IC 28-1-25
Chapter 25. Loans or Obligations Secured by the United States
Government
IC 28-1-25-1 Exemption from limitations under state laws
Sec. 1. Whenever the United States, any federal reserve bank of
the United States, or any department, bureau, board, or commission
of the United States, including any corporation wholly owned
directly or indirectly by the United States, shall secure or guarantee
the payment of or make commitment or agreement to take over or
purchase the full amount of any loans or obligations of any financial
institution or of any investment type industrial loan and investment
company, such loans or obligations shall not be subject to any
limitations in the laws of this state based upon the nature, priority,
amount, location, or form of security prescribing or limiting the
period for which loans or advances of credit may be made,
prescribing any ratio between the amount of any loan and the
appraised value of security for such loan, or requiring periodical
reduction of the principal of any loan. (Formerly: Acts 1945, c.47, s.1.) As amended by P.L.263-1985,
SEC.104.
IC 28-1-25-2 Application of limitations under state laws to unsecured portion of
loans partially federally secured
Sec. 2. Whenever the United States, any federal reserve bank of
the United States, or any department, bureau, board, or commission
of the United States, including any corporation wholly owned
directly or indirectly by the United States, shall secure or guarantee
the payment of or make commitment or agreement to take over or
purchase any portion of a loan or obligation of any financial
institution or any investment type industrial loan and investment
company, any law of this state prescribing the ratio between the
amount of any loan or obligation and the appraised value of the
security for such loan or obligation shall apply only to the portion of
such loan or obligation which is not secured or guaranteed or upon
which there is no commitment or agreement to take over or purchase. (Formerly: Acts 1945, c.47, s.2.) As amended by P.L.263-1985,
SEC.105.
IC 28-1-25-3 Rules
Sec. 3. To permit and encourage financial institutions and
investment type industrial loan and investment companies of this
state to make loans secured or guaranteed or upon which there is a
commitment or agreement to take over or purchase in whole or part
by the United States or an agency thereof, as described in section 1
of this chapter, on terms, provisions, and conditions equal to those
applicable from time to time to national banking associations and to
federal savings and loan associations, as the case may be, the
department of financial institutions is hereby authorized and
empowered to supplement sections 1 and 2 of this chapter by making
and promulgating rules with respect to the nature, priority, amount,
location, or form of security for such loans prescribing or limiting the
period for which such loans or advances for credit may be made,
prescribing any ratio between the amount of such loans and the
appraised value of security, and requiring periodical reduction of the
principal of any loan which any such financial institution of this state
may make. Such rules shall not restrict the provisions of sections 1
and 2 of this chapter. (Formerly: Acts 1945, c.47, s.3.) As amended by P.L.263-1985,
SEC.106.
IC 28-1-25
Chapter 25. Loans or Obligations Secured by the United States
Government
IC 28-1-25-1 Exemption from limitations under state laws
Sec. 1. Whenever the United States, any federal reserve bank of
the United States, or any department, bureau, board, or commission
of the United States, including any corporation wholly owned
directly or indirectly by the United States, shall secure or guarantee
the payment of or make commitment or agreement to take over or
purchase the full amount of any loans or obligations of any financial
institution or of any investment type industrial loan and investment
company, such loans or obligations shall not be subject to any
limitations in the laws of this state based upon the nature, priority,
amount, location, or form of security prescribing or limiting the
period for which loans or advances of credit may be made,
prescribing any ratio between the amount of any loan and the
appraised value of security for such loan, or requiring periodical
reduction of the principal of any loan. (Formerly: Acts 1945, c.47, s.1.) As amended by P.L.263-1985,
SEC.104.
IC 28-1-25-2 Application of limitations under state laws to unsecured portion of
loans partially federally secured
Sec. 2. Whenever the United States, any federal reserve bank of
the United States, or any department, bureau, board, or commission
of the United States, including any corporation wholly owned
directly or indirectly by the United States, shall secure or guarantee
the payment of or make commitment or agreement to take over or
purchase any portion of a loan or obligation of any financial
institution or any investment type industrial loan and investment
company, any law of this state prescribing the ratio between the
amount of any loan or obligation and the appraised value of the
security for such loan or obligation shall apply only to the portion of
such loan or obligation which is not secured or guaranteed or upon
which there is no commitment or agreement to take over or purchase. (Formerly: Acts 1945, c.47, s.2.) As amended by P.L.263-1985,
SEC.105.
