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Indiana Code Title 28. Financial Institutions § 28-13-16-5

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 5. A financial institution or any of its subsidiaries may acquire or establish a nonqualifying subsidiary by submitting an application to the department containing:

(1) a complete description of the financial institution's investment in the subsidiary;

(2) the activity to be conducted;  and

(3) a representation that the activity:

(A) could be performed by a financial institution under statutory authority of this title;

(B) is a part of or incidental to the business of banking as determined by the director;  or

(C) has been authorized as “activity eligible for notice” procedures under 12 CFR 5.34(e).

The department shall notify the requesting financial institution of the department's receipt of the application.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-13-16-5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-13-16-5/

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