§ 28-11-2-9 — Financial institutions fund

Indiana § 28-11-2-9

• Jurisdiction: Indiana
• Art. 11: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 2: Organization of Department

Text

(a) The financial institutions fund is
established.
(b) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the state general fund.
(c) All revenue accruing to the department shall be paid into the
fund.
(d) All expenses incurred and all compensation paid by the
department shall be paid out of the fund in the same manner as other
state expenses and compensation are paid.
(e) Money in the fund at the end of a fiscal year does not revert to
the state general fund.
(f) All civil penalties assessed by the department shall be paid into
the fund.
(g) If the department is required to defend the constitutionality of
any of the statutes or rules the department administers, the costs and
expenses incurred in connection with the defense may not:
(1) be paid from the fund; or
(2) be assessed in any way to the department's budget.

Legislative History

As added by P.L.33-1991, SEC.56. Amended by P.L.89-2011, SEC.69.