IC 28-1-25-3 Rules
Sec. 3. To permit and encourage financial institutions and
investment type industrial loan and investment companies of this
state to make loans secured or guaranteed or upon which there is a
commitment or agreement to take over or purchase in whole or part
by the United States or an agency thereof, as described in section 1
of this chapter, on terms, provisions, and conditions equal to those
applicable from time to time to national banking associations and to
federal savings and loan associations, as the case may be, the
department of financial institutions is hereby authorized and
empowered to supplement sections 1 and 2 of this chapter by making
and promulgating rules with respect to the nature, priority, amount,
location, or form of security for such loans prescribing or limiting the
period for which such loans or advances for credit may be made,
prescribing any ratio between the amount of such loans and the
appraised value of security, and requiring periodical reduction of the
principal of any loan which any such financial institution of this state
may make. Such rules shall not restrict the provisions of sections 1
and 2 of this chapter. (Formerly: Acts 1945, c.47, s.3.) As amended by P.L.263-1985,
SEC.106.
IC 28-1-25
Chapter 25. Loans or Obligations Secured by the United States
Government
IC 28-1-25-1 Exemption from limitations under state laws
Sec. 1. Whenever the United States, any federal reserve bank of
the United States, or any department, bureau, board, or commission
of the United States, including any corporation wholly owned
directly or indirectly by the United States, shall secure or guarantee
the payment of or make commitment or agreement to take over or
purchase the full amount of any loans or obligations of any financial
institution or of any investment type industrial loan and investment
company, such loans or obligations shall not be subject to any
limitations in the laws of this state based upon the nature, priority,
amount, location, or form of security prescribing or limiting the
period for which loans or advances of credit may be made,
prescribing any ratio between the amount of any loan and the
appraised value of security for such loan, or requiring periodical
reduction of the principal of any loan. (Formerly: Acts 1945, c.47, s.1.) As amended by P.L.263-1985,
SEC.104.
IC 28-1-25-2 Application of limitations under state laws to unsecured portion of
loans partially federally secured
Sec. 2. Whenever the United States, any federal reserve bank of
the United States, or any department, bureau, board, or commission
of the United States, including any corporation wholly owned
directly or indirectly by the United States, shall secure or guarantee
the payment of or make commitment or agreement to take over or
purchase any portion of a loan or obligation of any financial
institution or any investment type industrial loan and investment
company, any law of this state prescribing the ratio between the
amount of any loan or obligation and the appraised value of the
security for such loan or obligation shall apply only to the portion of
such loan or obligation which is not secured or guaranteed or upon
which there is no commitment or agreement to take over or purchase. (Formerly: Acts 1945, c.47, s.2.) As amended by P.L.263-1985,
SEC.105.
IC 28-1-25-3 Rules
Sec. 3. To permit and encourage financial institutions and
investment type industrial loan and investment companies of this
state to make loans secured or guaranteed or upon which there is a
commitment or agreement to take over or purchase in whole or part
by the United States or an agency thereof, as described in section 1
of this chapter, on terms, provisions, and conditions equal to those
applicable from time to time to national banking associations and to
federal savings and loan associations, as the case may be, the
department of financial institutions is hereby authorized and
empowered to supplement sections 1 and 2 of this chapter by making
and promulgating rules with respect to the nature, priority, amount,
location, or form of security for such loans prescribing or limiting the
period for which such loans or advances for credit may be made,
prescribing any ratio between the amount of such loans and the
appraised value of security, and requiring periodical reduction of the
principal of any loan which any such financial institution of this state
may make. Such rules shall not restrict the provisions of sections 1
and 2 of this chapter. (Formerly: Acts 1945, c.47, s.3.) As amended by P.L.263-1985,
SEC.106.
