§ 28-8-1-1 — Definitions

Indiana § 28-8-1-1

• Jurisdiction: Indiana
• Art. 8: FINANCIAL SERVICES
• Ch. 1: Bank Service Corporations

Text

For the purposes of this chapter:
(a) "Department" shall mean the department of financial institutions
for the state of Indiana.
(b) "Bank services" shall mean check and deposit sorting and
posting, computation and posting of interest and other credits and
charges, preparation and mailing of checks, statements, notices, and
similar items, or any other clerical, bookkeeping, accounting,
statistical, or similar functions performed for a bank or trust company.
(c) "Bank service corporation" shall mean a corporation organized
to perform bank services for two or more banks or trust companies,
each of which owns a portion of the capital stock of such corporation.
(d) "Invest" shall include any advance of funds to a bank service
corporation, whether by the purchase of stock, the making of a loan or
loans, or otherwise; provided, however, payment for rent earned, goods
sold and delivered, or services rendered prior to the making of such
payment shall not be deemed an investment.
Formerly: Acts 1963, c.359, s.1. As amended by P.L.263-1985,
SEC.201.