This text of Indiana § 28-1-11-3.2 (Request to exercise rights and privileges granted to national bank;
procedures; appeal) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
2.
(a)As used in this section, "rights and
privileges" means the power:
(1)to:
(D)sell;
a product, a service, or an investment that is available to or
offered by; or
(2)to engage in mergers, consolidations, reorganizations, or other
activities or to exercise other powers authorized for;
national banks domiciled in Indiana.
(b)A bank that intends to exercise any rights and privileges that are:
(1)granted to national banks; but
(2)not authorized for banks under the Indiana Code (except for
this section) or any rule adopted under the Indiana Code;
shall submit a letter to the department describing in detail the requested
rights and privileges granted to national banks that the bank intends to
exercise. If available, copies of relevant federal la
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2. (a) As used in this section, "rights and
privileges" means the power:
(1) to:
(A) create;
(B) deliver;
(C) acquire; or
(D) sell;
a product, a service, or an investment that is available to or
offered by; or
(2) to engage in mergers, consolidations, reorganizations, or other
activities or to exercise other powers authorized for;
national banks domiciled in Indiana.
(b) A bank that intends to exercise any rights and privileges that are:
(1) granted to national banks; but
(2) not authorized for banks under the Indiana Code (except for
this section) or any rule adopted under the Indiana Code;
shall submit a letter to the department describing in detail the requested
rights and privileges granted to national banks that the bank intends to
exercise. If available, copies of relevant federal law, regulations, and
interpretive letters must be attached to the letter submitted by the bank.
(c) The department shall promptly notify the requesting bank of the
department's receipt of the letter submitted under subsection (b).
Except as provided in subsection (e), the bank may exercise the
requested rights and privileges sixty (60) days after the date on which
the department receives the letter unless otherwise notified by the
department.
(d) The department may deny the requested rights and privileges if
the department finds that:
(1) national banks domiciled in Indiana do not possess the
requested rights and privileges;
(2) the exercise of the requested rights and privileges by the bank
would adversely affect the safety and soundness of the bank;
(3) the exercise of the requested rights and privileges by the bank
would result in an unacceptable curtailment of consumer
protection; or
(4) the failure of the department to approve the requested rights
and privileges will not result in a competitive disadvantage to the
bank.
(e) The sixty (60) day period referred to in subsection (c) may be
extended by the department based on a determination that the bank's
letter raised issues requiring additional information or additional time
for analysis. If the sixty (60) day period is extended under this
subsection, the bank may exercise the requested rights and privileges
only if the bank receives prior written approval from the department.
However:
(1) the department must:
(A) approve or deny the requested rights and privileges; or
(B) convene a hearing;
not later than sixty (60) days after the department receives the
bank's letter; and
(2) if a hearing is convened, the department must approve or deny
the requested rights and privileges not later than sixty (60) days
after the hearing is concluded.
(f) The exercise of rights and privileges by a bank in compliance
with and in the manner authorized by this section is not a violation of
any provision of the Indiana Code or rules adopted under IC 4-22-2.
(g) If a bank receives approval to exercise the requested rights and
privileges granted to national banks domiciled in Indiana, the
department shall determine by order whether all banks may exercise
the same rights and privileges. In making the determination required by
this subsection, the department must ensure that the exercise of the
rights and privileges by all banks will not:
(1) adversely affect their safety and soundness; or
(2) unduly constrain Indiana consumer protection provisions.
(h) If the department denies the request of a bank under this section
to exercise any rights and privileges that are granted to national banks,
the bank may appeal the decision of the department to the circuit court,
superior court, or probate court with jurisdiction in the county in which
the principal office of the bank is located. In an appeal under this
section, the court shall determine the matter de novo.