§ 28-11-4-12 — Enforcement powers exercised against affiliate of financial institution

Indiana § 28-11-4-12

• Jurisdiction: Indiana
• Art. 11: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 4: Enforcement Powers of the Department

Text

(a) The director of the department may
exercise the enforcement powers of this chapter against an affiliate of
a financial institution, or against an officer, a director, or an employee
of the affiliate, as if the affiliate were a financial institution if the
director determines that a practice of the affiliate, or of the officer,
director, or employee, could cause either:
(1) the financial institution to suffer substantial loss or other
damage; or
(2) the interests of the financial institution's depositors to be
seriously prejudiced by reason of a violation, practice, or breach
of fiduciary duty.
(b) In exercising the director's enforcement powers under this
chapter against an officer, a director, or an employee of an affiliate, the
director may:
(1) remove the officer, director, or employee from the person's
office, position, or employment;
(2) prohibit any participation by the officer, director, or employee
in the conduct of the affairs of any financial institution; or
(3) take both of the actions set forth in subdivisions (1) and (2).
(c) The director of the department may issue and serve upon the
officer, director, or employee of the affiliate a notice of charges of the
practice, violation, or act.
(d) For purposes of this section, affiliate has the meaning set forth
in IC 28-1-18.2.

Legislative History

As added by P.L.215-1999, SEC.8. Amended by P.L.90-2008, SEC.73.