 14. A credit union fiscal year shall end at...

28-7-1-15. Selection of Board of Directors, Supervisory Committee, and Credit Committee; Oath; Term Length; Replacement of Chief Executive Officer; Qualification Criteria - Sec. 15. (a) At the annual meeting, the members shall...

28-7-1-16. Board of Directors; Board Officers; Credit Union Officers; Board Meetings; Executive Committee; Directors' Duties; Loan Officers; Delegation of Duties; Suspension or Removal of Officer; Action by Written Consent - Sec. 16. (a) Not more than thirty (30) business days...

28-7-1-16.5. Conflicts of Interest; Disqualification; Directors; Committee Members - Sec. 16.5. (a) This section governs the participation of board...

28-7-1-17. Loans to Members; Application; Terms and Conditions; Loans Secured by Real Estate; Participation Loans; Indemnifying or Second Mortgage on Real Estate - Sec. 17. (a) Every loan application shall be submitted on...

28-7-1-17.1. Repealed - As added by P.L.141-2005, SEC.17. Amended by P.L.90-2008, SEC.42; P.L.35-2010,...

28-7-1-17.2. Extensions of Credit to Officers, Directors, or Supervisory Committee Members; Applicability of Federal Regulation; Delinquencies by Directors or Committee Members; Waiver - Sec. 17.2. (a) A credit union may extend credit to:...

28-7-1-17.3. Quarterly Report of Outstanding Indebtedness of Officers, Directors, and Committee Members; Retention; Contents - Sec. 17.3. At least quarterly, the president or manager shall...

28-7-1-17.5. Signature Limits - Sec. 17.5. The credit committee or loan officer may approve...

28-7-1-18. Duties and Powers of Supervisory Committee; Audits; Meeting Minutes - Sec. 18. (a) The supervisory committee shall cause the share...

28-7-1-19. Capital; Lien on Shares; Transfer of Shares; Use of Secondary Capital by Federal Credit Unions - Sec. 19. The capital of a credit union shall consist...

28-7-1-20. Repealed - Formerly: Acts 1961, c.182, s.20. As amended by Acts 1973,...

28-7-1-20.1. Issuance of Shares; Joint Tenancy; Deposits, Investments, and Withdrawals by Minors - Sec. 20.1. (a) Shares may be issued as the bylaws...

28-7-1-21. Repealed - Formerly: Acts 1961, c.182, s.21. Repealed by Acts 1971, P.L.366,...

28-7-1-22. Authority to Borrow; Limits; Authority to Receive Public Deposits and Pledge Securities - Sec. 22. (a) A credit union may borrow from any...

28-7-1-23. Loans to Members; Purposes; Repayment Plans; Direct Deposit - Sec. 23. (a) A credit union may make loans to...

28-7-1-24. Regular Reserve Requirements; Undivided Profits Account; Financial Statements; Allowances for Loan and Investment Losses - Sec. 24. (a) All entrance charges shall, after payment of...

28-7-1-24.1. Repealed - As added by P.L.35-2010, SEC.164. Repealed by P.L.186-2015, SEC.39.

28-7-1-25. Dividends - Sec. 25. Dividends may be declared by the board of...

28-7-1-26. Repealed - Formerly: Acts 1961, c.182, s.26. As amended by P.L.263-1985, SEC.179;...

28-7-1-26.3. Termination of Membership; Termination or Suspension of Services to Member; Withdrawal From Membership; Notice - Sec. 26.3. (a) A credit union board may terminate the...

28-7-1-26.5. Refusal to Make Payment From Account - Sec. 26.5. (a) A credit union may refuse to make...

28-7-1-27. Repealed - Formerly: Acts 1961, c.182, s.27. Repealed by Acts 1977, P.L.294,...

28-7-1-27.1. Dissolution - Sec. 27.1. A credit union may liquidate its affairs and...

28-7-1-28. Change of Place of Business - Sec. 28. A credit union may: (1) with department approval;...

28-7-1-29. Conversion From Federal to State Charter; Conversion From State to Federal Charter; Procedures and Requirements - Sec. 29. Any credit union organized or reorganized under the...

