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Can you summarize IC 28-1-18.2?
DEPARTMENT OF FINANCIAL INSTITUTIONS > Examination of Affiliates
Short Summary
This legal document, part of the Indiana Code, provides the definition and scope of the term ‘affiliate’ in the context of financial institutions. It also governs the concept of control over another company and fiduciary ownership or control of shares. The document specifies the requirements for banks and trust companies to furnish a statement of financial condition of their affiliates to the Department of Financial Institutions upon request. It outlines the powers of the Department of Financial Institutions in conducting examinations of affiliates of a bank or trust company. Additionally, the document states that non-member banks or trust companies are subject to Sections 23A and 23B of the Federal Reserve Act and Federal Reserve Regulation W to the same extent as member banks. The document provides exemptions for certain companies and specifies penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Financial institutions, banks, trust companies, affiliates of banks or trust companies
What does it govern?
Definition and scope of the term 'affiliate' in the context of financial institutions, control over another company and fiduciary ownership or control of shares, requirements for banks and trust companies to furnish a statement of financial condition of their affiliates to the Department of Financial Institutions, powers of the Department of Financial Institutions in conducting examinations of affiliates of a bank or trust company, application of Sections 23A and 23B of the Federal Reserve Act and Federal Reserve Regulation W to non-member banks or trust companies
What are exemptions?
Companies solely engaged in holding the bank's premises, conducting a safe deposit business, holding obligations of the United States or its agencies, control resulting from the exercise of rights arising from a bona fide debt previously contracted
What are the Penalties?
Failure to furnish a required statement of condition may result in a penalty of one hundred dollars ($100) per day. Refusal to permit the department to make an examination may subject the affiliated bank or trust company to a penalty of up to one hundred dollars ($100) per day.
Jurisdiction
Indiana