This text of Indiana § 28-6.1-6-24 (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.
(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)Subject to the conditions set forth in this section, a savings bank
may exercise the rights and privileges that are or may be granted to
national banks domiciled in Indiana.
(c)A savings bank that intends to exercise any rights and privileges
that are:
(1)granted to national banks; but
(2)not authorized for a savings bank under the Indiana Code
(except for this section) or any rule adopted under the Indiana
Code;
shall sub
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(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) Subject to the conditions set forth in this section, a savings bank
may exercise the rights and privileges that are or may be granted to
national banks domiciled in Indiana.
(c) A savings bank that intends to exercise any rights and privileges
that are:
(1) granted to national banks; but
(2) not authorized for a savings bank 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 savings bank
intends to exercise. If available, copies of relevant federal law,
regulations, and interpretive letters must be attached to the letter
submitted by the company.
(d) The department shall promptly notify the requesting savings
bank of the department's receipt of the letter submitted under
subsection (c). Except as provided in subsection (f), the savings bank
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.
(e) 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
savings bank would adversely affect the safety and soundness of
the savings bank;
(3) the exercise of the requested rights and privileges by the
savings bank 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
savings bank.
(f) The sixty (60) day period referred to in subsection (d) may be
extended by the department based on a determination that the savings
bank's letter raised issues requiring additional information or additional
time for analysis. If the sixty (60) day period is extended under this
subsection, the savings bank may exercise the requested rights and
privileges only if the savings bank 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
savings bank'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.
(g) The exercise of rights and privileges by a savings bank 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.
(h) If a savings bank receives approval to exercise the requested
rights and privileges granted to national banks domiciled in Indiana,
the department shall determine by order whether all savings banks 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 savings banks will not:
(1) adversely affect their safety and soundness; or
(2) unduly constrain Indiana consumer protection provisions.
(i) If the department denies the request of a savings bank under this
section to exercise any rights and privileges that are granted to national
banks, the savings bank 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 savings bank is located. In
an appeal under this section, the court shall determine the matter de
novo.