1. (a) The bank, trust company, savings association, or credit union that receives the payments made by a settlor under section 2 of this chapter may enter into a contract under which the account into which the settlor's payments are deposited is managed by a third party.

2. (b) To manage the funds in a settlor's account under subsection (a), a third party must be:

   1. (1) an investment adviser registered with the United States Securities and Exchange Commission under the federal Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.); or
   2. (2) an investment adviser registered under IC 23-19-4 .
3. (c) In managing the funds in a settlor's account under subsection (a), an investment adviser shall comply in all respects with the Indiana Uniform Prudent Investor Act under IC 30-4-3.5-1 (c)(3).

As added by P.L.53-2015, SEC.1.