A financial institution or any of its subsidiaries may acquire or establish a nonqualifying subsidiary by submitting an application to the department containing:(1) a complete description of the financial institution's investment in the subsidiary;(2) the activity to be conducted; and(3) a representation that the activity:(A) could be performed by a financial institution under statutory authority of this title;(B) is a part of or incidental to the business of banking as determined by the director; or(C) has been authorized as 'activity eligible for notice' procedures under 12 CFR 5.34(e).The department shall notify the requesting financial institution of the department's receipt of the application.As added by P.L.215-1999, SEC.10. Amended by P.L.73-2004, SEC.43; P.L.10-2006, SEC.77 and P.L.57-2006, SEC.77.
Indiana Legal Code