§ 28-11-1-1 — Department of financial institutions; establishment; expenses paid by fees; not subject to oversight; examination of funds, accounts, and financial affairs

Indiana § 28-11-1-1

• Jurisdiction: Indiana
• Art. 11: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 1: Establishment of the Department of Financial Institutions

Text

(a) The department of financial institutions is
established.
(b) The department:
(1) is an independent agency in the executive branch of state
government; and
(2) exercises essential public functions.
(c) The expenses of the department in administering the financial
institutions subject to the department's oversight are paid by financial
institutions through fees established by the department under IC 28-11-3-5.
(d) Subject to subsection (e), the department's regulatory and
budgetary functions are not subject to oversight by the following:
(1) The office of management and budget (notwithstanding IC 4-3-22-14).
(2) The budget agency (notwithstanding IC 4-12-1).
(3) The state personnel department (notwithstanding IC 4-15-2.2).
(4) The Indiana department of administration (notwithstanding IC 4-13-1).
(5) The office of technology (notwithstanding IC 4-13.1).
(e) The department's funds, accounts, and financial affairs shall be
examined by the state board of accounts.

Legislative History

As added by P.L.33-1991, SEC.56. Amended by P.L.213-2007, SEC.91; P.L.217-2007, SEC.89; P.L.6-2012, SEC.200; P.L.181-2015, SEC.45.