28-7-1-30. Repealed - Formerly: Acts 1961, c.182, s.30. As amended by P.L.263-1985, SEC.181....

28-7-1-31. Fidelity Coverage for Directors, Officers, and Employees With Access to Money or Bonds; Blanket Fidelity Bond or Separate Reserve Fund Required - Sec. 31. Every credit union shall make provisions for adequate...

28-7-1-31.3. Credit Union Officials; Discharge of Duties; Indemnification - Sec. 31.3. (a) As used in this section, "official" means...

28-7-1-31.5. Insurance; Examinations - Sec. 31.5. (a) Before transacting business in Indiana, a credit...

28-7-1-32. Repealed - Formerly: Acts 1961, c.182, s.33. As amended by Acts 1976,...

28-7-1-33. Merger of Credit Unions; Submission of Resolutions and Joint Agreement to Department; Approval or Disapproval; Shareholder Vote; Articles of Merger - Sec. 33. (a) Except as provided in section 33.1 of...

28-7-1-33.1. Merger of Credit Unions; Surviving Credit Union Organized Under Federal or Other State Law; Department Approval Not Required - Sec. 33.1. The approval of the department of the merger...

28-7-1-34. Out-of-State Credit Unions; Branch Offices in Indiana; Approval of Department or Exemption From Approval; Field of Membership; Application; Denial, Suspension, or Revocation of Application; Compliance; Examinations; Agreements Between Depa... - Sec. 34. (a) A credit union organized under the laws...

28-7-1-35. Effect of Amendments by Acts 1974, p.l.130 - Sec. 35. (a) This section applies to a credit union...

28-7-1-36. Atm Ownership - Sec. 36. An automated teller machine (ATM) may be owned...

28-7-1-37. Withdrawal of Deposits - Sec. 37. All members, regardless of age, may become depositors...

28-7-1-38. Requirement to Provide Property Tax Information in Certain Transactions - Sec. 38. With respect to a residential real property financing...

28-7-1-39. Limits on Loans to Members; Exceptions; Prohibition Against Accepting Compensation for Procuring Loan; Exception for Bona Fide Employment or Compensation Agreements; Deadline for Compliance - Sec. 39. (a) As used in this section, "loans and...

Chapter 2. Repealed - Repealed by Acts 1971, P.L.366, SEC.10.

Chapter 2.1. Repealed - Repealed by P.L.258-1989, SEC.6.

Chapter 2.5. Conservatorship of Credit Unions

28-7-2.5-1. Application of Chapter - Sec. 1. This chapter applies to a credit union (as...

28-7-2.5-2. Application of Definitions - Sec. 2. Except as otherwise provided, the definitions in IC...

28-7-2.5-3. Appointment of Conservator; Bond or Security; Eligible Conservators - Sec. 3. (a) The department may appoint a conservator for...

28-7-2.5-4. Reimbursement of Department; Administrative Expenses - Sec. 4. (a) A conservator appointed by the department under...

28-7-2.5-5. Possession of Books, Records, and Assets; Conservation of Assets; Powers and Obligations of Conservator; Rights of Parties - Sec. 5. (a) Under the direction of the department, a...

28-7-2.5-6. Amounts Available to Members, Depositors, and Creditors; New Shares, Deposits, and Assets; Return of Control to Board - Sec. 6. (a) While a credit union is in conservatorship...

28-7-2.5-7. Loans in Aid of Operation or Reorganization; Security - Sec. 7. With the prior approval of the department, a...

28-7-2.5-8. Termination of Conservatorship; Appointment of Receiver; Liquidation - Sec. 8. (a) The department may: (1) terminate a conservatorship...

28-7-2.5-9. Adoption of Rules - Sec. 9. The department may adopt rules under IC 4-22-2...

Chapter 3. Repealed - Repealed by Acts 1971, P.L.394, SEC.31.

Chapter 4. Repealed - Repealed by Acts 1971, P.L.366, SEC.10.

