28-7-2.5-1. Application of Chapter

Sec. 1. This chapter applies to a credit union (as defined in IC 28-7-1-0.5(3)). As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.

28-7-2.5-2. Application of Definitions

Sec. 2. Except as otherwise provided, the definitions in IC 28-7-1 apply throughout this chapter. As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.

28-7-2.5-3. Appointment of Conservator; Bond or Security; Eligible Conservators

Sec. 3. (a) The department may appoint a conservator for a credit union if the department determines that: (1) one (1) or more grounds for the appointment of a receiver under IC 28-1-3.1-2(a) exist with respect to the credit union; or (2) the appointment of a conservator is necessary to conserve the assets of the […]

28-7-2.5-4. Reimbursement of Department; Administrative Expenses

Sec. 4. (a) A conservator appointed by the department under this chapter shall reimburse the department for all amounts expended by the department in connection with the conservatorship. Amounts reimbursed to the department under this subsection shall be paid from the assets of the credit union as administrative expenses. Upon approval of the department, the […]

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 conservator appointed under this chapter shall: (1) take possession of the books, records, and assets of the credit union; and (2) take any action necessary to conserve the assets of the credit union pending: (A) a liquidation under IC 28-1-3.1; or (B) other disposition of […]

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 under this chapter, the department may require the conservator to set aside and make available for: (1) withdrawal by members and depositors; or (2) payment to other creditors; on a pro rata basis, any amounts that, in the opinion of the department, may be safely […]

28-7-2.5-7. Loans in Aid of Operation or Reorganization; Security

Sec. 7. With the prior approval of the department, a conservator appointed under this chapter may borrow money as necessary or expedient to aid in the operation or reorganization of the credit union. Any loan obtained by the conservator under this section may be secured by the pledge or mortgage of, or through a lien […]

28-7-2.5-8. Termination of Conservatorship; Appointment of Receiver; Liquidation

Sec. 8. (a) The department may: (1) terminate a conservatorship ordered under this chapter; and (2) permit the credit union subject to the conservatorship to resume the transaction of the credit union’s business, subject to any terms, conditions, restrictions, and limitations that the department may prescribe; if the department is satisfied that a termination of […]

28-7-2.5-9. Adoption of Rules

Sec. 9. The department may adopt rules under IC 4-22-2 to implement this chapter. As added by P.L.10-2006, SEC.37 and P.L.57-2006, SEC.37.