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Indiana Code Title 23. Business and Other Associations § 23-17-25.7-3

Current as of January 01, 2026 | Updated by Findlaw Staff

Sec. 3. (a) A financial institution or insurance company that receives the affidavit described in section 2(1) of this chapter shall:

(1) comply with the requirements of section 2 of this chapter;  or

(2) provide to the charitable organization that submitted the affidavit described in section 2(1) of this chapter a reasonable justification for not complying with the requirements of section 2 of this chapter;

not later than sixty (60) days after receiving the affidavit.

(b) It is a reasonable justification for not complying with the requirements of section 2 of this chapter if compliance would cause a financial institution to violate:

(1) 12 U.S.C. 1829b, 12 U.S.C. 1951-1960, 31 U.S.C. 5311-5314, 31 U.S.C. 5316-5336, 31 CFR 1000-1099, or any other federal law or regulation;

(2) the rules of a self-regulatory organization registered under the federal Securities Exchange Act of 1934 (15 U.S.C. 78);  or

(3) the laws of this state.

(c) If compliance with the requirements of section 2 of this chapter would cause a violation of a federal law described in subsection (b), the financial institution shall include in its reasonable justification a request to the charitable organization to provide the information required to comply with the federal law described in subsection (b).

(d) If a financial institution or insurance company fails to comply or provide a reasonable justification for not complying with the requirements of section 2 of this chapter not later than sixty (60) days after receiving the affidavit described in section 2(1) of this chapter, a court may:

(1) award the charitable organization damages sustained due to the delay in receiving the funds under section 2 of this chapter;

(2) award the charitable organization court costs, including attorney's fees;  and

(3) impose a civil penalty on the financial institution or insurance company in an amount not less than five hundred dollars ($500) and not more than ten thousand dollars ($10,000) per incident.

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Cite this article: FindLaw.com - Indiana Code Title 23. Business and Other Associations § 23-17-25.7-3 - last updated January 01, 2026 | https://codes.findlaw.com/in/title-23-business-and-other-associations/in-code-sect-23-17-25-7-3/

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