§ 28-1-23.5-6 — Electronic activity incidental to financial institution's business

Indiana § 28-1-23.5-6

• 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 incidental to the financial institution's business
if the activity is convenient or useful to an activity that is:
(1) specifically authorized for the type of financial institution
under consideration; or
(2) otherwise part of the business of the type of financial
institution under consideration.
(b) In determining whether an electronic activity is authorized as
incidental to a financial institution's business, the director may consider
whether the activity:
(1) facilitates the production or delivery of the financial
institution's products or services;
(2) enhances the financial institution's ability to sell or market its
products or services;
(3) improves the effectiveness or efficiency of the financial
institution's operations; or
(4) enables the financial institution to:
(A) use capacity acquired for its operations as a financial
institution; or
(B) otherwise avoid economic loss or waste.

Legislative History

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