IC 28-7-1 – Credit Unions | Midpage

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Indiana Code

Chapter 1

IC 28-7-1

Credit Unions

0.1Application of certain amendments to chapter 0.5Definitions 1Persons authorized to organize; application; articles of incorporation 2Repealed 3Bylaws; requirement to commence business; form 4Bylaws; contents 5Repealed 6Repealed 7Amendment of articles 8Unauthorized use of name "credit union"; violations 9Powers; investments; maintenance of files; authority to purchase and hold life insurance 9.1Sale of life insurance policy or annuity contract; prohibitions 9.2Request to exercise rights and privileges granted to federal credit unions; appeal 10Membership; identification; qualified groups; membership cards 10.1Illegal members; purging of accounts; loans not affected 10.5Repealed 10.6Issuing shares in a revocable or irrevocable trust; conditions 11Quarterly call report of credit union's condition; civil penalty for failure to report; information in report 12Examinations of credit unions and affiliates; recognition of CPA audit; examination of vendors 13Repealed 14Fiscal year; membership meetings; voting rights 15Selection of board of directors, supervisory committee, and credit committee; oath; term length; replacement of chief executive officer; qualification criteria 16Board of directors; board officers; credit union officers; board meetings; executive committee; directors' duties; loan officers; delegation of duties; suspension or removal of officer; action by wr 16.5Conflicts of interest; disqualification; directors; committee members 17Loans to members; application; terms and conditions; loans secured by real estate; participation loans; indemnifying or second mortgage on real estate 17.1Repealed 17.2Extensions of credit to officers, directors, or supervisory committee members; applicability of federal regulation; delinquencies by directors or committee members; waiver 17.3Quarterly report of outstanding indebtedness of officers, directors, and committee members; retention; contents 17.5Signature limits 18Duties and powers of supervisory committee; audits; meeting minutes 19Capital; lien on shares; transfer of shares; use of secondary capital; safety and soundness; regulations regarding prompt corrective action and risk based net worth 19.1Classification as adequately capitalized or lower; net worth requirements; exception 19.2Classification as undercapitalized or lower; mandatory supervisory requirements and restrictions; discretionary supervisory actions 19.3Classification as significantly undercapitalized or lower; mandatory supervisory requirements and restrictions; discretionary supervisory actions; conservatorship or liquidation 19.4Classification as critically undercapitalized; mandatory supervisory requirements and restrictions; discretionary supervisory actions 20Repealed 20.1Issuance of shares; joint tenancy; deposits, investments, and withdrawals by minors 21Repealed 22Authority to borrow; limits; authority to receive public deposits and pledge securities 23Loans to members; purposes; repayment plans; direct deposit 24Regular reserve requirements; undivided profits account; financial statements; allowance for credit losses 24.1Repealed 25Dividends 26Repealed 26.3Termination of membership; termination or suspension of services to member; withdrawal from membership; notice 26.5Refusal to make payment from account 27Repealed 27.1Dissolution 28Change of place of business 29Conversion from federal to state charter; conversion from state to federal charter; procedures and requirements 30Repealed 31Fidelity coverage for directors, officers, and employees with access to money or bonds; blanket fidelity bond or separate reserve fund required 31.3Credit union officials; discharge of duties; indemnification 31.5Insurance; examinations 32Repealed 33Merger of credit unions; submission of resolutions and joint agreement to department; approval or disapproval; shareholder vote; articles of merger 33.1Merger of credit unions; surviving credit union organized under federal or other state law; department approval not required 34Out-of-state credit unions; branch offices in Indiana; approval of department or exemption from approval; field of membership; application; denial, suspension, or revocation of application; complia 35Effect of amendments by Acts 1974, P.L.130 36ATM ownership 37Withdrawal of deposits 38Requirement to provide property tax information in certain transactions 39Limits on loans to members; exceptions; prohibition against accepting compensation for procuring loan; exception for bona fide employment or compensation agreements; deadline for compliance