§ 28-13-16-6 — Review of notice or application; change in scope or nature of business activity of qualifying or nonqualifying subsidiary

Indiana § 28-13-16-6

• Jurisdiction: Indiana
• Art. 13: CORPORATE GOVERNANCE
• Ch. 16: Financial Institution Subsidiaries

Text

(a) The department shall review a financial
institution's notice or application to acquire or establish a qualifying or
nonqualifying subsidiary to determine:
(1) whether the proposed activities are legally permissible; and
(2) whether the proposal endangers the safety or soundness of the
financial institution.
The director shall either approve or disapprove the application for a
nonqualifying subsidiary within sixty (60) days after the date on which
the department receives the application. The period for approval or
disapproval of the application may be extended by the department
based on a determination that additional information from the financial
institution or additional time for analysis is required.
(b) If there will be a change in the scope or nature of the business
activity of a qualifying subsidiary of a financial institution, the financial
institution shall provide the department with written notice before the
change occurs. The department shall notify the requesting financial
institution of the department's receipt of the notice and shall review the
notice to determine:
(1) whether the proposed change is legally permissible; and
(2) whether the proposed change endangers the safety or
soundness of the financial institution.
The qualifying subsidiary may exercise or engage in the proposed
activity thirty (30) days after the date on which the department receives
the financial institution's notice, as indicated in the department's notice
of receipt, unless otherwise notified by the department.
(c) If there will be a change in the scope or nature of the business
activity of a nonqualifying subsidiary of a financial institution, the
financial institution shall submit to the department an application
containing a complete description of the proposed change. The
department shall notify the requesting financial institution of the
department's receipt of the application and shall review the application
to determine:
(1) whether the proposed change is legally permissible; and
(2) whether the proposed change endangers the safety or
soundness of the financial institution.
The director shall either approve or disapprove the application not later
than sixty (60) days after the date on which the department receives the
application. The period for approval or disapproval of the application
may be extended by the department based on a determination that
additional information from the financial institution or additional time
for analysis is required.

Legislative History

As added by P.L.215-1999, SEC.10. Amended by P.L.90-2008, SEC.79.