Introduced Version






SENATE BILL No. 429

_____


DIGEST OF INTRODUCED BILL



Citations Affected: IC 28-1-4.5.

Synopsis: Bank branches in or near retail merchants. Prohibits certain financial institutions from establishing a branch on or within 1.5 miles of the premises or property of an affiliate that is a retail merchant.

Effective: July 1, 2009.





Holdman




    January 12, 2009, read first time and referred to Committee on Insurance and Financial Institutions.







Introduced

First Regular Session 116th General Assembly (2009)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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SENATE BILL No. 429



    A BILL FOR AN ACT to amend the Indiana Code concerning financial institutions.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 28-1-4.5; (09)IN0429.1.1. -->     SECTION 1. IC 28-1-4.5 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2009]:
     Chapter 4.5. Branches in or Near Retail Establishments
    Sec. 1. This chapter applies to any of the following that is organized or reorganized under the laws of Indiana, another state (as defined in IC 28-2-17-19), or the United States:
        (1) A bank.
        (2) A trust company.
        (3) A building and loan association.
        (4) A credit union.
        (5) A savings bank.
        (6) A bank of discount and deposit.
        (7) An industrial loan and investment company.
    Sec. 2. As used in this chapter, "affiliate" means a person that, directly or indirectly, through one (1) or more intermediaries:
        (1) controls;
        (2) is controlled by; or
        (3) is under common control with;
another person.
    Sec. 3. As used in this chapter, "person" has the meaning set forth in IC 28-7-5-2.
    Sec. 4. As used in this chapter, "retail merchant" has the meaning set forth in IC 6-2.5-1-8.
    Sec
. 5. A person to whom this chapter applies may not establish or maintain a branch in Indiana that is located:
        (1) on; or
        (2) within one and one-half (1.5) miles of;
the premises or property of an affiliate that is a retail merchant.