1. (a) The board for depositories regarding depositories of public funds of the state may revoke the commission of any depository at any time for any cause considered sufficient by the board for depositories.

2. (b) The causes for which the board for depositories may revoke the commission of a depository under subsection (a) include the failure of the depository to conduct lending activities in Indiana to such an extent that, at the end of each quarter, pursuant to the depository's certification, the sum of:

   1. (1) the total principal amount of the depository's outstanding loans to Indiana residents (as defined in IC 5-13-8-7 ); plus

   2. (2) the total value of the depository's investments in Indiana residents (as defined in IC 5-13-8-7 );

      is at least equal to the total amount of public funds of the state and political subdivisions of the state that are on deposit in the depository.

3. (c) Upon revocation, the depository shall immediately render an accounting and make settlement for all public funds deposited with the depository.

As added by P.L.18-1996, SEC.22.