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Can you summarize IC 28-2-13?
BANKS > Branch Banks
Short Summary
The provided legal document content governs the establishment and operation of branches by state banks in Indiana. It defines key terms such as ‘acquired bank’, ‘acquiring bank’, ‘affiliate’, ‘automated teller machine’, ‘bank’, ‘branch’, ‘branch by acquisition’, ‘branch de novo’, ‘company’, ‘control’, ‘department’, ‘foreign bank’, ‘Indiana affiliate’, ‘Indiana bank’, and ‘state bank’. The document outlines the conditions and requirements for state banks to establish branches de novo or by acquisition within Indiana. It specifies that certain locations or facilities are not considered branches, such as the principal office of a bank, an affiliate’s principal office or branch, automated teller machines, night depositories, temporary facilities, loan production offices, deposit production offices, and other service delivery mechanisms not considered branches by the director. The document also mentions the penalties for non-compliance, including Class A infractions and the ability for injured parties to sue banks for injunctions or damages. No specific exemptions are mentioned in this document.
Whom does it apply to?
State banks in Indiana
What does it govern?
Establishment and operation of branches by state banks in Indiana
What are exemptions?
The term 'branch' does not include the principal office of a bank, the principal office of an affiliate, a branch of an affiliate, an automated teller machine, a night depository, a temporary facility authorized in IC 28-2-13-22.5, a loan production office, a deposit production office, or other service delivery mechanisms not considered by the director to be a branch.
What are the Penalties?
A person who fails to comply with this chapter commits a Class A infraction. Any person, company, bank, or bank holding company that may be or has been injured by reason of any conduct that constitutes or will constitute a violation of this chapter by any bank may sue the bank to enjoin the conduct or for damages, together with the costs of suit, including reasonable attorney's fees. In addition to the powers of the department under IC 28-11-4, the department may sue to enjoin any conduct that constitutes or will constitute a violation of this chapter or to require divestiture of any bank acquired or branch established in violation of this chapter.
Jurisdiction
Indiana