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Can you summarize IC 28-1-2-40?
Powers and Duties of the Department > Notice that financial institution is not in substantial compliance; hearing
Short Summary
This legal document, as part of the Indiana Code, pertains to the Department of Financial Institutions and its powers and duties. It specifically addresses the substantial compliance of financial institutions that issue unsecured credit cards (excluding debit cards) to Indiana borrowers with the federal Credit Card Accountability Responsibility and Disclosure Act of 2009. If the department receives credible evidence that a financial institution is not in substantial compliance, the director of the department must send a notice to the institution’s chief executive officer, describing the evidence and consequences of noncompliance. The financial institution has the opportunity to dispute the preliminary determination and request a hearing. If no hearing is requested, the department’s determination stands. Any hearing requested and the department’s determination are subject to IC 4-21.5-3, and judicial review can be obtained in accordance with IC 4-21.5-5. If a financial institution does not contest the determination or is determined to not be in substantial compliance, the department notifies the chairperson of the board for depositories. The financial institution may petition for a hearing to demonstrate future substantial compliance. Upon final determination or judgment of substantial compliance, the department notifies the chairperson of the board for depositories.
Whom does it apply to?
Financial institutions that issue unsecured credit cards to Indiana borrowers
What does it govern?
Financial Institutions, specifically the issuance of unsecured credit cards to Indiana borrowers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Indiana