Terms Used In Indiana Code > Title 28 > Article 1 - Department of Financial Institutions

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• affiliate: means any of the following:

  Indiana Code 28-1-18.2-1

• Affiliate: means a person that, directly or indirectly, through one (1) or more intermediaries:

  Indiana Code 28-1-29-1

• Agreement: means an agreement between a debt management company and a debtor for the performance of debt management services. See Indiana Code 28-1-29-1
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• charter conversion: means the conversion of a mutual savings association to a stock savings association, including any of the following:

  Indiana Code 28-1-21.4-2

• charter conversion: means the conversion of a savings association to a commercial bank. See Indiana Code 28-1-21.6-1
• charter conversion: means the conversion of a savings bank to a stock savings bank, including any of the following:

  Indiana Code 28-1-21.9-1

• charter conversion: means the conversion of an out-of-state financial institution to a commercial bank. See Indiana Code 28-1-31-1
• charter conversion: means the conversion of a mutual savings bank into a credit union under this chapter. See Indiana Code 28-1-33-1
• Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
• commercial bank: means a stock bank or trust company (as defined by IC 28-1-1-3(2)). See Indiana Code 28-1-21.6-2
• commercial bank: means a bank or trust company (as defined by IC 28-1-1-3(2)). See Indiana Code 28-1-31-2
• Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. ^{Source: OCC}
• company: means a corporation, limited liability company, partnership, business trust, association, or similar organization. See Indiana Code 28-1-18.2-1.1
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Concessions: means assent to repayment of a debt on terms more favorable to a contract debtor than the terms of the contract between that debtor and a creditor. See Indiana Code 28-1-29-1
• Contract: A legal written agreement that becomes binding when signed.
• Contract debtor: means a debtor who has entered into a written agreement with a licensee. See Indiana Code 28-1-29-1
• conversion plan: refers to the plan of charter conversion of a mutual savings association to a stock savings association required by this chapter. See Indiana Code 28-1-21.4-3
• conversion plan: refers to the stock savings bank conversion plan required by this chapter. See Indiana Code 28-1-21.8-1
• conversion plan: refers to the plan of charter conversion of a savings bank to a stock savings bank required by this chapter. See Indiana Code 28-1-21.9-2
• conversion plan: refers to a plan for the conversion of a mutual savings association into a credit union that is prepared under this chapter. See Indiana Code 28-1-32-1
• conversion plan: refers to a plan of charter conversion prepared under this chapter. See Indiana Code 28-1-33-2
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• corporation: means a bank, trust company, or savings association organized or reorganized under the provisions of this article and any bank of discount and deposit, loan and trust and safe deposit company, trust company, or savings association. See Indiana Code 28-1-5-1
• corporation: means :

  Indiana Code 28-1-7-1

• corporation: means :

  Indiana Code 28-1-8-0.5

• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. ^{Source: OCC}
• credit union: has the meaning set forth in Indiana Code 28-1-30-1
• credit union: has the meaning set forth in Indiana Code 28-1-32-2
• credit union: has the meaning set forth in Indiana Code 28-1-33-3
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Day: means a calendar day. See Indiana Code 28-1-29-1
• Debt: means an obligation arising out of personal, family, or household use. See Indiana Code 28-1-29-1
• Debt management company: is a ny person doing business as a budget counseling, credit counseling, debt management, or debt pooling service or holding the person out, by words of similar import, as providing services to debtors in the management of their debts, and having a written agreement with the debtor to disburse money or anything of value. See Indiana Code 28-1-29-1
• Debtor: means an individual whose principal debts and obligations arise out of personal, family, or household use and not out of business purpose transactions. See Indiana Code 28-1-29-1
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• department: means the Indiana department of financial institutions and, if applicable, the department's authorized delegate. See Indiana Code 28-1-21.6-3
• department: means the department of financial institutions and, if applicable, the department's authorized delegate. See Indiana Code 28-1-21.7-1
• Department: means the members of the department of financial institutions. See Indiana Code 28-1-29-1
• department: means the department of financial institutions and, if applicable, the department's authorized delegate. See Indiana Code 28-1-31-3
• deposit account: has the meaning set forth in IC 28-9-2-5. See Indiana Code 28-1-20.1-1
• deposit account agreement: means an agreement that:

  Indiana Code 28-1-20.1-2

• depositor: has the meaning set forth in IC 28-9-2-4. See Indiana Code 28-1-20.1-3
• depository financial institution: has the meaning set forth in IC 28-1-1-6, but does not include a credit union. See Indiana Code 28-1-7.1-1
• depository financial institution: has the meaning set forth in IC 28-9-2-6. See Indiana Code 28-1-20.1-4
• Devise: To gift property by will.
• director: refers to the director of the department of financial institutions. See Indiana Code 28-1-23.2-1
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• division: means the gaming research division of the commission established by section 2 of this chapter. See Indiana Code 4-33-18-1
• division: means the license control division established by section 3 of this chapter. See Indiana Code 4-33-19-1
• division: refers to the gaming control division established under section 3 of this chapter. See Indiana Code 4-33-20-2
• effective time of the charter conversion: means the date:

  Indiana Code 28-1-21.4-4

• effective time of the charter conversion: means :

  Indiana Code 28-1-21.6-4

• effective time of the charter conversion: means :

  Indiana Code 28-1-21.8-2

• effective time of the charter conversion: means :

  Indiana Code 28-1-21.9-3

• effective time of the charter conversion: means :

  Indiana Code 28-1-31-4

• effective time of the charter conversion: means :

  Indiana Code 28-1-33-4

• effective time of the conversion: means :

  Indiana Code 28-1-32-3

• effective time of the mutual bank conversion: means :

  Indiana Code 28-1-21.7-2

• electronic activity: refers to :

  Indiana Code 28-1-23.5-2

• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• 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
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fee: means the total amount of money charged to a contract debtor by a debt management company for the administration of a debt management plan. See Indiana Code 28-1-29-1
• Fiduciary: A trustee, executor, or administrator.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• gaming control officer: refers to an officer employee of the division. See Indiana Code 4-33-20-1
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Good faith: means honesty in fact and the observance of reasonable standards of fair dealing. See Indiana Code 28-1-29-1
• Grantor: The person who establishes a trust and places property into it.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• holding company: refers to a corporation that:

  Indiana Code 28-1-7.5-1

• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Indiana contract debtor: means a contract debtor whose principal residence is located in Indiana. See Indiana Code 28-1-29-1
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lead generator: means a person that, in the regular course of business:

  Indiana Code 28-1-29-1

• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means a license issued under the provisions of this chapter. See Indiana Code 28-1-29-1
• licensed entity: means a person holding:

  Indiana Code 4-33-19-2

• Licensee: means any person to whom a license has been issued pursuant to the provisions of this chapter. See Indiana Code 28-1-29-1
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• loans and extensions of credit: has the meaning set forth in Indiana Code 28-1-13-1.2
• minority: means a member of a minority group as defined in Indiana Code 4-33-14-2
• minority business enterprise: has the meaning set forth in Indiana Code 4-33-14-3
• Month: means a calendar month. See Indiana Code 28-1-29-1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• mutual bank: means a mutual savings bank governed by Indiana Code 28-1-21.7-3
• mutual bank: means a mutual savings bank governed by Indiana Code 28-1-30-2
• mutual bank conversion: means the conversion of a savings association to a mutual bank. See Indiana Code 28-1-21.7-4
• mutual bank conversion: means the conversion of a credit union to a mutual bank. See Indiana Code 28-1-30-3
• mutual savings association: means any mutual savings association organized or reorganized under this title, and any savings association organized under any Indiana statute before February 24, 1933, that is in a mutual form. See Indiana Code 28-1-21.4-1
• mutual savings association: means a savings association (as defined in Indiana Code 28-1-32-4
• mutual savings bank: has the meaning set forth in Indiana Code 28-1-33-5
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• out-of-state financial institution: means a bank or savings bank organized under the laws of any other state or the United States that has a branch or branches in Indiana that were established under IC 28-2-17 or IC 28-2-18. See Indiana Code 28-1-31-5
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: includes an individual, a sole proprietorship, a partnership, a joint venture, an association, a trust, an estate, a business trust, a limited liability company, a corporation, a sovereign government, or an agency, an instrumentality, or a political subdivision thereof, or any similar entity or organization. See Indiana Code 28-1-13-1.3
• Person: includes individuals, sole proprietorships, partnerships, limited liability companies, trusts, joint ventures, corporations, unincorporated organizations, other entities, and their affiliates, however organized. See Indiana Code 28-1-29-1
• Personal property: All property that is not real property.
• Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plan: means a written debt repayment program in which a debt management company furnishes debt management services to a contract debtor and that includes a schedule of payments to be made by or on behalf of the contract debtor and used to pay debts owed by the contract debtor. See Indiana Code 28-1-29-1
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• primary federal regulator: means the federal agency primarily responsible for the regulation of:

