§ 28-1-23.5-5 — Electronic activity authorized as part of financial institution's business

Indiana § 28-1-23.5-5

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 23.5: Electronic Activity by Financial Institutions

Text

(a) An electronic activity is authorized for a
financial institution as part of the financial institution's business if the
activity is described in:
(1) IC 28-1-11, with respect to a bank;
(2) IC 28-7-1, with respect to a credit union;
(3) IC 28-6.1, with respect to a savings bank;
(4) IC 28-15, with respect to a savings association; or
(5) any other state statute that applies to a financial institution
described in subdivisions (1) through (4).
(b) In determining whether an electronic activity is authorized as
part of a financial institution's business, the director shall consider the
following:
(1) Whether the activity is functionally equivalent to, or a logical
outgrowth of, a recognized activity of the type of financial
institution under consideration.
(2) Whether the activity strengthens the financial institution by
benefiting its customers or its business.
(3) Whether the activity involves risks similar in nature to those
already assumed by the type of financial institution under
consideration.
(4) Whether the activity may be conducted by:
(A) the same, or functionally equivalent type, of federally
chartered financial institution; or
(B) the same, or functionally equivalent type, of financial
institution that:
(i) is organized or reorganized under the laws of another
state; and
(ii) does business in Indiana;
under the authority of applicable federal or state statutes,
regulations, or supervisory policies.

Legislative History

As added by P.L.10-2006, SEC.32 and P.L.57-2006, SEC.32.