1. (a) The department of financial institutions is established.

2. (b) The department:

   1. (1) is an independent agency in the executive branch of state government; and
   2. (2) exercises essential public functions.
3. (c) The expenses of the department in administering the financial institutions subject to the department's oversight are paid by financial institutions through fees established by the department under IC 28-11-3-5 .

4. (d) Subject to subsection (e), the department's regulatory and budgetary functions are not subject to oversight by the following:

   1. (1) The office of management and budget (notwithstanding IC 4-3-22-14 ).
   2. (2) The budget agency (notwithstanding IC 4-12-1 ).
   3. (3) The state personnel department (notwithstanding IC 4-15-2.2 ).
   4. (4) The Indiana department of administration (notwithstanding IC 4-13-1 ).
   5. (5) The office of technology (notwithstanding IC 4-13.1 ).
5. (e) The department's funds, accounts, and financial affairs shall be examined by the state board of accounts.

As added by P.L.33-1991, SEC.56. Amended by P.L.213-2007, SEC.91; P.L.217-2007, SEC.89; P.L.6-2012, SEC.200; P.L.181-2015, SEC.45.