  Indiana Code 28-1-21.4-5.1

• primary federal regulator: means the federal agency primarily responsible for the regulation of:

  Indiana Code 28-1-21.6-5.1

• primary federal regulator: means the federal agency primarily responsible for the regulation of:

  Indiana Code 28-1-21.7-5.1

• primary federal regulator: means the federal agency primarily responsible for the regulation of:

  Indiana Code 28-1-21.8-3.1

• primary federal regulator: means the federal agency primarily responsible for the regulation of:

  Indiana Code 28-1-21.9-5.1

• Principal amount of the debt: means the total amount of a debt at the time the contract debtor enters into an agreement. See Indiana Code 28-1-29-1
• prize linked savings program: means a contest:

  Indiana Code 28-1-23.2-6

• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probate: Proving a will
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• savings association: means an institution (as defined in Indiana Code 28-1-21.6-6
• savings association: means an institution (as defined in Indiana Code 28-1-21.7-6
• savings association: means an institution (as defined in Indiana Code 28-1-21.8-4
• savings bank: has the meaning set forth in Indiana Code 28-1-21.9-5.5
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• shareholder: means a person who is a holder of record of shares of stock in a corporation, including a member of a share account association or a deposit association, as those terms are defined in IC 28-15-1. See Indiana Code 28-1-5-1
• standard conversion: refers to a transaction permitted under any of the following:

  Indiana Code 28-1-7.1-2

• Statute: A law passed by a legislature.
• stock savings association: means a savings association that is:

  Indiana Code 28-1-21.4-6

• stock savings bank: has the meaning set forth in Indiana Code 28-1-7.5-1
• stock savings bank: means a savings bank owned by holders of capital stock and formed by conversion under this chapter. See Indiana Code 28-1-21.8-5
• stock savings bank: means a savings bank that is:

  Indiana Code 28-1-21.9-6

• stock savings bank conversion: means the conversion of a savings association to a stock savings bank, including any of the following:

  Indiana Code 28-1-21.8-6

• Subpoena: A command to a witness to appear and give testimony.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust account: means an account held by a licensee that is:

  Indiana Code 28-1-29-1

• Trustee: A person or institution holding and administering property in trust.
• unimpaired capital and unimpaired surplus: has the meaning set forth in Indiana Code 28-1-13-1.1
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• voting parties: means the:

  Indiana Code 28-1-21.4-7

• voting parties: means in the case of a mutual savings association the mutual savings association's depositors or members, and in the case of a stock savings association the stock savings association's stockholders. See Indiana Code 28-1-21.6-7
• voting parties: means a mutual savings association's depositors or members. See Indiana Code 28-1-21.7-7
• voting parties: means the following:

  Indiana Code 28-1-21.8-7

• voting parties: means the:

  Indiana Code 28-1-21.9-7

• voting parties: means the depositors or members of a mutual savings association. See Indiana Code 28-1-32-5
• voting parties: means the:

  Indiana Code 28-1-33-6

• written notice: means a notice that is:

  Indiana Code 28-1-20.1-5

• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5