Indiana § 28-1-23.2-5 "Qualified financial program"

Indiana Statutes

§ 28-1-23.2-5 — "Qualified financial program"

Indiana § 28-1-23.2-5

Art. 1DEPARTMENT OF FINANCIAL INSTITUTIONS

Ch. 23.2Prize Linked Savings Programs

This text of Indiana § 28-1-23.2-5 ("Qualified financial program") 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.

Bluebook

Ind. Code § 28-1-23.2-5 (2026).

Text

(a)As used in this chapter, "qualified financial program", for purposes of a prize linked savings program, means any savings, debt reduction, or financial education program or product that an eligible depository financial institution offers to eligible individuals for the purpose of:

(1)educating eligible individuals in the concepts of thrift;

(2)encouraging savings by eligible individuals; or

(3)providing eligible individuals the opportunity to use and control their own money in order to improve their economic and social condition.

(b)Subject to the approval of the director, and of the eligible depository financial institution's board of directors, the term includes the following:

(1)Programs or products that encourage or require eligible individuals to open one (1) or more qualifie

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(a) As used in this chapter, "qualified
financial program", for purposes of a prize linked savings program,
means any savings, debt reduction, or financial education program or
product that an eligible depository financial institution offers to eligible
individuals for the purpose of:
(1) educating eligible individuals in the concepts of thrift;
(2) encouraging savings by eligible individuals; or
(3) providing eligible individuals the opportunity to use and
control their own money in order to improve their economic and
social condition.
(b) Subject to the approval of the director, and of the eligible
depository financial institution's board of directors, the term includes
the following:
(1) Programs or products that encourage or require eligible
individuals to open one (1) or more qualified accounts or to
increase deposits or contributions to one (1) or more qualified
accounts.
(2) Programs or products that encourage or require eligible
individuals to deposit or transfer money into one (1) or more
qualified accounts on a recurring or automatic basis.
(3) Programs or products that encourage an eligible individual to:
(A) refinance or consolidate existing debt to obtain a lower
interest rate;
(B) lower the eligible individual's total debt ratio or revolving
debt ratio by paying off or reducing outstanding balances; or
(C) prepare a budget or a debt reduction plan.
(4) Programs that encourage eligible individuals to:
(A) attend financial education seminars or counseling sessions
sponsored by the eligible financial institution and offered free
of charge; or
(B) use free online financial education, budgeting, or debt
reduction tools.
(5) Any other similar savings, debt reduction, or financial
education program or product that an eligible depository financial
institution offers to eligible individuals for any of the purposes set
forth in subsection (a).