This text of Indiana § 28-5-1-6.3 (Request to exercise rights and privileges granted to national banks;
appeal) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
3.
(a)As used in this section, "rights and
privileges" means the power:
(1)to:
(D)sell;
a product, a service, or an investment that is available to or
offered by; or
(2)to engage in mergers, consolidations, reorganizations, or other
activities or to exercise other powers authorized for;
national banks domiciled in Indiana.
(b)An industrial loan and investment company that intends to
exercise any rights and privileges that are:
(1)granted to national banks; but
(2)not authorized for industrial loan and investment companies
under the Indiana Code (except for this section) or any rule
adopted under the Indiana Code;
shall submit a letter to the department describing in detail the requested
rights and privileges granted to national banks that the
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3. (a) As used in this section, "rights and
privileges" means the power:
(1) to:
(A) create;
(B) deliver;
(C) acquire; or
(D) sell;
a product, a service, or an investment that is available to or
offered by; or
(2) to engage in mergers, consolidations, reorganizations, or other
activities or to exercise other powers authorized for;
national banks domiciled in Indiana.
(b) An industrial loan and investment company that intends to
exercise any rights and privileges that are:
(1) granted to national banks; but
(2) not authorized for industrial loan and investment companies
under the Indiana Code (except for this section) or any rule
adopted under the Indiana Code;
shall submit a letter to the department describing in detail the requested
rights and privileges granted to national banks that the company
intends to exercise. If available, copies of relevant federal law,
regulations, and interpretive letters must be attached to the letter
submitted by the company.
(c) The department shall promptly notify the requesting company of
the department's receipt of the letter submitted under subsection (b).
Except as provided in subsection (e), the company may exercise the
requested rights and privileges sixty (60) days after the date on which
the department receives the letter unless otherwise notified by the
department.
(d) The department may deny the requested rights and privileges if
the department finds that:
(1) national banks domiciled in Indiana do not possess the
requested rights and privileges;
(2) the exercise of the requested rights and privileges by the
company would adversely affect the safety and soundness of the
company;
(3) the exercise of the requested rights and privileges by the
company would result in an unacceptable curtailment of
consumer protection; or
(4) the failure of the department to approve the requested rights
and privileges will not result in a competitive disadvantage to the
company.
(e) The sixty (60) day period referred to in subsection (c) may be
extended by the department based on a determination that the
company's letter raised issues requiring additional information or
additional time for analysis. If the sixty (60) day period is extended
under this subsection, the company may exercise the requested rights
and privileges only if the company receives prior written approval from
the department. However:
(1) the department must:
(A) approve or deny the requested rights and privileges; or
(B) convene a hearing;
not later than sixty (60) days after the department receives the
company's letter; and
(2) if a hearing is convened, the department must approve or deny
the requested rights and privileges not later than sixty (60) days
after the hearing is concluded.
(f) The exercise of rights and privileges by a company in
compliance with and in the manner authorized by this section is not a
violation of any provision of the Indiana Code or rules adopted under
IC 4-22-2.
(g) If a company receives approval to exercise the requested rights
and privileges granted to national banks domiciled in Indiana, the
department shall determine by order whether all industrial loan and
investment companies may exercise the same rights and privileges. In
making the determination required by this subsection, the department
must ensure that the exercise of the rights and privileges by all
industrial loan and investment companies will not:
(1) adversely affect their safety and soundness; or
(2) unduly constrain Indiana consumer protection provisions.
(h) If the department denies the request of a company under this
section to exercise any rights and privileges that are granted to national
banks, the company may appeal the decision of the department to the
circuit court, superior court, or probate court with jurisdiction in the
county in which the principal office of the company is located. In an
appeal under this section, the court shall determine the matter de novo.