Indiana Code 28-1-23.2-5. “Qualified financial program”
(1) educating eligible individuals in the concepts of thrift;
Terms Used In Indiana Code 28-1-23.2-5
- director: refers to the director of the department of financial institutions. See Indiana Code 28-1-23.2-1
- eligible depository financial institution: means a credit union that is organized or reorganized under Indiana law with the express power to receive and accept deposits of money subject to withdrawal by any of the methods set forth in IC 28-1-23-16. See Indiana Code 28-1-23.2-2
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- prize linked savings program: means a contest:
Indiana Code 28-1-23.2-6
(3) providing eligible individuals the opportunity to use and control their own money in order to improve their economic and social condition.
(b) Subject to the approval of the director, and of the eligible depository financial institution’s board of directors, the term includes the following:
(1) Programs or products that encourage or require eligible individuals to open one (1) or more qualified accounts or to increase deposits or contributions to one (1) or more qualified accounts.
(2) Programs or products that encourage or require eligible individuals to deposit or transfer money into one (1) or more qualified accounts on a recurring or automatic basis.
(3) Programs or products that encourage an eligible individual to:
(A) refinance or consolidate existing debt to obtain a lower interest rate;
(B) lower the eligible individual’s total debt ratio or revolving debt ratio by paying off or reducing outstanding balances; or
(C) prepare a budget or a debt reduction plan.
(4) Programs that encourage eligible individuals to:
(A) attend financial education seminars or counseling sessions sponsored by the eligible financial institution and offered free of charge; or
(B) use free online financial education, budgeting, or debt reduction tools.
(5) Any other similar savings, debt reduction, or financial education program or product that an eligible depository financial institution offers to eligible individuals for any of the purposes set forth in subsection (a).
As added by P.L.135-2014, SEC.3.