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Can you summarize IC 28-8-1?
FINANCIAL SERVICES > Bank Service Corporations
Short Summary
The provided legal document content pertains to the governance of bank service corporations under the Indiana Code. Bank service corporations are defined as corporations organized to perform bank services for two or more banks or trust companies, with each owning a portion of its capital stock. The document includes definitions of terms related to bank services and clarifies that certain payments, such as rent, goods sold and delivered, or services rendered, are not considered investments. The document also outlines the conditions under which banks and trust companies can invest in bank service corporations and the functions that bank service corporations can perform. Additionally, the document addresses the application of competitive nonmember banks or trust companies for bank services from a bank service corporation, specifying that the corporation must agree to render such services if the applying bank or trust company is competitive with any stockholding bank or trust company. The document also highlights the requirements for banks and trust companies to ensure that bank services performed by a bank service corporation are subject to regulation and examination by the department of financial institutions. Overall, the document provides an overview of the regulations and provisions governing bank service corporations in Indiana.
Whom does it apply to?
Banks, trust companies, and bank service corporations
What does it govern?
Bank service corporations
What are exemptions?
No specific exemptions are mentioned in this chapter.
What are the Penalties?
No specific penalties are mentioned in this chapter.
Jurisdiction
Indiana