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2020 Indiana Code
Title 28. Financial Institutions
Article 8. Financial Services
Chapter 1. Bank Service Corporations
28-8-1-1. Definitions

Universal Citation:
IN Code § 28-8-1-1 (2020)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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Sec. 1. 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.

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