28-13-17-7. Interest in Financial Subsidiaries Engaged in Financial Subsidiary Activities
Sec. 7. (a) Notwithstanding any other law, but subject to the provisions of this chapter, a financial institution may control or hold an interest in a financial subsidiary that engages in financial subsidiary activities. (b) This section does not require an activity to be conducted through a financial subsidiary that is authorized to be conducted […]
28-13-17-8. Financial Subsidiary Activities Engaged in as Principal or New Financial Subsidiary Activities
Sec. 8. (a) A financial institution may not establish, control, or hold an interest of a financial subsidiary that engages in financial subsidiary activities as principal or commence any new financial subsidiary activity under this section or under 12 U.S.C. 1831w(a) unless the following occur: (1) An application has been filed with the department before […]
28-13-16-5. Acquiring or Establishing a Nonqualifying Subsidiary; Application
Sec. 5. A financial institution or any of its subsidiaries may acquire or establish a nonqualifying subsidiary by submitting an application to the department containing: (1) a complete description of the financial institution’s investment in the subsidiary; (2) the activity to be conducted; and (3) a representation that the activity: (A) could be performed by […]
28-13-16-6. Review of Notice or Application; Change in Scope or Nature of Business Activity of Qualifying or Nonqualifying Subsidiary
Sec. 6. (a) The department shall review a financial institution’s notice or application to acquire or establish a qualifying or nonqualifying subsidiary to determine: (1) whether the proposed activities are legally permissible; and (2) whether the proposal endangers the safety or soundness of the financial institution. The director shall either approve or disapprove the application […]
28-13-16-7. Subsidiaries Subject to Examination
Sec. 7. (a) Each qualifying subsidiary and nonqualifying subsidiary is subject to examination by the department or the appropriate federal banking supervisory authorities. (b) If, upon examination, the department determines that a qualifying subsidiary or a nonqualifying subsidiary is operating in violation of law, regulation, or written condition or in an unsafe or unsound manner […]
28-13-16-8. Rules
Sec. 8. The department may adopt rules under IC 4-22-2 or policies to implement this chapter. As added by P.L.215-1999, SEC.10.
28-13-17-1. “Financial Institution” Defined
Sec. 1. As used in this chapter “financial institution” has the meaning set forth in IC 28-13-16-3. As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.
28-13-17-2. “Financial Subsidiary” Defined
Sec. 2. As used in this chapter, “financial subsidiary” means a foreign or domestic corporation or limited liability company that is controlled by one (1) or more financial institutions that engages in a financial subsidiary activity. As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.
28-13-17-3. “Financial Subsidiary Activity” Defined
Sec. 3. As used in this chapter, “financial subsidiary activity” means: (1) an activity that has been authorized for a financial subsidiary of a national bank under 12 U.S.C. 24a and that may be conducted by a national bank only through a financial subsidiary; or (2) an activity that has been determined by the department […]
28-13-17-4. “Control” Defined
Sec. 4. As used in this chapter, “control” has the meaning set forth in IC 28-2-13-12. As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.