Section 28-7-1-0.5 - [Effective 7/1/2024] DefinitionsThe following definitions apply throughout this chapter:
(1) "Automated teller machine" (ATM) means a piece of unmanned electronic or mechanical equipment that performs routine financial transactions for authorized individuals.(2) "Branch" office" means an office, agency, or other place of business at which deposits are received, share drafts are paid, or money is lent to members of a credit union. The term does not include:(A) the principal office of a credit union;(B) the principal office of a credit union affiliate;(C) a branch office of a credit union affiliate;(D) an automated teller machine; or(3) "Credit union" is a cooperative, nonprofit association, incorporated under this chapter, for the purposes of educating its members in the concepts of thrift and to encourage savings among its members. A credit union should provide a source of credit at a fair and reasonable rate of interest and provide an opportunity for its members to use and control their own money in order to improve their economic and social condition.(4) "Department" refers to the department of financial institutions.(5) "Surplus" means the credit balance of undivided earnings after losses. The term does not include statutory reserves.(6) "Unimpaired shares" means paid in shares less any losses for which no reserve exists and for which there is no charge against undivided earnings.(7) "Related credit union service organization" means, in reference to a credit union, a credit union service organization (as defined and formed under Part 712 of the regulations of the National Credit Union Administration, 12 CFR 712) in which the credit union has invested under section 9(a)(4) of this chapter.(8) "Premises" means any office, branch, suboffice, service center, parking lot, real estate, or other facility where the credit union transacts or will transact business.(9) "Furniture, fixtures, and equipment" means office furnishings, office machines, computer hardware, computer software, automated terminals, and heating and cooling equipment.(10) "Fixed assets" means:(B) furniture, fixtures, and equipment.(11) "Audit period" means a twelve (12) month period designated by the board of directors of a credit union.(12) "Community" means:(D) a county other than a county containing a consolidated city;(G) any other municipal corporation (as defined in IC 36-1-2-10).(13) "Control of a related interest" refers to a situation in which an individual directly or indirectly, or through or in concert with one (1) or more other individuals, possesses any of the following: (A) The ownership of, control of, or power to vote at least twenty-five percent (25%) of any class of voting securities of the related interest.(B) The control in any manner of the election of a majority of the directors of the related interest.(C) The power to exercise a controlling influence over the management or policies of the related interest. For purposes of this clause, an individual is presumed to have control, including the power to exercise a controlling influence over the management or policies of a related interest, if the individual: (i) is an executive officer or a director of the related interest and directly or indirectly owns, controls, or has the power to vote more than ten percent (10%) of any class of voting securities of the related interest; or(ii) directly or indirectly owns, controls, or has the power to vote more than ten percent (10%) of any class of voting securities of the related interest and no other person owns, controls, or has the power to vote a greater percentage of that class of voting securities.(14) "Executive officer" includes any of the following officers of a credit union: (A) The chairman of the board of directors.(15) "Immediate family", for purposes of section 17.2 of this chapter, means the spouse of an individual, the individual's minor children, and any of the individual's children, including adults, residing in the individual's home.(16) "Officer" means any individual who is not solely a director or committee member and participates or has the authority to participate in major policymaking functions of a credit union, regardless of whether: (A) the individual has an official title;(B) the individual's title designates the individual as an assistant; or(C) the individual is serving without salary or other compensation.(17) "Related interest", with respect to an individual, means: (A) a partnership, a corporation, or another business organization that is controlled by the individual; or(B) a political campaign committee:(i) controlled by the individual; or(ii) the funds or services of which benefit the individual.(18) Except as provided in section 9(a)(4) of this chapter, "capital and surplus" means the sum of:(B) reserve for contingencies;(D) allowance for credit losses, minus any adjustment for credit loss allowance for available for sale (AFS) securities.Amended by P.L. 30-2024,SEC. 3, eff. 7/1/2024.Amended by P.L. 129-2020,SEC. 11, eff. 7/1/2020.Amended by P.L. 137-2014, SEC. 26, eff. 7/1/2014.As added by Acts1977 , P.L. 294, SEC.1. Amended by P.L. 263-1995, SEC.1; P.L. 188-1997, SEC.9; P.L. 192-1997, SEC.16; P.L. 11-1998, SEC.15; P.L. 53-2002, SEC.1; P.L. 141-2005, SEC.11; P.L. 213-2007, SEC.65; P.L. 217-2007, SEC.63; P.L. 90-2008, SEC.40; P.L. 35-2010, SEC.147.This section is set out more than once due to postponed, multiple, or conflicting amendments.