Sec. 5. (a) An electronic activity is authorized for a financial institution as part of the financial institution’s business if the activity is described in:

(1) IC 28-1-11, with respect to a bank;

(2) IC 28-7-1, with respect to a credit union;

(3) IC 28-6.1, with respect to a savings bank;

(4) IC 28-15, with respect to a savings association; or

(5) any other state statute that applies to a financial institution described in subdivisions (1) through (4).

     (b) In determining whether an electronic activity is authorized as part of a financial institution’s business, the director shall consider the following:

(1) Whether the activity is functionally equivalent to, or a logical outgrowth of, a recognized activity of the type of financial institution under consideration.

(2) Whether the activity strengthens the financial institution by benefiting its customers or its business.

(3) Whether the activity involves risks similar in nature to those already assumed by the type of financial institution under consideration.

(4) Whether the activity may be conducted by:

(A) the same, or functionally equivalent type, of federally chartered financial institution; or

(B) the same, or functionally equivalent type, of financial institution that:

(i) is organized or reorganized under the laws of another state; and

(ii) does business in Indiana;

under the authority of applicable federal or state statutes, regulations, or supervisory policies.

As added by P.L.10-2006, SEC.32 and P.L.57-2006, SEC.32.