2014 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 11. DEPARTMENT OF FINANCIAL INSTITUTIONS CHAPTER 2. ORGANIZATION OF DEPARTMENT
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IC 28-11-2
Chapter 2. Organization of Department
IC 28-11-2-1
Director; appointment; oath of office; term of office; salary; duties;
expenses
Sec. 1. (a) The governor shall appoint a qualified individual to be
the director of the department. The appointment must be without
regard to political beliefs or affiliations.
(b) The director shall take an oath of office before assuming
office.
(c) The term of the director is four (4) years. However, the director
serves at the pleasure of the governor during the term.
(d) The governor may reappoint the director.
(e) The governor shall fix the director's salary.
(f) The director:
(1) is the chief executive and administrative officer of the
department; and
(2) has general supervision of the work of the department and
each of the divisions and employees of the department;
subject to the orders and under the direction of the members.
(g) The director is entitled to receive actual and necessary travel
and other expenses incurred in the performance of the director's
duties.
As added by P.L.33-1991, SEC.56.
IC 28-11-2-2
Organization of department; divisions
Sec. 2. (a) The director, with the approval of the members, shall
organize the department.
(b) The department must consist of at least the following
divisions:
(1) The division of banks and trust companies.
(2) The division of consumer credit.
(3) The division of credit unions.
As added by P.L.33-1991, SEC.56. Amended by P.L.90-2008,
SEC.68.
IC 28-11-2-3
Employees; salaries and benefits; contractors to assist with
examinations; contracts not subject to approval
Sec. 3. (a) The director, on behalf of the department, shall employ
qualified individuals as assistants, deputies, supervisors, and other
necessary employees. Individuals employed by the director are not
subject to job classifications or compensation schedules established
under IC 4-15. The technical or professional qualification of an
applicant shall be determined by examination, by professional rating,
or as the director determines. Salaries and benefits for employees of
the department shall be:
(1) established by the members, upon recommendation of the
director; and
(2) paid from the financial institutions fund established by
section 9 of this chapter.
In making a recommendation under subdivision (1), the director may
recommend salaries and benefits substantially equivalent to those
paid by the Federal Deposit Insurance Corporation or other federal
agencies that supervise financial institutions.
(b) The director may enter into contracts, including contracts for
the services of a qualified independent contractor to assist the
department in the examination process under this article.
Notwithstanding IC 4-13-2-14.1, contracts executed under this
section are not subject to the approval of:
(1) the director of the budget agency; or
(2) the commissioner of the Indiana department of
administration.
As added by P.L.33-1991, SEC.56. Amended by P.L.141-2005,
SEC.20; P.L.213-2007, SEC.96; P.L.217-2007, SEC.94.
IC 28-11-2-4
Performance bonds and crime policies
Sec. 4. (a) The department may require that the members, the
director, or specified classes of employees of the department be
covered by bonds for faithful performance of their respective duties.
A requirement for purchase of faithful performance bonds may be
satisfied by the purchase of a blanket bond or a crime insurance
policy endorsed to include faithful performance. The cost of a bond
or crime insurance policy purchased under this section shall be paid
from the fund.
(b) The commissioner of insurance shall prescribe the form of the
bonds or crime policies required by this section.
As added by P.L.33-1991, SEC.56. Amended by P.L.49-1995,
SEC.11.
IC 28-11-2-5
Repealed
(Repealed by P.L.100-2012, SEC.67.)
IC 28-11-2-6
Conflicts of interest; adoption of policies
Sec. 6. (a) The department shall adopt policies defining conflicts
of interest by the members, the director, and the employees of the
department.
(b) The policies adopted under subsection (a) must include means
by which conflicts of interest can be avoided.
As added by P.L.33-1991, SEC.56.
IC 28-11-2-6.1
Ethics rules and requirements; adopting additional rules
Sec. 6.1. (a) The members, the director, and the employees of the
department are:
(1) under the jurisdiction of, and subject to the rules adopted by,
the state ethics commission; and
(2) subject to all other ethics rules and requirements that apply
to the executive branch of state government.
(b) The department may adopt additional ethics rules and
requirements that:
(1) apply to the members, the director, and the employees of the
department;
(2) are not less stringent than the rules adopted by the state
ethics commission; and
(3) are consistent with state law.
As added by P.L.213-2007, SEC.97; P.L.217-2007, SEC.95.
IC 28-11-2-6.2
Public meetings; transcribing and preserving damaged records
Sec. 6.2. Except as otherwise provided by law, the department is
subject to the following:
(1) IC 5-14-1.5.
(2) IC 5-15-3.
As added by P.L.213-2007, SEC.98; P.L.217-2007, SEC.96.
IC 28-11-2-7
Liability for official acts
Sec. 7. The members, director, and employees of the department
are not liable in an individual capacity except to the state for an act
done or omitted in connection with the performance of their
respective duties.
As added by P.L.33-1991, SEC.56.
IC 28-11-2-8
Powers of inquiry; administration of oaths; requiring production
of books and records; refusal of person to comply with order or
subpoena
Sec. 8. (a) A member, the director, or an employee of the
department authorized by the director may do the following:
(1) Administer oaths and require information for any purpose
under this title from any of the persons to which this title
applies.
(2) Require the production of books, accounts, papers, records,
documents, and other evidence for any purpose under this title.
(b) If a person refuses to comply with an order or a subpoena or
refuses to appear and testify to any matter regarding which the person
may be interrogated, the department may petition an appropriate
court for enforcement of the department's order or subpoena.
As added by P.L.33-1991, SEC.56.
IC 28-11-2-9
Financial institutions fund
Sec. 9. (a) The financial institutions fund is established.
(b) The treasurer of state shall invest the money in the fund not
currently needed to meet the obligations of the fund in the same
manner as other public funds may be invested. Interest that accrues
from these investments shall be deposited in the state general fund.
(c) All revenue accruing to the department shall be paid into the
fund.
(d) All expenses incurred and all compensation paid by the
department shall be paid out of the fund in the same manner as other
state expenses and compensation are paid.
(e) Money in the fund at the end of a fiscal year does not revert to
the state general fund.
(f) All civil penalties assessed by the department shall be paid into
the fund.
(g) If the department is required to defend the constitutionality of
any of the statutes or rules the department administers, the costs and
expenses incurred in connection with the defense may not:
(1) be paid from the fund; or
(2) be assessed in any way to the department's budget.
As added by P.L.33-1991, SEC.56. Amended by P.L.89-2011,
SEC.69.
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