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Can you summarize IC 28-1-1?
DEPARTMENT OF FINANCIAL INSTITUTIONS > Definitions and Application of Article
Short Summary
The Indiana Financial Institutions Act, also known as The Indiana Financial Institutions Act, provides regulations and definitions for various terms used in the context of financial institutions. It applies to a wide range of entities, including banks, trust companies, corporate fiduciaries, savings associations, credit unions, savings banks, banks of discount and deposit, and industrial loan and investment companies. The act clarifies that the term ‘bank’ or ‘bank or trust company’ does not include savings associations, credit unions, or industrial loan and investment companies. It also defines terms such as ‘domestic corporation’, ‘articles of incorporation’, ‘incorporator’, ‘subscriber’, ‘shareholder’, ‘capital stock’, ‘capital’, ‘capital and surplus’, ‘assets’, ‘fixed assets’, ‘principal office’, ‘subscription’, ‘department’, ‘member’, ‘branch’, and ‘subsidiary’. The act further explains that a ‘savings bank’ refers to a financial institution that was organized, reorganized, or operating under specific laws, or incorporated under a particular law. Additionally, it defines a ‘corporate fiduciary’ as a financial institution primarily engaged in the trust business and the execution and administration of fiduciary accounts as a nondepository trust company incorporated under Indiana law. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
This act applies to every financial institution, as well as other corporations and individuals that may be subjected to its provisions by law.
What does it govern?
The Indiana Financial Institutions Act governs the organization, operation, and regulation of financial institutions in Indiana.
What are exemptions?
The act specifies that the term 'bank' or 'bank or trust company' does not include savings associations, credit unions, or industrial loan and investment companies.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Indiana