Indiana § 28-11-1-3 Members of department

Indiana Statutes

§ 28-11-1-3 — Members of department

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

Note: This version of section effective until 1-1-2026. See also following version of this section, effective 1-1-2026. Sec. 3.

(a)The ultimate authority for and the powers, duties, management, and control of the department are vested in the following seven (7) members:

(1)The director of the department, who serves as an ex officio, voting member.

(2)The following six (6) members appointed by the governor as follows:

(A)Three (3) members must have practical experience at the executive level of a:

(i)state chartered bank;

(ii)state chartered savings association; or

(iii)state chartered savings bank.

(B)One (1) member must have practical experience at the executive level as a:

(i)lender licensed under IC 24-4.5;

(ii)mortgage lender licensed under IC 24-4.4;

(iii)registrant under I

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Note: This version of section effective until 1-1-2026. See also
following version of this section, effective 1-1-2026.
Sec. 3. (a) The ultimate authority for and the powers,
duties, management, and control of the department are vested in the
following seven (7) members:
(1) The director of the department, who serves as an ex officio,
voting member.
(2) The following six (6) members appointed by the governor as
follows:
(A) Three (3) members must have practical experience at the
executive level of a:
(i) state chartered bank;
(ii) state chartered savings association; or
(iii) state chartered savings bank.
(B) One (1) member must have practical experience at the
executive level as a:
(i) lender licensed under IC 24-4.5;
(ii) mortgage lender licensed under IC 24-4.4;
(iii) registrant under IC 24-7;
(iv) licensee under IC 28-1-29;
(v) licensee under IC 28-7-5;
(vi) licensee under IC 28-8-4.1; or
(vii) licensee under IC 28-8-5.
(C) One (1) member must have practical experience at the
executive level of a state chartered credit union.
(D) One (1) member must be appointed with due regard for the
consumer, agricultural, industrial, and commercial interests of
Indiana.
(b) Not more than three (3) members appointed by the governor
under subsection (a)(2) after June 30, 2006, may be affiliated with the
same political party.

Indiana § 28-11-1-3 (Members of department) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.33-1991, SEC.56. Amended by P.L.262-1995, SEC.73; P.L.79-1998, SEC.85; P.L.10-2006, SEC.68 and P.L.57-2006, SEC.68; P.L.213-2007, SEC.92; P.L.217-2007, SEC.90; P.L.159-2017, SEC.53; P.L.198-2023, SEC.5.