Indiana Code 28-13-17-7. Interest in financial subsidiaries engaged in financial subsidiary activities

Sec. 7. (a) Notwithstanding any other law, but subject to the provisions of this chapter, a financial institution may control or hold an interest in a financial subsidiary that engages in financial subsidiary activities.

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Terms Used In Indiana Code 28-13-17-7

control: has the meaning set forth in IC 28-2-13-12. See Indiana Code 28-13-17-4
financial institution: has the meaning set forth in IC 28-13-16-3. See Indiana Code 28-13-17-1
financial subsidiary: means a foreign or domestic corporation or limited liability company that is controlled by one (1) or more financial institutions that engages in a financial subsidiary activity. See Indiana Code 28-13-17-2
hold an interest: means the ownership of any equity capital of a financial subsidiary. See Indiana Code 28-13-17-5

(b) This section does not require an activity to be conducted through a financial subsidiary that is authorized to be conducted directly by the financial institution.

As added by P.L.63-2001, SEC.28 and P.L.134-2001, SEC.30.

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