§ 28-7-1-12 — Examinations of credit unions and affiliates; recognition of CPA audit; examination of vendors

(a) Every credit union and every affiliate of
a credit union shall be subject to examination in accordance with IC 28-11-3-1 by the department. A credit union shall be examined by the
department as often as the department shall deem necessary. The
department shall at all times be given free access to all of the books,
papers, securities, and other sources of information, including audit
reports and audit working papers for any such credit union. The
director, the members of the department, and the supervisor in charge
of the division shall have the power to subpoena documents and
examine witnesses under oath pertaining to the business of the credit
union. The department may accept an audit by a certified public
accountant and govern its examination procedures and examination
fees accordingly. At the close of each examination, a conference shall
be conducted to disclose to the board of directors the findings of the
examination.
(b) If a credit union contracts with an outside vendor to provide a
service that would otherwise be undertaken internally by the credit
union and be subject to the department's routine examination
procedures, the person that provides the service to the credit union
shall, at the request of the director, submit to an examination by the
department. If the director determines that an examination under this
subsection is necessary or desirable, the examination may be made at
the expense of the person to be examined. If the person to be examined
under this subsection refuses to permit the examination to be made, the
director may order any credit union that receives services from the
person refusing the examination to:
(1) discontinue receiving one (1) or more services from the
person; or
(2) otherwise cease conducting business with the person.
Formerly: Acts 1961, c.182, s.12. As amended by P.L.263-1995,
SEC.10; P.L.35-2010, SEC.153; P.L.73-2016, SEC.25.