Chapter 5. Pawnbrokers

28-7-5-1. Citation - Sec. 1. This chapter shall be known as the Pawnbroking...

28-7-5-2. Definitions - Sec. 2. In this chapter, unless the context otherwise requires:...

28-7-5-3. Necessity of License; Misleading Representations; Territorial Application - Sec. 3. (a) Except as authorized by this chapter and...

28-7-5-4. Application for License; Business Locations; Criminal History; Evidence of Compliance; Criminal Background Checks and Credit Histories - Sec. 4. (a) Application for a pawnbroker's license shall be...

28-7-5-5. Initial and Renewal Applications; Fees; Financial Statement; Proof of Bond and Insurance; Standards; Tax Warrant List - Sec. 5. (a) The initial application and any renewal application...

28-7-5-5.5. Surety Bond; Requirements; Amount; Termination; Liability; Notices - Sec. 5.5. (a) Each person engaged in the business of...

28-7-5-6. Repealed - Formerly: Acts 1935, c.195, s.6. Repealed by P.L.14-1992, SEC.165.

28-7-5-7. Repealed - Formerly: Acts 1935, c.195, s.7. As amended by P.L.263-1985, SEC.185;...

28-7-5-8. Issuance and Duration of License; Evidence of Compliance; Denial of Application; Person Not Qualifying for License; Replacement of Manager - Sec. 8. (a) Upon an applicant's filing of the application...

28-7-5-9. License Not Transferrable or Assignable; Branch Locations - Sec. 9. (a) As used in this section, "branch location"...

28-7-5-9.1. Change in Control of Licensee; Application to Department; Time Frame for Department's Decision; Conditions for Approval; Duty of Licensee to Report Transfer of Securities; Director's Discretion to Require New License - Sec. 9.1. (a) As used in this section, "control" means...

28-7-5-10. Closing, Opening, or Relocating a Branch; Changes and Events Concerning Licensees or Applicants; Notice to Department Required - Sec. 10. (a) Whenever a licensee: (1) closes an existing...

28-7-5-10.1. Ceasing Business as a Pawnbroker; Requirements; Appointment of Liquidating Agent; Two Month Redemption Period; Partial Payments by Pledgers - Sec. 10.1. (a) A licensee that decides to cease engaging...

28-7-5-10.4. Carrying on Other Business - Sec. 10.4. A licensee may carry on other business at...

28-7-5-10.5. Repealed - As added by P.L.10-2006, SEC.43 and P.L.57-2006, SEC.43. Repealed by...

28-7-5-10.6. Felony Convictions or Pleas; Notice to Department - Sec. 10.6. (a) This section applies if, after a person...

28-7-5-11. License Renewal; Application; Fees - Sec. 11. (a) To remain in force, a license must...

28-7-5-12. Repealed - Formerly: Acts 1935, c.195, s.12. As amended by P.L.263-1985, SEC.189....

28-7-5-13. Suspension or Revocation of License; Order to Show Cause; Order of Suspension or Revocation; Surrender of License; Existing Obligations; Emergency Order for Revocation - Sec. 13. (a) The department may issue to a licensee...

28-7-5-13.1. Failure to File Renewal Form or Pay Renewal Fee; Revocation or Suspension of License - Sec. 13.1. (a) A license issued by the department under...

28-7-5-14. Repealed - Formerly: Acts 1935, c.195, s.14. Repealed by P.L.27-2012, SEC.96.

28-7-5-15. Investigatory and Enforcement Authority; Costs of Investigation; Voided Loans - Sec. 15. (a) For the purpose of discovering violations of...

28-7-5-15.1. Applicability of Law Governing Administrative Orders and Procedures; Venue - Sec. 15.1. Except as otherwise provided, IC 4-21.5 applies to...

28-7-5-16. Books, Accounts, and Records; Examination and Costs; Bills of Sale; Purchase of Precious Metal; Record of Control; Examination of Vendors - Sec. 16. (a) The licensee shall keep and use in...

28-7-5-17. Report; Late Fee - Sec. 17. Each licensee shall file a report as requested...

