Sec. 0.1. The amendments made to section 9(9) of this chapter by P.L.14-1992 apply to expenditures made by credit unions after July 1, 1992, for buildings or other office space. As added by P.L.220-2011, SEC.464.
Sec. 0.5. The following definitions apply throughout this chapter: (1) “Automated teller machine” (ATM) means a piece of unmanned electronic or mechanical equipment that performs routine financial transactions for authorized individuals. (2) “Branch” office” means an office, agency, or other place of business at which deposits are received, share drafts are paid, or money is […]
Sec. 1. (a) Any seven (7) persons who are residents of Indiana, of legal age, and representing not less than five hundred (500) persons who belong to one (1) or more qualified groups (as defined in section 10 of this chapter) may apply to the department for permission to organize a credit union, by signing […]
Sec. 10. (a) The membership of credit unions shall be clearly and specifically identified. The membership of a credit union shall be limited to one (1) or more qualified groups of persons, immediate family members of the persons in the qualified group or groups, and organizations of those persons. For purposes of this section, a […]
Sec. 10.1. The department shall consider a person, a firm, a corporation, or an organization to be an illegal member if the person, firm, corporation, or organization: (1) became a member of a credit union; and (2) did not qualify under section 10(a) of this chapter or the articles of incorporation of the credit union. […]
As added by P.L.35-2010, SEC.152. Repealed by P.L.89-2011, SEC.78.
Sec. 10.6. A credit union may issue shares in a revocable or irrevocable trust, subject to the following: (1) If shares are issued in a revocable trust, at least one (1) of the settlors must be a member of the credit union in the settlor’s own right. (2) If shares are issued in an irrevocable […]
Sec. 11. Each credit union shall make a call report of its condition to the department, at least quarterly on forms and in accordance with guidelines approved by the director. Reports in addition to the regular reports may be required. A credit union that fails to comply with this section may be required by the […]
Sec. 12. (a) Every credit union and every affiliate of a credit union shall be subject to examination in accordance with IC 28-11-3-1 by the department. A credit union shall be examined by the department as often as the department shall deem necessary. The department shall at all times be given free access to all […]
Formerly: Acts 1961, c.182, s.13. Repealed by P.L.263-1995, SEC.31.
Sec. 14. A credit union fiscal year shall end at the close of business on the thirty-first day of December. Special meetings of the members of any credit union may be convened by order of the board of directors or the supervisory committee, or by a petition of at least ten per cent (10%) of […]
Sec. 15. (a) At the annual meeting, the members shall elect a board of directors and a supervisory committee. (b) The bylaws: (1) may provide for a credit committee; and (2) if a credit committee is provided for, must state whether the credit committee is to be elected by the members or appointed by the […]
Sec. 16. (a) Not more than thirty (30) business days after the conclusion of the annual meeting, the board of directors shall elect from its own members: (1) a chairperson; (2) a vice chairperson or vice chairpersons; (3) a secretary; (4) a treasurer; and (5) other officers determined necessary by the board of directors. (b) […]
Sec. 16.5. (a) This section governs the participation of board members in board actions. (b) Unless a matter involves setting dividends, loan rates, or fees for services or other general policy applicable to all members of the credit union, a director, a committee member, an officer, or an employee of a credit union shall not […]
Sec. 17. (a) Every loan application shall be submitted on a form approved by the credit union. Loans may be disbursed upon written approval by a majority of the credit committee or a loan officer. If the credit committee or loan officer fails to approve an application for a loan, the applicant may appeal to […]
As added by P.L.141-2005, SEC.17. Amended by P.L.90-2008, SEC.42; P.L.35-2010, SEC.158. Repealed by P.L.129-2020, SEC.14.
Sec. 17.2. (a) A credit union may extend credit to: (1) an officer, an officer’s immediate family member, or an officer’s related interests; (2) a director, a director’s immediate family member, or a director’s related interests; or (3) a supervisory committee member, a supervisory committee member’s immediate family member, or a supervisory committee member’s related […]
Sec. 17.3. At least quarterly, the president or manager shall prepare and deliver to the board of directors a report listing the outstanding indebtedness of all officers, directors, and committee members. A report prepared under this subsection must be retained at the credit union for three (3) years and shall not be filed with the […]
Sec. 17.5. The credit committee or loan officer may approve a line of credit, which shall establish a signature limit. Advances in excess of the signature limit shall be permitted if security is pledged to guarantee that amount in excess of the signature limit. Advances may be granted to each member within the limits of […]
Sec. 18. (a) The supervisory committee shall cause the share and loan accounts of the members to be verified with the records of the treasurer at least each biennium. A verification under this subsection shall be performed using one (1) of the following methods: (1) A verification of one hundred percent (100%) of the share […]
