§ 28-11-5-4 — Investigation of applicant; disapproval of application; submission of fingerprints

Indiana § 28-11-5-4

• Jurisdiction: Indiana
• Art. 11: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 5: Department Oversight of Organization of a Financial

Text

(a) Upon the acceptance of an application
under section 3 of this chapter, the department shall investigate and
consider all of the following:
(1) The financial standing and character of the incorporators,
organizers, directors, principal shareholders, or controlling
corporations.
(2) The character, qualifications, and experience of the officers
and directors of the proposed financial institution.
(3) The future earnings prospects for the proposed financial
institution.
(4) The adequacy of the financial institution's proposed capital, if
the financial institution is to be a bank, trust company, corporate
fiduciary, or savings bank.
(b) The members of the department may disapprove the application
if:
(1) any of the factors listed in subsection (a) are determined to be
unfavorable;
(2) any of the incorporators, directors, principal shareholders, or
officers of the proposed financial institution have been convicted
of a felony under Indiana law, the laws of any other state, or the
laws of the United States; or
(3) the applicant has knowingly or intentionally submitted an
application under this chapter that contains false information.
(c) The applicant shall submit to the department or to the Indiana
state police, as appropriate, two (2) sets of fingerprints for each
incorporator, director, principal shareholder, and officer, if requested
by the department under section 4.5 of this chapter.

Legislative History

As added by P.L.42-1993, SEC.91. Amended by P.L.122-1994, SEC.112; P.L.262-1995, SEC.79; P.L.192-1997, SEC.24; P.L.90-2008, SEC.74.