28-7-5-18. Repealed - Formerly: Acts 1935, c.195, s.18. Repealed by P.L.14-1992, SEC.165.

28-7-5-19. Loan Record Requisites; Data Recording Methods - Sec. 19. (a) Every pawnbroker shall keep a record in...

28-7-5-20. Signature and Thumbprint of Pledger; Electronic Record - Sec. 20. The pawnbroker shall at the time of making...

28-7-5-21. Pawn Ticket; Duty of Reasonable Care in Safekeeping of Articles - Sec. 21. (a) The pawnbroker shall, at the time of...

28-7-5-21.5. Required Disclosure of Information - Sec. 21.5. A pawnbroker is required to disclose to a...

28-7-5-22. Presumptive Right of Ticket Holder to Redeem; Compliance With Local Ordinance or Law Concerning Pledge Retention - Sec. 22. (a) The holder of a ticket described in...

28-7-5-23. Redemption by Mail; Compliance With Local Ordinance or Law Concerning Pledge Retention - Sec. 23. (a) Except as provided in subsection (b), when...

28-7-5-24. Partial Payment Before Maturity - Sec. 24. Upon the pledger's: (1) presentation of the pawn...

28-7-5-25. Loss, Destruction, or Theft of Pawn Ticket - Sec. 25. If a ticket is lost, destroyed, or stolen,...

28-7-5-26. Alteration of Pawn Ticket; Effect - Sec. 26. The alteration of a ticket shall not excuse...

28-7-5-27. Repealed - Formerly: Acts 1935, c.195, s.26. Repealed by P.L.14-1992, SEC.165.

28-7-5-28. Rate of Interest; Calculation for Partial Month; Minimum Term; Reduction in Advance; Penalty for Excessive or Unauthorized Interest or Charges - Sec. 28. (a) The maximum rate of interest charged by...

28-7-5-28.5. Additional Charge; Servicing Fee - Sec. 28.5. (a) Except as provided in subsection (b), in...

28-7-5-29. Liability for Loss to Pledger; Due Care - Sec. 29. A pawnbroker shall be liable for the loss...

28-7-5-29.5. Waiver of Rights Not Permitted - Sec. 29.5. A debtor may not waive or agree to...

28-7-5-30. Two Month Redemption Period; Public Access Prohibited; Unredeemed Property Subject to Sale - Sec. 30. (a) Subject to subsections (b) and (c), upon...

28-7-5-31. Repealed - Formerly: Acts 1935, c.195, s.30. As amended by Acts 1977,...

28-7-5-32. Repealed - Formerly: Acts 1935, c.195, s.31. Repealed by P.L.14-1992, SEC.165.

28-7-5-33. Lien - Sec. 33. A pawnbroker has a first lien on all...

28-7-5-34. Delivery of Pledge; Necessity of Surrender of Pawn Ticket - Sec. 34. A pawnbroker shall not be required to deliver...

28-7-5-35. Conflicting Claims; Sale of Pledge Subject to Adjudication - Sec. 35. If more than one (1) person shall claim...

28-7-5-36. Unlawful Transactions - Sec. 36. (a) No pawnbroker shall: (1) receive any pledge...

28-7-5-37. Violations - Sec. 37. A person who violates this chapter commits a...

28-7-5-37.5. Compliance With Money Laundering Laws; Investigation and Enforcement by the Department - Sec. 37.5. (a) A licensee shall comply with all state...

28-7-5-38. Violations; Civil Action; Injunctive Relief; Civil Penalties - Sec. 38. The department may bring a civil action, including...

28-7-5-38.1. Violations; Civil Penalty - Sec. 38.1. If the department determines, after notice and opportunity...

28-7-5-39. Confidentiality of Records; Exceptions; Safeguarding of Personal Records; Release of Information to Supervisory Agencies - Sec. 39. (a) Records and information generated by licensees in...

Chapter 6. Repealed - Repealed by P.L.14-1992, SEC.165.

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Indiana Code Title 28. Financial Institutions Article 7. Specialized Financial Institutions

Indiana Code
Title 28. Financial Institutions
Article 7. Specialized Financial Institutions